Terms & Condition

The depositor agrees that this Tiered Savings Deposit Account is governed by the laws and regulations of the Republic of the Philippines, the rules and issuances of the Bangko Sentral ng Pilipinas (BSP), and the internal policies of Rural Bank of Porac Inc., including any amendments that may be introduced from time to time.

The depositor must ensure that the correct account number is used in all transactions related to this account. The Bank shall not be held liable for errors resulting from incorrect or missing account numbers, even if the depositor’s name and transaction details are otherwise accurate.

This account shall earn interest at rates determined by the Bank, computed daily and credited monthly. Interest rates are tier-based, depending on the deposit amount, and are subject to change with prior notice based on market conditions or internal policies. The interest rate structure is shown below:

To earn interest, the account must maintain a minimum daily balance of ₱5,000. If the balance falls below this threshold, interest shall not accrue for the period concerned. Both the interest rates and the required minimum maintaining balance may be revised by the Bank at any time, with prior notice to the depositor via the Bank’s communication channels.

Due to the preferential interest structure of this account, the Tiered Savings Account will incur a fee of One Hundred Pesos (₱100.00) for each withdrawal exceeding two (2) withdrawals per month. This fee will be automatically debited from the account.

Any claim related to a disputed or erroneous transaction must be reported to the Bank immediately or on the same business day the issue is discovered. The Bank shall have the right to investigate and resolve such concerns according to its internal procedures.

Accounts that fall below the minimum balance requirement for two (2) consecutive months may be charged a service fee, which will be deducted automatically from the account. Such fees shall be in accordance with the Bank’s published Schedule of Fees and Charges.

If an account has no customer-initiated financial activity for twenty four (24) consecutive months, it shall be considered dormant. Dormant accounts that fall below the maintaining balance may be subject to a dormancy fee, which will be deducted from the available balance. To reactivate a dormant account, the account holder must appear in person at the branch, present valid identification, and complete all required procedures.

Depositors are required to keep their contact details, specimen signatures, and account information up to date. Any changes must be reported to the Bank in writing with the appropriate supporting documents.

Only the depositor may initiate reactivation or closure of the account. All applicable documents must be submitted, and any outstanding obligations must be settled prior to closure.

This account is passbook-based or may be offered as a non-passbook account at the discretion of the Bank. The passbook, if issued, is not considered conclusive evidence of the actual balance. All entries in the passbook must be made by the Bank. Any unauthorized writing in the passbook by the depositor invalidates entries.

The depositor must report any loss or destruction of the passbook to the Bank immediately.

By opening and maintaining this account, the depositor confirms that they have read, understood, and accepted these Terms and Conditions. These terms form an integral part of the agreement between the depositor and Rural Bank of Porac Inc.

Upon signing the signature card and making the initial deposit, the depositor acknowledges and agrees to abide by all the terms and conditions herein stated. These Terms and Conditions form an integral part of the contract between the depositor and the Rural Bank of Porac, Inc.