China Bank does away with initial deposits for OFW account

China Bank introduced a new peso savings account developed specifically for overseas Filipino workers.

Called the Overseas Kabayan Savings, tThis new account allows Filipinos bound for abroad as well as returning OFWs to open an OKS account without any amount of initial deposit or even a maintaining balance.

"Offering this no-opening, no-maintaining balance account for overseas Filipinos is about building a banking relationship. We want to be their right partner in helping them make the most of their hard-earned money,” said China Bank’s Remittance Business Division head Jose Q. Cifra.

He added that, ‘later on, after they have a history with China Bank, they could look at opportunities for loans, investments, and other products and services well suited for them.”

According to Cifra, the OKS account was developed to encourage OFWs to open a basic bank account to improve their money management skills as well as make sending money to the Philippines easier and safer.

Deposits of at least P1,000 in the OKS account earns interest to promote the concept of saving and not withdrawing the whole remittance that gets credited.