Cheque Lite
Cheque Lite is a type of demand deposit product open to all individual depositors. This shall be a variant of our existing current account, non-interest bearing deposit, and withdrawable thru the issuance of check.
| Requirement | ||||
|---|---|---|---|---|
| Initial Deposit | 2,000 | |||
| Minimum Maintaining ADB (MMADB) | 2,000 | |||
| Withdrawable Thru / Proof of Deposit | Issuance of Check / Bank Statement | |||
| Dormancy | One (1) year from the last customer initiated transaction | |||
| Minimum Maintaining ADB (MMADB) to earn interest | n/a | |||
| Interest Rate | n/a | |||
| Interest Crediting | n/a | |||
Target Market
- Cooperative Member
- PLI Borrowers
- Auto Loan Borrowers
- Young Mobile Professionals
- Real Estate Borrowers
- OFWs
- SLAIs
- Entrepreneurs
- Traders
Customer Benefits /Other Features
- Lighter initial deposit /maintaining balance requirements
- Can now avail and utilize checking account at lower requirements for all their recurring payment transactions ,with the convenience of non-carrying of cash
- Client’s risk is mitigated due to non-maintenance of large amount of cash in their residence
- Eligible for back-to- back loans or loans against hold- out on deposits
Requirements
Individual
- Latest 1’’x1’’ID Picture
- 2 valid IDs
- Proof of Billing
Sole Proprietorship
- Certificate of Registration of Business /Trade Name with DTI
- Affidavit of Application of Business Name
- 2 valid IDs of the Proprietor
- Proof of Billing