Philippine Banks Accredited by SSS for Pensions, Other Benefits

Updated April 17, 2023

Here’s a list of Philippines banks accredited by SSS for payout of pensions, loans and other benefits.

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.

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.

Philippine Banks Accredited by SSS for Pensions, Loans, Other Benefits and Contributions

Al-Amanah Islamic Bank
AllBank (A Thrift Bank)
Asia United Bank (AUB)
Australia and New Zealand Bank (ANZ)
Bangko Kabayan Inc.
Bangko Mabuhay (A Rural Bank)
Bangko Nuestra Senora Del Pilar
Bangkok Bank Public Co.
Bank of America
Bank of China Unlimited
Bank of Commerce (BankCom)
Bank of Florida (A Rural Bank)
Bank of Makati
Bank of the Philippine Islands (BPI)
BDO Network Bank Inc. (A Rural Bank)
BDO Unibank Inc. (BDO)
Biñan Rural Bank Inc.
BPI Direct Banko
Camalig Bank Inc. (A Rural Bank)
Cantilan Bank
Cathay United Bank Co. Ltd.
Cebuana Lhuillier Rural Bank Inc. (upgrade your card/account)
China Bank Savings (CBS)
China Banking Corp. (China Bank)
Coins.ph (e-wallet, only for SSS benefits, not for SSS loans)
Community Rural Bank of Romblon Inc.
Cooperative Bank of Quezon Province
Country Builders Bank Inc.
CTBC Banking Corp.
Deutsche Bank
Development Bank of the Philippines (DBP)
DBP Cash Padala thru M Lhuillier (cash payout outlet, only for SSS benefits, not for SSS loans)
Dumaguete City Development Bank
Dungganon Bank
East West Rural Bank Inc.
East-West Banking Corp. (EastWest Bank)
Equicom Savings Bank
First Consolidated Bank
GCash (e-wallet, must be verified, only for SSS benefits, not for SSS loans)
Guagua Rural Bank
HSBC Savings Bank Inc.
Industrial & Commercial Bank of China
Industrial Bank of Korea-Manila
Innovative Bank
JPMorgan
KEB Hana Bank
Laguna Prestige Banking Corp.
Land Bank of the Philippines/Overseas Filipino Bank (Landbank/OFB)
Lulu Financial Services (Phils) Inc. (e-wallet, only for SSS benefits, not for SSS loans)
Malarayat Rural Bank Inc.
Malayan Bank Savings and Mortgage
Maya Bank Inc. or Maya Philippines Inc. ( has both e-wallet and savings account)
Maybank Philippines Inc.
Mega International Commercial Bank Co. Ltd.
Metropolitan Bank and Trust Co. (Metrobank)
Mizuho Bank
Money Mall Rural Bank Inc.
MUFG Bank Ltd.
MVSM Bank (A Rural Bank Since 1953) 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
Queen City Development Bank
Rang-ay Bank (A Rural Bank) Inc.
RBT Bank Inc.
Rizal Commercial Banking Corp. (RCBC)/Diskartech
Robinsons Bank
Rural Bank of Bacolod City Inc.
Rural Bank of Bauang Inc.
Rural Bank of Digos Inc.
Rural Bank of Guinobatan
Rural Bank of La Paz Inc.
Rural Bank of Lebak (Sultan Kudarat) Inc.
Rural Bank of Montalban Inc.
Rural Bank of Porac Inc.
Rural Bank of Rosario (La Union)
Rural Bank of Sagay Inc.
Rural Bank of Sta Ignacia Inc. (SignaBank)
SeaBank Philippines Inc.
Security Bank Corp. (SB)
Shinhan Bank
Standard Chartered Bank
Sterling Bank of Asia
Sumitomo Mitsui Banking Corp.
The Hongkong and Shanghai Banking Corp. (HSBC)
Tayocash Inc. (e-wallet, only for SSS benefits, not for SSS loans)
Tonik Digital Bank Inc.
Union Bank of the Philippines (UnionBank)
Union Bank Quick Card
United Overseas Bank (Phils) (UOB)
Universal Storefront Services Corp. (USSC) (e-wallet or cash card in partnership with CTBC Bank, only for SSS benefits, not for SSS loans)
Wealth Development Bank (now WealthBank)
Yuanta Savings Bank
Zybi Tech Inc. (JuanCash e-wallet, only for SSS benefits, not for SSS loans)

You will see “E-Wallet/RTC/CPO” on the SSS Disbursement Module. RTC means Remittance Transfer Company. CPO means Cash Payout Outlet.

Notes: ING Bank and Citibank in the Philippines are no longer consumer banks. They now serve only institutions and corporations.

Which types of bank accounts are NOT accepted by SSS for deposit of benefits and loan proceeds?

closed account
dormant account
prepaid account
time deposit account
account name is different from SSS member name
US dollar account
other non-peso account
frozen account
incorrect bank account (bank account is different from proofs submitted)
invalid mobile number
(phone number registered with SSS should be the same phone number used with GCash or Maya wallet)
joint account (or and and/or)
account with restrictions (example: for payroll only, for cash deposit only)

3 Things That You Will Need to Do Related to your Bank Account When Applying for an SSS Benefit or a Loan

Enroll your bank in your online SSS account (Disbursement Account Enrollment Module under E-Services). Upload proof of your bank account (recent deposit slip machine-marked by your bank with bank name, account name and account number)
Enter your bank details into the bank portion of your SSS application form.
For pension application, submit proof of your bank account (original and photocopy, example: recent deposit slip machine-marked by your bank with bank name, account name and account number)

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.
To maintain your 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. Ask first your bank if their cash card allows deposit of SSS benefits via Pesonet. SSS uses only Pesonet-member banks.

Additionally, 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.

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.

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

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