Step-by-step guide: How to open an account in BDO

In building a solid financial foundation, it is important to build from ground up. We start first in protecting ourselves through healthcare and life insurance. We must make sure to eliminate our debt. Then we need to build an emergency funds before investing

In building an emergency fund, the best way to do it is opening a bank savings account. If you noticed, the interest rates of the banks are very minimal because, the bank knows that anytime you can withdraw money (as in the case of ATM card and/or checking accounts).

Thus, having a bank account is perfect for building an emergency fund. Today, let me share to you a step-by-step guide how to open an account in BDO. 
Open an account in BDO
Bank accounts are perfect for emergency funds
Banco de Oro (BDO) is one of the major banks in the Philippines. A pretty stable company and a part of the SM group of companies (Henry Sy's companies - the richest man in the Philippines). 

I personally am a client of BDO and I love their online banking facility especially their funds transfer and bills payment.  

Thus opening a bank account in BDO for emergency funds is a perfect choice. Below is the requirements and the step-by-step guide in opening a savings account in BDO. 

BDO Savings Account Requirements:

1. Two Valid IDs - ExamplesPolice Clearance, Passport, Barangay Clearance, Voter’s ID, NBI Clearance, Senior Citizen Card, PRC, Postal ID, Philhealth, Driver’s License, and etc.

2. Proof of Billing - This will be used to verify your address. Examples: Phone bills, electric bill, water bill, credit card bill, etc. 

3. Two copies of latest photo - you might want to bring a 1x1 and/or 2x2 photo. 

4. Initial deposit requirement - bring cash. Different account types have different initial deposit. Might as well bring a substantial amount of cash. 

Steps in opening a savings account in BDO:

Step 1: Go to the nearest BDO branch in your area. One great thing with BDO is that, there are tons of branches inside SM malls. Thus, it is one of the most convenient banks to get access to. 

Unfortunately, due to convenience, BDO branches inside the malls can be quite crowded. 

Step 2: Go to the new accounts counter (or ask the guard where to open an account) and ask the teller for the application form for opening a savings account. 

Fill out application form correctly. Double check all information. Provide the necessary signatures and submit to the bank teller. 

Step 3: Provide the initial deposit requirement
For BDO Passbook Savings Account: P5,000
For BDO ATM Savings Account: P2,000

Step 4: Wait for 1 - 2 banking days for your account to be activated. Your ATM card and/or passbook will be made available around 5 - 7 days. Just communicate with your bank teller for inquiries and updates. 

Step 5: (optional) Enroll your account to BDO online banking for convenience. 

Other Important Information regarding your BDO savings account:

For ATM accounts:
Minimum monthly Average Daily Balance (ADB) requirement: P2,000
Minimum balance to earn interest: P5,000
Interest rate per year: 0.25%

Service Fees and Charges:
Account Closure within 30 days: P300
Below minimum balance: P300 
Withholding tax for interest earned: 20% 

For Passbook savings accounts:
Minimum monthly Average Daily Balance (ADB) requirement: P10,000
Minimum balance to earn interest: P10,000
Interest rate per year: 0.25%

Service Fees and Charges:
Account Closure within 30 days: P300
Below minimum balance: P300 
Withholding tax for interest earned: 20% 

Other account types can be seen here -  source: Official BDO website

That's it! Start building your emergency funds now by opening an account in BDO! 

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