Allied Bank launches new product

Allied Bank Corp. launched recently a 5-year time deposit product known as Top Provider.

The Top Provider is one of the new innovative products of the bank offering withholding tax-free interest earning on the deposits once placed with the bank for a period of five year. As a result, depositors earn higher interest compared to an ordinary time deposit. The interest earning is credited monthly to the depositor’s peso account.

One of the distinct feature of the Top Provider is it offers no pre-termination penalty on the interest in case the depositor decides to pre-terminate the time deposit. This means full interest earning on the depositor in case depositors decide to withdraw the funds.