About bank
Producers Savings Bank Corporation (PSBC) is a partner bank for Filipino farmers and SMEs that works to increase their businesses' wealth. The bank also aims to provide farmers, micro and small- to medium-sized business owners, with responsive, innovative lending as well as deposit products.
PSBC is a financial institution that offers financial services to its customers. It was founded in 1995 in San Jose city. As of June 1, 2020, the financial organization had ₱2.149 billion in total capital, 202 branches, 236 ATMs, and ₱18.587 billion in total resources. The bank now has over 201 branches all over the Philippines. Its corporate headquarters are in AIC Burgundy Empire Tower, ADB Avenue Ortigas Center, Pasig City 1600.
Features
PSBC offers various financial products and services, from savings accounts to deposits and loans. The bank offers time, savings, and deposit accounts. Additionally, it provides lending products and online banking services.
Pros and cons
Before applying for any of their products or services, you should weigh the advantages and disadvantages listed below. These includes:
Pros
PSBC has over 201 branches nationwide, which allows you to conduct business with them quickly and easily.
PSBC is registered with the SEC and offers products and services to all Filipinos.
Cons
The housing loan (Pang-Pamilya) has a minimum qualifying amount of ₱1000000, which may be on the high side for most people.
The banks' website does not mention the deposit product criteria.
Products and services
Producers Savings Bank Corporation provides products like deposits, loans, and electronic banking services.
Deposit products
Current account. Both idividuals and businesses can open a current account, which is also a checking account. The current account allows you access to ATM services, debit cards, and the ability to earn interest on your cash balance.
Time deposit. PSBC offers two types of accounts to non-citizen customers, overseas workers, US government retirees, and immigrants: the 5-Year Fixed Income Plan and the Premium Time Deposit, both of which have a corresponding US dollar account.
Savings account. You have the option of opening a personal, ATM, USD, or business savings account. There are also two-time savings deposit accounts, Better Than Alkansiya and I'm a Hero. They are both 5-year tax-free time deposits. The I'm a Hero Funds Deposit, on the other hand, is better suited for college savings or retirement purposes.
Loans products
SME Loan (Pang-Negosyo). Owners of small and medium-sized firms can apply for this loan and access more than ₱1000,000. To qualify, the company must have been stable and profitable for the previous two years, and you must have acceptable or sufficient collateral.
Go Negosyo Loan (Pang-Negosyo). PSBC provides loans for small businesses and entrepreneurs looking to start or expand their businesses and need working capital. Depending on your project's capitalization and cash flow, you can qualify for a minimum of ₱500,000 up to ₱1000000.
Crop Loan (Pang-Sakahan). With this loan, farmers purchase seeds, livestock, and equipment needed for planting or tending to their crops.
Livestock Loan (Pang-Manukan/Babuyan). Perfect for people who raise livestock such as cows, goats, sheep, and pigs.
Car Loan (Pang-Service). The loan makes it easier for Filipinos to own a car than ever.
Housing Loan (Pang-Pamilya). Applicants must be permanent public or private institution employees with at least three years of experience or existing bank depositors with established businesses.
Electronic banking services
PESONET. It is an electronic banking service that allows you to use your account anytime.
ECPay. It is a universal e-banking solution that lets you pay bills from anywhere in the world. You can also transfer money to another account or withdraw cash from any ATMs available in the country.
eBanking. It is an online version of the traditional banking system. It allows you to perform all your banking transactions on your computer or mobile device with just a few clicks.