Basic Deposit Account (BDA)

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 SavingsMunting Pangarap Savings
Initial DepositP 50.00P 50.00
Maintaining BalanceNoneNone
Maximum Account BalanceP45,000.00P45,000.00
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 Annum0.5% 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 InterestP500.00P500.00
Interest CreditingMonthlyMonthly
Dormancy ChargesP0.00P0.00
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)NoneNone