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July 5, 2016 By iSensey

GUIDE: Passbook Opening and Maintaining Balance in BDO, BPI, SECURITY BANK, METROBANK, PNB, UNIONBANK

Opening a passbook savings account is a good way of saving your extra funds especially that it is relatively harder to withdraw as opposed to say a savings account with ATM card.

However, opening a passbook account requires higher initial deposit and maintaining balance as compared to atm accounts and cash cards. This post will share info on the minimum amount required to open a passbook savings account in the various banks in the Philippines, as well as their respective maintaining balances, average daily balance to earn interest, charges or fees if you fall below the required maintaining balance.

Popular Philippine banks have different initial deposit for passbook savings account as well as different maintaining balance. Check below for the info from the BDO, BPI, METROBANK, SECURITY BANK, PNB, and UNIONBANK. iSensey gathered all data on this post so you can browse right away and choose the banking product that fits you best.

BPI passbook savings account opening

BANK OF THE PHILIPPINE ISLANDS (BPI)

  • Product name: Passbook Savings
  • Opening amount: Php 10,000
  • Maintaining balance: Php 10,000
  • Balance required to earn interest: Php 25,000
  • Interest rate: 0.250% per annum 
  • Product name: Maxi-Saver(4) Savings with Passbook
  • Opening amount: Php 75,000
  • Maintaining balance: Php 75,000
  • Balance required to earn interest: Php 725,000
  • Interest rate: 0.250% to 0.500% per annum depending on ADB (with bonus 0.50% if no withdrawal made within the month)

BDO passbook account opening

BANCO DE ORO (BDO)

  • Product name: Peso Passbook Savings
  • Opening amount: Php 5,000
  • Maintaining balance: Php 10,000
  • Balance required to earn interest : Php 10,000 
  • Product name: Optimum Savings
  • Opening amount: Php 30,000
  • Maintaining balance: Php 30,000
  • Balance required to earn interest : Php 30,000
  • Charged for falling below maintaining balance for 2 consecutive months: Php 300

Info on BDO Kabayan Savings account opening requirements.

 open passbook in Metrobank

METROPOLITAN BANK AND TRUST COMPANY (Metrobank)

  • Product name: Passbook Regular
  • Opening amount: Php 10,000
  • Maintaining balance: Php 10,000
  • Balance required to earn interest: Php 10,000
  • Interest rate: 0.25% per annum
  • Charge if below maintaining balance: Php 300 
  • Product name: OFW Regular (passbook)
  • Opening amount: Php 0.00
  • Maintaining balance: Php 0.00
  • Balance required to earn interest: Php 10,000
  • Interest rate: 0.25% per annum
  • Charge if below maintaining balance: Php 0.00 or NO MAINTAINING BALANCE

 Instruction to open an Regular and OFW Passbook account in Metrobank. 

  • Product name: SSS Pensioner Regular (passbook)
  • Opening amount: Php 100.00
  • Maintaining balance: Php 100.00
  • Balance required to earn interest: Php 10,000
  • Interest rate: 0.25% per annum
  • Charge if below maintaining balance: Php 300 

Open passbook account Security Bank

SECURITY BANK

  • Product name: All Access (passbook with ATM and checkbook)
  • Opening amount: Php 5,000
  • Maintaining balance: Php 25,000
  • Balance required to earn interest: Php 100,000
  • Interest rate: 0.20% per annum 
  • Product name: Build-up Savings
  • Opening amount: Php 5,000
  • Maintaining balance: Php 10,000
  • Balance required to earn interest: Php 10,000
  • Interest rate: 0.50% per annum 

Check here to know how to open All Access passbook savings account in Security Bank, info on opening requirements included on the separate post.

PNB passbook savings account

PHILIPPINE NATIONAL BANK (PNB) 

  • Passbook savings name: PNB Passbook Savings
  • Opening amount: Php 10,000
  • Maintaining balance: Php 10,000
  • Balance required to earn interest: Php 15,000
  • Interest rate: 0.10% per annum
  • Charge for going below maintaining balance: P350 if account falls below ADB for 2 consecutive months. 
  • Passbook savings name: PNB Prime Savings Account
  • Opening amount: Php 50,000
  • Maintaining balance: Php 50,000
  • Balance required to earn interest: Php 100,000
  • Interest rate: 0.125% to 0.250% per annum depending on ADB
  • Charge for going below maintaining balance: P300 if account falls below ADB for 2 consecutive months.

Unionbank savings passbook opening

UNIONBANK of the PHILIPPINES (Unionbank)

  • Product name: UnionBank Regular Savings Account (you will be given a choice between passbook OR Unionbank E-wallet)
  • Opening amount: Php 30,000
  • Maintaining balance: Php 30,000
  • Balance required to earn interest: Php 50,000
  • Interest rate: 0.10% per annum 

Some banks have other savings account with passbook, kindly check direct with the banks for their other bank product that comes with passbook. Discussed above are the regular passbooks available in the various banking institutions.

Please note that if you fail to maintain the required ADB or average daily balance, there is a hefty fee charge to your account. So please take care of your bank account, try your very best that your account balance will not fall below the required ADB. Even if you ‘fall below’ just one day in the whole month, you will already be charged the ‘falling below fee’ at the end of the month.

When it comes to interest rate, you must meet the required ADB for interest rate everyday before you can enjoy it. Interest earnings from your passbook savings account is subject to 20% withholding tax.

If you have a child, you can help her or him open a bank account of his/her own! Visit the bank of your choice to know more about the banking product tailored fit to kids. Let’s encourage the habit of savings in our kids!

 

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Filed Under: Banking, BDO, BPI, Metrobank, Money, Security Bank, Unionbank

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