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.
Wrapping Up
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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hi, i was trying to download your ebook because im also interested to earn money online.
can you email me the ebook please?
Hi, just sent an email with a link where to download the ebook.
Hi,
Pwede ba ideposit ng sister ko yung check nkaname smin by hubby k? BDO check refund from our units. If na meron cia accts s bdo?
Or any suggestion might help. THANK YOU!
MafeSTief
tanung ko lang anu b yung ibig sabihin ng kabayan peso saving acct kc gusto k mag pa open ng acct sa pamangkin k para khit papano makaipon ako.
Hi Jocelyn,
BDO Kabayan savings account is intended primarily to OFW and their beneficiaries. If you will not use it for remittance, it will be converted automatically to a regular savings account.
ask ko lng po kung ano po ba ung juniors savers club???
Marj,
BDO Junior savers club is a savings account for your children above 12 years and younger.
hello po .. i want to ask if :
1. since im a student plang and i want to open a peso savings account payroll, valid po ba ang student IDs as one of the requirements?
2. within how many months dapat ko po ba maabut yung maintaining balance? i mean yung deadline…
Rosangela,
As far as I know, you can use your valid school ID. There is no deadline for maintaining balance as long as you reach the minimum amount for maintaining balance, your account will not be charged.
ask ko lng po kung ung juniors savers club pag open account ka my passbook at atm po ba??
Marj,
You may request to have Junior savers club with passbook and ATM.
Hi po, I just want to ask kung meron po bang withdrawal limit sa junior savings account? kasi po yong padala po monthly ng hubby ko don po ididiretso, so for example nagpadala sya ng 25,000 pesos pwede ko ba ma-withdraw yong 20,000 pesos in just one transaction? thanks po.. =)
Hi Rix,
I know the maximum withdrawal amount in BPI per day is P20,000. http://learnfinancialeducation.com/bpi-atm-withdrawal-limit-and-fees/
I’m currently out of the country and working here in one of the US NAVAL BASES in Diego Garcia. I already have my remittance account with B.D.O. at Pasig Branch which is under my name and my MOm’s name. My question is I want to open a savings account for myself while working here at Diego Garcia. Can someone else open an account for me…since I am not in the country right now..??? The account I want to open is an PESO account.
Thanks
R.C.W.S.
Hi Ronald,
Unfortunately, you can’t open an account in your name if you’re not physically present in the Philippines. However, if there’s a branch there in your area, you can. Telling other people to open an account using your name is not possible.
Hi, ask ko lang po kung pwede ako mag open ng Peso Savings Account Payroll kahit nde ako nag wowork sa isang comPany.? Freelancer po kasi ako and need ko ng bank account na verify sa Paypal.
Hi Charm,
You may use Unionbank EON card to verify your PayPal account.
ask ko lang po kung pwd ako mag withdraw,,i just have 5k in my account as my initial deposit
Hi Erma,
Yes pwedeng-pwede but you need to add money into your account within the month to avoid penalty for being below the maintaining balance.
Ung husband ko po nasa saudi ngaun,gusto po namin mag-open ng account sa bdo kc may bdo din po dun sa saudi..gusto po namin na dun na lang nya maideposit ung padala sa account na ipagagawa ko..Anong type ng account po ba ang bagay sa amin?
Hi Kirstin,
You may open BDO Kabayan Savings account because it is actually intended for OFW who send regular remittance to their loved ones in the Philippines.
Hi,
I just wann ask what are the possible requirements if ever i’ll open a join time deposit account at BDO?
Hi Tisha,.
You can see the requirements posted in this link: http://learnfinancialeducation.com/requirements-for-opening-a-bank-savings-account/
It will be the same as opening joint account.
i have bdo atm debit card, maintaining balance is 2k.. and i withdrew everything 6 days ago, and today im planning to deposit again. is there any penalty or surcharges for not maintaining balance?? how much would it cost?? its only 6 days… thank’s.
Hi Anj,
There will be penalty if it below or no maintaining balance. However, you need to deposit money in order for the bank not to close it because of no funds.
Hi I have peso ATM savings account how can I apply credit card my annual income P144,00.00… thanks God bless…
Hi Icy,
Please check this post: http://learnfinancialeducation.com/how-to-apply-for-bdo-credit-card/
hi! i opened my BDO OFW account here in Doha Qatar thru PCI Bank way back 2008 or ’09 not. What i would like to ask is if my Acct. # Ma. Lourdes A. Guevarra 3940-368010 is still active so i can continue my banking system with you. The last transaction i had was May 2012 with Php. 500.00 left in my ATM. I hope to hear from your good office the soonest possible so i can do savings with you again. Being away from the Philippines and reliaing on Exchange Centers sometimes takes time in knowing if your remittances really get on time. My card is with me here and i don’t wanna come home without a saving….tanx and more power.
Hi Lourdes,
I’m not connected to BDO bank, I’m just blogging about BDO. I have no idea how can you know if your ATM is still active since it with you right now. Try to call your branch and ask them if your account is still active.
hello, ask ko lng po pwd ba magopen uli ng remittence account kse prng naclose ung previous accnt. ko kc hndi ko nahulugan mag one year na xa nxt month….nagtuturo kc ako online so d2 ko sana ipapasend ang bayad from korea?…thanks…
Hi Lee,
Definitely, you can open a new account. Maybe your old account is already closed since you didn’t deposit any money for one year.
good day,, gusto ko lang po itanong kung i time deposit ko sa inyo is 100k, magkano maging interest per month? and kung 1 year, magkano maging interest? ilang percent po ba ang interest pag 100k? thanks..
Hi Renato,
Please see my article here about how to compute for TD: http://learnfinancialeducation.com/how-to-compute-profit-from-time-deposit/
hi.. ask ko lang po kung magkano ang maging interest ng 100k ko, kung i time deposit ko, magkano monthly and yearly? thanks
Hi. I am a Filipino living in Australia but no longer a Filipino citizen. I’m considering of opening a BDO account and would like to find out if I could do that when I come to the Phil in 3 weeks time. If able to do that, what type of account is suitable and is there a minimum deposit? Looking forward to your reply.
magandang gabi po,
tanong ko lng po kung pwede ko pa mahulugan ang kabayan savings account ko khit 2 yrs ko n syang di nahulugan.
Kind regards,
maj
Hi Maj,
I think the account is already closed. You should check first if it is still active or open before depositing money.
ask lang sana ako what if I don’t have proof of billing can i use my mon’s billing?
Hi Princess,
Yes you can use if you don’t have other billings in your name.
good day..
mag inquire lang po ako about sa kabayan savings account tnx..
Hi Renato,
You can see this post about Kabayan savings account. http://learninterestrates.com/bdo-kabayan-savings-account-review/
hello po.. magkano po initial deposit ng joint account?.. pag nagopen po b ako nito may babayaran pa po b?
Hi Irish,
The initial deposit for joint account normally range from P5,000 to P10,000. There’s no fee when opening an account but you should have the initial deposit to be able to open an account.
good day,,
gusto ko lng po mag inquire about sa time deposit, kung magkano po ang interests rate., and about sa kabayan savings account.. tnx
Hi renato,
Visit this page to learn more about BDO time deposit interest rate: http://www.bdo.com.ph/Personal/DepositsInvestments/NewInterestRates.asp
Gusto ko pong mag open account.Ung husband q na nasa ibang bnsa ibank to bank dw nmin para daw mas maganda & madali..Ano po ba kailangan & what klaseng Savings account ang pwede sa amin?.Magkano ang idedeposit pag sa unang pag open na to..Pls..pa answer.tnx.
Hi Tintin,
Since your husband is an OFW, you can open a BDO Kabayan Savings account with P50 initial deposit. However, there’s a requirement for the number of remittance per year for this account. Just ask the bank on the details.
hi, nag-open ako dati ng bdo kabayan… kso na miss place ko xa.. kelan ko lang nakita… eh hindi na p xa nalalagyan ng khit anong remittance… anong pwedeng gawin dun…
almost a year n sya wla sa kin.. last month ko lang nkita… pano kng halimbawa malagyan xa ng remittance this year.. pasok p din ba xa sa zero-maintaining balance..
@eyo,
I think you should check first if it is still active or not before someone send a remittance to it just to be sure. If it is still active, the zero maintaining balance will be effective if the account has been sent with money twice a year.
hai gOod day ?
i would like to ask if ” how can i open an acCount ? ” , ( mentioning KABAYAN ACCOUNT ) .. i only have valid school id , but i dont have billing statement , can i still possibly open an account ? . my uncle will be the one to provide my bills , he was the one who ask me to open an account .. ?? neEd a resPonse Asap
thank you .
@mae,
You need one valid ID like school ID plus a billing statement indicating your address or address where you live.
gud day.. i just wanna ask if my 5 mnths old baby can also open her own account? tnx
@rocelyn,
You may try to open an account in her name, you need a birth certificate to do that.
what are the requirements for opening an account for my 5 months old baby? is it okay if i use the peso savings account? and what is the ideal account type? thanks much
Hi Elaine,
You need a birth certificate of your baby, your ID and proof of billing plus the initial deposit. I think peso savings account is ok or the passbook savings account.
Hi Gil,
Payroll account and BDO ATM Debit Card ko iyong may MasterCard. Hindi pa binibigay ang account number ko pero at the back of the card may naka-reflect doon na number, 7 digits. Iyon ba ang account number ko? Plan ko rin kasi gamitin ito for my savings although may BPI na rin ako personal. Thanks.
@Ivan,
I don’t have BDO account, but in BPI ATM card, the account number is reflected on the back of the card so I assuming the number at the back of your BDO ATM card is also your account number.
Sir, Question po re: Subject : Valid Identification Cards (IDs) for Financial Transaction
One possible ID is the use of Company IDs issued by private entities or institutions registered wit or supervised or regulated either by the BSP, SEC or IC
I am Post graduate medical intern of a private hospital.. Could my hospital ID be enough? Thanks
@Kurai,
As per BSP circulation, one valid photo-bearing ID would be enough when opening a bank account. See this post for more info: http://learninterestrates.com/list-of-valid-id-for-opening-a-bank-savings-account-in-the-philippines/
Hi i just want to ask it is possible to open a joint account , in what banks?im here in canada, can my boyfriend open a joint account without my presence.. Thank u God bless
@Azel,
I’m not sure if it is allowed because your presence is necessary when opening a joint account because of signature verification on your part.
kuya hello..need ur help asap! anu pong pinakamagandang piliin na account type for savings account?kc ang purpose po kung bkit ako mag oopen pra dun po ipadala ng asawa ko yung pera na gnagamit na pang business,nasa abroad kc xa.kysa daw mgpadala lge sa MLHUILLER….SAKA nbasa ko po sa requirements kailngn p ng billing statement..wla po ako nun at isa lng po valid id ko..
@Ann,
You can open a BDO Kabayan savings account. it is an account for OFW, you can use the billing of your parents or land lord (MERALCO Bill). 1 valid ID is enough to open an account. You may try also the BPI Easy saver account.
gandang tanghali po…ask ko lng po sana kung ano dapat gawin kasi gusto ko po sanang mag open ng savings account sa BDO kaso andito po ako sa Singapore ngayon…ano po ba ang best possible way? tnx
@Rhodalyn,
I’m not sure if there’s a BDO branch there in Singapore. BDO has no online application for savings account, perhaps you can try to apply a savings account at BPI Direct.
I am planning to retire to Santa Barabra, Pangasinan, Philippines in 2014. I want to know what would be the best account to set up with US Military Retirement check. My wife is Philipina.
I would like to have joint account, with check deposited to dollar account, than be able use go to nearest BDO bank to withdrawn money inside of bank. Thank You.
Hi Thomas,
You can apply for BDO Dollar Savings account. See more here: http://learninterestrates.com/bdo-dollar-savings-account-interest-rates/
Hi! Ask ko lang. Magkano ang maintaining balance ng BDO? Yung atm na walang passbook. Thanks!
Hi Princess,
You can see it here: http://learninterestrates.com/bdo-peso-savings-account-initial-deposit-and-maintaining-balance/
Gil,
Pwede ba ung wife ko ang representative ko para magopen ng Account sa BDO?…ano mga requirements?..
Tnx..
Hi Sam,
No. You are the only one that can apply in your name.
Hey Gil, is it possible to open an account in BDO kahit walang landline number??? tapos college pa lang ako ngayon and i only have one valid ID… what shall i do? i really need to open BDO account.
Hi Paula,
Yes it is possible. My sister open an account at BPI even she has only one ID. I think it is possible, it is according to BSP.
helo po! nag apply po ako ng kabayan savings account s pinas bago po ako umalis! eh ang account number ko lng po eh 9 digit! s aking passbook! talaga po bang 9 digit lng ang account number?
Hi Sara,
I’m not sure about the quantity of account number, normally is around 8-10 digits. In BPI, it is 10 digits, I’m not sure about BDO.
try po kc meng nag apply s internet banking po b un s bdo eh invalid po ang account number ko! kya nag aalangan ako kung maghuhulog p ko o hindi na
salamat po sa reply!
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