LandBank launches savings account with one-peso minimum initial deposit for unbanked Pinoys

State-run Land Bank of the Philippines (LandBank) has rolled out "Perang Inimpok Savings Option" or PISO account for unbanked and underserved Filipinos.

In a statement issued Sunday, LandBank said students, public utility vehicle drivers, vendors, household helpers, farmers, and fishers, among others can open a deposit account with only P1 as minimum initial deposit and up to a maximum of P50,000 account balance.

“The LANDBANK PISO is another testament of our commitment to advance the National Government’s financial inclusion agenda. We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved,” said LandBank president and CEO Cecilia Borromeo.

According to the bank, the depositor is only required to submit one valid identification card or any barangay certification, clearance, or ID for verification.

LandBank PISO is being offered to individuals without an existing LandBank deposit account and have no capacity to open a regular deposit savings account with higher initial deposit and maintaining balance requirements, it added.

Meanwhile, account holders can access the bank’s array of digital banking channels such as the iAccess, Link.BizPortal, and the mobile banking app for fund transfer, bills payment, and balance inquiry services.

They can also use the PISO account in any LandBank, BancNet, and 7-Eleven automated teller machines (ATMs), domestic point-of-sale (POS) terminals, and for over-the-counter transactions in their respective LandBank branch of account.

To open a LandBank PISO account, interested individuals may go to the nearest LandBank branch in their area. —Mel Matthew Doctor/KG, GMA News