This guide has been outlined to provide you with firsthand information about BDO Junior Savings account requirements.
Since securing the financial independence of your kids is very paramount nowadays, as such, Banco De Oro (BDO) has introduced the Junior Savings account.
This account has been designed specifically to attend to the financial needs of kids.
It gives guardians and parents the need to save something for their wards before they are legally accepted as grown-ups.
All the benefits associated with the BDO Kiddie accounts are up for grabs for everyone who applies for it.
However, before you can successfully, it is important to know the conditions that surround the opening of the account, like the Junior savings account requirements.
BDO Junior Savings Account Requirements
Below are the requirements for the BDO Junior Savings account:
1. Proof of identity: You can submit any of the following documents to ascertain identity; a Passport, School ID authorized by the school authority, or Birth certificate
2. Residential address
3. Minimum initial deposit(Php 100.00)
Visit https://www.bdo.com.ph/personal/accounts/peso-savings-account/junior-savers for more on the BDO Junior Savings account.
BDO Junior Savings Account Minimum Initial Deposit Requirement
The minimum initial deposit required for a BDO Junior Savings account currently stands at Php 100.00. This means if you want to open a BDO account for a minor, the least deposit you can do to activate the account is Php 100.00.
Also, With this amount, you start earning interest on the account.
What Are The Charges For Opening Savings Account
The transaction charges allocated for the BDO Junior Savings account include;
Account closure fee of Php 300.00 which is charged when you close the account within 30 days of its opening
There is a fee of Php 300.00 charged when your balance falls below the minimum account balance for two (2) consecutive months.
Also, there is an account dormancy fee of Php 30.00 if the account hasn’t seen any transactional activity or falls below the minimum operating balance.
Your account is termed as dormant if for two years there haven’t been any transactions on it.
Interest earned is charged 20% as withholding tax.
Kindly email BDO via consumeraffairs@bsp.gov.ph or call them at +632) 8708-7087 for more information about the Junior Savings account requirements.
This is all that we have for you on BDO Junior Savings account.
