Peru overhauls 'cuenta basica' rules

Peru has updated rules governing a special type of savings account that lenders were first authorized to offer in 2011.

The accounts, known as cuentas basicas (basic accounts), were introduced as part of efforts to increase financial inclusion.

About 43% of Peruvian adults had a savings account in 2017, up from 29% in 2014, according to World Bank data.

Cuenta basica rules have been amended to bring them in line with those in the areas of money laundering prevention and market conduct and to help boost financial inclusion, banking watchdog SBS said in a statement.

Authorities have kept in place rules that establish that an account holder can deposit or withdraw, in one financial institution, a maximum of 1,000 soles (US$306) a day. They have also maintained a 2,000-sol limit on the combined balance of accounts held by an individual in one financial institution. Likewise, monthly deposits or withdrawals cannot exceed 4,000 soles.

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Under the amended framework, a cuenta basica account, once opened, cannot be reclassified as another type of account. Also there is no minimum deposit or minimum monthly balance requirement for applicants. Authorities have also removed restrictions regarding the number of basic accounts in the entire financial system.

Applicants can open an account in person or via digital channels and the new set of rules establishes requirements in the area of required documentation.