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RCBC enhances privileges that help maximize depositors’ funds amid pandemic

RCBC enhances privileges that help maximize depositors’ funds amid pandemic

Rizal Commercial Banking Corp. (RCBC) has rolled out more client privileges that allow for better opportunities on deposits.

Through its premier banking offer, the Hexagon Club, depositors enjoy more rewards based on their deposit level. These include higher add-on rate on their short-term time deposit, better rates for an auto or a home loan facility, and a special rate for foreign exchange transactions, waived transaction fees, among others. The bank also increased the maximum free life insurance coverage for qualified depositors from 3M to 5M.

In 2020, RCBC noticed an excess in liquidity among its customers as a number of them hardly moved their deposit accounts.  As people stayed indoors to help lessen the transmission of the Coronavirus 2019 (Covid19), consumer spending decreased leaving more funds in saving.

The bank also noticed that there was an increase in short term investments, as clients sought earnings better than the savings rate.

“When the deposits increased, we saw it as an opportunity to help our clients maximize their funds by enhancing their privileges which entitles them to get better rates and coverage,” RCBC executive vice president and head of Retail Banking Group, Richard C. Lim said. Other perks of being a Hexagon Club member include getting a first shot on investment offerings like corporate or treasury bonds,  free life insurance privileges, and invitations to exclusive webinars on economic/market outlook, and stock trading.

On top of this, a dedicated business relationship manager is provided to the Hexagon Club member who they can contact directly for financial advice or banking concerns.

Clients can also make use of the Hexagon Club’s Benefits Calculator, to get an idea on the perks one can enjoy in line with the deposits they make with the bank. They can visit the Hexagon Club website at https://www.rcbc.com/hexagon-privilege to access the Benefit’s Calculator.

Clients who have an existing current or savings account, or plan to open an account with RCBC, can apply to be a Hexagon Club member.

Hexagon Club Privilege members or individual accountholders just need a maintaining balance of P100,000 while the Prestige members or the retail small and medium enterprises (SMEs) must maintain a P500,000 balance to qualify for the program.

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