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Wednesday, July 25, 2018

Filipinos Can Soon Open A Bank Account With Less Than P100

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


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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 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.



“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.

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