Basic Deposit Account

When we said "bank account" we see it that it is only for those who have money; for those who can afford or have money to do banking. And if we say we have "bank account",we have the impression that one who has "bank account" have lots of money.And it really turns out to be true that if you have "bank account" you have lots of money for how can you deposit a P20 pesos,P50 pesos or P100 pesos? There is such amount how much you can deposit more larger than the amounts mentioned above.

What Is Really "Bank Account"?

Before we define what "bank account" is,let us explain first what is the meaning of the word "account"; of course,we already know what the word  "bank" means.

The word "Account" means "Space" or "Place".

"Place" or "Space" that one can put their money. "Space" or "Place" on the bank what the word or phrase "Bank Account" means where you can put your money where that "Space" or "Place" is being taking care of by the bank for you.

You do a "Place" or "Space" on the bank where you can put your money or you get a "Place" or "Space" on the bank with the condition and agreement between  you and the bank about the "Space" or "Place" you get or do and about the money you will put on it.

A "Bank Account" is an "Account" or "Space" or "Place" on the bank where you can deposit and withdraw your money anytime you like when you needed it.

There are types of "bank account";according to Wikipedia; they are : (1) Deposit Account (2) Credit Card Account (3) Current Account (4) any other type of account which you and the bank have agreement.

From these types of "bank accounts",the "Basic Deposit Account" came from.

It is a "Deposit account" but with little or small amount of initial deposit with no maintaining balance.You can deposit as low as P100 pesos for your initial deposit.

This type of "bank account" is open for those people who can't or cannot afford standard and normal banking because of lack of large or amount of money.

"Basic Deposit Account" purpose is to make banking available to those who can't or cannot afford it; to reach them and expand banking