Terms and Conditions Governing Savings Account

  1. The depositor agrees that this savings 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.
  2. This savings passbook must be presented every time a deposit or withdrawal is made.
  3. The depositor should ensure that the correct savings account number is indicated on all transactions (deposit or withdrawal slips) over their account. The bank will not be liable for errors in bookkeeping caused by an incorrect/missing account number, notwithstanding the presence of their correct name and transaction.
  4. Deposits 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. However if the balance falls below one thousand pesos (P1,000.00) on any day, the account will not earn interest during the day.
  5. Any claim by the depositor against any erroneous entry in this passbook must be made by him/her before leaving the bank or on the occ asion when the entry is made.
  6. All savings account that fall below the required average daily balance (ADB) of five hundred pesos (PhP500.00) for at least two (2) consecutive months shall be charged a monthly maintenance fee equivalent to Two Hundred Pesos (PhP200.00). The service fee shall be automatically debited from the savings account balance.
  7. Savings account showing no activity for two (2) years shall be classified as Dormant. Additionally, dormant savings account that falls below the required monthly average daily balance (ADB) of PhP500.00 shall be charged with a monthly dormancy fee of Thirty Pesos (PhP30.00) if account shows no activity for five years and the balance has fallen below the required minimum monthly ADB. The service fee shall be immediately debited from the dormant savings account. Note: The average daily balance (ADB) of PhP500.00 is subject to change upon prior notice to depositors.
  8. 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.
  9. Updating of records and specimen signature/s shall be done regularly by the accountholder/s pursuant to banking regulations. Any update in the depositor’s information/documents shall be reported to the bank.
  10. Reactivation and closure of accounts shall require the presence of all the accountholder/s and ensure updated information and records.
  11. Depositors 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.
  12. Notify the bank immediately in case of loss or destruction of this passbook.
  13. 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 Conditions are considered integral part of the Contract of Deposit between the depositor and this bank.