China Bank is one of the leading financial institutions in the Philippines that is operating locally and internationally. If you are an OFW wanting to save without touching your money, choosing a Time Deposit account whether Peso or Dollar account abroad is a best choice for good investment. Not only you save your money well, but you can expect a very good promotion and offer with its best term deposit rates depending on the amount and the period making Time Deposit as one of the Smart Investments for OFWs like you.

CBC is very accessible nationwide. It is advisable to open a Time Deposit before going abroad for soon-to-be OFWs in this way, it would be easier for them to track and monitor their interest earnings and when their deposit becomes matured. For China Bank Time Deposit, there are three (3) types Time Deposit savings account, both Peso and Dollar account, namely: China Bank Certificate of Time Deposit, China Bank Diamond Savings Account and China Bank Money LIFT. Opening requirements are just the same and you can open at all branches nationwide.


1. China Bank Certificate of Time Deposit

The minimum amount for this type of account’s initial deposit is ₱5,000.00 with a minimum term 90 days. Clients will be issued a Certificate of Time Deposit as proof and the interest rate is calculated annually, subject to 20% withholding tax.

Regular Time Deposit
Amount (Peso) 3 months
5,000 – 49,999 0.575%
50,000 – 299,999        0.700%
300,000 – 499,999 0.875%
500,000 – 999,999 0.950%
1,000,000 – 4,999,999 1.075%
5 Million & up 1.200%

Documentation: Certificate of Time Deposit
Access Points: Branch China Bank Online
Others: Option to automatically rollover your principal and interest at maturity date.
Placement is subject to Documentary Stamps Tax (₱ 1.00 for every ₱200.00 multiplied by the term, divided by 365 days)
PDIC coverage: Maximum deposit insurance for each depositor ₱500,000.00

2. China Bank Diamond Savings Account

Diamond Savings Account assures high-yield and it requires a minimum of initial deposit or placement of ₱50,000.00 for a minimum term of 30 days. Clients are issued a passbook under their name. Interest on this deposit is calculated annually and subjects to 20% withholding tax same as the first one.

Amount 1 month 2 months
50,000 to 299,999 0.375% 0.500%
300,000 to 499,999 0.500% 0.625%
500,000 to 999,999 0.625% 0.750%
1,000,000 to 4,999,999 0.750% 0.875%
5,000,000 & up 0.875% 1.000%

Documentation: Passbook
Access Points: Branch/China Bank Online
Others: Option to automatically rollover your principal and interest at maturity date.
Documentary Stamps Tax (DST) will be shouldered by the Bank if placement is not withdrawn before maturity date.
PDIC coverage: Maximum deposit insurance for each depositor ₱500,000.00.

3. China Bank Money LIFT

China Bank Money LIFT is offered by CBC only for individuals and has quarterly term deposit account. This means, it is a high yield account that can be combined with savings or checking account and the interest is credited to the client’s account quarterly. The interest for this account is not dependent on a final withholding tax as, on the condition that the account is not terminated before maturity. The initial deposit amount for this time deposit is P ₱50,000.00 and clients can do additional placements or deposits in multiples of ₱1,000.00. The term period for this account is fixed at 5 years and 1 day and interest is calculated annually.


Below is the sample tabular computation and representation of US Dollar Savings Account.

US Dollar Time Deposit

Customers can avail a time period of up to 12 months.

The interest rate varies based on the term and the amount deposited.

Amount One Month Two Months
$1000 – $49,999 0.375 percent 0.375 percent
$50,000 – $99999 0.500 percent 0.500 percent
$100,000 – $299999 0.625 percent 0.625 percent
$300000 – $499999 0.750 percent 0.750 percent
$500000 – $999999 0.875 percent 0.875 percent
$1000000 and up 1.000 percent 1.000 percent

(continuation for reference)

Three Months Six Months Twelve Months
0.875 percent 1.000 percent 1.375 percent
1.000 percent 1.125 percent 1.500 percent
1.125 percent 1.250 percent 1.625 percent
1.250 percent 1.375 percent 1.750 percent
1.375 percent 1.500 percent 1.875 percent
1.500 percent 1.625 percent 2.000 percent


This is all applicable to all types of China Bank deposit accounts.

Basic Requirements

  • Two (2) 1×1 ID Pictures
  • Originals and clear copyies of at least one (1) of the following valid IDs*:
  • Passport
  • Driver’s License
  • Professional Regulations Commission (PRC) ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Barangay Certification
  • Government Service and Insurance System (GSIS) e-Card
  • Social Security System (SSS) Card
  • Senior Citizen Card
  • Overseas Workers Welfare Administration (OWWA) ID
  • Overseas Filipino Worker (OFW) ID
  • Seaman’s Book
  • Government Office and GOCC ID [e.g. Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs]
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines ID
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC
  • School ID, duly signed by the principal or head of the school (for students who are beneficiaries of remittances or fund transfers who are not yet of voting age)
  • Please note that China Bank may require you to present additional IDs to establish and verify your identity.

Additional Requirements

  • For Aliens and Non-residents to establish residency and for positive identification Passport, Alien Certificate of Registration / Immigrant Certificate of Registration (ACR/ICR), Contract of employment (for citizens only)

SEE ALSO: Smart Tips to Invest and Earn Money with Time Deposit

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