RIZAL COMMERCIAL Banking Corp. (RCBC) has launched basic deposit accounts (BDA), offering a cheaper and simpler way to access financial services in line with the government’s inclusion push.
In a statement on Wednesday, the Yuchengco-led RCBC said it is now offering basic deposit accounts, which require less documents.
To open a basic deposit account, RCBC requires its clients to bring a valid ID or latest barangay certificate, as well as a P100 initial deposit.
The account does not have a minimum daily balance requirement and comes with access to RCBC’s online banking facility and a Mastercard-enabled debit card.
“With the BDA, RCBC aims to encourage the value and discipline of saving, as well as give them access to the convenience and security that bank accounts offer,” RCBC’s Senior Vice President for Deposit Products & Promotions Head Emmanuel Mari K. Valdes was quoted as saying in the statement.
RCBC said the new product is in support of the central bank’s financial inclusion campaign which encourages lenders to offer accessible and affordable products to serve different market segments, particularly the unbanked and unserved sectors.
Earlier this year, the central bank released Circular No. 992, which provided a framework for BDAs, encouraging more Filipinos to open up accounts in formal institutions as it waivers maintaining balances and dormancy charges, and simplifies the know-your-customer requirements.
RCBC posted a P2.2-billion net income in the first half of the year, 6.4% lower than the P2.35 billion tallied a year ago.
Its shares gained P1.40 or 5.26% to close at P28 apiece on Wednesday. — KANV