THE digital-only commercial lender Bank Philippines announced that they are now offering a time deposit which carries an interest rate of up to 7.5% per annum.

The statement is behind the target of the bank of eyeing at least a million of its clients to avail of the service in only one year.

CIMB PH called it the “MaxSave Time Deposit,” to which the clients can choose from three term tenures — six months with a 6.5%, 12 months at 7.0%, and 24 months at 7.5% — with a minimum deposit of P10,000.

According to CIMB PH, the service went live on Wednesday morning.

Users are being given an option to open up to five time deposit accounts, that carries a P1-million maximum account balance.

The said product will be insured up to P500,000 per customer with the Philippine Deposit Insurance Corp. (PDIC).

“For time deposit, we are targeting to have at least 1 million time deposit customers taking up in the first year, but I think based on projection, in the next three years we expect at least 50% of our customers to take up time deposit,” CIMB Philippines chief business and strategy officer Ankur Sehgal said.