Nowadays, there are many small and big banks operating in the Philippines. Most of them are in their business for more than decades while others are still making a name for themselves. As the population grows, more and more people are looking for a bank where they can entrust their money.
One popular bank that has been in the banking industry for many years is Philippine National Bank or PNB. Before, the major owner of the bank is the Philippine government. However, most of its stakes were sold to private citizens and investors like Lucio Tan so it is now a privately-owned commercial bank. It is also one of the oldest banks in the country.
Products and Services of PNB
PNB offers almost the same products and services to its customers just like any other banks. The primary products it have are savings account, remittance services, insurance products, checking account, credit cards, loans, Internet banking service, UITF investments and many more.
In this post, I would like to do a review on the various savings account of PNB and how you could apply or open a new one. Keep on reading.
Types of Peso Savings Account Of PNB Bank
Without a doubt, savings account is the most popular bank service that many people know. It is the best place to put your money if you are thinking of safety.
However, it may not be the best place if you want to earn more out of the money that you have since a savings account merely pay 0.25 to 1% interest rate per year. Go here to learn more about the different types of PNB savings account and the interest rates for each one.
How to Open an Account
First and foremost, you have to gather all the necessary ID and documents before going to the bank. Here you can see the list of valid IDs that you can use for bank account application. As per Bangko Sentral ng Pilipinas (BSP) regulation, one valid ID with photo is enough to open an account.
You also have to prepare certain amount of money for the initial deposit of your new account which you can see in the information above. If you go to the branch where you will apply an account, you need to fill out several forms and signature cards.
After completing these forms, you should submit that together with photocopy of your ID and billing statement. Some of the billing statements that you can submit are Meralco bill, water utility, cellphone or land line telephone bill, credit card statement or your bank account statement of account.
Unfortunately, PNB has no capability as of this moment for online application of savings account. Maybe in the future, they will be able to offer this kind of service especially for OFW and customers who are working and living abroad.
Normally, you will know right away when can you get your ATM or passbook after checking and verifying your forms and documents. The bank employee should tell you when it will be available for pick-up.
Don’t open an account to a branch far from your home or office. As much as possible, it should be near where you regularly stay or it should be easy to visit in case a problem arises.