A basic deposit account features a low opening amount capped at P100, no maintaining balance, no dormancy charges, and simplified identification requirements. More importantly, BSP rules for validating client identity have been eased further by allowing the acceptance of the national ID for the client on-boarding process.
The BSP has also allowed covered institutions to implement reduced Know-Your-Customer (KYC) rules for certain low-risk accounts and use technology for face-to-face contact requirements. The second pillar of the digital financial ecosystem refers to the establishment of an expansive network of low-cost touch points to serve the country’s financial intermediation needs.