Landbank launches savings account with one-peso minimum deposit

·2 min read

STATE-run Land Bank of the Philippines (LANDBANK) has rolled out its “Perang Inimpok Savings Option” or Piso account, a new product to help bring more unbanked and underserved Filipinos into the country’s formal banking system.

The bank targets students, public utility vehicle drivers, vendors, household helpers, farmers, and fishers.

Through the Piso account, interested customers can open a Landbank deposit account with only P1 as minimum initial deposit and up to a maximum of P50,000 account balance.

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

The Piso account is being offered to individuals without an existing Landbank deposit account and have no capacity to open a regular deposit savings account with higher initial deposit and maintaining balance requirements.

“The Landbank Piso is another testament of our commitment to advance the National Government’s financial inclusion agenda. We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved,” president and chief executive Cecilia Borromeo said in a statement Sunday.

With the Piso account, accountholders can access the bank’s array of digital banking channels such as the iAccess, Link.BizPortal, and the Mobile Banking App for fund transfer, bills payment, and balance inquiry services.

Accountholders can also use the PISO account in any Landbank, BancNet, and 7-Eleven automated teller machines, domestic point-of-sale terminals, and for over-the-counter transactions in their respective branch of account.

Interested individuals may go to the nearest Landbank branch in their area to open a Piso account.

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

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