How long does BDO savings account last? (2024)

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.

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How long before a BDO account closes?

BDO Pay FAQs
BDO Pay AccountUpgraded BDO Pay Account
Max. Scan, Show and Upload QRPHP 100,000/dayPHP 100,000/day
Inactivity feePHP 50/month may be charged after one (1) year of inactivityNo fees
Account closureAfter one (1) year of no activity and PHP 0 balanceAfter one (1) year of no activity and PHP 0 balance
7 more rows

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What is the minimum maintaining balance in BDO savings account?

Enjoy the security of a passbook and earn fixed interest on your savings.
FEATURES
Minimum Initial DepositPhp 5,000.00
Minimum MADB Requirement (1)Php 10,000.00
Minimum Balance to Earn InterestPhp 10,000.00
Gross Interest Rate Per Annum0.25%

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How can I keep my BDO account active?

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.

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Will a BDO bank account automatically close if it reaches zero balance?

An Account with zero balance is liable to be closed by the Bank without prior notice.

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How long before a bank account is considered dormant in the Philippines?

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.

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What happens to inactive BDO 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.

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Does BDO have no maintaining balance?

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.

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What happens if you don t maintain minimum balance in savings account?

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.

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How much can I withdraw from BDO savings account?

Php 50,000

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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.

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How much is BDO passbook maintaining balance?

Peso Passbook: Min Initial Dep: 5k. Min Bal to Earn Int: 10k.

How long does BDO savings account last? (2024)
How much is the dormancy fee in BDO?

Checking Account - Smart Checking Account Content
DetailsStatementPassbook
Account Dormancy (4)Php 30.00(4)Php 30.00(4)
Withholding Tax for Interest Earned20%20%
CheckbookPhp 250.00(6) (Personal) Php 500.00(6) (Business)Php 250.00(6) (Personal) Php 500.00(6) (Business)
SPO Application/FilingPhp 200.00Php 200.00
2 more rows

Can I deposit 1 million pesos in BDO?

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.

How much does it cost to open a savings account in BDO?

Open for as low as ₱100.

Can a bank close your account without giving you your money?

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.

What happens if I don't maintain minimum balance in BDO?

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 for bank account to be closed?

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. .

What is the grace period of BDO?

60-day Grace Period

of your loan, subject to applicable interest.

How long can a bank keep your account closed?

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.

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