Today’s article will discuss the difference between BDO Savings Accounts and Current Accounts. Opening a BDO savings account is similar to buying a new phone.
A real bank account can be opened by visiting a branch, presenting the documentation, signing a few documents, and that’s it.
There are still many people who don’t open one up. So if you are interested to open an account, listed below are the requirements needed.
Requirements for BDO Savings Accounts.
Please ensure that you already have all the following items before you visit BDO:
1. Two valid IDs (original and photocopy).
When opening a new BDO savings account, applicants may present any of the following IDs:
Philippine Passport.
Voter’s ID.
Philippine Postal ID.
Driver’s License issued by the Land Transportation Office (LTO).
Professional Regulations Commission (PRC) License/ID.
Tax Identification Number (TIN) ID.
New Social Security System (SSS) ID.
Government Service and Insurance System (GSIS) e-Card.
Overseas Filipino Workers (OFW) ID.
Senior Citizen ID/Card.
School ID (for minors).
Philhealth card.
Note:
A valid ID is required to apply to BDO. In addition to the 2 valid IDs above, make sure they are within their validity periods. The concept of a primary and secondary ID doesn’t exist. Even if you bring a passport, for example, you’ll still need to present an additional ID needed despite the fact that the passport has long been considered a primary one.
You should open a BDO savings account at a branch near where you live or where you work.
2. Deposits are required at the beginning.
Each savings account type requires a minimum initial deposit as shown below.
Type of the BDO Savings Account
Minimum Initial Deposit
Peso Passbook Savings (with or without ATM)
P5,000
Peso ATM Debit Card (without passbook)
P2,000
Optimum Savings
P30,000 (Personal) and P50,000 (Business)
Junior Savers
P100
Prime Savers
P2,000
Direct Deposit
P0
Dollar Savings
USD200
Prime Savers Dollar
USD200
Direct Deposit Dollar
USD0
Australian Dollar Savings Account
AUD200
Canadian Dollar Savings Account
CAD1,000
Chinese Yuan Savings Account
CNY2,500
Euro Savings Account
EUR500
Great Britain Pound Savings Account
GBP200
Hongkong Dollar Savings Account
HKD500
Singapore Dollar Savings Account
SGD200
Yen Savings Account
JPY50,000
Peso Time Deposit
Php1,000
Premium Flexi Earner
Php10,000
Dollar Time Deposit
USD 1,000
Dollar PRS (Philippine Retirement Authority)Time Deposit
as advised by PRA
Two Year Dollar Time Deposit
USD 50,000
Three Year Dollar Time Deposit
USD 50,000
Five Year Dollar Time Deposit
USD 50,000
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