A bank account, particularly savings account is a great financial tool to help you save money in a safe way plus the chance to earn from the interest. In the Philippines, there are many selection of banks where you can apply for a new savings account.
Banco de Oro Unibank Inc. (BDO) is one of the best banks in the Philippines awarded by Finance Asia, a famous finance and business publication in Asia and the Pacific. If you are looking on the procedures on how to apply a savings account in BDO, you can see the details on how to do it in this article.
In this post, you will know the interest rates for different types of BDO savings account, the initial deposit you need when opening a new account and the maintaining balance your account must have to avoid any penalties. Keep on reading to learn more.
Facts about BDO Bank Philippines
BDO Philippines is one of the companies owned and managed by SM group of company led by Henry Sy and was included in the top 10 companies in the Philippines for 2009.
It was awarded as best domestic bank in the Philippines by Finance Asia for 2009. The survey period is from June 2009 to May 2010. BDO has many banks all over the Philippines and you can see it in every SM malls.
BDO has also longer banking hours compared to other Philippine banks. Because of that, there’s no doubt it became the best domestic bank in the Philippines.
In addition, this bank offers a wide selection of products and service for their customers. It has deposit accounts in the form of savings, checking and time deposit account.
If you’re looking where to apply for a loan, this bank can be a good option. But you need first more details on what they are offering and compared it to other banks.
Are you looking for investments? BDO has time deposit services, unit investment trust fund (UITF), Easy Investment Plan, PERA account and more. I hope to tackle all of these topics in the near future.
BDO Interest Rates and Maintaining Balance
As an account holder, it is very important that you know how much interest your bank is paying for the money you have put in your savings account. That’s why you need to know the interest rate of the savings account you are opening. In this post, you will know the interest rate for each type of BDO savings account, just click here.
To know the maintaining balance for each type, you can go here. The maintaining balance is the balance you must maintain in our account so that you will not be charged for any penalty.
Steps in Opening a BDO Savings Account
Opening an account at Banco de Oro can be hard and easy. Some people find it simple while other claim it as not a good experience. So I wish in this article I could help you to prepare what to expect and furnish the necessary ID and documents you might need before going to a branch.
If you want to open a bank account in BDO Philippines, just follow the procedures below and complete the needed requirements in opening an account. These steps are simple and easy to follow.
1. First, decide which branch you’ll open an account and then visit the BDO bank of your choice and bring the following requirements for opening a bank account. If you don’t know where’s the branch in your area, it would be better to go to SM mall, for sure there is a BDO bank inside.
- Two (2) valid and recent IDs with your name and picture (however, as per Bangko Sentral ng Pilipinas guidelines, a one valid photo-bearing ID would be enough to apply for a bank account)
- Two (2) Photocopies of your ID
- IDs acceptable for opening a savings account can be: Passport, Driver’s license, PRC ID, NBI clearance, Police clearance, Postal ID, Voter’s ID, Barangay certification, GSIS e-Card, SSS ID, Philhealth card, Senior Citizen Card, OWWA ID, OFW ID, Seaman’s Book, Alien Certification of Registration/Immigrant Certificate of Registration, and other Government office IDs
- Billing Statement and 2 photocopies in order to verify your address. Billing statement can be Electric bill, Telephone bill, Water bill, Credit Card bill, Cellphone bill etc.
- Two (2) copies 1×1 latest ID picture
If you want to see the complete list of valid IDs you can use for opening an account, you can visit this post to learn more:List of Valid ID for Opening a Bank Savings Account in the Philippines
2.) Upon entering the bank, proceed to New Account Desk. Tell the bank officer you want to open a bank account and then fill-up all forms that will be given to you.
3.) Give the initial deposit for your savings account. Your initial deposit should be equal or more than the maintaining balance.
Banks allowed the initial deposit to be below maintaining balance when opening an account but you need to add money later to it so that it will be above maintaining balance.
Minimum Initial Deposit for BDO Savings Account
|Account Type||Minimum Initial Deposit|
|Peso Passbook Savings Account (with or without ATM)||Php 5,000.00|
|Peso ATM (without passbook)||Php 2,000.000|
|Kabayan Peso Savings Account||Php 50.00|
|Peso Savings Account Payroll||Php 100.00|
|Junior Savers Club||Php 500.00|
|Power Teens Club||Php 2,000.00|
|Club 60 Peso||Php 5,000.00|
|Direct Deposit Peso Savings Account||Php 0.00|
|Smart Guarantor||Php 60,000.00|
|Optimum Savings Account – Personal||Php 30,000.00|
|Optimum Savings Account-Commercial||Php 50,000.00|
|Super Savings||Php 100,000.00|
|Super Savings – ATF||Php 100,000.00|
4. Claim your BDO ATM card or passbook which is normally available for pick-up after 3-5 banking days.
In opening a BDO bank account, it is advisable to bring all requirements for quick processing and approval of your account. Make sure you know which type of BDO savings account you must have depending on your needs.
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