Rizal Commercial Banking Corporation, better known as RCBC is one of the largest banks in the Philippines. It is the banking arm and one of the companies of Yuchengco Group of Companies.
With similarity to the products and services of other Philippine banks, RCBC is providing different kinds of products to its customers like credit card through Bankard, savings account, checking account, loans, investments, time deposit, Internet banking and many more. When opening a savings account, you should research and get information on what benefits you can get from this particular bank and the procedures you must follow.
In addition, because of increasing numbers of closing banks lately, such as LBC Bank and Export & Industry Bank, it is very important that the bank you choose is a member of PDIC. Philippine Deposit Insurance Corporation or PDIC is the government agency that gives insurance to each depositor whenever a bank closes due to many varying reasons. It is the way of protecting customers in cases a bank files for bankruptcy.
The maximum amount of insurance you can get is P500, 000 so it is not wise to deposit more than P500, 000 in one bank. There are other banks that you can use to deposit your money and opening a new account is not hard.
What are the Benefits You can Receive from RCBC?
Since RCBC is one of the biggest and leading banks in the Philippines, you are rest assured that it will not go on bankruptcy easily unlike small and rural banks. However, it is not a sure guarantee so don’t put more than P500, 000 in one bank account.
RCBC Bank has an online banking facility known as RCBC AccessOne which you can use to check and manage your account even you’re away from Philippines and you don’t have an easy access to your branch because of your location. Having an Internet banking will enable you to control easily the in and out of the money you have. Some services will be also available through online banking so you don’t need to go to your branch.
Another benefit of RCBC savings account is you can get a 0.50% or higher interest per year on the money you deposited on your account. You can only earn this interest once your account is at or above the balance that earns interest. The interest will depend also on the type of your account.
I have made a post before detailing the interest rate, initial deposit when opening new account, maintaining balance and the balance to earn interest for each type of savings account. You can see the post here.
What to Do to Open a New RCBC Savings Account?
Similar with other banks, RCBC requires the applicant for savings account to go the bank directly so they can verify and check your true identity. Before visiting a branch, you need to gather and furnish several requirements like one valid photo bearing ID, proof of billing, 1×1 picture ID and the money for initial deposit.
You can see in this post the list of valid ID that you can use when opening a new savings account at RCBC. This post came from the circular regulation released by the Bangko Sentral ng Pilipinas (BSP) so it shall be authentic and followed.
After completing all requirements, you must choose a branch nearest your house or the place where you work. Bring all the requirements to the bank and fill out necessary forms as given to you by the bank employee. Your application will be approved the same day unless you have problems with your requirements.
The bank employee will inform you when you can get your ATM or passbook. You cannot get it at the same day, you should return again to the bank to get it. Usually, it will take 3-5 banking days or ask the bank to be sure.
RCBC is a PDIC-member bank and one of the banks in the Philippines with good reputation and nice banking services for its customers. If you are already decided to open a new savings account in them, be sure to gather all the needed documents and ID before going to a branch.
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