Basic Deposit Account

Definition:

This refers to interest or non–interest–bearing account designated to promote financial inclusion. This
account will enable Filipinos, especially the unserved and underserved, to receive and make payments, as
well as have a facility for store of value. It will have the basic functionalities that will characterize ease,
accessibility, convenience, and reasonable cost for both banks and customers.

Product Features:

Opening Amount: P100.00
Minimum Maintaining Balance: None
Dormancy Charges: None
Maximum Balance: Not more than P50,000.00; Should the depositor exceed the P50,000.00 maximum
balance, the bank should convert the basic deposit account to a regular deposit account
Reserve Requirement: 0%
Interest Rate: 0% per annum

Deposits are insured by PDIC up to P500,000 per depositor.