Terms and Conditions Governing Kaya Mo Basic Savings Account


  1. The Basic Deposit Facility shall be an offer exclusive to the unbanked, unserved and underserved Filipino citizen, characterized by any of the following:
    − Has no bank account yet with Porac Bank or any other banks for that matter
    − Can’t afford the minimum required deposit of P500.00 for the regular savings deposit.
    − Don’t have a government issued ID;
    − Children/Students age 7 years old and above;
    − Unstable or low-income earners
    − SSS pensioners
    − Micro-business e.g., sari-sari store
  2. To qualify for the Basic Deposit Facility, the applicant must NOT be a politically exposed person nor qualify for the normal and high-risk criteria.
  3. The depositor agrees that this Basic Deposit Account is governed by the laws and regulations, as well as future amendments thereof, adopted and issued by the Legislators Monetary Board of the Bangko Sentral ng Pilipinas and by the Rural Bank’s Board of Directors.
  4. Initial Deposit to open a Basic Deposit Account is at least fifty pesos (P50.00).
  5. A Basic Deposit Account has zero maintaining balance and shall earn interest at such rate determined by the Bank in accordance with the pertinent regulations/guidelines issued by the Bangko Sentral ng Pilipinas. Computation of interest is based on actual daily/cleared balance compounded and credited quarterly.
  6. Minimum average daily balance (ADB) to earn interest shall be one thousand pesos (P 1,000.00) or as may be amended in the future pursuant to banking laws rules and regulations. However, if the balance falls below the required ADB on any day, the account will not earn interest during the day.
  7. The Bank shall withhold the tax due on the interest of the deposit at the rate and in the manner provided by law and the rules and regulations issued by the Bureau of Internal Revenue.
  8. The account shall be exempt from service charge for falling below the required ADB and dormancy fee.
  9. However, Closure of any Basic Deposit Account within 365 days from the date of opening thereof shall be subject to an early closure charge of fifty pesos (P50.00).
  10. Basic Deposit Account showing no activity for two (2) years shall be classified as Dormant.
  11. Further, Savings account with no activity during the preceding ten (10) years or more shall be escheated in favor of the Treasurer of the Philippines pursuant to Republic Act No. 3936 otherwise known as the Unclaimed Balances Law.
  12. Holders of a Basic Deposit Account shall only be allowed to open and own one (1) savings account with the Bank.
  13. A ceiling balance of P50,000.00 shall be implemented for a Basic Deposit Account. Should the balance exceed the P50,000.00 ceiling, the account shall automatically be converted into a regular savings deposit. In which case, the terms and conditions governing a regular savings account shall be implemented and that said changes shall be made with finality. Hence, non-irrevocable.
  14. In the event of conversion, the Bank shall apply the regular KYC procedure on the account, hence, the bank may request for additional documents and information as part of its customer due diligence and provide the client with 30 days to complete the requirements.
  15. If the client fails or refuses to provide the requested documents and/or information, the bank has the prerogative to close the account within fifteen calendar days from notice thereof pursuant to banking, laws, rules and regulations .
  16. Acceptance of check deposit for Basic Deposit Account shall only be allowed after six (6) months from the date of account opening.
  17. Updating of records and specimen signature/s shall be done regularly by the account holder/s pursuant to banking regulations. Any update in the depositor’s information/documents shall be reported to the Bank.
  18. Closure of accounts shall require the presence of all the account holder/s and ensure updated information and records.
  19. Any claim by the depositor against any erroneous entry in this book must be made by him/her before leaving the bank or on the occasion when the entry is made.
  20. The depositor must, under no circumstances, write anything on the passbook, as the Bank will not be responsible for any sum not properly recorded and acknowledged thereon. No entries in the passbook shall be made except by the bank. The passbook is not conclusive evidence of the balance of this account.
  21. The depositor must notify the bank immediately in case of loss or destruction of this passbook. A corresponding fee shall be charged for replacement of lost passbook.
  22. The Bank reserves the right to close the account if it is conducted in any manner not satisfactory to it. The Bank further reserves the right to close the account without prior notification to the depositors if the said depositor is found to be involved in fraud or an attempt to defraud or is a defendant in court cases involving money.
  23. It is agreed that should any of the stipulations herein be invalid, the legality and enforceability of the remaining stipulations shall not in any way be affected or impaired.
  24. The depositor, upon signing his/her specimen signatures and making the initial deposit shall be deemed to have agreed and consented to the above Terms and Conditions. Depositors are presumed to have read and accepted the foregoing Terms and Conditions. These Terms and Conditions are considered an integral part of the Contract of Deposit between the depositor and this Bank.