Opening a savings account in the Philippines is now very easy. But more than just getting a regular savings account, depending on your personal needs, you can opt to look for a more specific savings account which you can benefit from according to your lifestyle.
One good example is the OFW community. Being away from home and family takes a lot of sacrifice, and so, priorities change when you spend every single day away from the people that matter to you. This is exactly the reason why it’s advantageous to get a savings account that is specifically designed for our needs and priorities as an OFW. If you’re interested in opening an OFW savings account with PNB, here’s how:
Applying for a PNB OFW Savings Account
Signing up for a PNB OFW Savings Account entitles account holders to enjoy the following benefits and services:
- Zero initial deposit and no maintaining balance required
- A minimum average daily balance (ADB) of Php 10,000 for Peso Passbook and $500 for Dollar Account to earn interest
- An annual interest rate of 0.10%
- Choose between a Peso ATM and Peso/Dollar Passbook
- Round-the-clock ATM access through PNB, BancNet, Expresslink, and Megalink ATMs nationwide.
- Any of the following government-issued IDs with photograph:
- Original Employment Contract (OEC) recognized by POEA together with a copy of your valid passport
- OFW ID (must be issued by either OWWA/POEA)
- Driver’s License
- PRC License
- GSIS / SSS ID Cards
- NBI / Police Clearance
- Note: Documents which do not bear the applicant’s photograph (i.e., Marriage contract, TIN, BIR, credit cards, and the like) need to be presented together with any of the above listed photographed IDs.
- Two (2) recent copies of the applicant’s 1×1- or 2×2-sized photos
- [Optional] A letter of introduction if the applicant couldn’t open an OFW Savings account due to financial limitations and/or lack of proper IDs. The letter of introduction has to be provided by either the OFW or his/her beneficiary at the PNB branch where the principal account holder chooses to do business with.
- Go to your preferred PNB branch and head over to the New Accounts section.
- Advise the bank officer at the New Accounts Section that you would like to apply for a new OFW Savings Account. You will be given a set of application forms to fill out.
- You will be asked to fill out several application forms. Once done, submit the forms along with the above listed requirements.
Note: Make sure to double-check your application details to ensure that there are no any petty errors that could potentially delay the process.
- After your documents have been verified and your application processed, the bank officer will inform you as to when you may collect your ATM card/passbook from their bank. An account is usually processed and ready for activation within about 3-5 banking days or as per notification from the bank.