Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00
OCA Circular No. 100-04, issued on August 27, 2004, outlines the procedure for opening Time Deposit Accounts with the Land Bank of the Philippines for fiduciary fund deposits below One Million Pesos in various Philippine courts. The minimum deposit is set at P1,000, with a minimum term of 30 days and interest rates varying based on deposit amounts. Courts are required to maintain a savings/current account for fiduciary funds, which will be transitioned to a Time Deposit at the end of each month. Withdrawals of fiduciary funds need court approval and should first be taken from the savings/current account before accessing the Time Deposit if necessary.
Quick Answers
- What is Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00 about?
- OCA Circular No. 100-04, issued on August 27, 2004, outlines the procedure for opening Time Deposit Accounts with the Land Bank of the Philippines for fiduciary fund deposits below One Million Pesos in various Philippine courts. The minimum deposit is set at P1,000, with a minimum term of 30 days and interest rates varying based on deposit amounts. Courts are required to maintain a savings/current account for fiduciary funds, which will be transitioned to a Time Deposit at the end of each month. Withdrawals of fiduciary funds need court approval and should first be taken from the savings/current account before accessing the Time Deposit if necessary.
- What type of law is OCA Circular No. 100-04?
- Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00 (OCA Circular No. 100-04) is a Philippine Supreme Court Issuances enacted by the Congress of the Philippines.
- When was Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00 enacted?
- Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00 (OCA Circular No. 100-04) was enacted on Aug 27, 2004.
- What is the citation for Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00?
- Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00, OCA Circular No. 100-04, Aug 27, 2004 (Philippines)
Law Information
- Reference Number
- OCA Circular No. 100-04
- Date Enacted
- Category
- Supreme Court Issuances
- Subcategory
- Office of the Court Administrator Circulars
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 27, 2004
OCA CIRCULAR NO. 100-04
| TO | : |
Judges and Clerks of Court of the Regional Trial Courts, Shari'a District Courts, Metropolitan Trial Courts, Municipal Trial Courts in Cities, Municipal Trial Courts, Municipal Circuit Trial Courts, and Shari'a Circuit Courts
|
|
|
||
| SUBJECT | : |
The Opening of Time Deposit Accounts with the Land Bank of the Philippines for All Fiduciary Fund Deposits Below One Million (P1,000,000.00) Pesos
|
The Land Bank of the Philippines (LBP) has allowed the Judiciary to place fiduciary fund deposits below One Million (P1,000,000.00) Pesos of first and second level courts, including Shari'a courts, in Time Deposit with the following features:
| Minimum Deposit Requirement | P1,000.00 | |
| Term | Minimum of 30 days | |
| Interest Rate | Based on weekly posted rates | |
| Prevailing rates: | ||
| 1,000.00-49,999.99 | - 3.25% p.a. | |
| 50,000.00-249,999.99 | - 3.50% p.a. | |
| 250,000.00-499,999.99 | - 3.75% p.a. | |
| 500,000.00-999,999.99 | - 4.00% p.a. | |
| Pre-termination Rate | Revert to regular savings rate | |
| Documentation | LAND BANK Certificate of Time Deposit | |
| Documentary Stamp Tax (DST) | P0.30 for every P200.00 | |
| on the original CTD and on every | ||
| renewal thereof |
Upon receipt of this Circular, the amount deposited in the LBP bank account for fiduciary funds shall be placed in a Time Deposit for a term of 30 days. The certificate of time deposit shall be issued in the name of the Court including the particulars on the branch and station when applicable.
The trial court's existing LBP savings/current account will be maintained for purposes of accepting fiduciary funds received from the first day up to the last day of the month. Any amount in said account shall then be placed in Time Deposit at the end of the month. Said Time Deposit shall always be renewed on the last day of the month.
Any withdrawal of fiduciary funds shall be approved by the court and shall first be taken from LBP savings/current account being maintained. If the amount in said account is not sufficient, then the balance shall be taken from the Time Deposit which withdrawal shall be made preferably on the last day of the month.
(SGD.) PRESBITERO J. VELASCO, JR.Court Administrator
Cite This Law
Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00, OCA Circular No. 100-04, Aug 27, 2004 (Philippines)
Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00, OCA Circular No. 100-04 (Phil. 2004)
Related Laws
- The Opening of High Yield Savings Accounts with the Land Bank of the Philippines for All Fiduciary Fund DepositsOCA Circular No. 87-04 • Aug 9, 2004 • Supreme Court Issuances
- Reduction of Initial/Opening Deposit and Maintaining Balance of Regular Savings AccountOCA Circular No. 99-14 • Jul 31, 2014 • Supreme Court Issuances
- Land Bank of the Philippines, the Authorized Government Depository BankOCA Circular No. 8A-93 • Apr 21, 1993 • Supreme Court Issuances
- Land Bank of the Philippines, the Authorized Government Depository BankSupreme Court Circular No. 008-A-93 • Apr 21, 1993 • Supreme Court Issuances
- Reconciliation of Records of Deposits with the Land Bank of the PhilippinesOCA Circular No. 52-04 • Apr 1, 2004 • Supreme Court Issuances
- Manner of Payment and Disposition of Legal Fees and Other Collections in the Lower Courts amidst the COVID-19 PandemicOCA Circular No. 164-2020 • Oct 7, 2020 • Supreme Court Issuances
Browse More Supreme Court Issuances
Explore other laws in the Supreme Court Issuances category.
View All Supreme Court IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law