Basic Savings Account
Basic Savings Account
The Basic Savings Account is a bank product that allows individuals to easily open a deposit account with minimal account opening requirements at a reasonable cost. The product is targeted towards low-risk individuals and market segments, aiming to provide them access to formal banking and financial products. The Basic Savings Account also brings ease and convenience while keeping costs reasonable for depositors.
FEATURES:
| Minimum Initial Deposit | ₱100.00 or less |
| Interest Rate | .30% |
| Minimum Maintaining ADB (MMADB) not subject to service charge | None |
| Minimum Maintaining ADB (MMADB) to earn interest | ₱5,000.00 |
| Maximum Account Balance / Ceiling | Not exceeding ₱50,000.00 |
| Manner of Interest Payment | Credited monthly |
| Evidence of Deposit | Passbook |
| Withdrawal | Presentation of Passbook |
| Dormancy | Two (2) years from last customer-initiated transaction |
FEES AND CHARGES:
| Account closure within 30 days | ₱100.00 |
| Withholding Tax | 20% |
| Below Minimum Maintaining ADB (MMADB) for two (2) consecutive months | None |
| Processing Fee | None |
| Dormancy Fee | None |
Basic Savings Account follows simplified KYC for low risk customers wherein the Bank shall allow opening of accounts with any one (1) Valid ID, or any other reliable, independent source document/data/information sufficient in identifying the customer and verifying their true identity.