DBP business bank accounts for march 2023

To manage its finances, a business requires a system. The net income, money owed to the company, money owed to creditors, and payroll paid to employees can all be tracked using the DBP business account. Different businesses will require other numbers of accounts. However, the DBP business account is a good account for any firm.

For business owners, the DBP business current account is a smart option. Payroll deductions, bill payments, and sales deposits are all available in this account. A business will often establish its first connection with DBP through it. Maintaining this account properly might create a valuable relationship if the company needs money for expansion or business loans.

Types of DBP business bank accounts

The DBP business account can be an interest-earning or non-interest earning account.

Non-interest earning business account

Non-interest-bearing DBP business accounts are typically low-maintenance checking accounts. Small business owners should choose it because the interest that the interest-earning account earns is taxable. The minimum initial deposit for this account is ₱10,000.00, while the minimum daily balance requirement is also ₱10,000.00.

Interest-earning business account

A DBP bank interest current account is a checking account that earns interest on the funds it holds. These accounts' interest benefits allow owners to automatically increase their deposits so long as the conditions for earning interest are met. Typically, the interest is presented as an annualized rate called the "annual percentage yield" (APY). It is based on a percentage of your balance and is disbursed regularly. The minimum initial deposit for this account is ₱25,000.00, while the minimum daily balance requirement is also ₱25,000.00. The ADB to earn interest is ₱25,000.00, and interest rates are subject to a withholding tax of 20%.

How to apply for a DBP business bank account?

Follow the steps below to apply for a DBP business current account:

1. Go to the new accounts section of a DBP branch of your choice and schedule an interview there.
2. Send in the necessary fundamental requirements.
3. Fill out the forms you will provide to open an account.
4. Make the necessary first deposit.
5. Go to the Teller to get the initial deposit posted.
6. Claim your checkbook or CTD at the new accounts section and, if applicable, your passbook.

Requirements

Below are some of the requirements to open a business account with DBP. Refer to the website for the complete list.

Basic eligibility

For sole proprietorship

• Registration of a business name with the Department of Trade and Industry (DTI).
• Mayor's permit for the city or municipality.
• A minimum of one genuine, original ID with a photo issued by a government agency.

For partnership

• Partnership articles.
• Registration certificate from the Securities and Exchange Commission (SEC).
• Notarized resolution or agreement stating each partner's level of authority in dealings with the depository bank.

For corporation

• Constitutional documents.
• SEC certificate of registration or a similar document from another suitable agency.
• By-laws.
• The board resolution was properly notarized and included the following:
• Permission to open a DBP account.
• Designated officers are authorized to deal with bank deposits, including the extent of their jurisdiction, the type of their authority, and how they should comply with the By-Laws of the relevant corporation.
• Current officers, board of directors, and notarized stockholders list (general information sheet).
• Attestation that the resolution is still in force is still in effect and has not been changed, canceled, or suspended.
• A minimum of one legitimate ID per authorized signer and corporate secretary.

List of valid ID cards

1. Passport
2. A valid driver's license
3. Identification from the Professional Regulation Commission (PRC)
4. A clean police record
5. Postal ID
6. Voter identification
7. Tax identification number (TIN)

Pros and cons

Check out the pros and cons of a DBP business account below:

Pros

1. There aren't too many requirements before opening an account.
2. All the bank account eligibility and requirements are there on the DBP website. You don't have to go to the bank before learning about them.

Cons

1. The business account offered by this bank is limited. There aren't many types to choose from.
2. An application can only be made in-branch; no online application is available there.