Maya Bank launches up to 6.0% time deposit offering

Maya Bank Inc., one of the six digital banks licensed by the Bangko Sentral ng Pilipinas (BSP), said Tuesday it has launched a time deposit offering with interest rates of up to 6.0%.

In an advisory, Maya Bank said clients can choose from three Time Deposit Plus options — three months at 5.50% per annum, six months at 6.00%, or 12 months at 5.75%., with users setting their own target amount.

The service was made available on Friday, Jan. 5, allowing users to open up to five time deposit accounts with a P1-million maximum account balance. The interest is credited monthly into the accounts.

"Maya is dedicated to improving the financial well-being of Filipinos… The Maya Time Deposit Plus represents our latest innovation to make financial growth widely accessible and empowering for all," Maya Group president Shailesh Baidwan.

The BSP in 2021 said it would limit the country's digital bank licenses to six, as applicants for the supposed seventh slot failed to submit complete documentation.

Maya Bank, along with GoTyme Bank Corp., Overseas Filipino Bank Inc., Tonik Digital Bank Inc., UnionDigital Bank Inc., and UNObank Inc., were the six digital banks given approval by the central bank in 2022.

The BSP approved the recognition of digital banks as a new bank category in November 2020, separate and distinct from other banks.

Digital banks are defined as banks that offer financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branches. — VDV, GMA Integrated News