MANILA - The Bank of the Philippine Islands (BPI) said it would implement changes to the terms and conditions for all Peso Maxi-Savings Accounts including the raise in the average daily balance requirement to P2 million for both debit card and passbook.
According to the new rates, the ADB requirement for Peso Maxi-Saver Savings Accounts for Debit Card and for Passbook will be raised to P2 million from P50,000 and P75,000, the bank said in an advisory.
Likewise, the required daily balance to earn interest was also raised to P2 million from P50,000 and P75,000, it said.
New rates will take effect on June 1, 2021, BPI said in an advisory.
A monthly service charge of P300 will be imposed if an account falls below the required average daily balance for 2 consecutive months, the bank said.
All other Terms and Conditions shall remain unchanged and in full force and effect.
BPI said it would communicate with customers of Peso Maxi-Saver Savings Accounts "in the coming weeks" about the changes.
"Kindly ensure that your contact details with the bank are updated," the lender said.
Changes would be implemented just as Filipinos adjust to the newly eased COVID-19 restrictions which was lowered to modified enhanced community quarantine in Metro Manila and neighboring provinces until the end of the month.
The Bangko Sentral ng Pilipinas earlier said it provided banks with enough aid to extend help to Filipino consumers during the COVID-19 pandemic.
Reserve requirements were cut to infuse more liquidity in the market and the key interest rates, used by banks to price loans, were kept at its lowest level of 2 percent.