RCBC Digital Online Account Opening Special Rate Promo  

 

PROMO MECHANICS

Promo Period: November 4, 2022 – December 31, 2022

Eligibility

1) The Promo is open to all clients who (“Eligible Clients”):

  1. Don’t have any existing RCBC Current or Savings (“CASA”) accounts;
  2. Are not enrolled users of RCBC Digital (rcbconlinebanking.com) as of the start of the Promo Period; and
  3. Successfully opened at least one OneAccount via RCBC Digital within the Promo Period.

2) The Eligible Client must maintain a minimum average daily balance of Php5,000 per month in each of his/her OneAccount (s) for the entire duration of the Promo Period.

3) The balance of client’s OneAccount(s) must not exceed PhP500,000 at any point during the Promo Period. For the avoidance of doubt, in case the client opens and/or funds (as applicable) more than one OneAccount during the Promo Period, the aggregate balance of all such accounts must not exceed Php500,000 at any point during the Promo Period.

4) The OneAccount(s) opened or funded for purposes of this Promo must be active, fully verified, and under client’s own name as sole principal accountholder. Dormant, frozen, or garnished accounts; joint, In-Trust-For (ITF), or For-Account-Of (FAO) accounts; accounts subject to restrictions under RCBC internal policy or any applicable law, rule, or regulation; accounts maintained with, on behalf of, or for the benefit of other persons; and all other accounts similar or analogous to the foregoing, are excluded from the scope of this Promo.

5) OneAccounts opened in a RCBC Business Center, under RCBC’s bank-from-home procedures, or as an additional account via RCBC Digital during the Promo Period, are not qualified for this promo

Earning and Crediting of Interest at Special Rate

1) An Eligible Client shall earn the 3% special interest rate (“Special Rate”) per annum on the funds his/her OneAccount(s) that meet the eligibility requirement in Section A.

2) Client will not earn the Special Rate if the aggregate balance of his/her OneAccount(s) exceeds P500,000 at any given point during the Promo Period. In case the said threshold is breached, the regular interest rate for the current month shall apply.  

3) Eligible Clients will enjoy the Special Rate during the Promo Period only. After the Promo Period, the regular rate for OneAccount(s) shall apply.

4) Interest earned at the Special Rate shall be credited every month-end within the Promo Period.

Miscellaneous Provisions

1) Standard procedures and policies governing the opening of an account will apply. All OneAccount(s) are subject to RCBC’s policies and procedures and Terms and Conditions governing deposit accounts.

2) Any client who is determined by RCBC to have committed any fraud or misrepresentation for the purpose of gaining eligibility for this Promo shall be automatically disqualified.

3) Any taxes on interests earned pursuant to this Promo shall be for client’s account.

4) In case of any dispute on all matters relating to this promo, the decision of RCBC, in coordination with the Department of Trade and Industry (“DTI”) where applicable, shall be final and binding on all account holders.

Frequently Asked Questions

  1. How do I join this promo?

To join the promo you must successfully open an account online via RCBC Digital

  1. Who is qualified to join this promo?

The Promo is open to all clients who (“Eligible Clients”):

  • Doesn’t have any existing RCBC CASA account
  • Are not enrolled users of RCBC Digital (www.rcbconlinebanking.com) as of the start of the Promo Period; and
  • Successfully opened at least one OneAccount via RCBC Digital within the Promo Period.
  1. When will the special rate take effect?

Crediting of the special rate will apply by the end of month.

  1. What is the minimum and maximum deposit to earn the special rate?

To earn the special rate, the client must have at least P5,000 average daily balance per month in his/her account and a maximum of P500,000 average daily balance per month.

  1. What if my balance exceeded the set maximum cap? How much will be the interest?

Special rate will only apply for a maximum average daily balance of P500,000 per month per client. If the total balance exceeds the set cap, the regular or board rate for OneAccount shall apply.

Illustration:

Per Client Average Daily Balance per Month Qualified? Yes or No
Client 1 P450,000 Yes
Client 2 P550,000 No
  1. Will I enjoy the special rate for the whole promo period regardless of the date I opened an account?

Clients can take advantage of the special rate within the promo period only regardless of the time he/she opened an account. Regular rate will apply after the promo period.

  1. Who will shoulder the tax from the interest earned by the client?

20% withholding tax will be automatically deducted in the total interest earned by the client.

  1. I have multiple accounts opened via RCBC Digital, will all of my accounts qualify for the special rate promo?

OneAccount(s) successfully opened via RCBC Digital as a new account and not an additional account will be qualified for the promo. If a client has multiple OneAccounts, the aggregate balance of maximum P500,000 will only be qualified for the promo. If total balance exceeds the set cap, regular rate shall apply.

An additional account is defined if a client has an existing and active account with RCBC and decided to open an additional account via RCBC Digital.

  1. I opened an account via RCBC Digital prior to the promo, will I still be qualified for the promo?

Only new-to-bank clients who opened OneAccount via RCBC Digital within the promo period are qualified for the promo.

  1. What if I met the minimum balance required in the first month and withdrew my money on the second month of the promo? Will I still be qualified for the promo in the succeeding month?

Application of the interest rate will depend on the total balance for that specific month. For example, if the client met the required balance during the first month, he/she is qualified for the promo. However, in the second month the client withdrew his/her money and did not meet the required balance, special rate will not apply for that month.

Interest Covered Period Average Daily Balance per Month Qualified? (Yes or No)
November P15,000 Yes
December P3,000 No
  1. What if I have multiple OneAccounts opened in RCBC Digital as new accounts, how will the special rate be computed?

Computation of special rate will be based on the total balance of the accounts per client. If the client has multiple accounts and has a total balance of P500,000 (e.g. P250k per account), both accounts will be qualified for the special rate.

However, if the client has two (2) accounts with a total balance of P520,000, both accounts will earn the regular rate since total balance has exceeded the set maximum limit of P500,000.

Please see sample scenarios below:

Scenario 1: Client has two (2) OneAccounts with a total balance of P500,000 (P250k each).

Per Client Average Daily Balance per Month Qualified? Yes or No
Account 1 P250,000 Yes
Account 2 P250,000 Yes

Scenario 2: Client has two (2) accounts with a total balance of P520,000.

Per Client Average Daily Balance per Month Qualified? Yes or No
Account 1 P400,000 No
Account 2 P120,000 No
  1. Where can I check the applicable regular board rate of OneAccount?

You can visit RCBC website, click here: https://www.rcbc.com/rcbc-one-account

 Where can I call if I have any questions?

Please call RCBC Customer Care Hotline at (02) 88877-7222 or email customercare@rcbc.com

 

 

Per DTI Fair Trade Permit No. FTEB-153745 Series of 2022