#deposit account

State-run Land Bank of the Philippines (LandBank) has introduced their basic deposit account (BDA) program "Perang Inimpok Savings Option" or PISO to bring more unbanked and underserved Filipinos into a formal banking system. [caption id="attachment_316105" align="alignnone" width="720"] Photo/ Landbank[/caption] According to LandBank, opening an account through PISO would only require depositors to submit one valid ID or a barangay certificate for verfication. Initial deposit can be as low as one-peso with a maximum Php 50,000 account balance. The bank emphasized that the said program is aimed for individuals with no existing LandBank deposit account, particularly: students, public utility vehicle drivers, vendors, farmers, fisher, household helpers and those with no access to trainings and seminars about banking and financing. Accountholders through PISO may access LandBank's digital banking channels as well as its mobile banking app for services such as fund transfer, bills payment, balance inquiry among others. They may also use the PISO account via any LandBank, BancNet, and 7-Eleven automated teller machines (ATMs) for cash withdrawals, domestic point-of-sale terminals, and for over-the-counter transactions in their respective Landbank branch of account. GoTyme Bank users’ FREE deposits via linked bank accounts are down to two per month starting November 15. As of writing until the said date, there is no cap on free deposits on any linked bank accounts. Read more in our articles including "Unbanked Filipinos can now open a LandBank savings account with one-peso minimum initial deposit" and "GoTyme Bank to implement 2 free deposits via linked accounts starting Nov. 15".