OFBank Easy Savings Plus (ESP)
• A premium savings account which offers higher interest rates than a regular savings account and are tiered based on ADB levels.
- At least seven (7) years of age
- Able to read and write
- Not suffering from any legal disability
- With credible identification
Product and Features
|Minimum Initial Deposit||₱20,000.00|
|Maintaining Balance Requirement- based on Monthly ADB¹||₱20,000.00|
|Required Monthly ADB to Earn Interest||₱20,000.00|
|Interest Rate (per Annum)||Based on market rates (tiered rates based on daily balance)|
|Evidence of Deposit||Passbook|
¹ADB – Average Daily Balance
Fees and Charges
|Service Charge for Falling Below Minimum ADB³||₱200.00|
|Document Stamp Tax (DST)|
|Account Dormancy4||₱30.00 per Month|
|PDIC Insurance||₱500,000.00 (Maximum deposit insurance per depositor)|
|Allowed Numbers of Withdrawals per month||Two (2)|
|Service Fee in Excess of Two (2) Withdrawals per Month||₱100.00/withdrawal|
|Replacement Fee for Lost/Damaged Passbook||₱200.00|
²Account Closure Fee will be collected if account is closed within 30 days from account opening.
³Coverage – Accounts falling below ADB requirement for two (2) consecutive month-end and every month-end thereafter, Collection – Monthly to start at the end of the 2nd month.
⁴Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB.
- Coverage: A savings account is dormant if it has no client-initiated activity for two (2) years.
- Collection: Monthly to start (5) years after the last client-initiated activity date
1. Local: Presentation of at least one primary ID or two valid secondary IDs, one of which with photo and signature
2. Foreigner: Passport, ACR/Diplomatic Identification Card issued by the DFA specifying status
i.e, working, business, student or non-resident
3. Court-appointed Fiduciary (Guardian, Administrator, Trustee or Receiver), all of the following:
Original Copy of Court Order containing the Fiduciary’s appointment, Original Copy of Court Order authorizing the Fiduciary to open a deposit account with OFBank
1. Certificate of Registration with the DTI
2. City/Municipal Mayor’s Permit
For more information, please feel free to call or visit your nearest or preferred OF Bank Branch.