Landbank launches savings account with one-peso minimum deposit

State-run Land Lender of the Philippines (LANDBANK) has rolled out its “Perang Inimpok Savings Option” or Piso account, a new merchandise to support carry much more unbanked and underserved Filipinos into the country’s formal banking system.

The lender targets learners, community utility car or truck motorists, sellers, residence helpers, farmers, and fishers.

By means of the Piso account, interested buyers can open up a Landbank deposit account with only P1 as minimum amount initial deposit and up to a highest of P50,000 account harmony.

The depositor is only required to post one particular valid identification card or any barangay certification, clearance, or ID for verification.

The Piso account is becoming provided to individuals with out an current Landbank deposit account and have no potential to open a standard deposit price savings account with higher initial deposit and retaining stability specifications.

“The Landbank Piso is an additional testament of our commitment to progress the Countrywide Government’s monetary inclusion agenda. We continue on to develop available and handy banking products and solutions appropriate to the diverse demands of our prospects, like the unbanked and underserved,” president and main government Cecilia Borromeo claimed in a statement Sunday.

With the Piso account, accountholders can accessibility the bank’s array of electronic banking channels these kinds of as the iAccess, Website link.BizPortal, and the Cell Banking App for fund transfer, expenses payment, and harmony inquiry companies.

Accountholders can also use the PISO account in any Landbank, BancNet, and 7-Eleven automatic teller machines, domestic stage-of-sale terminals, and for around-the-counter transactions in their respective department of account.

Fascinated people today might go to the closest Landbank department in their region to open up a Piso account.

The state lender continues to be to be the only lender present in all of the country’s 81 provinces. As of June 30, 2022, the financial institution operates 608 branches 2,847 ATMs and 233 hard cash deposit machines nationwide. (PR)