Circular No.

992

Subject Framework for Basic Deposit Accounts

Rationale To promote financial inclusion, consistent with the Bangko Sentral's thrust to
advance universal access to formal financial products and services
Basic Deposit Account; defined Refers to interest- or non-interest-bearing account designed to promote financial
inclusion. This account will enable Filipinos to receive and make payments, as well
as have a facility for store of value.
Minimum key features of a Basic 1. Liberalized customer Know-Your-Customer (KYC) for low risk customers,
Deposit Account onboarding : wherein identifying the customer and verifying their true
identity may be based on any document or information
reduced in writing which the covered person deems
sufficient to establish customer's identity as provided
1
under item "w" Sec. X803, MORB , or other reliable,
independent source documents, data, or information.
2.Opening amount : Not more than P100.00
3. Minimum maintaining None
balance :
4. Dormancy charges : None
5. Maximum balance : P50,000.00, if exceed will convert to regular deposit
account
6. Reserve requirement : 0%
Required reserves against UBs/KBs TBs RBs/Coop Banks
“Basic Deposit Accounts” 0% 0% 0%

Definitions under
2
Reporting Package
Financial 1. Demand Deposit Subject to withdrawal by check thru available bank
channels and/or thru ATM; also called current or
checking accounts
2. Savings Deposit Refers to interest- or non-interest-bearing deposits
which are withdrawable upon demand thru available
bank channels
a. Regular savings Saving deposit account withdrawable either upon
account presentation of withdrawal slip and passbook or thru
ATM
b. Kiddie & teen savings Saving deposit account of children and teens up to 19
account years old with an initial deposit of P100 and no
minimum maintaining balance
c. Basic deposit account Refers to interest- or non-interest-bearing account
designed to promote financial inclusion

d. Other savings account Special savings account which offers tiered interest
rates depending on the size of deposit
3
Notes on Microfinance Provided for new definition of micro-deposits. Micro-deposits shall now be referred
to as basic deposit accounts as defined above.
Effectivity February 16, 2018 – 15 days from publication on February 1, 2018

1
Official document refers to any of the following identification documents: (1) For Filipino citizens: Those issued by any of the
following official authorities: (a) Government of the Republic of the Philippines, including its political subdivisions, agencies, and
instrumentalities; (b) Government-Owned or -Controlled Corporations (GOCCs); or (c) Covered persons registered with and
supervised or regulated by the Bangko Sentral, SEC or IC; (2) For foreign nationals: Passport or Alien Certificate of Registration;
(3) For Filipino students: School ID signed by the school principal or head of the educational institution; and (4) For low risk
customers: Any document or information reduced in writing which the covered person deems sufficient to establish the client’s
identity.
2
Amendment to portions of Appendix 77 in rel. to Subsection X191.2, MORB
3
Amendment to items “f to i” of Appendix 45, MORB