7 Reasons to Open a Savings Account with RCBC Today!
If you’re not yet familiar with the performance of banks in the Philippines, you’re in for a treat. By the end of this article, you may find yourself exploring new banking options, particularly considering RCBC (Rizal Commercial Banking Corporation) for opening a savings account.
Table of Contents
Overview of RCBC
A Leading Universal Bank
The Rizal Commercial Banking Corporation (RCBC) stands out as one of the top universal banks in the Philippines. Renowned for its substantial assets and extensive market reach, RCBC is a significant player in the country’s financial sector. It also ranks among the largest thrift and commercial banks in the nation.
Affiliation and Strengths
RCBC Savings Bank operates under the umbrella of the Yuchengco Group of Companies (YGC). This conglomerate boasts considerable influence across various sectors, including banking, insurance, and investment. With a robust array of banking products and a reputation for seasoned service delivery, RCBC has garnered trust from a diverse clientele. If you’re interested in opening a savings account with RCBC, this guide will walk you through the application process.
How to Apply for an RCBC Savings Account
Benefits of RCBC Savings Accounts
Opening a savings account with RCBC comes with several advantages:
- Minimum Initial Deposit and Balance: You need an initial deposit of Php 500 to open a regular savings account. The same amount serves as the maintaining balance for the account.
- Interest Earnings: To earn interest, you must maintain a minimum monthly average daily balance (ADB) of Php 25,000. The annual interest rate offered is 0.25%.
- Accessibility: You can access your funds through RCBC’s ATMs or its online banking platform.
- Currency Options: RCBC offers savings accounts in multiple currencies, including Philippine Peso, Japanese Yen, US Dollar, and Euro, catering to various personal and banking preferences.
Required Documents
To open an RCBC savings account, you need to prepare the following documents:
- Photographs: Two recent 1 x 1 photos.
- Government-Issued IDs: Any two of the following (both original and photocopy required):
- Voter’s ID
- Driver’s License
- Passport
- Postal ID
- TIN ID
- HDMF Pag-Ibig ID
- GSIS / SSS ID
- OWWA ID
- Senior Citizen’s ID
- Government Office and GOCC ID (e.g., AFP ID)
- Police/NBI Clearance: A recent police or NBI clearance.
- Proof of Address: A recent proof of billing or billing statement. It doesn’t need to be in your name but should match the address on your application.
- Initial Deposit: Php 500.
- Tax Identification Number (TIN): Updated TIN information.
Step-by-Step Application Process
Follow these steps to successfully open your RCBC savings account:
- Visit an RCBC Branch: Go to your preferred RCBC branch with all the required documents.
- New Accounts Desk: Approach the New Accounts desk and inform the bank officer of your intention to open a savings account.
- Complete the Application Form: The bank officer will provide you with an application form. Fill out the form carefully and review all the details before submission.
- Submit Documents: Provide the completed application form along with the required documents to the bank officer.
- Processing and Collection: After reviewing and verifying your documents, the bank officer will inform you of the timeframe for processing, which typically takes 3 to 5 business days. You will be notified when you can return to collect your ATM card and account documents.
Conclusion
With RCBC’s solid reputation and comprehensive service offerings, it stands out as a compelling choice for managing your savings. By following the outlined steps, you can easily open an RCBC savings account and start enjoying the benefits of one of the Philippines’ leading banks.
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