Three of the top reasons cited by Filipinos who don’t have bank accounts have something to do with the very process of opening an account, according to the 2017 financial inclusion survey of the Bangko Sentral ng Pilipinas.
Eighteen percent of surveyed said they couldn’t produce the documents required to open an account, 10 percent said the cost of opening accounts is high, and 9 percent said they didn’t have knowledge about opening accounts.
Robinsons Bank addresses these issues with its recently launched Simple Savings bank account.
Simple Savings was designed to lower barriers of entry to the financial system in order to reach out to the unbanked, providing them with their first step towards becoming financially secured. It adheres to BSP’s Circular 992, which sets out a framework for banks in promoting a basic deposit account to the unbanked.
New-to-bank clients can open a Simple Savings account with only one ID and a low opening fee of P100. They will then have instant access to an online Visa Debit Card, which earns interest and can be used to shop online as well as Point-of-Sale transactions.
Interested customers can open an account by visiting the nearest Robinsons Bank branch or online at www.robinsonsbank.com.ph.
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