Updated July 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.
In addition to the commercial/universal banks, there are 4 rural banks, 12 thrift banks and 2 e-money cards (DCPay and PayMaya).
You can now receive your sickness, maternity, funeral benefits and loan payouts through these banks.
But you must first enroll your bank account in the Bank Enrollment Module (BEM) of your online SSS account. Login, then choose E-Services, then click Bank Enrollment.
When entering your bank account, do not put dashes. When entering your phone number, start with 0 and not 63.
Example account number: 8345986712
Example phone number: 09185739390
Here below are the SSS-accredited banks for benefit and loan payouts.
- Al-Amanah Islamic Bank of the Philippines
- AllBank (A Thrift Bank)
- Asia United Bank (AUB)
- Australia and New Zealand Bank (ANZ)
- Bangkok Bank
- Bank of America
- Bank of China
- Bank of Commerce (BankCom)
- Bank of Florida (A Rural Bank)
- Bank of the Philippine Islands (BPI)
- BDO Unibank Inc.
(formerly Banco de Oro Unibank)
- BDO Network Bank, A Rural Bank
(formerly One Network Bank)
- Century Savings Bank
- China Banking Corp. (ChinaBank)
- China Bank Savings
- CIMB Bank Philippines
- CityState Savings Bank Inc.
- Country Builders Bank Inc.
- Country Rural Bank of Taguig Inc.
- CTBC Bank Corp.
formerly Chinatrust Banking Corp.
- DBP Cash Padala Thru MLhuillier
- DCPay Philippines
- Deutsche Bank
- Development Bank of the Philippines (DBP)
- Dungganon Bank
- EastWest Bank
- Equicom Savings Bank
- First Consolidated Bank
- Hong Kong and Shanghai Banking Corp. (HSBC)
- Industrial Bank of Korea (Manila)
- ING Bank
- KEB Hana Bank
- Land Bank of the Philippines (Landbank)
- Malayan Bank Savings and Mortgage
- Maybank Philippines Inc.
- Mega International Commercial Bank
- Merchant Savings Bank
- Metropolitan Bank and Trust Co. (Metrobank)
- Mizuho Bank
- MUFG Bank
- 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
- Rizal Commercial Banking Corp. (RCBC)
- Robinsons Bank
- Security Bank Corp. (SB)
- Shinhan Bank
- Standard Chartered Bank
- Sterling Bank of Asia
- Sumitomo Mitsui Banking Corp.
- Union Bank Quick Card
- Union Bank of the Philippines (UnionBank)
- United Coconut Planters Bank (UCPB)
- United Overseas Bank (UOB)
- Wealth Development Bank (now WealthBank)
- Yuanta Savings Bank
Remember maintaining 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 only with banks that accept and honor a Letter of Introduction (LOI) from SSS.
Ask for an LOI from SSS and find a bank from the list above that will honor your LOI from SSS.
I’ve read that PSBank and China Bank honor LOIs from SSS.
I think CTBC accepts SSS LOIs too, as it has long been offering SSS Visa cash cards for pension releases.
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
Note: Do not use BDO cash cards and other cash cards with balance limits.
Kung halimbawa, 32k pesos ang benefit mo, hindi puedeng kargahin ng cash card na ang maximum balance limit ay 10k pesos lang.
SSS wants to make sure you are writing the correct bank account details, so bring with you:
– Recent Deposit Slip with your name and account number (original and xerox copy)
– Actual ATM card
– Photocopy of your ATM card (front and back)
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.
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