Carousel

Sponsored Links
SEARCH THIS SITE
JBSOLIS is a site for all about health and insurances, SSSOWWAPAG-IBIGPhilhealthbank loans and cash loansforeclosed propertiessmall house designs, local and overseas job listings.

Advertisement

Wednesday, July 25, 2018

Filipinos Can Soon Open A Bank Account With Less Than P100

What is the basic deposit account framework?
The minimum key features of the account include simplified know-your-customer (KYC) requirements; an opening amount of less than P100; no minimum maintaining balance; and no dormancy charges. To prevent misuse of the basic deposit account, its maximum balance is set at P50,000.
Advertisement
According to the World Bank Global Findex, only 31.3 percent of Filipino adults have a formal account in the bank. Are you one of them or are you with the bigger population that chooses to save money on their own homes?  There are many reasons why Filipinos are not keen on opening a bank account. Few of these are the cost, lack of money, lack of documentary requirements and perceived low utility of a bank account. To solve this problem, the Monetary Board of the Banko Sentral ng Pilipinas, approved a new Circular that sets out the framework for banks to offer a basic deposit account to promote ownership among the unbanked population.  Under the framework, it will address the above-mentioned barriers and the minimum key feature of the account will include the following 1. Simplified know-your-customer (KYC) requirement 2. Opening amount of less than P100 3. No minimum maintaining balance 4. No dormancy charges 5. Maximum balance is set at P50,000  According to BSP, the feature of basic deposit account meet the need of the unbanked for low-cost, no-frills deposit account. It says that this account can be opened in the bank even if applicants don't have the standard identification documents. Under this basic bank account, Filipinos can save, borrow, invest and buy insurance policies without the burden of having to provide documentary requirements or even a minimum deposit maintaining balance.  “Ownership of an account provides Filipinos the tool to save and transact money in a safe, convenient and affordable manner,” the central bank said in a statement, explaining the new policy. “It can unlock access to a wider range of financial services to meet their various needs, including credit, insurance, and investments.”  The BSP added that banks can customize a basic deposit account product to serve wider markets and harness technological innovations to attract more clients.
According to the World Bank Global Financial Inclusion Database, only 31.3 percent of Filipino adults have a formal account in the bank. Are you one of them or are you with the bigger population that chooses to save money on their own homes?

There are many reasons why Filipinos are not keen on opening a bank account. A few of these are the cost, lack of money, lack of documentary requirements and perceived low utility of a bank account. To solve this problem, the Monetary Board of the Banko Sentral ng Pilipinas, approved a new Circular that sets out the framework for banks to offer a basic deposit account to promote ownership among the unbanked population.
ANONG REQUIREMENTS at PAANO ang GAGAWIN?

1. Pumunta lang sa bangko, BPI, BDO, o METROBANK o kahit saang bangko
2. Magtanong tungkol sa BASIC DEPOSIT ACCOUNT
3. Ipakita ang 2 VALID ID, at PROOF BILLING o kung anong meron.
4. Magdeposito ng 100php o mahigit at antayin ang ATM kung kailan lalabas o mairerelease.
Sponsored Links

Under the framework, it will address the above-mentioned barriers and the minimum key feature of the account will include the following

  • Simplified know-your-customer (KYC) requirement
  • Opening amount of less than P100
  • No minimum maintaining balance
  • No dormancy charges
  • Maximum balance is set at P50,000

According to BSP, the feature of basic deposit account meet the need of the unbanked for the low-cost, no-frills deposit account. It says that this account can be opened in the bank even if applicants don't have the standard identification documents.

According to the World Bank Global Findex, only 31.3 percent of Filipino adults have a formal account in the bank. Are you one of them or are you with the bigger population that chooses to save money on their own homes?  There are many reasons why Filipinos are not keen on opening a bank account. Few of these are the cost, lack of money, lack of documentary requirements and perceived low utility of a bank account. To solve this problem, the Monetary Board of the Banko Sentral ng Pilipinas, approved a new Circular that sets out the framework for banks to offer a basic deposit account to promote ownership among the unbanked population.  Under the framework, it will address the above-mentioned barriers and the minimum key feature of the account will include the following 1. Simplified know-your-customer (KYC) requirement 2. Opening amount of less than P100 3. No minimum maintaining balance 4. No dormancy charges 5. Maximum balance is set at P50,000  According to BSP, the feature of basic deposit account meet the need of the unbanked for low-cost, no-frills deposit account. It says that this account can be opened in the bank even if applicants don't have the standard identification documents. Under this basic bank account, Filipinos can save, borrow, invest and buy insurance policies without the burden of having to provide documentary requirements or even a minimum deposit maintaining balance.  “Ownership of an account provides Filipinos the tool to save and transact money in a safe, convenient and affordable manner,” the central bank said in a statement, explaining the new policy. “It can unlock access to a wider range of financial services to meet their various needs, including credit, insurance, and investments.”  The BSP added that banks can customize a basic deposit account product to serve wider markets and harness technological innovations to attract more clients.
According to the World Bank Global Findex, only 31.3 percent of Filipino adults have a formal account in the bank. Are you one of them or are you with the bigger population that chooses to save money on their own homes?  There are many reasons why Filipinos are not keen on opening a bank account. Few of these are the cost, lack of money, lack of documentary requirements and perceived low utility of a bank account. To solve this problem, the Monetary Board of the Banko Sentral ng Pilipinas, approved a new Circular that sets out the framework for banks to offer a basic deposit account to promote ownership among the unbanked population.  Under the framework, it will address the above-mentioned barriers and the minimum key feature of the account will include the following 1. Simplified know-your-customer (KYC) requirement 2. Opening amount of less than P100 3. No minimum maintaining balance 4. No dormancy charges 5. Maximum balance is set at P50,000  According to BSP, the feature of basic deposit account meet the need of the unbanked for low-cost, no-frills deposit account. It says that this account can be opened in the bank even if applicants don't have the standard identification documents. Under this basic bank account, Filipinos can save, borrow, invest and buy insurance policies without the burden of having to provide documentary requirements or even a minimum deposit maintaining balance.  “Ownership of an account provides Filipinos the tool to save and transact money in a safe, convenient and affordable manner,” the central bank said in a statement, explaining the new policy. “It can unlock access to a wider range of financial services to meet their various needs, including credit, insurance, and investments.”  The BSP added that banks can customize a basic deposit account product to serve wider markets and harness technological innovations to attract more clients.
Under this basic bank account, Filipinos can save, borrow, invest and buy insurance policies without the burden of having to provide documentary requirements or even a minimum deposit maintaining balance.

SEE SAMPLE OF DEPOSIT SLIP and ATM of someone opening with P100 initial deposit.



“Ownership of an account provides Filipinos the tool to save and transact money in a safe, convenient and affordable manner,” the central bank said in a statement, explaining the new policy. “It can unlock access to a wider range of financial services to meet their various needs, including credit, insurance, and investments.” — BSP



The BSP added that banks can customize a basic deposit account product to serve wider markets and harness technological innovations to attract more clients.

This article is filed under Philippine news, bank account, open bank account, savings account, best bank for a savings account, online bank account.

CIRCULAR NO. 992
Series of 2018
Subject: Framework for Basic Deposit Accounts

BSP Targets the Unbanked with the Basic Deposit Accounts
01.30.2018
The Monetary Board approved a new Circular setting out the framework for banks to offer a basic deposit account to promote account ownership among the unbanked.
Ownership of an account provides Filipinos the tool to save and transact money in a safe, convenient and affordable manner. It can unlock access to a wider range of financial services to meet their various needs, including credit, insurance, and investments.  However, the World Bank Global Findex (2014) estimates that only 31.3% of Filipino adults have formal accounts. The usual barriers include costs, lack of money, lack of documentary requirements, and perceived low utility of a bank account, among others. 
The basic deposit account framework addresses these observed barriers. The minimum key features of the account include simplified know-your-customer (KYC) requirements; an opening amount of less than PhP 100; no minimum maintaining balance; and no dormancy charges.  To prevent misuse of the basic deposit account, its maximum balance is set at PhP 50,000.  These features meet the need of the unbanked for a low-cost, no-frills deposit account which they can open even if they do not have the standard identification documents.
As an incentive for banks, the basic deposit account is granted a preferential 0% reserve requirement which lowers their account maintenance cost. This regulatory incentive does not apply to regular bank accounts even if their balances fall below PhP 50,000.
Banks can customize their basic deposit account product to serve wider markets and harness technological innovations in client onboarding and servicing of the account provided the necessary controls are in place and the specified minimum key features are strictly observed. 
The basic deposit account supports the implementation of the National Retail Payments System (NRPS) that aims to increase the adoption of digital payments in the country.  By having a transactional account, the previously unbanked will be able to participate in the digital finance ecosystem and benefit from electronic fund transfers for their remittance and payment needs.

The BSP expects that the basic deposit account will provide the much-needed boost in expanding formal account ownership and usage in the country, particularly among the unserved low-income markets.

SEE MORE:
Saving money in a bank is considered to be the easiest and safest way to save money. Banks offer different types of savings accounts where you can save money while earning a small interest. Aside from this, you can be so sure that your money is safe at the bank because they are insured by the PDIC to a certain amount.
Frugality is a value that is needed to be taught to children today. Just like saving money in a piggy bank.  But to make kids saving safe, why not put it in a savings account in a bank under their names?  Yes, this is now possible since more banks now offer a Kiddie Accounts. This program will be expanded to cover teenagers as well.
In spite of earning big while working abroad, there are times when Overseas Filipino Workers (OFWs) fall short in their finances. As a breadwinner, an OFW carries almost if not all of the financial responsibilities in the family. These include the basic and daily needs of the family, education costs of the children, emergencies and other things that drain one's pockets.


This article is filed under Philippine news, bank account, open bank account, savings account, best bank for a savings account, online bank account.
©2018 THOUGHTSKOTO