# **Table 2. 5  Products and costs of service by selected financial institution**

||**CURRENT ACCOUNT**<br>**Info requirements at opening**|<br>**Min.**<br>|**Min.**<br>|**Info requirements at opening**|**SAVINGS A**<br>**Min.**<br>|**CCOUNT**<br>**Min deposit**|**Min balance**<br>|**Interest**|
|---|---|---|---|---|---|---|---|---|
|||**opening**<br>**balance**|**balance**||**opening**<br>**deposit**||**for interest**<br>**accrual**||
|**Bancafe**|Salary of at least 3x min. wage.<br>Other requirements not available|Not required|Not required|1) Completed application form, 2) photocopy of<br>national ID card|Not available|Not<br>available|Not available|Not available|
|**Ban-**<br>**Colombia**|Work certificate; 2) passport or ID card; 3) last 3<br>monthly income or account statements|Not available|Not available|Info requirements not available (See note A)|50% of<br>monthly min.<br>wage|Not required|COP300,000|$300,001-$1 mill. 1.50%<br>$1,000,001-$5 mill. 2.25%<br>$5,000,001-$15 mill. 3.50%<br>$15,000,001-$ 4 5mill. 3.70%<br>$45,000,001-$300 mill. 4.25%<br>over$300 mill 275%|
|**Ganadero-**<br>**BBVA**|Not available|COP 1 million|Not required|Info requirements not available (See note B)|COP100,000|Not required|Not available|. .<br>Not available|
|<br>**Davivienda**|(See note C)<br>_Individuals:_1) completed application form, 2) photocopy<br>of national identity card.<br>_Entities:_1) completed application form, 2) photocopy of<br>NIT and ID card of representing person, 3) certificate of<br>foundation and management, 4) photocopy of tax filing<br>documentation and/or financial accounts, 5) if newly<br>created company, initial constitution balance|COP200,000|Not required|(See Note D)<br>_Individuals:_1) ID card of citizenship card. If foreign<br>citizen, residence card or NIT. 2) If owner of a<br>commercial store: certificate of registration in<br>Chamber of Commerce.<br>_Entities:_1) Certificate of foundation and<br>management, 2) NIT, 3) articles of incorporation,<br>4) Chamber of Commerce registration and proof<br>of legal representation, 5) last tax filing<br>documentation, 6) list of shareholders.|COP25,000|COP 10,000<br>(except for<br>payroll and<br>retirement<br>accounts)|COP 25,000|2.50% annual rate over<br>daily balance|
|**Occidente**|1) Completed application form, 2) two photocopies of<br>the national ID card, including fingerprint, 3) printouts of<br>all bank account movements during last 3 months, 4)<br>certificate from employer, no older than 30 days, stating<br>position, years of experience and salary; 5) newest<br>available tax filing documents, or income certificate and<br>retentions; 6) if the individual is not eligible for tax filing,<br>letter expressing this circumstance.|Not available|Not available|<br>1) Completed application form, 2) two<br>photocopies of the national ID card, including<br>fingerprint.|Not available|Not available|Not available|Not available|
|**Santander**<br>**Colombia**|_Employees:_1) completed application form, 2) photocopy of<br>the national identity card, 3) photocopy of the income and<br>retentions certificate, 4) Certificate from employer no older<br>than 30 days, that includes position, years of experience<br>and salary, or last three payrolls.<br>_Self employed:_1) completed application form, 2)<br>photocopy of national ID card, 3) photocopy of last<br>available tax filing documents or letter stating status as<br>non-taxpayer4)report of bank activityin last 3 months|COP 500,000|Not required|1) Completed application form, 2) presentation of<br>the national ID card.|Less than 18<br>years old:<br>COP100,000<br>Older than 18:<br>COP300,000|<br>COP20,000|COP300,000|$300,000 - $1 mill. 1.00%<br>$1 mill. - $5 mill. 1.98%<br>$5 mill. - $10 mill. 3.20%<br>$10 mill. - $50 mill. 3.44%<br>$50 mill. - $3000 mill. 3.92%<br>Over $3000 mill. 3.44%|
|**Banco**<br>**Caja**<br>**Social**|, .<br>_Employees:_1) Completed appliction form, 2) photocopy of<br>national ID card; 3) photocopy of income and fiscal<br>retentions certificate; 4) Letter from employer stating<br>position, salary and years of experience, or proof of<br>retirement; 5) newest available tax filing documents, or<br>letter stating status as non tax payer.<br>_Self employed with non-registered business:_1) application<br>form, 2) photocopy of owner’s ID card.<br>_Self employed with registered business:_1) Registration<br>certificate in the Chamber of Commerce, no older than<br>60 days, 2) financial accounts, 3) tax filing document, or<br>letter stating non tax payer status, 4) proof of bank<br>activitof last 3 monthsif available|Not required|Not required|ID card|Not required|Not required|Not required|3-5% for sight deposits<br>5-8% for time deposits|
|**Megabanco**|y ,.<br>1) Completed application form, 2) photocopy of ID card,<br>3) instruction letter and signed blank IOU, 4) certificate<br>from workplace, 4) income and fiscal retentions<br>certificate,or tax filingdocumentation.|COP500,000|Not required|(See Note E)<br>1) Completed application form, 2) presentation of<br>the national ID card.|COP50,000|COP10,000|COP150,000|Not available|
|**Colmena**|Same as Banco Caja Social<br>|Min. salary of<br>COP 1 million|COP300,000-<br>500,000|Not available|Not required|Not required|Not required|$0 - $500,000 0,10%<br>Over $500,001 0.20%|

Notes: A) Bancolombia savings account conditions are based on “Bancolombia Ahorro” account; B) Ganadero-BBVA savings account conditions are based on “El Libreton” account; C) Davivienda current account conditions are based on the “Cuenta Corriente sin Sobregiro” account; D) Davivienda savings account conditions are based on the “Cuenta FijoDiario” account; E) Megabanco savings account conditions are based on the “Cuenta Ahorro Tradicional” account.

_Source: Interviews with bank managers, banks’ websites_ 40