1. What is eC-Savings Account?
It is a regular savings deposit product aimed to improve traditional and non-traditional (digital) financial services for the unbanked and underbanked Filipinos. It is also a service that allows verified GCash App Users to open an account via the application under GSave marketplace.
2. What is GSave?
It is a digital savings account where you can secure your funds while earning interest. Users may open a savings account with any of the bank partners in the marketplace.
3. Does the application work in any type of device?
The application is open to any device if it has at least version 5.0 and above for Android and iOS 14 or above.
4. Is there an initial deposit required to open an eC-Savings account?
None
5. How much is the minimum deposit required?
Php 1.00
6. Can I open an account if I’m under 18 years old?
No. You can open an account with EC-Savings if you are at least 18 years old.
7. Who are qualified to open an eC Savings Account?
Fully verified GCash users, aged 18 years old and above, who are Filipino citizens and have a fully verified email, with no existing Cebuana bank account, are eligible to open an eC Savings account.
8. Is face-to-face verification needed to make an eC Savings account?
There is no face-to-face verification needed when opening an eC Savings Account.
9. Can I open an EC-Savings Account if I’m not a fully verified user of GCash?
No. You should be a fully verified user of GCash for you to open a savings account in EC-Savings in GSave marketplace.
10. What is the maintaining balance in EC-Savings?
None
11. Is there a required balance to earn interest?
Yes. At least 0.01 balance in the account to earn interest.
12. What is the deposit interest rate as a depositor of EC-Savings?
3.0% per annum
13. Is there a maximum account balance?
None
14. Is there a deposit fee?
None
15. Is there a withdrawal fee?
None
16. How much is the charge for dormancy?
None
17. How do I compute my Average Daily Balance?
Sum of all end of day balance divided by days of the month.
Example,
Net Interest Earned = [Average Daily Balance x No. of days in a month / 360] x Interest Rate P.A. x [1 - Withholding tax (20%)] Average Daily Balance: PHP 10,000
No. of days in the month: 30 days
Interest Rate: 3.5% Withholding Tax: 20%
Nominal Interest Amount: ((10,000*30)/360)* 3.5% = 29.167 Withholding Amount:
((10,000*30)/360)* 3.5% *20% =5.833
Net Interest Amount:
PHP 29.167 - PHP 5.833 = PHP 23.334
18. Is there a deposit limit for eC Savings?
Yes. Maximum cash deposit limit per transaction is 50,000Php and Maximum cash deposit limit per Month is 100,000 Php.
Note: Please observe GCash transaction limits.
19. Is there a withdrawal limit for eC Savings?
Yes. Maximum cash withdrawal limit per transaction is 50,000Php and Maximum cash withdrawal limit per Month is 100,000Php.
Note: Please observe GCash transaction limits
20. Is there a required balance to start earning interest on my eC Savings account? How much?
Required balance to start earning interest is at least 0.01Php.
21. Will I receive an OTP for my EC-Savings transaction?
Yes. When doing a withdrawal, the user will receive an SMS for the OTP for authentication.
22. What will happen if I input the wrong OTP?
Your transaction cannot continue. You have a maximum of three attempts to input the correct OTP.
23. Can I open another account if I already have eC Savings/MSA/CSA?
No. Each user is limited to only one savings account in Cebuana Lhuillier Bank.
24. Is there a lock-in* period when it comes to depositing to and withdrawing from my eC Savings account?
There is no lock-in period for eC Savings.
25. How do I transfer money from my eC Savings account to another account?
Currently, you can’t transfer money from your eC Savings to another eC Savings account. You can only withdraw money from your GCash wallet.
26. How do I transfer my money from my eC Savings account to other banks?
Currently, you can’t transfer money from your eC Savings to another eC Savings account. You can only withdraw money from your GCash wallet.
27. What if I already have an existing account in Cebuana Lhuillier Rural Bank, can I still open an eC Saving account?
No, customers can only open 1 product catered by Cebuana Lhuillier bank.
28. Will I be able to deposit more than the account balance I have in my GCash Wallet?
No. Make sure that you have sufficient funds from your GCash wallet to deposit in your EC-Savings account. Otherwise, you can only deposit what is left in your GCash wallet to your savings account.
29. Where can I view my transaction?
Go to Transaction History and input statement period.
30. Can I open two (2) EC-Savings Accounts?
No. Since the user should be fully verified by GCash, you can only open One (1) EC-Savings account.
31. What will happen to my account if I lose or change my mobile number?
GCash manages mobile number changes and account consolidation. Users can request changes or consolidations with GCash, which then handles the process and updates CLRB with the new mobile numbers for respective accounts.
Report lost or stolen phone or SIM – GCash Help Center
32. Is there an early closure fee?
None
33. How do I close my eC Savings account?
Follow these steps to close your eC Savings account:
- Withdraw all remaining funds from the eC Savings.
- Email your request to cebuanacares@pjlhuillier.com
33. When will an account be closed?
Account closure may be initiated at the request of the account holder, or upon account review by CLRB Compliance. Your account will also be closed if it has been empty (PHP 0 balance) for 3 consecutive months.
34. How can I get my money if my account was closed?
Upon account closure, the balance from the eC Savings account must be transferred to the GCash wallet.
35. How do I keep my account from being dormant?
Please refrain from leaving your account inactive (no deposit/withdrawal transactions) for a period of two years.
36. How can I activate my dormant account?
To reactivate your dormant eC Savings account, email your request to cebuanacares@pjlhuillier.com.
37. Can i access my eC Saving account through other access “Cebuana Mobile App”?
Not yet, your eC Savings account can only be accessed via GCash - GSave app, will keep you posted on the enhancement for account linking to the Cebuana Mobile App Or
No, your eC Savings account can only be accessed via GCash - GSave app.