Maya launches time deposit product
DIGITAL LENDER Maya Bank, Inc. has launched its time deposit product that it says offers users high returns.
In a statement on Tuesday, Maya said users could now open Maya Time Deposit Plus accounts starting Jan. 5. Clients can set a savings target and select a period that aligns with their financial conditions.
“This level of flexibility is unprecedented in traditional time deposits,” the bank said. “This innovative approach allows users to steadily enhance their savings while enjoying attractive rewards with interest rates of up to 6% per annum.”
Users can open up to five time deposit accounts with a maximum balance of P1 million per account. Customers can select three term options, three months at 5.5% a year, six months at 6%, or 12 months at 5.75%.
The time deposit product allows instant cancellations, giving users immediate access to their funds.
Clients can directly transfer funds from their Maya wallet for free or through other payment channels such as InstaPay or PESONet.
The digital bank has also introduced a motivational tool that customers can use to earn badges. These badges would serve as milestones that track and encourage a user’s progress, Maya said.
“The Maya Time Deposit Plus represents our latest innovation to make financial growth widely accessible and empowering for all,” Maya Group President Shailesh Baidwan said in the statement.
The time deposit product allows users to reinvest in diverse financial services such as Maya Funds, stocks and crypto, or facilitate daily transactions.
Maya Bank was launched on April 29, 2022, six months after it got a digital banking license from the Bangko Sentral ng Pilipinas (BSP). The PayMaya Philippines platform was rebranded to Maya to include online banking services alongside e-wallet, cryptocurrency trading and micro-investments.
Maya Bank is one of the six entities with digital banking license in the Philippines.
PayMaya and Maya Bank are owned by Voyager Innovations, Inc. PLDT, Inc. is Voyager’s main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Keisha B. Ta-asan
