A basic deposit account is a simple bank account that Philippine banks may offer with an opening deposit of no more than ₱100, no maintaining balance and no dormancy charges. The Bangko Sentral ng Pilipinas (BSP) created this account type so that people who are turned away by regular savings accounts, such as minimum-wage earners, students, kasambahay and first-time savers, can still keep money in a bank. This guide explains the rules, what to bring, how to ask for one at the branch or online, and how to avoid common traps.
Last checked October 2026 against BSP Circular No. 992, Section 213 of the BSP Manual of Regulations for Banks, the BSP FAQ memorandum M-2022-003, BSP Memorandum M-2025-012 and the PDIC page on maximum deposit insurance coverage.
Who this account is for
A basic deposit account fits you if:
- You want a bank account but cannot keep a ₱2,000 to ₱10,000 maintaining balance every month.
- Your employer needs a payroll account and you want to avoid below-minimum fees.
- You receive remittances, cash aid or a small business’s income and want somewhere safer than a drawer at home.
- You are opening your first account and have only one valid ID.
It is not ideal if you expect to keep more than ₱50,000 in the account, because the bank must convert it to a regular account once the balance passes that limit. It is also not an investment product; think of it as a safe place for everyday money.
The official rules in plain language
BSP Circular 992, issued in 2018 and now part of Section 213 of the Manual of Regulations for Banks, sets the features. The BSP’s later FAQ memorandum M-2022-003 clarifies how banks apply them.
| Feature | What the BSP rules say |
|---|---|
| Opening amount | Not more than ₱100 |
| Maintaining balance | None |
| Dormancy charges | None |
| Maximum balance | ₱50,000; above that, the bank converts it to a regular deposit account |
| Customer checks (KYC) | Simplified, because the account is treated as low risk |
| Channels | The bank chooses the channel, such as passbook, ATM card or online access |
| Card fees | Banks may charge a reasonable fee for a card, with full disclosure |
Offering a basic deposit account is not compulsory for every bank. Some banks offer it under its own product name, while others do not have it. Ask the bank directly whether it offers a “basic deposit account under BSP Circular 992”.
Basic deposit account vs regular savings vs e-wallet
| Feature | Basic deposit account | Regular savings account | E-wallet (GCash, Maya and others) |
|---|---|---|---|
| Opening amount | ₱100 or less | Set by the bank, often higher | Usually none |
| Maintaining balance | None | Often required, with a fee if you fall below | None |
| Balance limit | ₱50,000 | No regulatory cap | Wallet limits depend on verification level |
| PDIC deposit insurance | Yes, if the bank is a PDIC member | Yes, if the bank is a PDIC member | An e-money balance is not a bank deposit; check the provider’s terms |
| Best for | First account, payroll, small savings | Larger balances, checking or investment links | Daily payments and transfers |
Many people use both: a basic deposit account to hold savings and receive salary, and an e-wallet for daily spending. The PDIC row matters. An e-wallet is convenient, but its balance is electronic money, not a deposit, so do not assume PDIC rules apply.
What to bring
Because basic deposit accounts use simplified customer checks, banks can open one with less paperwork than a regular account. Bring:
- One valid government ID. The National ID is enough. BSP Memorandum M-2025-012 reminds banks to accept the National ID in all formats, including the paper ePhilID and the Digital National ID, as sufficient proof of identity without asking for another ID. See our guide to getting and verifying your Digital National ID.
- The opening deposit, ₱100 or less.
- Your mobile number and email for alerts and online access.
- Proof of address or employment, only if the bank asks. Requirements vary by bank. Ask what they need when you call ahead.
If your only IDs are expired, start with our valid government IDs guide. Registering for PhilSys is often the quickest way to get a free ID that banks must accept.
How to open one at a branch
- Call or message the bank first. Ask: “Do you offer a basic deposit account under BSP Circular 992, and what is the product called?” Write down the product name.
- Go to the branch with your ID and the opening amount. At the new accounts desk, ask for that product by name. If the staff offer only a regular savings account, ask again for the basic deposit account.
- Fill in the account opening form. Use your name exactly as it appears on your ID.
- Read the fee disclosure before you sign. Ask about ATM card fees, card replacement fees and fees for withdrawals at other banks’ ATMs. Banks may charge a reasonable card fee, but they must disclose it.
- Deposit the opening amount and receive your passbook, card or online access details.
- Set up alerts through the bank’s app or SMS so you notice any unusual transactions.
How to open one online
Some banks let you open a basic deposit account through their app with an ID scan and a selfie. The BSP rules allow any channel the bank chooses. The steps differ by bank, but they usually follow this pattern:
- Install the bank’s official app from the Google Play Store or Apple App Store. Check the publisher name.
- Choose the basic or starter account option.
- Scan your valid ID and take a selfie.
- Fill in your details and agree to the terms after reading the fee schedule.
- Fund the account through a transfer or over the counter, as the app instructs.
If the app asks for a maintaining balance or an opening amount above ₱100, you are probably looking at a regular account, not a basic deposit account.
Is your money insured?
Deposits in a basic deposit account at a PDIC member bank are covered by deposit insurance like other deposits. The Philippine Deposit Insurance Corporation says the maximum deposit insurance coverage is ₱1 million per depositor per bank, effective 15 March 2025, as explained on its maximum coverage page and FAQs. The PDIC adds up all your deposits in the same bank when computing coverage.
Worked example: how the ₱1 million limit applies
| Your deposits in Bank A | Total | Insured up to |
|---|---|---|
| Basic deposit account ₱40,000 | ₱40,000 | ₱40,000 |
| Basic deposit account ₱45,000 + time deposit ₱600,000 | ₱645,000 | ₱645,000 |
| Savings ₱700,000 + time deposit ₱500,000 | ₱1,200,000 | ₱1,000,000 |
The figures are simple illustrations of the published limit. Coverage at a different bank is counted separately. Check that the bank is a PDIC member before you open any account.
What happens when your balance goes over ₱50,000
The BSP rules set ₱50,000 as the maximum balance. According to the BSP FAQ memorandum, the bank converts the account to a regular deposit account when the limit is exceeded, and the limit is checked at least on the basis of the average daily balance. Once converted, the regular account’s terms, including any maintaining balance and fees, may apply.
To avoid surprises:
- Ask the bank how it monitors the limit and whether it notifies you before converting.
- If you expect a large one-time deposit, such as a 13th month pay or a remittance, consider moving part of it to a separate account.
- Read any notice from the bank about conversion, and ask what fees will apply after.
Which account fits your situation
Use this table to decide whether a basic deposit account is the right first step, or whether something else fits better.
| Your situation | Suggested approach | Reason |
|---|---|---|
| Kasambahay or minimum-wage worker paid in cash | Basic deposit account | No maintaining balance, so a low month does not trigger fees |
| New hire whose employer uses a payroll bank | Ask HR if the payroll account can be set up as a basic deposit account | Avoids fees if your balance drops between paydays |
| Student saving an allowance | Basic deposit account if the bank accepts student applicants; otherwise ask about a kiddie or youth account | Low opening amount; check the bank’s age rules |
| Small seller receiving many e-wallet payments | E-wallet for collections, basic deposit account for weekly savings | Keeps savings in an insured bank deposit |
| Family expecting a large remittance or loan release | Regular savings account | A balance above ₱50,000 would trigger conversion anyway |
| Senior receiving a pension | Ask the pension-paying bank for its basic or pensioner account options | Some pension programs credit only specific accounts |
Protecting your new account
New account holders are frequent scam targets, because scammers know first-time users are still learning how banking apps work. Build these habits from day one:
- Keep your passbook, card and PIN separate. Never write the PIN on the card or its sleeve.
- Turn on transaction alerts so every withdrawal or transfer sends you a message.
- Ignore links in texts and emails claiming your account is locked. Open the bank’s app or call the number printed on your card instead.
- Never lend your account. Letting someone use your account to receive money can make you part of a money-mule scheme, even if you did not know the source of the funds.
- Update your contact details with the bank whenever you change your number, so security messages reach you.
Troubleshooting
| Problem | What to do |
|---|---|
| Branch says it does not offer the account | Ask whether another branch or the app offers it, or try another bank; offering it is optional for banks |
| Staff ask for two IDs although you have a National ID | Politely mention BSP Memorandum M-2025-012, which says the National ID in any format is sufficient proof of identity |
| Bank refuses the Digital National ID on your phone | Ask them to scan the QR code using National ID Check; bring the card or ePhilID as backup |
| Unexpected fees on your statement | Ask the branch for the fee disclosure you signed; dormancy charges are not allowed on basic deposit accounts |
| Bank does not resolve your complaint | Escalate through the bank’s customer assistance unit first, then to the BSP’s consumer assistance channels listed on bsp.gov.ph |
Common mistakes
- Accepting a regular account by default. Ask for the basic deposit account by name.
- Not reading card fees. The account itself has no maintaining balance, but card fees can still apply.
- Using a look-alike app. Open accounts only through the bank’s official app or branch.
- Sharing your OTP. No bank employee needs your one-time password. Scammers often pose as bank staff.
- Going over ₱50,000 without planning. Watch the limit if you receive large sums.
Checklist before you go
- Bank confirmed it offers a basic deposit account, and you noted the product name
- One valid ID, ideally the National ID
- ₱100 or less for the opening deposit
- Mobile number and email you control
- Questions ready about card fees and the ₱50,000 conversion
Frequently asked questions
Can I open a basic deposit account for my child?
Rules on accounts for minors are set by each bank. Ask the branch whether a parent or guardian can open one in trust for a child.
Is there a limit on the number of transactions?
The BSP rules do not set a transaction limit, but banks may have their own product terms. Ask before you open.
Can my payroll account be a basic deposit account?
According to the BSP FAQ memorandum, a payroll account can be treated as a basic deposit account if it has the required features. Ask your HR department and the payroll bank.
Does it earn interest?
Interest depends on the bank’s own terms for the product. Ask for the rate in writing.
This guide explains public BSP and PDIC rules and is not financial advice. Product terms differ by bank, so confirm fees and features with your bank before opening an account.
