Info

• Title: Retirement Savings Variable Plan (RSVP)

Description

• This savings product is open to all COOP members.
• Tax free
• Initial over-the-counter deposit of Php 1, 000 to open an account.
• Maximum total deposit amount of Php 2M
• May increase savings through over-the-counter, salary deduction or on-line deposit. Maximum deposit in a given month (accumulated or one-time deposit) shall be no more than TEN THOUSAND PESOS (Php 10,000).
• Interest shall be computed based on average daily balance (ADB) scheme and to be added to the member’s Regular savings account annually.
• In the event of savings withdrawal, the following pre-termination rate shall be applied:
  Example:
  1st year - 3rd year - interest rate of Regular savings + 0.5% shall be applied
  4th year - 6th year - interest rate 5%
  7th year - 9th year - interest rate 5.5%
  10th year - 12th year - interest rate 6%
  13th year - 15th year - interest rate 6.5%

• Once savings is withdrawn in any particular year, the member may again open  the said savings account (start anew).
• On the 16th year:
  a) Member may continue to deposit on a monthly basis. Maximum deposit in a given month (accumulated or one-time deposit) shall be no more than TEN THOUSAND PESOS (Php 10,000)
  b) Interest income is compounded quarterly to be added to the member’s Regular savings account.

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