Landbank is one of the most visited and famous local bank here in the Philippines. It is also the official depository bank of the Republic of the Philippines. They offer various opportunities to investors and Filipino who want to save and invest their money.
They also offer various loans and investment opportunity to our fellow Filipino farmers and other small and medium enterprises. Additionally, any individual can open a regular savings account in Landbank for their savings or emergency fund.
If you’re planning to open savings account in Landbank, this short article might provide some basic information you need. Knowing these information before you visit the bank can save you time and effort.
Landbank savings account requirements
- 2 valid ID
- 1×1 ID picture
- TIN number or TIN ID
- Proof of billing
- TIN number (in earlier part of 2016, almost all establishments doing financial transactions ask to require TIN numbers from their clients/customers)
These requirements apply to ATM and Passbook savings account in Landbank.
Landbank ATM Savings account
Initial Deposit requirement: P500
Required balance to earn interest: P500
Interest rate: .250% p.a.
Maximum withdrawal amount per day: P50,000
Documentation: ATM card
Landbank Passbook Savings account
Initial Deposit requirement: P10,000
Required balance to earn interest: P10,000
Interest rate: .250% p.a.
Procedures in opening savings account in Landbank
1. Once you’re decided what type of savings account in Landbank you’re going to open(ATM or Passbook), visit the nearest Landbank branch in your area.
Make sure you bring the requirements mentioned above.
2. Go to the new account section and advise the bank teller that you’re going to open a savings account. They will provide you the application form. Fill up the form and complete all the information.
Make sure you double check everything before submitting it to the teller.
3. Once done, submit the completed application form together with the requirements and the initial deposit (P500 for ATM and P10,000 for Passbook).
4. The bank teller will check and verify the application form and the information.
They will process the application and encode on their system.
5. The bank teller will give you the receipt or confirmation slip and will advise when you can claim your passbook. For Landbank ATM savings account, it can be release with in the same day after your application depending on the branch.
You may also like.
- Comparison of Savings account in the Philippines
- Comparison of Time deposit account in the Philippines
That’s it! You now have your savings account in Landbank. You can now start saving money for your emergency fund or other financial goals.
If your goal is to grow your money, savings account may not be the best tool to use. You can check investing in mutual funds or investing in UITF.
Just to share, we open a BDO UITF online and start investing for our dream house.
Always remember that it’s not how much money you make but rather how much money you save and invest that can help you be financially free.
To our success, cheers!