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    BSP Circular 1106

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    Maya Julieta Catacutan-Estabillo
    The Bangko Sentral ng Pilipinas approved amendments to restructure service fees for banks' deposit and withdrawal transactions. Key changes include: (1) introducing service fees for different types of banknote deposits; (2) reinstating and modifying service fees for new and fit banknote withdrawals; (3) imposing penalties for cancelled withdrawal transactions; and (4) providing rebates, refunds, and incentives for unfit banknote deposits within three years. These restructured service fees will be implemented in phases starting 15 calendar days after publication and on June 1, 2021 for regional offices.

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    BSP Circular 1106

    Uploaded by

    Maya Julieta Catacutan-Estabillo
    139 views2 pages
    The Bangko Sentral ng Pilipinas approved amendments to restructure service fees for banks' deposit and withdrawal transactions. Key changes include: (1) introducing service fees for different types of banknote deposits; (2) reinstating and modifying service fees for new and fit banknote withdrawals; (3) imposing penalties for cancelled withdrawal transactions; and (4) providing rebates, refunds, and incentives for unfit banknote deposits within three years. These restructured service fees will be implemented in phases starting 15 calendar days after publication and on June 1, 2021 for regional offices.

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    The Bangko Sentral ng Pilipinas approved amendments to restructure service fees for banks' deposit and withdrawal transactions. Key changes include: (1) introducing service fees for different types of banknote deposits; (2) reinstating and modifying service fees for new and fit banknote withdrawals; (3) imposing penalties for cancelled withdrawal transactions; and (4) providing rebates, refunds, and incentives for unfit banknote deposits within three years. These restructured service fees will be implemented in phases starting 15 calendar days after publication and on June 1, 2021 for regional offices.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    139 views2 pages

    BSP Circular 1106

    Uploaded by

    Maya Julieta Catacutan-Estabillo
    The Bangko Sentral ng Pilipinas approved amendments to restructure service fees for banks' deposit and withdrawal transactions. Key changes include: (1) introducing service fees for different types of banknote deposits; (2) reinstating and modifying service fees for new and fit banknote withdrawals; (3) imposing penalties for cancelled withdrawal transactions; and (4) providing rebates, refunds, and incentives for unfit banknote deposits within three years. These restructured service fees will be implemented in phases starting 15 calendar days after publication and on June 1, 2021 for regional offices.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    BANEKO SEnrnaL NO PILIPINAS

    OFFICE OF THE GOVERNOR

    crRcurAR No. 1J106


    Series of 2O2O

    Subject: Restructured Service Fees for Banks' Deposit and Withdrawal Transactions

    The Monetary Board, in its Resolution No. L658 dated 17 December2020, approved
    the following amendments to the Manual of Regulations for Banks (MORB) on the: (a)
    restructuring of service fees for banks' deposit and withdrawal transactions with the Bangko
    Sentral, (b) reinstatement of the service fees on new and fit banknote withdrawals, (c)
    provision of rebates, refunds, and incentives for unfit banknote deposits, and (d) imposition
    of a penalty for cancelled withdrawal transactions.

    Section 1. Section 11Q3 of the MORB is hereby amended to read, as follows:

    1103 SERVICE FEE FOR TRANSACTIONS WITH THE BANGKO SENTRAT

    The succeeding provisions under this Section provide the guidelines on the
    imposition of service fee on transaction of banks with the Cash Department (CD),
    Metro Manila Currency Operations Sub-Sector (MCOSS) and the Regional Offices and
    Branches, Regional Operations Sub-Sector (ROSS). The guidelines and procedures
    governing currency deposits and withdrawals of banks are provided in Appendix 84.

    Fee structure on seruices olfered by the CD, MCOSS ond Bangko Sentrol
    RegionolOffices and Branches, RO55. The following shall govern the transactions of
    banks with CD, MCOSS and Regional Offices and Branches, ROSS:

    a. Service fees for banknote deposits:

    Tvoe ofTransaction Aoolicable Service Fees


    Fit banknote deposits PHP200 per bundle
    U nfit banknote deposits None
    Mixed banknote deoositsl PHPZ4O per bundle
    Fit banknotes found in unfit PHP300 per bundle
    banknote deposits verified
    Unfit banknotes found in fit PHP}4O per bundle2
    banknote deposits verifiedl

    1
    Only applicable to the Cash Department
    2 Deposits classified as fit banknotes but found to include unfit banknote deposit shall be reclassified as mixed
    banknotes and accordingly charged an additional fee of PHP40.00 per bundle (Total fee of PHP240 less the
    PHP200 fee paid for deposit of fit banknotes).

    A. Mabini St. Malate 1004 Manila, Philippines . (632)8708-7701 . www.bsp.gov.ph . [email protected]


    b. Reinstatement of Service fees for new and fit banknote withdrawals with
    modifications:
    Serv|ce Fee per Bundle {ln PHP}
    Denomination
    New Fit
    1000 200.00 140.00
    s00 100.00 70.00
    200 40.00 28.00
    100 20.00 14.00
    50 10.00 7.00
    20 4.00 3.00

    c. Penalty of PHP5,000.00 for every cancelled withdrawal transaction;

    d. Provision for rebates, refunds and incentives for unfit banknote deposits
    which banks may avail within three (3) years:

    Rebate/Refund Amount per Incentive for Unfit Banknote


    Denomination Bundle of Unfit Deposits (in PHP)r Deposits in Excess of Total
    New Fit Withdrawals (per bundle, in PHP)2
    1000 160.00 100.00 50.00
    500 50.00 30.00 15.00
    200 40.00 28.00 14.00
    100 20.00 14.00 7.OO
    50 10.00 7.OO 3.50
    20 4.00 3.00 1.50
    1/ Rebote/Refund sholl be bosed on totol bonknote withdrawals (fit ond new)
    2/ Totol incentives sholl not exceed totol service fees of bonk on withdrowal trsnsoctions

    Section 2. This restructured service fees shall be implemented by the Cash


    Department, BSP, fifteen (15) calendar days following the publication of the Circular in the
    Official Gazette or in a newspaper of general circulation. The BSP Regional Offices and
    Branches shall implement the restructured service fees starting 01June 2021.

    FOR THE MONETARY BOARD:

    c c q.
    BENJAMIN E. DIOKNO
    Governor

    L\ Ve c,crnbq zozo

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