Planbank, a long-standing rural bank in the Philippines, is expanding its financial offerings with the introduction of the 'Easy Save Deposit' (ESD) account. This new product aims to provide a convenient and accessible savings solution for a wide range of individuals, from students to retirees.
The Rural Bank of Canlubang Planters Inc. ( Planbank ) announced the launch of its newest product, the 'Easy Save Deposit' (ESD) account, on Wednesday. According to Planbank , the ESD account combines the familiarity of a passbook with the modern convenience of an ATM card. 'It is more than just a savings account: it’s a tool for your financial journey,' the bank stated.
Whether you’re a student taking your first steps in financial independence, a young professional building your future, a seasoned entrepreneur growing your business, or a retiree enjoying the fruits of your labor, this account is tailored for you.The rural bank said the account requires an initial deposit and a maintaining balance of P3,000. The account starts earning interest once your average daily balance reaches P5,000, and interest is paid out at the end of every month. Planbank has streamlined the process to make your everyday banking effortless. This includes options for in-person transactions with your passbook and quick access to your funds through ATMs. The ATM service allows for daily withdrawals up to P20,000, with a maximum of P10,000 per transaction. Moreover, there is no limit to the number or amount of withdrawals allowed per day when using a passbook. Deposits are insured by PDIC up to P500,000 per depositor. Additionally, your ESD funds can be used as collateral for loans, providing an additional layer of financial flexibility. The ESD account is available to: individuals who are at least 13 years old and able to manage their own finances; parents or guardians of children under 13 years of age; and single proprietorships under the owner’s name. Planbank’s dedication to their communities drives them to offer financial solutions to help individuals achieve their goals, one deposit at a time. Planbank, founded on November 24, 1952, in Calamba City, Laguna, is the second oldest rural bank in the Philippines, originally established by a cooperative of sugar planters from Laguna, Cavite, and Batangas. Licensed by the Banko Sentral ng Pilipinas on January 25, 1953, it has a long history of supporting farmers, individuals, and SMEs. In October 2013, Ambassador Antonio L. Cabangon Chua acquired Planbank, making it part of the ALC Group of Companies, a diversified conglomerate currently chaired by D. Edgard A. Cabangon. Today, Planbank operates 13 branches in Laguna, Bulacan, and Batangas, remaining a key player in improving the economic well-being of its clients and communities
FINANCIAL SERVICES SAVINGS ACCOUNT BANKING RURAL BANK PLANBANK PHILIPPINES EASY SAVE DEPOSIT ATM PDIC INSURANCE
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