How to Open a Bank Account in Land Bank of the Philippines

LANDBANK is the official depository bank of the Republic of the Philippines. It is fully owned by the government of the Philippines. Though it’s a government owned bank and financial institution that strikes a balance in fulfilling its social mandate of promoting countryside development, LANDBANK remains financially viable and ranks among the top five commercial banks in the country in terms of deposits, assets, loans and capital. LANDBANK was founded in August 8, 1963 and as of June 30, 2011, it already has a network of 327 Branches/Bank Units and 927 ATMs nationwide. LANDBANK is one of my trusted banks in the country and if you want to open a bank account with them, the following important information, requirements, steps and tips will serve as your guidelines.

 

What are the Deposit Products offered by Land Bank?

1. Savings Account with ATM Access. An interest bearing peso account wherein withdrawal transactions are done via Automated Teller Machines (ATM) 24 hours a day, seven days a week. Deposit and withdrawal transactions may also be done over-the-counter but only during official banking hours/days. Withdrawals may also be made at any Expressnet, Megalink and Bancnet ATMs.

Features of Savings Account with ATM Access:
Initial Deposit Requirement: P 500
Required ADB: P 500
Required Daily Balance to Earn Interest: P 500
Interest Rate: .5% p.a.
Maximum withdrawable amount/day: P 50,000
Documentation: ATM

2. Regular Savings Account. An interest bearing peso-account which requires presentation of a passbook for deposit and withdrawal transactions.

Features of Regular Savings Account (Individuals and Institution):
Initial Deposit Requirement: P 10,000
Required ADB: P 10,000
Required Daily Balance to Earn Interest: P 10,000
Interest Rate: .5% p.a.
Documentation: Passbook

3. Regular Current Account. A non-interest bearing peso account, also known as “Checking or Demand Deposit” Account wherein deposits are made over-the-counter whereas withdrawals are made through the issuance of a check.

Features of Regular Current Account (Individual / Institution):
Initial Deposit Requirement: P 5,000 / 10,000
Required ADB: P 5,000 / 10,000
Documentation: Checkbook

Other Deposit Products offered by Land Bank:

4. Current Account with ATM Access
5. Regular Peso E.A.S.Y. (Earning Access & Sure Yield)
6. Check & Sure Yield) Check with ATM Access
7. Regular Peso Time Deposit
8. Easy Savings Plus (ESP)
9. High-Yield Savings Account (HYSA)
10. U.S. Dollar Savings Account
11. U.S. Dollar Time Deposit
12. LANDBANK E-$-P (Easy Dollar Pension)

For more details and description of the above deposit products please visit this page from Land Bank.

 

What are the basic requirements in opening a deposit account in Land Bank?

Basic requirements for opening a Savings Account with ATM Access:

A. Individual/Joint:

1. At least two (2) valid IDs
2. 1 x 1 ID picture (Some branches require a picture with negative)
3. TIN Number must be presented*Valid IDs include SSS ID, GSIS ID, Driver’s License, Company ID (present), School ID, Passport, TIN ID, Postal ID, Phil Health ID, Marriage Contract (original copy), Major Credit Card, Membership Card of well-known associations and clubs, HMO ID, Senior Citizens Card.

B. Single Proprietorship:

1. Registration of Business Name with Department of Trade
2. Original Application for Registration
3. Two valid IDs of authorized signatory/ies

 

Basic requirements for opening a Regular Savings Account or Regular Current Account:

A. Individuals

1. At least two (2) valid IDs such as:
2. New SSS/GSIS ID
3. Driver’s License
4. Company ID
5. School ID
6. Passport
7. PRC ID
8. Postal ID
9. Marriage contract (original copy)
10. Credit Card of a Reputable Company
11. License to Carry Firearms
12. Two (2) copies of most recent 1 x 1 ID Picture
13. Tax Identification Number

B. Single Proprietorship

1. Registration of Business name with Department of Trade and Industry
2. City/Municipal Mayor’s Permit
3. Application of Renewal of City/Municipal Mayor’s Permit/Old Registration
4. Two valid IDs of authorized signatory/ies

C. Partnership

1. Articles of Partnership
2. Certification of Registration with Securities and Exchange Commission (SEC)
3. Duly notarized Agreement on the extent of authority of each partner
4. Two valid IDs of authorized signatory

D. Corporation

1. Articles of Incorporation
2. Certificate of Registration with Securities and Exchange Commission
3. Corporate By-Laws
4. Duly notarized Board Resolution incorporating the following:
   1. Authority to open bank account with LBP
   2. Designated Officers authorized to deposit, withdraw, endorse or negotiate checks and other deal with the bank deposit and the nature and extent of such authority which should inform the By-Laws of said corporation
   3. Notarized List of incumbent Officers, Board of Directors and Stockholders
   4. Two valid IDs of authorized signatory/ies and Corporate Secretary
   5. Certificate of filing of By-Laws with SEC
   6. Certificate of registration with appropriate agency

E. Association or Organization

1. Certificate of registration with appropriate agency
2. Constitution and By-Laws
3. Association Agreement
4. Duly notarized Board Resolution incorporating the following:
   1. Authority to open bank account with LBP
   2. Designated Officers authorized to sign and the nature and extent of such authority

F. Corporation in the process of incorporation

1. Proposed Articles of Incorporation stating therein the name of Treasurer-in-Trust authorized to open an account with the Bank in behalf of the Corporation
2. Duly notarized Secretary’s Certificate
3. Duly notarized Treasurer’s Affidavit
4. Two valid IDs of authorized signatory/ies

G. Government Entities

1. Charter and/or Law creating the government corporation/agency/office
2. Executive Order or Department Order creating the government agency
3. Duly notarized Board resolution incorporating the following:a. Authority to open bank account with LBPb. Designated Officers authorized to sign and the nature and extent of such authority

H. Cooperatives

1. Certificate of Registration with the Cooperative Development Authority
2. Articles of Cooperation and By-Laws
3. Duly notarized Board resolution incorporating the following:
   1. Authority to open bank account with LANDBANK
   2. Designated Officers authorized to sign and the nature and extent of such authority

For the list of requirements on other deposit products or accounts please visit this Land Bank’s Deposit Products and Features Page.

 

Tips and steps in Applying and Opening a Bank Account in Land Bank

1. Decide on what type of deposit account you want to open in Land Bank. Refer to the list and information above.

2. Choose the Land Bank branch of your choice. You can check the list of LBP branches at their branch locator page.

3. Visit the Land Bank branch that you’ve chosen and bring the complete requirements in opening a bank account (please check the list of requirements above).

4. Proceed to the New Account Desk; tell the bank officer your intent to open a bank account.  Then fill-up the forms that will be given to you. It is also wise to always bring a ball pen to avoid borrowing one or waiting in line for the pen provided by the bank at the writing area.

5. Give the initial deposit for your account. It should be equal or more than the minimum initial deposit amount. Make sure that your balance will not fall below the minimum balance requirements.

6. Claim your passbook, checkbook, certificate of deposits or ATM card at the date or time promised to your by the account officer. For ATM cards, Land Bank can release it within the day of your successful application.

 

Other steps for Pag-IBIG Fund Members opening a Land Bank ATM Savings account

If you are a Pag-IBIG Fund Member, and needs to open a Land Bank ATM Savings account as a requirement for applying a Multi-Purpose Loan, you need to visit first the HDMF (Home Development Mutual Fund) office near you and request / accomplish a Letter of Introduction from Pag-IBIG to open an ATM account as a Pag-IBIG member. Landbank will only require an (a) initial deposit of P100.00 and a P50.00 ATM card fee, (b) 2 Valid ID’s, (c) 3 1×1 ID pictures (should have negative), and the (d) letter of Introduction from HDMF for the opening of your ATM savings account.

Notes:
-Usually, banks require a depositor to have 3-6 months of maintaining a savings account before they can be eligible to open a checking account. This is usually a quality control practice by common banks to minimize the incidence of depositors issuing bouncing checks.
-This article is published for informational use only. For more details, please visit the nearest Land Bank branch in your place or visit their official website at www.landbank.com