How to Open DBP Savings and Other Deposit Accounts

ADVERTISEMENT
DBP Savings and Other Deposit Accounts
(c) Development Bank of the Philippines

Development Bank of the Philippines (DBP) is the seventh largest bank (in assets) in the Philippines and one of the largest government-owned and controlled corporations (GOCCs). Headquartered in Makati, DBP assumes a corporate social responsibility of accelerating sustainable economic growth, assisting critical local industries and sectors, and promoting entrepreneurship. Hence, DBP principally caters to the medium and long-term needs of agricultural and industrial enterprises on small and medium-scale industries (source: DBP official website).

Recently, I visited my DBP Antipolo servicing branch and claimed my EMV Visa card. I’ve been maintaining an account with the bank for couple of years now. If it wasn’t for my CHED Faculty Development Program (FDP) scholarship allowance I wouldn’t bank with them, practically because of inconvenience (issue with the number of branches). However, my experiences with their deposit products and services, especially the Visa debit card (now EMV), convinced me the worth.

ADVERTISEMENT

In this article, I’ll walk you through the procedure on how to open an account with DBP and inform you about the requirements to prepare before visiting any servicing branch.

DBP Deposit Products

Savings Account with ATM or Passbook

  • Initial Deposit: P 500.00
  • Minimum ADB: P 500.00
  • ADB to Earn Interest: P 500.00

US Dollar Account – Individual

  • Initial Deposit: USD 100
  • Minimum ADB: USD 500
  • ADB to Earn Interest: USD500

US Dollar Account – Corporate

  • Initial Deposit: USD 1,000
  • Minimum ADB: USD 1,000
  • ADB to Earn Interest: USD 1,000

Wisdom Account

  • Initial Deposit: USD 100
  • Minimum ADB: USD 100
  • ADB to Earn Interest: USD 500 * As of April 22, 2017. Check the official website to have the complete list of deposit accounts.

DBP Account Opening Requirements

Here are the minimum documentary requirements in opening a DBP Savings Account:

  • 2 pieces 1×1 latest ID pictures
  • Tax Identification Number (TIN, for account opening forms)
  • Original and clear copy of at least one (1) valid photo-bearing identification document issued by an official authority (or better bring all available IDs)

Here are the valid identification cards recognized by Development Bank of the Philippines (DBP):

  • Passport
  • Driver’s License
  • Professional Regulation Commission (PRC) ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Barangay Certification
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) Card
  • Senior Citizen Card
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Book
  • Alien Certification of Registration (ACR) I-Card: The following are exempted from presenting the ACR I-Card: Holders of Special Investor’s Resident Visa, Non-immigrants admitted under the multiple entry special visa as well as their spouses and dependents under 21 years of age, and accredited official of a foreign government recognized by the Republic of the Philippines or a member of his official staff and family.
  • Government Office and GOCC ID, e.g. Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines ID
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC
  • School ID duly signed by the principal or head of the school (for students who are beneficiaries of remittances/fund transfers who are not yet of voting age)

Here are other DBP deposit accounts that require additional documents (Ask the bank clerk to find out more.):

  • Joint account
  • Single Proprietorship
  • Corporations
  • Associations, Societies, and others
  • Juridical Entities including LGUs
  • Unincorporated Societies and Associations,
  • Partnership, Trustees, Guardians, Administrators, Executors and like Cooperatives.

DBP Account Opening Procedure (5 Easy Steps)

Opening savings and other deposit accounts, along with requirements, can be almost the same across all banks in the Philippines. As what I have experienced with major commercial banks, usual process comes with a few forms, ID cards and other requirements, and verifiable personal details.

As per released DBP Citizen’s Charter, opening a savings account takes just 25 minutes. Well, that’s true based on what I experienced with DBP Antipolo branch, or perhaps because it’s not as busy as other branches particularly in Metro Manila.

ADVERTISEMENT

1. Get Entertained at the New Account Section.

As soon as you reach the bank, tell the welcoming guard that you wish to open a savings account. Your transaction will be accommodated at the New Account Section. Your attending bank clerk will brief you about available deposit products (or applicable savings accounts) and the bank rules and regulations in handling deposit accounts.

2. Fill Out Account Opening Forms.

After deciding on a deposit product, you will be asked to accomplish a few forms required upon opening a new bank account. Fill them out with accurate details and try to write legibly. At any DBP branch, the following are the required forms:

  • Customer Record Form
  • 2 Signature Cards
  • Application for ATM Card (if applicable)
  • Authorization to Debit (if initial deposit in debited to another account)
  • Deposit Slip (for initial deposit required)

3. Present Your Documentary Requirements.

Hand over your prepared account opening requirements to the bank clerk (Check DBP Account Opening Requirements listed above). Please don’t forget to check if the presented IDs are returned to you before leaving the bank to avoid any hassle.

4. Make Your Initial Deposit and Claim Your Passbook (if applicable).

After completing all forms and submitting your requirements, you will be asked to shell out for the required initial deposit. (Check DBP Deposit Products detailed above). DBP Savings Account with ATM Card or Passbook requires an initial deposit of P500.00. In most branches, passbooks can be claimed right away after making a deposit.

5. Come Back After a Week for Your ATM Card (if applicable).

If you opted for an account with ATM card, you will be advised to come back after a week to claim your card. Usually, ATM cards are processed in DBP Main Office in Makati. Don’t forget to ask for branch contacts so you could call them first before attempting to claim it.

Upon claiming it, do the PIN Change right away with the bank machine. Take note that DBP branches are not as many as those of commercial banks.

Disclaimer: The author is not directly affiliated with the Development Bank of the Philippines, however maintains a DBP Savings Account. Please take this article as a simple tutorial on how to open a deposit account with DBP and not a help page for your other concerns and issues with the bank.