Rizal Commercial Banking Corporation savings account is a great way to save for the future. It creates an opportunity for you to build your wealth by investing in RCBC. The corporate savings account offers flexible terms to choose the best one for your needs. Their minimum deposit requirement is only ₱10,000 for the Corporate Regular Checking account. The Corporate Dragon Peso Savings and the Corporate Dragon Dollar Savings should be minimum of ₱50,000. You can manage your accounts from anywhere worldwide using the bank's online banking service. You can use the app whenever and wherever you choose because it is compatible with iOS, Huawei, and Android devices.
RCBC corporate savings account also offers an interest rate of 0.150% - 0.400% p.a. You can only apply for a savings account by visiting the bank in person. The savings accounts are set up so that they're easy to manage. You can use mobile apps or online tools to make it as easy as possible to manage your money. You can then track your progress and make sure everything's working properly in real-time, so there's never any confusion about how much interest your money is earning.
Your account will be subject to the following fees, though: ₱750 for the minimum ADB fee, ₱750 for early closure within 30 days, ₱200 for a new passbook, and ₱50 for a bank statement snapshot request.
Types of RCBC savings accounts
Businesses that want to save money can open one of these accounts:
Corporate Regular Checking
For businesses that want to save money, there must be a ₱10,000 minimum daily balance and a minimum initial deposit. Your account must also have ₱50,000 to earn interest at a rate of 0.15 % p.a.
Corporate Dragon Peso Savings
For corporations that want a savings account with tiered interest rates, they must have a minimum daily balance and a minimum initial investment of ₱50,000.
Corporate Dragon Dollar Savings
A passbook dollar savings account enables you to receive tier-based interest rates as you accumulate deposits. The required minimum initial deposit and average daily balance are both ₱50,000.
How to apply?
To apply for an RCBC business bank account, you must visit any branch and fill out the forms. First, visit any RCBC branch. Then, go to the accounts section and ask for the new savings account forms. You will be required to fill in and upload all the necessary documents. Verify that the documents attached are up to date. Then, you can proceed to deposit the required minimum placement amount if you apply for a Preferred Peso Savings Plus at the teller. Finally, apply for a checkbook and passbook.
Requirements for an RCBC savings account
Below are some of the requirements to open an RCBC savings account:
Basic eligibility
Filled out RCBC account opening form
One valid photo-bearing government-issued identification card of each authorized signatories and corporate secretaries
Board or partner's resolution duly certified by the corporate or partner's secretary authorizing to sign on behalf of the entity
Latest general information sheet
Notarized lease contract
Certificate of registration issued by DTI, SEC, BSP
Articles of incorporation, partnerships or association, and by-laws
Utility bills, e.g., electricity, water should be dated within the last three months
Delivery receipts of known couriers, e.g., LBC, DHL, JRS, should be dated within the last three months
Latest general information sheet
Latest corporate income tax receipt
Unexpired insurance policies covering corporate assets/risks
Latest corporate real estate tax receipt
List of valid ID cards
Local Companies
Board of partner's resolution, secretary's certificate
SEC registration
General information sheet
Articles of incorporation, association, or cooperation
By-laws
Cooperative development authority registration
Foreign Companies
Board Resolution
SEC documents
Similar documents issued by a foreign country; duly authenticated by the Philippine consulate
Pros and cons
The following are some advantages and disadvantages of RCBC savings accounts.
Pros
You are protected in the event of a loss as it is FDIC insured.
Your firm can choose from various features to ensure operations go smoothly while saving more.
Your money is always accessible.
Cons
You can only choose between three accounts.
You must visit one of the branches to open a savings account.
Your savings account earns 0.150% - 0.400% p.a. in interest, which is low.