Here’s what will happen if you cancel your Maya Time Deposit Plus account.
MAYA TIME DEPOSIT PLUS – This article will teach you what will happen if you have decided to cancel your account.
The Time Deposit Plus is product of Maya Bank, Inc. that lets you earn a boosted interest rate when you reach your target amount. This product is a time-based savings account that that keep your money for 3, 6, or 12 months and also earn interest on deposits of up to PHP 1,000,000.
You can only have a maximum of five active Time Deposit Plus accounts to create. Keep in mind that once you started depositing your money on your Time Deposit Plus account, you cannot withdraw your money from your account before its due date.
But what will happen if you want to close your account should you want to move out your money?
Canceling your Time Deposit Plus account automatically closes your account and adds the applicable interest rate minus applicable fees. The final balance will be transferred to your Maya Savings account.
You can also still earn interest even if you cancel your Time Deposit Plus account before its due date because your money – including all interest earned (minus taxes and fees) – will be transferred to your Savings account once you successfully cancel your account.
You may also visit: Maya Time Deposit Plus — How To Deposit Your Money From Bank Account Via PESONet?
According to Maya Bank, any base interest that has not been added yet will be included in the final amount before being transferred to your Maya Savings account, but any boosted interest after the last date your interest was credited will no longer be counted.
Keep in mind that no further transactions can be made using your Time Deposit Plus account once you cancel that account.
As for the penalties, your account will be charged a cancelation fee of 0.50% of your Time Deposit Plus balance if you cancel your Time Deposit Plus account before the due date.