In this video, I'll show you how to open a savings account with Philippine National Bank (PNB) in two simple steps.
Having a bank account is one of the very first steps in building your wealth.
It is your hard earned money so you must know the advantages and disadvantages when saving your money in the bank.
Advantages
Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor.
Banks are highly accessible. But it's not as accessible as putting your money in your house or wherever your storage is kept.
Banks offer guaranteed returns. They pay you interest depending on the amount of money you have in your account no matter what happens.
Disadvantages
Returns are not competitive. The interest rate at PNB is only 0.10%. It means that if you have Php5,000 in your PNB account, you will only receive Php 5 in earnings in one year.
The good news is we have online banks such as ING and Tonik (which I will cover in my next video) that offer competitive rates of 2.5% and 4% respectively with no minimum available daily balance required to earn interest.
There are transaction fees. If you want to transfer money from one bank to another, you will normally have to pay a transaction fee, which varies per bank. You will also have to pay another set of fees if you withdraw from a different ATM machine.
You have a high temptation to spend. Its accessibility will tempt you to spend your money. If you have an ATM card, you will be tempted to use it to withdraw money from your savings, especially if you carry it with you all the time.
To open a savings account with PNB, follow these two simple steps.
1. Prepare the requirements.
For PNB, you need the following:
2 photo-bearing government issued IDs (e.g., driver's license, SSS/ GSIS ID, voter's ID, PRC license, passport)
Proof of billing (under your name & home address)
Proof of income (ITR, Payslip, Certificate of Employment)
Photo ID(1X1 or 2X2)
SSS and TIN number especially for those employed and business owners
Accomplished Client Information Form
Cash for initial deposit
If you already have all of these requirements, you're in luck because you can move on to the next step. However, if you don't have proof of billing, I suggest that you prepare these documents.
Obtain a barangay certificate. You go to your barangay and request a certificate proving that you are a resident of the area.
You'll need to present another document just to make sure your application will be accepted. You borrow your parent's or landlord's electricity, water, or other utility bills. Also, write an authorization letter to establish that you are living together and that your proof of billing is valid. Please check the link below for a sample authorisation letter that you may download and use as a reference.
If you already have an account with another bank, you can generate a statement of account that includes your address for added proof.
Once you've gathered all of the requirements as well as the initial deposit amount, you're ready to go. Most banks will require you to make an initial deposit. The amount will differ depending on the type of account you want to open. It costs Php3,000 to start a PNB debit savings account with only a debit card or ATM.
2. Visit the branch and present requirements
It is preferable that you open your account with the branch closest to your hometown. If you are in the bank, you can ask the guard and tell him you're going to open an account.
The teller will ask about the type of account you want to open. A Client Information Form will be required of you. They'll want a list of requirements as well as an initial deposit. After that, you must wait for them to process your application. They will give you a piece of paper with your account number and a receipt for your initial deposit after it has been completed.
They will guide you into how to enroll on their digital app even if you don't have a debit card yet.
They will also give you a six-page document containing the terms and conditions governing the opening and maintenance of the account.
They'll instruct you to return in 2 to 4 weeks to pick up your debit card and/or passbook.
Visit PNB’s website to know more: [ Ссылка ]
PNB online account application: [ Ссылка ]
Proof of billing sample authorization letter: [ Ссылка ]
Time stamp:
5:02 Step 1: Prepare the requirements.
9:40 Step 2: Visit the branch and present requirements
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Disclaimer: This is not financial advice. I encourage that you study and conduct your own research, or seek professional financial advice if necessary.
