Guide on Chinabank Young Savers Account Features & Application Requirements
CHINABANK YOUNG SAVERS ACCOUNT – Here are the features of the savings account offer of Chinabank for kids and the requirements.
Are you the kind of parent who wants to instill to your kids the value of saving money at a young age? One of the best moves that you can do is to open a savings account for them. Chinabank has an offer – the Chinabank Young Savers Account.
Chinabank Young Savers Account
This Chinabank savings account is offered for kids. Many parents wants to teach their children how to save money at a young age. Here are the features of this savings account offer:
- Minimum Initial Deposit Required – Php 100.00
- Minimum Monthly Average Daily Balance Requirement – Php 100.00
- Minimum Balance to Earn Interest – Php 2,000.00
- Evidenced by: Passbook
- Interest Rate per annum: 0.125%
- Withholding tax: 20%
Requirements for Application
If you are applying as an individual:
- duly-accomplished and signed Chinabank Passbook Savings Account
- two (2) 1×1 ID photos
- original and clear copy of at least one (1) valid IDs. You can choose from the following:
- Postal ID
- Passport
- Barangay Certification
- National Bureau of Investigation (NBI) Clearance
- Driver’s License
- Professional Regulations Commission (PRC) ID
- Police Clearance
- Government Service and Insurance System (GSIS) e-Card
- Voter’s ID
- Senior Citizen Card
- Barangay Certification
- Social Security System (SSS) Card
- Seaman’s Book
- Integrated Bar of the Philippines ID
- Overseas Filipino Worker (OFW) ID
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- School ID
- Department of Social Welfare and Development (DSWD) Certification
If you are applying for a Business / Sole Proprietorship:
- duly-accomplished and signed Chinabank Passbook Savings Account
- Application for Registration with DTI
- Certificate of Tax Exemption / Preferential Tax Treatment
- Certificate of Registration of Business Name with DTI
- Special Power of Authority (SPA) if the signatory is other than the owner of the business
If you are applying for Partnership Accounts:
- duly-accomplished and signed Chinabank Passbook Savings Account
- Articles of Co-Partnership
- Certificate of Registration by the Securities Exchange Commission (SEC)
- Partnership Resolution or Agreement duly notarized, designating the following:
- China Bank as its depository bank
- Authorized signatories
- Certificate of Tax Exemption / Preferential Tax Treatment
To apply for the savings account, go to a Chinabank branch and submit the aforementioned documents needed based on your application type. All applications for a savings account is subject to the approval of the bank.
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