- Title: Retirement Savings Variable Plan (RSVP)
- 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:
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- Once savings is withdrawn in any particular year, the member may again open the said savings account (start anew).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.
* Rates can go up and down depending on economic and market condition.