Are you ready to open up a land bank ATM Savings Account? If you do so please read my post in order for you to avoid any confusions.
Opening a savings account in the Philippines is not really hard especially for those people having complete requirements like IDs, proof of billing and initial deposit when opening an account. There are many Philippine banks that you can choose if you want to own your savings account and one of those that you can select is Land Bank of the Philippines (LBP).
LBP or landbank of the philippines is a government-owned bank with a primary goal of helping common people like farmers, fishermen, and small business owners on acquiring loans and help them have a good income from their businesses and farms. It is one of the Philippine banks that have many branches in rural areas across the country. LBP is also the official depository bank of the Republic of the Philippines.
Features of Land Bank Savings Account
A savings account is the most popular bank product which a customer can use to get a safer place for their money and earn an interest at the same time. You can get a Land Bank savings account in the form of ATM or passbook.
Usually, the typical interest rate of LBP savings account with ATM access is around 0.50% per year. If you notice it is only a small amount, for example in P1,000, you can only get a P5.0 interest in one year.
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The minimum initial deposit requirement for opening a savings account with ATM access is only P500. The maintaining balance and the balance to earn interest should be also P500.
For regular savings account which requires passbook for deposit and withdrawal of money, the initial deposit, maintaining balance, and the balance to earn interest is P10,000. The interest rate you can earn from this type of account is 0.5% per year.
You probably want to know the requirements needed to open or apply a LandBank ATM card. If you want to apply for an ATM Card and go to a LandBank branch without bringing those requirements, you’re just wasting your time, money and effort because the bank requires you to bring the requirements. So take note of these requirements:
How to Apply for Savings Account?
Prepare the following requirements:
- At least two (2) valid ID’s
- 2pcs. 1×1 ID pictures (The quality of picture must not easily be erased when you try to tape it and pull the tape from the picture)
- 500 pesos initial deposit
Valid IDs that can be accepted:
- Driver’s License
- Postal ID
- Social Security System ID (SSS ID)
- Government Service Insurance System (GSIS ID)
- Tax Identification Number (TIN ID)
- Professional Regulation Commission ID (PRC ID)
- National Statistics Office (NSO) Birth Certificate
- Marriage Certificate (NSO Authenticated)
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Barangay Clearance/Certificate
- Senior Citizen’s ID Card
- PhilHealth Identification Card (PIC)
- Alien Certificate of Registration (ACR I-Card)
- Consular ID
- Permit to Carry Firearms
- Company/Office ID
- Student’s ID or School ID
- OFW ID
- Seaman’s Book
- Armed Forces of the Philippines (AFP) ID
- Home Development Mutual Fund (HMDF) or PAG-IBIG ID
- Philippine Overseas Employment Association (POEA) ID
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- PRA Special Resident Retiree Visa (SRRV) ID
- Department of Social Welfare and Development (DSWD) ID
- Overseas Worker’s Welfare Administration (OWWA) ID
- Unified Multi-Purpose ID (UMID)
- Philippine National Police (PNP) ID
- Voter’s ID
Take a quick view of the new Landbank ATM card starting 2017, below is a picture of real Landbank ATM card:
Final Word With You!
In these generation, there are many banks that are closing because of bankruptcy; the recent one is the case of Export & Industry Bank. So it is better to choose a bank which is a PDIC member like Land Bank and don’t deposit more than P500, 000 because it is the maximum insurance you can get when the bank closes and to protect the money you have on your savings account.
I been with them for a long time and i am not having problem with landbank..
If you have any thoughts about this, you can leave a comment below and i will be happy to give you my response..