In one of our previous posts, we have shared with you the steps and requirements needed to open a PSBank Savings Account in the Philippines. For most of us OFWs, we have families we need to support back home. And one way to ensure that we fulfil this responsibility is by opening an account through which we can send our remittances back home in a safe and timely manner.
PSBank OFW Savings Account offers a number of benefits for OFWs as well as their families. Apart from the reliable banking services of PSBank in the Philippines, account members can also enjoy cashless shopping and convenient remittance transactions through PSBank’s wide network of ATM locations. If you’re interested to apply for an OFW Savings account with PSBank, here’s how:
Psbank Savings Account Interest Rate
Applying for a PSBank ATM savings account entitles account holders to the following perks and services: At Php 2,000, you can easily open an ATM savings account. This is also the minimum maintaining balance to keep your account active. An annual interest rate of 0.5000% with monthly crediting. PSB&T’s Health Savings Account (HSA) is a great option to save for future health insurance expenses for those who do not have health coverage through their employer, aren’t enrolled in a Medicare plan or have a high deductible health insurance plan. The Philippine Savings Bank (PSE: PSB) (shortened as PSBank or abbreviated as PSB) is a savings bank based in the Philippines.It is a subsidiary of Metrobank and is the second-largest savings bank in the Philippines after BPI Family Savings Bank.
Applying for a PSBank OFW ATM Savings Account
When you open a PSBank OFW ATMSavings account, you get to enjoy the following perks and services:
- Zero initial deposit and minimum maintaining balance
- A monthly average daily balance of Php 5,000 to earn interest at 0.50% per annum.
- Monthly interest crediting.
- Enjoy cashless shopping from any BancNet partner merchants all over the country.
- Take advantage of PSBank’s Online and Mobile platforms for safe, fast, and secure banking transactions anytime anywhere.
Requirements:
Different Types Of Saving Accounts
- Any photographed primary OR two (2) secondary valid IDs with signature
- Primary IDs:
- Voter’s ID
- Driver’s License
- Passport
- PRC License
- Senior Citizen’s Card
- GSIS / SSS ID Card
- Postal ID Card (PVC Plastic Card)
- Unified Multi-purpose ID (UMID)
- Secondary IDs:
- OFW ID
- Overseas Workers Welfare Administration (OWWA) ID
- Seaman’s Book
- Tax Identification Number (TIN) Card
- PhilHealth Insurance Card ng Bayan (PHICB)
- Police Clearance
- National Bureau of Investigation (NBI) Clearance
- Barangay Certification/Clearance
- City Health Card/Health Certificate Card
- Company ID
- Primary IDs:
- [New Update] Tax Identification Number (TIN)
Procedures:
- Visit any PSBank service branch of your choice to open an account. Bring all the above-listed documentary requirements for your visit to the bank.
- Request assistance from the bank officer assigned at the New Accounts section to open an OFW ATM Savings account.
- Fill out all the application forms that you will be handed with. Submit the forms along with the required documents to the bank officer.
- Upon review and encoding of your application in PSBank’s system, you will also be given your personal OFW ATM card on the same day.
Tip: Request for help or instruction from the bank officer on how you can enrol your savings account on PSBank’s Online and Mobile banking platforms to enjoy convenient and easier banking transactions, or if he/she can do it for you right then and there.
| Type | Public (PSE: PSB) |
|---|---|
| Industry | Finance |
| Founded | Manila, Philippines (1959) |
| Headquarters | Makati, Philippines |
| Jose T. Pardo (Chairman) Arthur V. Ty (Vice Chairman) Pascual M. Garcia III (President) | |
| Services | Banking |
| Revenue | ₱20.9 billion (27%) (2020)[1] |
Number of employees | 2,030 |
| Parent | Metrobank Group |
| Website | psbank.com.ph |
The Philippine Savings Bank (PSE: PSB) (shortened as PSBank or abbreviated as PSB) is a savings bank based in the Philippines. It is a subsidiary of Metrobank and is the second-largest savings bank in the Philippines after BPI Family Savings Bank.
Subsidiaries and affiliates[edit]
PSBank is a subsidiary of Metrobank, and as such is affiliated with it. PSBank is also affiliated with Toyota Financial Services Philippines Corporation (TFSPC), where it currently has a 25% stake.
Ownership[edit]
- Metropolitan Bank and Trust Company: 75.98%
- PCD Nominee Corporation: 5.86%
- Danilo L. Dolor (son of Doña Soledad Dolor): 5.04%
- Erlinda L. Dolor: 2.95%
- Ma. Soledad S. de Leon: 1.67%
- Public stock: 4.01%
Competition[edit]
PSBank competes with other savings banks, such as BPI Family Savings Bank and RCBC Savings Bank. The bank is also competing against multinational savings bank such as Citibank Savings and HSBC Savings. However, since PSBank is considered a major bank, it also competes with bigger financial institutions. It does not, however, aggressively compete with parent company Metrobank.
Psbank Savings Account No Maintaining Balance
Controversies[edit]
Impeachment of Renato Corona[edit]
PSBank officials were about to receive a subpoena request in connection with the Impeachment of Renato Corona due to the allegations of a secret US$ account under the name of Renato Corona.[2]
In addition, the PSBank executives were also asked to bring consumer identification and specimen signature card(s) of the bank account(s) under Corona's name which won P1 million in the PSBank Monthly Millions Raffle Promo.[3]
Pork Barrel Case[edit]
During the senate investigations involving the Priority Development Assistance Fund scam, also known as the pork barrel scam, PSBank was one of the domestic Philippine banks included in the senate inquiry about the bank accounts of the whistleblowers.[4]
Moreover, PSBank was also included as one of the banks from which Sen. Ramon Revilla Jr. and his family, as well as those of Janet Lim-Napoles and her pseudo-NGOs, have utilized to launder the controversial “pork barrel” funds.[5]
See also[edit]
References[edit]
- ^http://www.psbank.com.ph/financials02.htm
- ^'PSBank cites bank secrecy law'. Philippine Daily Inquirer.
- ^'Did Corona declare P1-M luck?'. Rappler.
- ^'Napoles presses bank to release whistleblowers' records'. Rappler.
- ^'How AMLC found possible laundering of Revilla's PDAF'.