The Land Bank of the Philippines launched a new product, mainly targeting the unbanked Filipinos.
In a statement, Land Bank said the “Perang Inimpok Savings Option” or PISO account will “help bring more unbanked and underserved Filipinos, including students, public utility vehicle drivers, vendors, household helpers, farmers, and fishers, into the country’s formal banking system.”
It said the product is being offered to individuals without an existing Land Bank account and do not have the capacity to open a regular deposit savings account with higher initial deposit and maintaining balance requirements.
Account holders can open a deposit account with only P1 as minimum initial deposit, while the maximum account balance is P50,000, the state-run bank noted.
Land Bank said only one valid identification card or any Barangay certification, clearance, or ID is needed for verification when opening a PISO account.
“The Land Bank 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,” Land Bank president and CEO Cecilia Borromeo said.
Through this product, account holders can also access the Land Bank’s other digital banking channels such as the iAccess, Link.BizPortal, and the Mobile Banking App for other services like fund transfer, bills payment, and balance inquiry services.
PISO account can also be used in any Land Bank, BancNet, and 7-Eleven Automated Teller Machines (ATMs), domestic Point-of-Sale (POS) terminals, and for over-the-counter transactions in any Land Bank branch.
This is a good opportunity for those who need savings account in your country.