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The BDO Kabayan Savings Account was developed with Overseas Filipino Workers (OFWs) and their families in mind.
It can be an indispensable tool for OFWs struggling to develop the self-discipline of saving money, especially those who regularly send remittances via BDO Remit.
This OFW-friendly savings account offers the following features and benefits:
- Low initial deposit of Php 100 for Kabayan Peso Savings Account and USD 100 for Kabayan Dollar Savings Account.
- Gross interest rate per annum: 0.25%.
- Minimum balance to earn interest: Php 5,000 (Kabayan Peso Savings Account) and USD 200 (Kabayan Dollar Savings Account).
- Passbook and ATM debit card.
- Zero maintaining balance, provided that you remit at least once within 2 years. Otherwise, your account will be converted to a regular one with a maintaining balance of Php 2,000.
- Opportunity to qualify for BDO Rewards points as well as free life and accident insurance.
- A great tool to build a good credit score which you can then leverage to qualify for housing, car, or personal loans in the future.
If the above reasons are enough to convince you to open a BDO Kabayan Savings account, simply go to any BDO branch in the Philippines and complete the application.
Related Article: BPI Savings Account for OFW: Procedure and Requirements
Bring the following requirements to apply for a Kabayan Savings account:
- Minimum initial deposit: Php 100 for peso account and USD 100 for a dollar account.
- One (1) valid ID.
According to BDO, OFWs applying for the Kabayan Savings account may bring any one of the following valid IDs:
- Passport, preferably Philippine passport. Should you present a foreign passport, it must be written in or translated to the English language and you must have a Philippine residence.
- Driver’s license issued by the Land Transportation Office
- Professional Regulations Commission (PRC) ID
- National Bureau of Investigation (NBI) clearance
- Police clearance with the dry seal of PNP
- Philippine Postal ID
- Voter’s ID
- Barangay certification with the dry seal from the barangay where it was issued
- Government Service and Insurance System (GSIS) eCard
- New Social Security System (SSS) ID
- Senior citizen ID
- Overseas Workers Welfare Administration (OWWA) ID
- Overseas Filipino Workers (OFW) ID
- Seaman’s book
- Alien Certificate of Registration (ACR) / Immigrant Certificate of Registration (ICR)
- Government office and GOCC ID (e.g., Armed Forces of the Philippines [AFP], Home Development Mutual Fund [HDMF])
- Integrated Bar of the Philippines (IBP) ID
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Department of Social Welfare and Development (DSWD) certification
- Company IDs (issued by private entities or institutions registered, supervised or regulated by BSP, SEC or IC)
- Green card (issued by US Immigration and Naturalization Service)
- Foreign IDs with picture (issued by the government of the country of origin)
- Locally issued credit cards (current with picture)
- Firearms License with picture
- Tax Identification Number (TIN) card (card type with picture)
- Investment ID card signed by the Department of Foreign Affairs (DFA)
- For students who are not yet of voting age – school ID (duly signed by the principal/head of school together with the registration form for the current semester/school year)
Meanwhile, OFWs applying for a Kabayan Shipping Dollar Savings account may present any one of the following:
- Seaman’s Book
- PRC ID (issued to Seafarers)
- Marina ID
Submit the above requirements and wait for bank personnel to process your application.
BDO Kabayan Savings comes with a passbook and an ATM debit card which you can use internationally.
Go back to the main article: How to Open a BDO Savings Account in the Philippines