OFBank Easy Savings Plus (ESP)

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• A premium savings account which offers higher interest rates than a regular savings account and are tiered based on ADB levels.
 
Qualifications
 
Individuals
  • At least seven (7) years of age
  • Able to read and write
  • Not suffering from any legal disability
  • With credible identification
 
Product and Features
  Amount/ Rate
Minimum Initial Deposit ₱20,000.00
Maintaining Balance Requirement- based on Monthly ADB¹ ₱20,000.00
Required Monthly ADB to Earn Interest ₱20,000.00
Interest Rate (per Annum)  Based on market rates (tiered rates based on daily balance)
Evidence of Deposit  Passbook
¹ADB - Average Daily Balance
 
Fees and Charges
  Amount/ Rate
Account Closure² ₱300.00
Service Charge for Falling Below Minimum ADB³ ₱200.00
Document Stamp Tax (DST)
  • To be shouldered by the bank
  • If pre-terminated, the depositor is required to pay DST
Account Dormancy4 ₱30.00 per Month
PDIC Insurance ₱500,000.00 (Maximum deposit insurance per depositor)
Allowed Numbers of Withdrawals per month Two (2)
Service Fee in Excess of Two (2) Withdrawals per Month ₱100.00/withdrawal
Replacement Fee for Lost/Damaged Passbook
₱200.00
²Account Closure Fee will be collected if account is closed within 30 days from account opening.
³Coverage - Accounts falling below ADB requirement for two (2) consecutive month-end and every month-end thereafter, Collection - Monthly to start at the end of the 2nd month.
⁴Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB.
  • Coverage: A savings account is dormant if it has no client-initiated activity for two (2) years.
  • Collection: Monthly to start (5) years after the last client-initiated activity date
 
Basic Requirements
 
Individuals

1. Local: Presentation of at least one primary ID or two valid secondary IDs, one of which with photo and signature
2. Foreigner: Passport, ACR/Diplomatic Identification Card issued by the DFA specifying status
i.e, working, business, student or non-resident
3. Court-appointed Fiduciary (Guardian, Administrator, Trustee or Receiver), all of the following:
Original Copy of Court Order containing the Fiduciary's appointment, Original Copy of Court Order authorizing the Fiduciary to open a deposit account with OFBank
 
Single Proprietorship

1. Certificate of Registration with the DTI
2. City/Municipal Mayor's Permit
 
 
Contact Information
 

For more information, please feel free to call or visit your nearest or preferred OF Bank Branch.