BPI to convert Kaya Savings to Regular Savings account on January 15

BPI has announced to convert the Kaya Savings account to a Regular Saving account effective January 15, 2021.

Kaya Savings is a savings account with no maintaining balance and has a minimal fee for withdrawals.

With the transition, it will now have a required initial deposit of PHP 3,000USD 51INR 4,334EUR 49CNY 372. It will also have a required minimum monthly ADB of PHP 3,000USD 51INR 4,334EUR 49CNY 372 and a required daily balance of PHP 5,000USD 85INR 7,223EUR 81CNY 621 to earn interest.

Other changes include no fees for a client-initiated transaction (which formerly costs PHP 5USD 0.09INR 7EUR 0.08CNY 0.62 per transaction) and PHP 300USD 5INR 433EUR 5CNY 37 Monthly Service Charge if required ADB falls below the minimum. There will also be a Monthly Dormancy Charge if the account holder fails to maintain the required minimum balance. Previously, Kaya Savings Account holders will be charged PHP 30USD 0.51INR 43EUR 0.49CNY 4 starting on the fifth year if the balance goes below PHP 200USD 3INR 289EUR 3CNY 25. Now, the charge remains the same, but the balance must not be below PHP 3,000USD 51INR 4,334EUR 49CNY 372.

Meanwhile, these product features will be maintained upon conversion of the Kaya Savings account to a Regular Savings Account:

• Interest-earnings on savings
• Access through BancNet ATMs nationwide and in MasterCard ATMs globally through a BPI Debit MasterCard
• Cashless shopping using BPI Debit MasterCard in BancNet or MasterCard-accepting merchants
• Funds transfer via QR and/or enrollment of the account
• Bill payments to over 600 merchants by enrolling in the bills payment facility
• Instant reload of cell phones and prepaid cards via BPI’s online and mobile banking channels

Do note that there will be no new card to be issued upon conversion, and the existing card remains valid and effective.

Source: BPI