How long does BDO savings account last?
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.
| BDO Pay Account | Upgraded BDO Pay Account | |
|---|---|---|
| Max. Scan, Show and Upload QR | PHP 100,000/day | PHP 100,000/day |
| Inactivity fee | PHP 50/month may be charged after one (1) year of inactivity | No fees |
| Account closure | After one (1) year of no activity and PHP 0 balance | After one (1) year of no activity and PHP 0 balance |
| FEATURES | |
|---|---|
| Minimum Initial Deposit | Php 5,000.00 |
| Minimum MADB Requirement (1) | Php 10,000.00 |
| Minimum Balance to Earn Interest | Php 10,000.00 |
| Gross Interest Rate Per Annum | 0.25% |
A BDO Securities account without any cash flows (either deposits or withdrawals) for two (2) years will be placed in the inactive list. You can prevent account dormancy by making either a deposit or withdrawal on your account at least once every two (2) years.
An Account with zero balance is liable to be closed by the Bank without prior notice.
A bank account is considered dormant when there is no financial activity—deposit or withdrawal—for a period of two years for a savings account and one year for a checking account.
Account Dormancy Fee will be collected if account is dormant and falls below the 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.
Remit to the account at least once within two (2) years to continue enjoying the no maintaining balance feature. If there's no remittance within two (2) years, your BDO Kabayan Savings will automatically convert to a regular ATM savings with a maintaining balance requirement of Php2,000.
The savings account minimum balance requirement for different banks ranges from Rs 2,000 to Rs 10,000, depending on whether you live in a metro, urban, or rural area. Moreover, if you fail to maintain the required average balance every month, you might be charged a penalty of up to Rs 500.
How do I know if my BDO account is dormant?
A savings account is dormant if it has no client-initiated activity for one (1) year. Collection will start five (5) years after the last client-initiated activity date.
Peso Passbook: Min Initial Dep: 5k. Min Bal to Earn Int: 10k.
| Details | Statement | Passbook |
|---|---|---|
| Account Dormancy (4) | Php 30.00(4) | Php 30.00(4) |
| Withholding Tax for Interest Earned | 20% | 20% |
| Checkbook | Php 250.00(6) (Personal) Php 500.00(6) (Business) | Php 250.00(6) (Personal) Php 500.00(6) (Business) |
| SPO Application/Filing | Php 200.00 | Php 200.00 |
Yes, as Michael Ranola has written, you can deposit as much money as you want, but since banks are required to report to the AMLC any transaction amount exceeding 500,000 pesos, and any suspicious transaction, they would want to be sure the source of your money is legitimate, particularly if you're a new depositor.
Open for as low as ₱100.
Of course, the bank must return any remaining funds in your account but may hold on to them to cover any negative balance or fees. In some cases, the bank may hold the funds if your account is flagged for suspicious activities, which is increasingly common.
Falling Below Minimum Balance Fee will be collected if account falls below the required minimum MADB for two consecutive months. Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB. A savings account is dormant if it has no client-initiated activity for one (1) year.
How long does it take to close a bank account? If an account has no balance, it only takes a few minutes to close it by phone or in a bank branch. If there is cash in the account, you'll need to withdraw your remaining balance to complete the process. .
• 60-day Grace Period
of your loan, subject to applicable interest.
The duration of a bank account freeze depends on the circ*mstances. Simple misunderstandings may be resolved in 7-10 days, while more complex scenarios could take 30 days or longer. In cases where the freeze is due to tax obligations or legal disputes, there's no set time limit.
