BPI to Raise Maxi Saver Balance Requirement to P2 Million
If you're a BPI depositor, expect word from the bank soon. The Ayala-led lender said it would change the terms for all Peso Maxi Saver Savings accounts to include an increase in the average daily balance or ADB requirement to P2 million.
The current ABD for Peso Maxi Saver Savings Accounts ranges from P50,000 to P75,000. The same P2 million ADB requirement applies for the account to earn interest, BPI said. The changes take effect on June 1.
How is the ADB computed? Add up all the daily end-of-day balances in a month and divide it by the number of days in that month. The current ADB requirement is P50,000 for debit card and P75,000 for passbook accounts.
What happens if the account falls below the ADB? According to BPI, a P300 monthly service charge applies if the ADB falls below the requirement for two consecutive months.
MORE MONEY EXPLAINED:
Here's the notice posted in the announcements section of BPI's website:
This story originally appeared on Reportr.World. Minor edits have been made by the Esquiremag.ph editors.