This PDS helps you decide whether to acquire and use the VBank Account (the “Account”) and VBank Mobile App (the “App”). It does not take into account your objectives, financial situation, or needs. Please consider whether this product is right for you and seek independent advice if needed.
About this PDS
This PDS is issued by Vigan Banco Rural Incorporada (VBRI / VBank), a rural bank regulated by the Bangko Sentral ng Pilipinas (BSP). It describes key features, benefits, risks, fees, limits, and dispute resolution for the Account and its App. Any advice herein is general only.
Updates to this PDS
Non-material changes may be made from time to time. Updated information will be available on the VBank website and/or via in-app notices.
Website: https://vbank.ph/ → see Disclosures/Notices page.
Issuer and Regulator
Issuer / Account Provider: Vigan Banco Rural Incorporada (VBRI / VBank)
Regulator: Bangko Sentral ng Pilipinas (BSP)
VBank holds a banking license authorizing it to provide general banking services, including this Account.
Product Description
The VBank Account is a peso savings account with digital/electronic payment capabilities accessible through the VBank Mobile App. Supported payment rails include PESONet and InstaPay for domestic transfers to participating banks and e-money issuers. The Account may earn interest.
Account Variants:
Panatag Account (interest-bearing, full account): A full bank account that may earn interest at prevailing rates (see Terms/Product Sheet). Requires completion of full KYC.
Pasimula Account (non-interest, basic): A simplified account that does not earn interest and carries a ₱50,000 limit for customers who are not yet fully KYC’d. You may upgrade to the Panatag Account by completing full KYC.
Eligibility, KYC, and Onboarding
You must meet VBank’s eligibility and Know-Your-Customer (KYC) requirements.
Significant Benefits
Full bank account: deposit/withdraw, send/receive funds, and (for Panatag) earn interest per product terms.
Domestic payments: transfer via PESONet and InstaPay to participating institutions.
Mobile app: manage the Account anywhere with real-time access, security controls, and alerts.
Interest (Panatag): the Panatag Account may earn interest at prevailing rates (see Terms/Product Sheet).
Significant Risks
Input/operation errors: incorrect details or device mishandling may cause unintended transactions.
Unauthorized transactions: recovery is not guaranteed; notify VBank immediately if you suspect compromise.
Network/service unavailability: you may be unable to transact or view information when systems or partner networks are offline.
Available balance only: you can transact only up to your available cleared balance and applicable limits.
Fees and Charges
Fees may change; VBank will provide notice per regulations. Current indicative fees:
Cash-in / Cash-out
InstaPay outgoing: ₱15.00 per transaction
P2P QR: ₱15.00 per transaction
Scan to Pay: ₱15.00 per transaction
Other fees (if any) are disclosed in the Fees & Charges Schedule and/or in-app prior to confirmation.
Account Limits
General: Daily transaction limits apply based on your KYC tier, risk profile, and regulatory requirements.
Pasimula Account (not fully KYC): ₱50,000 limit applies (until full KYC is completed and the account is upgraded to Panatag).
Panatag Account (full KYC): No Limits. This is a fully verified savings account without any imposed account limit.
Account Closure & Data Deletion
If you request Account deletion:
Access: App access is disabled after request acceptance.
Data retention: Your records will be retained for five (5) years to comply with Republic Act 9160 (AMLA) and other laws, after which they will be securely deleted or anonymized.
Before requesting deletion:
Settle outstanding dues (we cannot proceed while dues exist).
Prepare a valid government ID (e.g., SSS/UMID/Driver’s License/Passport). If your legal name has changed, include proof (e.g., marriage certificate).
Email helpme@vbank.ph and attach:
Photo of your valid ID
Accomplished Account Deletion Request Form (request via helpme@vbank.ph)
If via authorized representative: authorization letter + representative’s valid ID
We will use the submitted data only to verify your identity and process the deletion.
Disputes and Complaints
If you have a concern or complaint, contact VBank (see Section 14). We will:
If you are not satisfied or do not receive a response within the above timeframes, you may escalate to the BSP Consumer Assistance:
Authority and Representations
If you receive information inconsistent with this PDS or any financial product advice, do not rely on it—rely only on this PDS and the official Terms & Conditions.
Other Important Information
Deposit insurance: Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to the statutory coverage per depositor, per bank. (Coverage applies to both Panatag and Pasimula Accounts.)
Contact Us
Vigan Banco Rural Incorporada (VBRI / VBank)
Please provide your contact details and describe your concern. We will register your case and reply with an initial response within five (5) working days; we aim to resolve within forty-five (45) calendar days.
Filipino Language Notice (Paunawa sa Wikang Filipino)
Paksa: Product Disclosure Statement (PDS) – VBank Account + Mobile App
Mga Uri ng Account:
Mga Benepisyo:
Mga Panganib:
Reklamo at Ayuda:
Vigan Banco Rural Incorporada is regulated by the Banko Sentral ng Pilipinas https://www.bsp.gov.ph
© 2024 Vigan Banco Rural Incorporada. All rights reserved