Who may open deposit accounts?
1. Any natural person at least 7 years of age with sufficient discretion.
2. Any guardian or parent for children below 7 years of age.
3. Single proprietorship under the name of the owner.
4. Loose and unregistered organizations such as Rotary club, PTA’s, Homeowners associations, etc.
5. Any juridical person on duty registered with the SEC ( A juridical person is imbued by law with a legal personality to enter into a contract, to sue and be sued).
`The above applies to all kinds of deposits except checking accounts where the depositor must have a legal personality, or of legal and not incapacitated to contract.
||MIN TO EARN INT.
|ATM||P 510|| - || - |
|Savings Account||P 1,000||P 5,000||.75%|
|Superior Savings Account||P 20,000||-||91 day + bill rate|
|Certificate of Time Deposit||P 5,000 Ordinary||-||-|
| ||P 10,000 NFWT||-||-|
| ||P 50,000 FIX||-||5%|
|DD||P 4,000||P 20,000||.005/annum|
|LOA||P 1,000||P 5,000||.75%|