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RCBC savings accounts for October 2022 in the Philippines

Open a savings account at RCBC. On 03.10.2022 there are 3 options available to you.

Offers: 3

Updated:
26.08.2022
11:14
RCBC
Corporate Dragon Dollar Savings
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱50,000 minimum initial deposit
RCBC
Corporate Dragon Peso Savings
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱50,000 minimum initial investment
RCBC
Corporate Regular Saving
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱10,000 minimum initial deposit
Rate
i

Effective interest rate on the product

0.15% per annum

Other types of savings accounts

How to open a savings account

Fill out your application
Fill out your application

On our website you can fill out a short application form for a savings account.

Send your application online to the suggested banks
Send your application online to the suggested banks

After the parameters being checked, you will be able to send your application to the appropriate companies.

Wait for a response from the bank
Wait for a response from the bank

If necessary, a bank specialist will contact you to clarify the details.

Open your account!
Open your account!

Sign the contract and open your account online or at the bank's branch.

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RCBC savings accounts for October 2022

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.

FAQ

Is the money in my RCBC savings account insured?

Yes. RCBC insures up to ₱500,000 savings accounts per depositor with The Philippine Deposit Insurance Corporation (PDIC).

Are my savings with RCBC savings accounts taxed?

Yes. The balance in your savings account is subject to a 20% withholding tax.

Are credit checks required for RCBC savings accounts?

Yes. RCBC may conduct a credit check to verify your eligibility or identity.