Wednesday, August 06, 2008

Chinabank High Interest Deposit Certificate Offering

Two weeks ago, I received a text message from a Chinabank insider informing me of a special product offering with much higher interest rates than their regular time deposits.

The message said "Good day, chinabank will be launching a new product called the Long-term Negotiable Certificates of Deposit (LTNCD). Minimum amount is P50t. PDIC insured. Term is 5 years. NO withholding tax. Indicative rate projected at 8% to account opening fee (1 time charge) at P75 per cert will be charged and account maintenance fee of 0.025% per annum based on face value whichever is higher deducted from the gross interest due on the LTNCD on interest dates. Quarterly interest payment...offering period starts on July 28 to August 8, 2008. Please reply ASAP if interested cause it is 1st come 1st served..."

I replied immediately upon receipt of the message to express my intention to invest part of my savings. But as fate would have it, I forgot my passbook the following Monday and decided to bring it the following day. The morrow, I was able to bring my passbook but totally forgot about going to the bank when my friend from Chinabank dropped by the office and asked me if I was able to open an account to which I replied no. She just told me that it's already closed the day before due to the high turnout and already reached P5B.

Oh well, the planned early morning trip to the bank didn't materialize and thus missed an excellent investment opportunity.

Better luck and be ready next time, Paetechie!

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