As the Philippines’ population grows, the numbers of Filipinos who are looking for a bank where they can put their savings and hard-earned money are also increasing too. Nowadays banking industry get bigger and bigger because of the increasing demand from people.In comparison many years ago, people now have many choices when it comes in selecting the best bank for them.
One popular bank that shined in innovative banking for more than a decade is the Philippine Savings Bank or commonly known as PSBank. It was established in September 26, 1960.
In 1981, from its humble beginning it became the subsidiary bank of Metropolitan Bank and Trust Company, one of the country’s largest banks. The bank is known for its logo: Simple lang, Maasahan because of its quality service. It is the first bank that offered Mondays to Saturdays banking with no lunch break.
Products and Services of PSBank
The bank continues to offer great banking products and services that are more suitable to its clients. Just like any other big banks, it also offers deposit products, consumer loan products, commercial loan products, prepaid MasterCard, trust products and services and other products and services like remote banking, remittance services and bills payment.
This post will show you how to open an account and will give you information on the features of PSBank Regular passbook savings account. So continue reading to learn more.
Features of PSBank Regular Passbook Savings Account
PSBank offers various deposit products and one of it is the Regular Passbook Savings. This account allows you the accessibility of the traditional passbook that will help you in growing your deposits. The below table provides its features. As you can see, it requires P5,000.00 for its maintaining balance and daily balance to earn interest.
The interest rate for passbook account is 0.5% which is the typical rate these days. Normally, the interest rates for savings account falls at the range of 0.25 – 0.50% per year. It is not big but you will have a safer place where you can put your money. By the way, you can get the interest on a monthly basis.
If your account balance falls below the average daily balance, you will incur a service charge amounting to P300. Most of the banks also charge withdrawal fees on other banks’ ATM and dormancy fee around P200 for inactive account within the 2-year period.
How to Open an Account
Opening an account at PSBank is simple with the help of many information that you can get from the Internet. Basically, the best way to open an account is by visiting directly a PSBank near you.
However, before doing that, you need to gather first the necessary requirements and documents like ID, billing statement and initial deposit. You can see in this post the list of valid ID that you can use when opening an account. According to Central bank of the Philippines, only one valid photo-bearing ID will be enough to open a bank account plus other requirements set by the bank.
There are several forms that you need to fill out when you come to the bank. It would also better to apply for PSBank Remote banking so you can access your account via the Internet. You can do it at the same time when you open an account.
Your account should be approved easily if you submit all the requirements. The passbook will normally available 1-3 days but you can ask the lady in charge to be sure.
Passbook savings account is a good choice especially when you don’t want to easily withdraw the money you have in your account because you save more and more money. However, a regular ATM account can be also a good option because it has a lower initial deposit and easier to access through many ATM around the country.