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By: Ikedi Ani-okoye

How to Open a Savings Account

One of the leading banks in the Philippines is BPI which stands for Bank of the Philippines Islands. It has great online banking facilities and good customer service. The bank can also be used to pay online deals and transfer funds from one account to the next. The different type of accounts you can open are savings account in BPI, BPI Family Savings Bank or BPI Direct.

When opening a BPI Savings Account

There are a number of requirements that are necessary when opening a BPI Savings Account.

First you need to go to the BPI bank and you need to bring some of the following documents to open your account:

You need to photo IDs which include your name and your picture, you also need two photo copies of your ID as well. The following acceptable IDs that can be used are:

Passport, Driver license, Professional Regulations Commission ID, National Bureau of Investigation clearance, Police clearance, Postal ID, Voter ID, Government Service and Insurance System e-Card, Social Security System card, Philhealth card, Senior Citizen Card, Overseas Workers Welfare Administration ID and Alien Registration Card if you are foreigner.

To verify your address, you will need a billing statement and two photocopies. You can either bring an electric bill, a waterfall, a credit card bill, or a telephone bill or even a cell phone bill.

You do need to bring your latest picture ID, which you will need two photocopies of also.

In order to open your account, when you enter the bank you need to go to the new account desk. Once you get there you just inform the bank officer that you want to open an account and then fill out the forms they give you.

You need to provide an initial deposit for your savings account, once you fill the order forms, you can claim your ATM card and your passbook when it has been processed after 3 to 5 working days.