Here is a detailed guide to help you with all you need to know about LandBank Savings account requirements.
LandBank has become one of the choicest banks for many citizens in the Philippines due to the various convenient banking services it offers.
It provides various account products for personal and corporate purposes, from savings and current to investment accounts.
Opening a Savings account and any other account with LandBank nowadays has become very easy, as it has devised an electronic avenue through which individuals can create an account.
Though this avenue is available to everyone who wants to register an account, you need to make sure that you satisfy the requirement needed first.
LandBank Savings Account Requirements
Kindly note that the following requirements generally apply to all Savings account LandBank:
1. Proof of identification
Depending on your current citizenship status, whether a national or foreigner, you will need to submit a valid document that confirms your identity.
Foreigners are mandated to present their Passport or Diplomatic Identification Card as part of opening the account.
Locals will be required to submit at least one (1) original valid photo-bearing ID, including Philippine Identification (PhilID) Card.
Students will have to provide their student ID validated by the school authority.
2. Two passport size photographs
3. Residential address
4. Minimum initial deposit
For the requirements for specific account types, Kindly visit https://www.landbank.com/ to find out.
Minimum Initial Deposit Requirement For LandBank Savings Account
The minimum initial deposit you must pay for a LandBank Savings account depends on the type of Savings account you opt for. Find below the minimum initial amount for the various Savings accounts.
ATM Savings account has a minimum initial deposit of Php 500
The Easy Savings Plus is attached a minimum initial amount of Php 20,000
There is a Php 1,000,000 initial deposit for opening a High Yield Savings account (HYSA)
You will need Php 10,000 to open a Regular Passbook Savings account at LandBank.
Where To Submit The LandBank Savings Account Requirements
Usually, the required documents to validate your LandBank Savings account are submitted to the branch to which your Savings account is held.
In other instances, the requirements may be submitted via their online platform, provided you register the account via their online platform.
Does Savings Account Earn Interest
Yes, the Savings account earns interest. The very core characteristic of every Savings account is the interest rate it is attached with.
However, the interest earned is dependent on factors like; maintaining the minimum balance to which interest is attracted.
This means you can operate a Savings account and not get any interest if you fail to maintain the amount that can get you interest.
Let’s end here for now on LandBank Savings account requirements.