Saturday 23 February
Feb 1, 2018 @ 17:15

You’ll only need P100 to open a bank account: Find out how


The central bank wants more Filipinos to get into the banking system.

Banks can now offer basic deposit accounts to the public with just a minimum P100 opening balance.

A new circular approved by the Bangko Sentral ng Pilipinas (BSP) relaxes rules covering bank deposits, which allows the opening of accounts without presenting multiple documents and IDs and without any maintaining balance.

“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,” the central bank said in a statement.

The “no-frills” arrangement for these simple accounts lets more Pinoys to transact through banks without having to fear dormancy and maintaining balance charges and penalties. The basic accounts, however, can only hold up to P50,000 to enjoy these perks.

The BSP wants more residents to use banking channels especially mobile and online banking, as it is the faster way to move around money.

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