Pangarap Savings and Munting Pangarap Savings
A basic, interest-bearing account targeted towards the unbanked and underserved markets in the Philippines.
Initial Deposit: Minimum of P50.00
Minimum Maintaining Balance: None
Maximum Account Balance: P50,000.00
Interest Rate per Annum: 0.5%
Average Daily Balance to Earn Interest: P500.00
Eligibility Criteria:
Filipino Citizen
Opening an account within the residence
No existing bank accounts (Unserved/Unbanked) or with bank account but limited* (Underserved)
Is not a politically exposed person (PEP) or linked to a PEP
Unstable or low-income earners**, or MSME’s who are underserved
Is not licensed professional
Does not qualify to any high or normal risk criteria
*Payroll only
**Low income: Monthly household income of P15,780 per month
7 years old to 17 years old for Munting Pangarap
18 years old and above for Pangarap Savings
Requirements: 1 valid ID or Barangay Clearance
Fees and Charges
| Pangarap Savings | Munting Pangarap Savings | |
|---|---|---|
| Initial Deposit | P 50.00 | P 50.00 |
| Maintaining Balance | None | None |
| Maximum Account Balance | P45,000.00 | P45,000.00 |
| the bank shall convert the basic deposit account to a regular deposit account. | the bank shall convert the basic deposit account to a regular deposit account. | |
| Interest Rate per Annum | 0.5% per annum, subject to change anytime considering factors like the cost of maintaining the deposit account. | 0.5% per annum, subject to change anytime considering factors like the cost of maintaining the deposit account. |
| Average Daily Balance to Earn Interest | P500.00 | P500.00 |
| Interest Crediting | Monthly | Monthly |
| Dormancy Charges | P0.00 | P0.00 |
| Dormant accounts shall continue to earn interest as long as the outstanding balance is above the minimum ADB requirement. Interest shall be a credit to the account on a regular interest-posting date. | Dormant accounts shall continue to earn interest as long as the outstanding balance is above the minimum ADB requirement. Interest shall be a credit to the account on a regular interest-posting date. | |
| Closure of account (voluntary closure or closing of account within 180 days from Account Opening) | None | None |