Home » Unbanked Filipinos can now open a LandBank savings account with one-peso minimum initial deposit

Unbanked Filipinos can now open a LandBank savings account with one-peso minimum initial deposit

Written By JM Chavaria
Published • July 25th, 2022
FintechNews
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State-run Land Bank of the Philippines (LandBank) has introduced their basic deposit account (BDA) program “Perang Inimpok Savings Option” or PISO to bring more unbanked and underserved Filipinos into a formal banking system.

Photo/ Landbank

According to LandBank, opening an account through PISO would only require depositors to submit one valid ID or a barangay certificate for verfication. Initial deposit can be as low as one-peso with a maximum Php 50,000 account balance.

The bank emphasized that the said program is aimed for individuals with no existing LandBank deposit account, particularly: students, public utility vehicle drivers, vendors, farmers, fisher, household helpers and those with no access to trainings and seminars about banking and financing.

“The LANDBANK PISO is another testament of our commitment to advance the National Government’s financial inclusion agenda,” LandBank president and CEO Cecilia Borromeo said in a statement.

Accountholders through PISO may access LandBank’s digital banking channels as well as its mobile banking app for services such as fund transfer, bills payment, balance inquiry among others.

They may also use the PISO account via any LandBank, BancNet, and 7-Eleven automated teller machines (ATMs) for cash withdrawals, domestic point-of-sale terminals, and for over-the-counter transactions in their respective Landbank branch of account.

“We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved,” Borromeo added.

Interested individuals may go to the nearest LandBank branch in their area or through its locator: www.landbank.com/find-us

For more information about PISO, visit LandBank’s PISO webpage 34.

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JM Chavaria

JM's highest stat is probably his curious ardor to anything tech—electronics and gaming in particular. He certainly heeds utmost regard to specsheet, visuals, and rule of thirds. If creativity and wit sometimes leave JM's system, watching films, anime and a good stroll for memes are his approved therapeutic claims.