Landbank Savings Account

Articles of Cooperation and By-Laws. Authority to open a bank account with LANDBANK. Designated Officers authorized to sign and the nature and extent of such authority 3. Duly notarized Board resolution incorporating the following:. Authority to open bank account. Duly notarized Board Resolution/LOA from Head of Agency incorporating the following:. Authority to open an account with LANDBANK. Officers authorized to sign and the nature and extent of such.

Landbank Savings Account Maintaining Balance
Landbank Account Update
Landbank Savings Account Online
Landbank Savings Account Number
Landbank Savings Account Online

The required minimum maintaining balance of LandBank ATM Card is Php 500 per month. If you fall below this maintaining balance, you will be charged Php 200 as service fee. So to avoid the service fee, you must maintain the Php 500 in your ATM account. Php 200 is big. With that money, you can buy two (2) Jollibee spaghetti with Yum.

Picture of a LandBank ATM Card

Landbank Savings Account Maintaining Balance

The old LandBank ATM Card

LandBank ATM Card

How is Maintaining Balance Computed in LandBank?

Minimum maintaining balance of Landbank is the average daily balance (ADB) per month. You can compute the average daily balance in one (1) month through:

Add the daily balance in 1 month.
- Day 1 balance + Day 2 balance + Day 3 balance...until Day 30 or 31 balance
Divide its total balance by 30 or 31 (total number of days in a month).
- Total Balance in 1 Month ÷ 30 or 31 days = Average Daily Balance (ADB) in a month

Let's give an example. Let's assumed, you open an ATM account on day 1 in which you deposit Php 500. And on day 2, you deposit again Php 500. So, you have Php 1,000 balance on day 2. Then, on day 3, you withdraw Php 400 and your balance is now Php 600 on day 3. The deposit and withdrawal transactions continue on the succeeding days. See table below.

2000
5	1000
6	1000
7	1000
8	2000
9	2000
10	2000
11	2500
12	1000
13	1000
14	500
15	0 (zero)
16	2000
17	2000
18	2000
19	2000
20	2000
21	3000
22	400
23	400
24	400
25	4000
26	4000
27	4000
28	2000
29	2000
30	2000
_________ 30 days	______ 50,300 = Total Balance in a Month

50,300 = total daily balance in a month

________

1,676.67 = average daily balance (ADB) in a month

In this case, you cannot pay for a service fee since your ADB is Php 1,676.67 which is above the required maintaining balance.

Take note on day 15, you've withdrawed all your money and the remaining balance went to zero (0). Even if you withdrawed all the money in your ATM account in a given day, you cannot be charged a service fee if the computed ADB in a month is above the required minimum maintaining balance.

Initial deposit to this ATM is also Php 500. This ATM card can earn an interest rate of 0.250% per year. You should maintain the Php 500 in your ATM account in order to earn that interest. You are only allowed to withdraw a maximum amount of Php 50,000 per day.

Deposit to this ATM can be done through over-the-counter. While withdrawals can be done both over-the-counter or through Automated Teller Machines (ATM) with BancNet, Megalink or ExpressNet logos.

Landbank is one of the most visited and famous local bank here in the Philippines. It is also the official depository bank of the Republic of the Philippines. They offer various opportunities to investors and Filipino who want to save and invest their money.

Sponsor

They also offer various loans and investment opportunity to our fellow Filipino farmers and other small and medium enterprises. Additionally, any individual can open a regular savings account in Landbank for their savings or emergency fund.

If you’re planning to open savings account in Landbank, this short article might provide some basic information you need. Knowing these information before you visit the bank can save you time and effort.

Landbank savings account requirements

2 valid ID
1×1 ID picture
TIN number or TIN ID
Proof of billing

*New requirement:

TIN number (in earlier part of 2016, almost all establishments doing financial transactions ask to require TIN numbers from their clients/customers)

These requirements apply to ATM and Passbook savings account in Landbank.

Landbank ATM Savings account

Initial Deposit requirement: P500
Required balance to earn interest: P500
Interest rate: .250% p.a.
Maximum withdrawal amount per day: P50,000
Documentation: ATM card

Landbank Passbook Savings account

Initial Deposit requirement: P10,000
Required balance to earn interest: P10,000
Interest rate: .250% p.a.
Documentation: Passbook

Procedures in opening savings account in Landbank

1. Once you’re decided what type of savings account in Landbank you’re going to open(ATM or Passbook), visit the nearest Landbank branch in your area.

Make sure you bring the requirements mentioned above.

2. Go to the new account section and advise the bank teller that you’re going to open a savings account. They will provide you the application form. Fill up the form and complete all the information.

Make sure you double check everything before submitting it to the teller.

Landbank Account Update

3. Once done, submit the completed application form together with the requirements and the initial deposit (P500 for ATM and P10,000 for Passbook).

4. The bank teller will check and verify the application form and the information.

Landbank Savings Account Online

They will process the application and encode on their system.

5. The bank teller will give you the receipt or confirmation slip and will advise when you can claim your passbook. For Landbank ATM savings account, it can be release with in the same day after your application depending on the branch.

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That’s it! You now have your savings account in Landbank. You can now start saving money for your emergency fund or other financial goals.

If your goal is to grow your money, savings account may not be the best tool to use. You can check investing in mutual funds or investing in UITF.

Landbank Savings Account Number

Just to share, we open a BDO UITF online and start investing for our dream house.

Always remember that it’s not how much money you make but rather how much money you save and invest that can help you be financially free.

To our success, cheers!