State-run Land Bank of the Philippines has launched a savings account with an initial deposit of just P1 to encourage Filipinos to save.
With just P1 initial deposit, Filipinos who want to open their own bank accounts can do so via Land Bank of the Philippines' .
To open a Perang Inimpok Savings Option (PISO) ATM savings account, depositors need to present a valid ID or barangay certificate and their initial P1 deposit.
Here's what you need to know about Landbank PISO:
Who can open an account?
Those without Land Bank deposit accounts are eligible to open a PISO account,which is aimed at the following:
- Public utility vehicles drivers
- Sidewalk vendors
- Household helpers (“kasambahay”)
- Other members of the society without access to financial literacy trainings/seminars.
What are the requirements?
- Valid ID or barangay certificate
- Initial deposit of P1
What is the maintaining balance?
There is no minimum maintaining balance. It also does not have a service fee for accounts that fall below the minimum average daily balance nor does it have a dormancy fee.
The account will auto-close if it does not have transactions for 180 days and with a balance of P1 and below.
How much do I need to have to earn interest?
You need at least P2,000 to earn interest.
How much is the maximum outstanding balance?
It's P50,000 at any given time. It's also the deposit limit of the PISO account.
Where can I use my card?
You may use your PISO card in the following channels:
- LBP and BancNet ATMs
- eBanking Channels (MBA, iAccess, and Linkbiz Portal)
- Over-the-counter via Branch of Account
- Point of Sale (POS) Domestic
Can I enroll my account in ebanking channels?
Yes, you may use ebanking for balance inquiry, fund transfer as source and destination, and bills payment.
How long is the card valid?
It's valid for 10 years.