Will a bank account automatically close if it reaches zero balance BDO?
All you have to do is to go to any BDO ATM branch and withdraw all your money and BDO will automatically close the savings account for you since there is no money left in your account and they see that it is inactive.
A convenient way to save and access your money.
Falling Below Minimum Balance Fee will be collected if account falls below the required minimum MADB for two consecutive months. Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB.
Body. There are no minimum balance requirements to enroll and use BDO Online Banking but minimum balance requirements for specific bank products still apply.
| FEES & CHARGES | Personal | Business |
|---|---|---|
| Account Closure(2) | Php 300.00 | Php 300.00 |
| Falling Below Minimum Balance(3) | Php 300.00 | Php 300.00 |
| Account Dormancy(4) | Php 30.00 (4) | Php 30.00 (4) |
| Withholding Tax for Interest Earned | na | na |
A bank account is considered dormant when there is no financial activity—deposit or withdrawal—for a period of two years for a savings account and one year for a checking account. Dormant accounts are subject to dormancy fee, under the regulations of the Bangko Sentral ng Pilipinas (BSP).
Any Account with zero balance, regardless of status, may automatically be closed by the Bank without notice.
| Product | MInimum Initial Deposit | Minimum Balance to Earn Interest |
|---|---|---|
| Passbook Savings | Php 5,000.00 | Php 10,000.00 |
| ATM Savings | Php 2,000.00 | Php 5,000.00 |
| Optimum Savings | Php 30,000.00 (Personal) Php 50,000.00 (Business) | Php 30,000.00 (Personal) Php 50,000.00 (Business) |
| Junior Savers | Php 100.00 | Php 2,000.00 |
How to Check your BDO Account Balance Online - YouTube
Minimum initial deposit of Php 100.00.
How much is the maintaining balance in BDO passbook?
The minimum monthly ADB requirement is Php 2,000. The minimum balance to earn interest is Php 5,000. The interest per annum is 0.25%
No. This service is free of charge.
Staying below the maintaining balance and having no transactions in your account will result in continuous deductions, which will eventually lead to the closure of your account.
According to the RBI's norm, if a customer discontinues using his or her account for 12 consecutive months then banks will automatically make them inactive, and more than extra inactive 12 months will make it a dormant account.
What happens if my deposit balance falls below the minimum requirement? If your deposit balance falls below the minimum requirement for two (2) consecutive months , you will have to pay a service charge of P300 per month.
A savings as well as a current account is classified as 'inoperative' or 'dormant' if. there are no transactions in the account for over a period of two years. Interest. credited by the bank on the balance in the account and any charges debited by the bank is not considered as transactions for this purpose.
