OFBank launches deposit products for Overseas Filipino Workers (OFWs)

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31 January 2019
 
OFBank is now offering a wide range of deposit products to address the needs of Overseas Filipinos and private and government institutions. These deposit products include:
 
A. Peso Deposit Accounts
 
• OFBank ATM Savings Account
An interest bearing peso savings ATM account wherein depositor is issued with Visa Debit, EMV-compliant ATM Card. Deposits transactions are done thru a LANDBANK Cash Acceptance Machine or over the counter (OTC), while withdrawal transaction are done OTC or via Automated Teller Machines (ATM) 24 hours a day, seven days a week. Minimum required deposit is 500.00 to open an account. 
 
 OFBank High-Yield Savings Account (HYSA)
HYSA is a peso savings account wherein funds of a specific amount are given pre-determined competitive rates for a fixed term. Passbook serves as a proof of deposit. HYSA is offered to institutional clients only with a minimum placement of 1,000,0000.
 
 OFBank Easy Savings Plus (ESP)
ESP is a premium savings account which offers higher interest rates versus a regular savings account and are tiered based on ADB levels. The required minimum Private Depositors’ balance is 20,000 and depositors can deposit anytime and withdraw 2x in a month.
 
• OFBank Regular Current Account
A non-interest bearing peso account, also known as “Checking or Demand Deposit” account, wherein deposits are made over-the-counter and withdrawals are made through the issuance of a check. The required minimum deposit is 5,000.00 for individual and 10,000.00 for corporate or institution.
 
B. US Dollar Deposit Accounts
 
• OFBank US Dollar Savings Deposit
An interest bearing dollar-account which requires presentation of a passbook for deposit and withdrawal transactions. The required minimum deposit is $100 for individual and US$1,000.00 for corporate or institution.
 
• OFBank US Dollar Time Deposit
A specific amount of funds in dollar which earns interest at a pre-determined competitive rate for a fixed period of time/term with a “Certificate of Time Deposit” (CTD) as proof of deposit. This is offered for both individual and corporate or institution with a minimum placement of US$1,000.
 
These products are now available at OFBank Head Office at Liwasang Bonifacio, Manila. The OFWs (including land-based OFWs, seafarers, immigrants and Filipinos with working visas) upon their return to the country, as well as their beneficiaries and OFW-related institutions can now go to OFBank Head Office to open their accounts.
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