Passbook Savings Account

 

  • Traditional deposit account that allows you to save with fixed interest rate
  • All financial transactions are recorded in the passbook given during the time of opening
  • All transactions (deposit or withdrawals) are done via over-the-counter

 

Product Features
  Individual Corporate / Government SSS Pensioner
 
Regular
With ATA
Regular
With ATA
 
Minimum Initial Deposit
₱500.00
₱10,000.00
₱10,000.00
₱30,000.00
₱100.00
Maintaining balance required-based on MADB¹
₱500.00
₱10,000.00
₱10,000.00
₱30,000.00
₱100.00
Required MADB¹ to Earn Interest ₱1,000.00 ₱10,000.00 ₱10,000.00 ₱30,000.00 ₱1,000.00
Gross Interest Rate Per Annum
0.25%
0.25%
0.25%
0.25%
0.25%
Evidence of Deposit
Passbook
Passbook
with Checkbook
Passbook
Passbook with Checkbook
Passbook
Interest Crediting Quarterly Quarterly Quarterly Quarterly Quarterly

¹MADB - Monthly Average Daily Balance

 

Fees and Charges
    Amount / Rate  
  Regular Client With ATA SSS Pensioner
Account Closure²
₱100.00
₱500.00
₱100.00
Falling Below Minimum Balance³
₱200.00 (individual) /
₱300.00 (corporate) /
Waived (government)
₱200.00 (individual) /
₱300.00 (corporate) /
Waived (government)
Waived
Replacement of Lost/Damaged Passbook
₱100.00
₱200.00
₱100.00
Account Dormancy⁴
₱30.00 per month
₱30.00 per month
₱30.00 per month
Withholding Tax for Interest Earned
20%
20%
20%
Cost of Checkbook
n.a
₱250.00 - for Personal Checkbook
₱500.00 - for Commercial Checkbook
n.a
Returned Check (DAIF / DAUD)
n.a
Presenting Bank - ₱1,000.00
Drawee Bank - ₱1,000.00
Plus penalty fee of ₱200.00 for every ₱40,000.00 or any fraction thereof/per day/per check
n.a
Certification Fee
₱200.00 plus ₱30.00 (documentary stamps)
₱200.00 plus ₱30.00 (documentary stamps)
₱200.00 plus ₱30.00 (documentary stamps)
Transaction Statement (re-printing)
₱50.00 plus ₱20.00 for every additional page
₱50.00 plus ₱20.00 for every additional page
₱50.00 plus ₱20.00 for every additional sheet
Advance Statement of Account
n.a
₱100.00
n.a
Stop Payment Order Application Fee
n.a
₱100.00 (per check)
n.a
²Account Closure Fee will be collected if account is closed within 30 days from account opening.
³Falling Below Minimum Balance Fee will be collected if account falls below the required minimum MADB for two consecutive months.
⁴Account Dormancy Fee will be collected if account is dormant and falls below the required minimum MADB.
  • A savings account is dormant if it has no client-initiated activity for two (2) years.
  • Collection will start five (5) years after the last client-initiated activity date.

 

Benefits to Clients

  • Clients can monitor their accounts by updating the passbooks
  • Cleared funds are withdrawable anytime and earn interest

 

Requirements

  • Completely filled-out bank forms
  • Customer Information Sheet (CIS)
  • Signature Card
  • Presentation of at least one primary ID or two valid secondary IDs, one of which with photo and signature; should be SSS Identification Card / UMID (for SSS Pensioners)
  • Letter of Introduction from SSS (for SSS Pensioners)
  • Corporate documents as required from corporate clients

 

Contact Information

For more information, please feel free to call or visit your nearest or preferred OF Bank Branch.