Are you interested in opening a Landbank Savings Account?
Let me guide you on how to open savings account in Landbank of the Philippines.
But first, let us learn all the details of a Landbank ATM Savings Account.
Land Bank of the Philippines is a universal bank that is owned by the Philippine Government.
One of its service offering is the Landbank ATM Savings account.
It is a peso savings account where you can earn interest over time.
What are its features?
Deposit transactions can be done over-the-counter or through cash deposit machines.
Same as deposit transactions, withdrawals can be done over-the-counter or through any Bancnet ATMs.
Landbank savings account also allows cashless purchase transactions through Point of Sale (POS) terminals from partner merchants such as department stores, supermarket among others.
The following individuals can open a savings account:
The minimum initial deposit is 500 pesos.
The required average daily minimum maintaining balance for the Land bank Savings Account is 500 pesos.
The savings account needs to have 2,000 pesos daily in order it to earn interest.
As of August 1, 2017: 0.10%
As of September 17, 2018, the maximum withdrawal amount per day is 30,000 pesos.
For cashless payments in Point-of-Sale (POS) terminals, the maximum amount per day is 50,000 pesos.
Landbank imposes service charge if your account falls below the maintaining balance.
It will cost you 200 pesos per month.
If you chose to close your account within one month from the opening date, there is a service charge of 300 pesos.
If your account does not have any financial transaction for two years and it falls below the required average daily minimum maintaining balance, Landbank will charge you 30 pesos per month of inactivity.
Your money in the Landbank ATM savings account is protected by PDIC up to 500,000 pesos.
That amount is the maximum deposit insurance per depositor.
If you are interested to know what other fees you need to watch out for, check out the Landbank website.
Get yourself ready with the requirements.
It will be much faster if you already prepared all the needed requirements before going to the bank.
Here is the list of requirements:
For the valid ID: to avoid any hassle, it will be much better if you can provide a Government ID such as UMID, passport, etc.
For the 500 pesos Landbank ATM maintaining balance, same as with other banks that have maintaining balances, make sure that the money remaining in your account does not go lower than 500 pesos.
The bank imposes penalty deductions if it goes below the minimum maintaining balance.
For the other documents/ information: it will be handy if you have these documents in the event that it would be asked.
In my case, the officer asked for my company ID and proof of billing.
Proof of billing can be your electricity (example: Meralco), internet (example: PLDT) water bills or other billing statement as long as it has your address in it.
Although, just to be sure try to bring a bill from the three mentioned above.
If you also have other IDs, bring them with you just in case it is needed.
For child account
Parents can opt to open an account for their children.
It will have the same feature as the normal savings account but it will just be indicated that the account is on behalf of the child.
Additional requirement for this is to bring the birth certificate of the child.
There is a special case for students who are beneficiaries of remittances but are not yet of voting age.
They will be allowed to use their school ID provided that it is signed by their Principal or head of school.
Photocopy of it is also required.
Foreigners can own a Land bank savings account provided that they submit the following requirements:
For Single Proprietorship
If you are a single proprietor business, you can open a savings account by submitting the following requirements:
In my case, Landbank Guadalupe branch was the nearest.
The guard on duty gave me a queue number under “Other NAC Services.”
When my number was called, I showed them the Landbank ATM Savings account requirements that I brought with me.
The bank officer then provided me with forms that I need to fill out.
After I submitted the form, the bank officer evaluated it and when everything was okay, she handed over my new Landbank Savings Account ATM card.
She also provided a paper with instructions on how to change the ATM pin.
The entire process was pretty fast as I have the requirements already readily available.
Let us know if this guide was helpful to you so that we will be inspired to do more step by step tutorials similar to this.
