In support of the Kiddie Account Program (KAP) jointly promoted by the Bangko Sentral ng Pilipinas (BSP) and the Bank Marketing Association of the Philippines (BMAP), BDO Unibank has offered its Junior Savers Account for children 12 years and below.
The BDO Junior Savers Account requires only an initial deposit of P100 in which kids below 12 years old will get a passbook to monitor their savings and start earning interest upon reaching a P2,000 deposit balance. Children between 7 to 12 years old may request for a personalized BDO EMV Debit Card upon reaching a deposit balance of P2,000.
Junior Savers also gives option to help the child save like the use of Easy Saver or the online banking account, where parents can transfer money from existing BDO accounts to the child’s Junior Savers Account.
To open a BDO Junior Savers account under the child’s name, parents just need to go the nearest BDO branch and present copies (including the original copy for verification) of any of the following: passport; school ID signed by the principal or school head; or birth certificate issued by the local civil registry or the Philippine Statistics Authority.
Junior Savers is BDO’s support to the KAP which program has been designed to encourage children below 12 years old to develop the habit of saving money regularly through easy access to the participating banks’ deposit facility.
Recently, BDO reported P32.1 billion in net income for the first nine months of the year compared to P21.5 billion a year-ago, largely driven by the expansion in the bank’s recurring core revenues.
The net income from January to September translates to a Return on Common Equity (ROCE) of 12.5 per cent, compared to 9.5 percent during the same period last year.
Customer loans increased by six percent year-on-year to P2.1 trillion, led by the sustained growth in the middle-market and consumer segments.
Meanwhile, total deposits went up by three percent to P2.4 trillion, with low-cost Current Account/Savings Account (CASA) deposits increasing by six percent and accounting for 72 percent of total deposits.
Operating expenses rose by 20 percent to P85.8 billion given the bank’s continuing expansion as well as increased volume-related expenses.
With its focused growth strategy, strong business franchise, solid balance sheet and extensive geographic reach, the bank remains solidly positioned to capitalize on the country’s solid economic pace and growth opportunities in underserved and emerging markets.
BDO is a full-service universal bank which provides a wide range of corporate and retail banking services.
These services include traditional loan and deposit products, as well as treasury, trust and investments, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards, credit card services and stock brokerage services.
BDO has one of the largest distribution networks, with more than 1,300 operating branches and over 4,400 ATMs nationwide.
It also has full-service branches in Hong Kong and Singapore as well as 21 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.