Framework for Basic Deposit Accounts, Office of the Governor Circular No. 992 Series of 2018, Bangko Sentral ng Pilipinas (Philippines)
The basic deposit account is designed to promote financial inclusion. Banks are given the latitude to customize their product offerings, provided that the following minimum key features of a basic deposit account are followed:
- Liberalized customer onboarding which follows a simplified know-your-customer principle for low risk customers
- An opening amount of not more than PhP100.00
- No minimum maintaining balance
- No dormancy charges
- Have a maximum balance of not more than PhP50,000
- Shall have 0% reserve requirements