Updated November 6, 2020
Here’s a list of SSS-accredited banks for benefit and loan payouts.
These banks are all members of the fund transfer network PESONET. I think the SSS decided to use PESONET because it’s FREE. The other network, INSTAPAY, charges transfer fees.
You can receive your pension, sickness, maternity, funeral benefits and loan payouts through these banks. SSS is transitioning away from the use of checks to the use of PesoNet transfers to release benefits or loan payouts.
You are required to enroll your bank account in your online SSS account. Login, choose E-Services, then click Disbursement Account Enrollment Module.
When entering your bank account, do not put dashes. Do not put spaces. When entering your phone number, start with 0 and not 63.
Example account number: 8345986712
Example phone number: 09185739390
Warning: If your bank is BDO, choose BDO Unibank Inc., not BDO Network Bank. BDO Network is a rural bank owned by BDO.
I’ve read online about people making the mistake of choosing BDO Network maybe because it comes ahead on the list before BDO Unibank.
Here below are the SSS-accredited banks for benefit, loan payouts and pensions:
- Al-Amanah Islamic Bank
- AllBank (A Thrift Bank) Inc.
- Asia United Bank (AUB)
- Australia and New Zealand Bank (ANZ)
- Bangkok Bank Public Co.
- Bank of America
- Bank of China Unlimited
- Bank of Commerce (BankCom)
- Bank of Florida (A Rural Bank)
- Bank of the Philippine Islands (BPI)
- BDO Network Bank Inc. (A Rural Bank)
- BDO Unibank Inc. (BDO)
- Camalig Bank Inc. (A Rural Bank)
- Cebuana Lhuillier Rural Bank Inc.
- China Bank Savings (CBS)
- China Banking Corporation (China Bank)
- CIMB Bank Philippines
- Citibank N.A.
- Country Builders Bank Inc.
- CTBC Banking Corporation
- DBP Cash Padala Thru M Lhuillier
- DCPay Philippines
- Deutsche Bank
- Development Bank of the Philippines (DBP)
- Dungganon Bank Inc.
- East West Rural Bank Inc.
- East-West Banking Corporation (EastWest Bank)
- Equicom Savings Bank
- First Consolidated Bank
- HSBC Savings Bank Inc.
- Industrial Bank of Korea-Manila
- ING Bank N.V.
- KEB Hana Bank
- Land Bank of the Philippines/Overseas Filipino Bank (Landbank/OFB)
- Malayan Bank Savings and Mortgage
- Maybank Philippines Inc.
- Mega International Commercial Bank Co. Ltd.
- Metropolitan Bank and Trust Co. (Metrobank)
- Mizuho Bank
- MUFG Bank Ltd.
- Paymaya Inc.
- Philippine Bank of Communications (PBCom)
- Philippine Business Bank (PBB)
- Philippine National Bank (PNB)
- Philippine Savings Bank (PSBank)
- Philippine Trust Co. (Philtrust)
- Philippine Veterans Bank (Veterans Bank)
- Producers Savings Bank
- Rang-ay Bank (A Rural Bank) Inc.
- Rizal Commercial Banking Corp. (RCBC)
- Robinsons Bank
- Rural Bank of Guinobatan
- Security Bank Corporation (SB)
- Shinhan Bank
- Standard Chartered Bank
- Sterling Bank of Asia
- Sumitomo Mitsui Banking Corp.
- The Hongkong and Shanghai Banking Corp. (HSBC)
- Union Bank Quick Card
- Union Bank of the Philippines (UnionBank)
- United Coconut Planters Bank (UCPB)
- United Overseas Bank (Phils) (UOB)
- Wealth Development Bank (now WealthBank)
- Yuanta Savings Bank
If your bank is not in the list above, check this list below. These banks below are not yet PesoNet members, but they are currently applying to become PesoNet members. If you can wait, wait for your bank to get accredited by PesoNet:
Bangko Mabuhay (A Rural Bank) Inc.
Bangko Nuestra Senora Del Pilar
BPI Family Savings Bank
Cantilan Bank Inc. (A Rural Bank)
Cooperative Bank of Quezon Province
Guagua Rural Bank
Money Mall Rural Bank Inc.
Queen City Development Bank
RBT Inc. (A Rural Bank)
Rural Bank of Bacolod
Rural Bank of Bauang
Rural Bank of Digos Inc.
Rural Bank of La Paz
Rural Bank of Porac (Angeles City)
Rural Bank of Rosario (La Union) Inc.
Rural Bank of Sagay
Rural Bank of Sta. Ignacia Inc.
3 Things That You Will Need to Do Related to your Bank Account When Applying for an SSS Benefit or a Loan
- Submit one Recent Deposit Slip Machine-Marked by your bank (Original and photocopy)
- Enroll your bank in your online SSS account (Disbursement Account Enrollment Module under E-Services)
- Enter your bank details into the bank portion of your SSS application form.
Remember to maintain balance requirements!
If it’s your first time opening a bank account, remember to ask how much is your required maintaining balance.
If you like to maintain your new account, do not withdraw the maintaining balance.
If you decide not to maintain your account, withdraw your balance in full so that the balance will not be wiped out by below-maintaining-balance penalties later on.
Once a bank account reaches zero balance or negative balance, it will automatically close.
I’ve heard about opening a bank account with only 100 pesos. Is this true?
Yes, but you must present a Letter of Introduction (LOI) from SSS.
You can ask SSS to give you an LOI after you have presented the documents required for the benefit you’re applying for.
I’ve heard that the best banks for SSS pensions are Landbank, PSBank, Metrobank, BDO and China Bank.
I’ll mention CTBC which has long been offering SSS Visa cash cards for pension releases.
Are cash cards allowed for SSS benefits?
Most cash cards are not allowed. Why? Because cash cards are limited in the amount of money that they can contain.
For example, the BDO generic cash card (no name on the card) can contain only up to 10,000 pesos at any time. Kung 30,000 pesos ang maternity benefit mo, hindi papasok sa cash card mo kasi pang-10k lang ang cash card mo.
What to Do if You’re Not an SSS Member and You’re Claiming a Funeral Benefit
File your bank account number using the Funeral Benefit claim form, just like the old way of claiming SSS sickness and maternity benefit below:
Information on the SMEC-PB Program, which stands for Sickness, Maternity and Employees’ Compensation Benefit Payment thru the Bank Program
or Sickness and Maternity Benefit Payment Thru the Bank (SMB-PB) program.
Here’s the portion of the SSS Maternity Benefit Application form where you will write your account’s details:
- You will write these details:
- Bank Name and Branch
- Bank Branch Address
- Zip Code of Bank Branch
- Bank Account Name
- Bank Account Number
- Check if Savings/Current Account, UMID ATM Account or Cash Card
- If Cash Card, write Validity date
You can use your SSS UMID card…but validate it first
If you have an SSS UMID card, you can use it to receive your SSS maternity benefit. Kelangan lang na ipa-validate mo muna ang UMID mo sa Union Bank kiosks na nasa SSS branch sa Diliman, Manila, Pioneer, Buendia, Cebu, Davao, o Baguio.
If you’re using an SSS UMID card to receive your benefits or loan payouts, you’re not required to enroll your UMID card online.
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