Last Updated on 04/01/2020 by FilipiKnow
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