Maya, a digital banking player in the Philippines, has unveiled Maya Time Deposit Plus, a savings product offering high interest rates.
Maya Time Deposit Plus aims to revolutionize savings strategies by allowing users to set goals, initiate accounts with any amount, and choose terms aligning with their financial aspirations.
With Maya Time Deposit Plus, users can steadily grow their savings with interest rates of up to 6% p.a. They have the option to open up to five accounts, each with a maximum balance of P1 million.
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“Our all-in-one digital bank app simplifies wealth-building, making it more effortless and rewarding,” said Shailesh Baidwan, president of the Maya Group. “The Maya Time Deposit Plus represents our latest innovation to make financial growth widely accessible and empowering for all.”
Enhancing consumer financial profiles
This unique product empowers users to set target amounts and strategically accumulate savings, catering to both sizable initial deposits and gradual increments. Term options include three months at 5.50% p.a., six months at 6%, or 12 months at 5.75%, and the flexibility extends to instant cancellations for immediate access to funds when needed.
Funds can be seamlessly transferred into Maya Time Deposit Plus from the Maya Wallet or other channels like InstaPay or PESONet, free of charge. Maya also introduces a novel motivational tool, rewarding users with badges that visually track their progress and encourage their Time Deposit Plus journey, enhancing the saving experience.
Interactions with the app also enhance users’ financial profiles, potentially unlocking further borrowing opportunities. With supervision from the Bangko Sentral ng Pilipinas and comprehensive security protocols, Maya Time Deposit Plus ensures a secure savings avenue, insured up to P500,000 by the Philippine Deposit Insurance Corp. (PDIC).