Pension Account

A savings account specially created for those who want to receive their pension through AFPSLAI and/or for those who plan to avail of AFPSLAI Pension Loans.

FEATURES:

Type:
010 Red Passbook (BFP Pension)
012 Red Passbook (PVAO Pension)
Earns interest at 3% per annum, TAX FREE!
No over-the-counter deposits allowed
Schedule of release of pension depends on the date of remittance

Procedures

Thru Walk-in Application

Thru E-Mail

Member fills out the Bank Remittance Application Form from PVAO

Member proceeds to the Membership Section in AFPSLAI and fills out an Account Opening Form.

Membership Staff issues Pension Account passbook (SD-012) to member.

Member deposits a minimum deposit of Php 100 at the Teller Section.

Membership Staff fills out the Account No. in the Bank Remittance Application Form for signature of the Branch Manager.

Member submits the completely accomplished Bank Remittance Application Form to PVAO

Member proceeds to the Membership Section to submit the stub issued by PVAO.

Membership Staff opens the email sent by PVAO.

Member fills out an Account Opening Form.

Membership Staff fills out the Account No. in the Bank Confirmation Slip for signature of the Branch Manager.

Membership Staff emails the completely Bank Confirmation Slip to PVAO.

FAQs

Q: Are co-depositors allowed in PVAO Pension Account (SD-012)?
A: No. This account is meant as a single account only.

Q: Are over-the-counter deposits allowed?
A: No, over-the-counter deposits are not allowed.

Q: How is the interest computed?
A: Earnings are computed based on average daily balance.

Q: What happens if the balance goes below the required maintaining balance of Php 100?
A: A monthly fee of Php 10 is charged for account with balance below Php 100.

Q: Does dormancy fee apply for this account?
A: Yes, monthly dormancy fee of Php 30 is applied for accounts with no withdrawal transactions within the last two (2) years.

Q: When is the release of PVAO pension?
A: Schedule of release of pension depends on the date of remittance by PVAO. But PVAO Pension is usually remitted on the 2nd week of the month.