RCBC targets unbanked Pinoys in new deposit account

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) unveiled an inexpensive and easy-to-open account for the unbanked and underserved sector to boost the financial inclusion campaign of the Bangko Sentral ng Pilipinas (BSP).

RCBC senior vice president for deposit products and promotions head Emmanuel Mari Valdes said the basic deposit account targets 77 percent of Filipinos that remain unbanked.

“With the basic deposit account, RCBC aims to encourage the value and discipline of saving, as well as give them access to the convenience and security that bank accounts offer,” Valdes said.

Simply visit any RCBC branch and bring a valid ID or most recent barangay certificate plus your P100 initial deposit to open a basic deposit account.

Basic deposit accounts have no daily balance requirement and come with a Debit Mastercard and could be accessed in RCBC’s Online Banking facility.

Last February, the BSP released a framework for banks to offer a basic deposit account as the World Bank estimates less than a third of Filipino adults have formal bank accounts.

The framework promotes account ownership among the unbanked and provides Filipinos the tool to save and transact money in a safe, convenient and affordable manner.

The World Bank Global Findex (2014) estimates that only 31.3 percent of Filipino adults have formal accounts due to usual barriers such as costs, lack of money, lack of documentary requirements, and perceived low utility of a bank account, among others.

The minimum key features of the account include: simplified know-your-customer requirements; an opening amount of less than P100; no minimum maintaining balance; and no dormancy charges.

To prevent misuse of the basic deposit account, its maximum balance is set at P50,000. These features meet the need of the unbanked for a low-cost, no-frills deposit account clients could open even if they do not have the standard identification documents.

As an incentive for banks, the basic deposit account is granted a preferential zero reserve requirement which lowers their account maintenance cost.