Terms & Conditions
Terms and Conditions for Time Deposit Accounts Offered Through Farmbank’s Website ("Terms and Conditions")
I. GENERAL
By agreeing to these Terms and Conditions, you accept and are bound by the provisions set out herein.
I have read, understood and hereby agree to Farmbank (A Rural Bank), Inc.'s ("Farmbank") terms and conditions for opening and maintaining a time deposit account with Farmbank ("Time Deposit Account") through this website, which may be amended from time to time and I agree to abide by the same.
By opening an account with Farmbank under these terms and conditions, I am fully aware that this involves the transmission of personal data, and information through the internet and I fully assume all risks involved relevant to this transaction.
II. ACCOUNT CREATION
By creating an account on the Farmbank website("Farmbank Platform Account"), I acknowledge and accept the following terms and conditions:
- I agree to provide accurate and complete information when creating my account and to keep this information up-to-date.
- I understand that Farmbank may decline to open, or may suspend or terminate, my Farmbank Platform Account if the information provided is found to be false, inaccurate, misleading, or incomplete.
- I may only maintain one (1) Farmbank Platform Account, and shall use it solely for my own personal transactions and not on behalf of, or for the benefit of, any third party.
- I am responsible for maintaining the confidentiality of my account information, including my password, PIN, and one-time passwords (OTPs), and for all activities that occur under my account. I shall not disclose these credentials to any person, including anyone claiming to represent Farmbank, and shall not access my account through links or QR codes received via unsolicited SMS, email, or messaging platforms.
- I agree to notify Farmbank immediately of any unauthorized use of my account or any other security breach.
- I consent to receive notices, disclosures, and one-time passwords (OTPs) from Farmbank through my registered mobile number and email address, and agree that communications sent to these registered channels shall be deemed validly delivered to me.
- I acknowledge that I have read and consent to Farmbank's Privacy Notice governing the collection, use, and processing of my personal data.
- Instructions given through my Farmbank Platform Account using my registered credentials and authentication methods shall be deemed authorized and valid, unless such instructions resulted from Farmbank's failure to implement the security measures and controls it has committed to under these Terms and Conditions, or as otherwise provided in applicable rules and regulations.
III. TIME DEPOSIT ACCOUNT OPENING AND KYC
I understand that I must first have an active Farmbank Platform Account in good standing before I may apply to open a Time Deposit Account.
I represent and warrant that: (a) I am a Filipino citizen, or a foreign national lawfully residing in the Philippines; (b) I am at least eighteen (18) years of age and possess full legal capacity to enter into this contract; (c) this Time Deposit Account is opened by me in my individual capacity only, and Farmbank does not offer joint or co-owned Time Deposit Accounts through this Online Channel; and (d) I am not subject to any court-ordered restriction on my financial transactions.
I agree to submit all requirements needed to open my Time Deposit Account to Farmbank, including any additional information Farmbank may require, and I agree and understand that my Time Deposit Account shall be created and opened only after Farmbank has verified and validated my information.
I understand that Farmbank may decline to open, or may reject, close automatically, freeze, or place in an inoperative status, my Time Deposit Account if: (a) Farmbank has reasonable grounds to believe the account is being misused or subsequently poses undue risk to Farmbank; (b) I have provided false, inaccurate, misleading, or incomplete information; or (c) any of the representations in this Terms and Conditions is or becomes untrue.
I represent and warrant that I shall have exclusive access to my Time Deposit Account information, and that all instructions I give to Farmbank are complete and accurate. Instructions given through my Time Deposit Account using my registered credentials and authentication methods shall be deemed authorized and valid, unless such instructions resulted from Farmbank's failure to implement the security measures and controls it has committed to under these Terms and Conditions, or as otherwise provided in applicable rules and regulations.
IV. TIME DEPOSIT ACCOUNT
You shall deposit your funds by either (a) fund transfer from your existing Farmbank cash account to the designated Online Time Deposit account using Farmbank's internal transfer mechanism; (b) online fund transfer from your account with another bank or financial institution via InstaPay or PESONet to Farmbank's designated account, accompanied by submission of a copy of the deposit slip or electronic proof of transfer through the online portal; or (c) a check deposit to Farmbank's designated bank account, accompanied by the submission of a copy of the validated deposit slip through the online portal. The Online Time Deposit shall only be created and shall begin earning interest upon the Bank's confirmation of receipt of the funds and, in the case of check deposits, upon the successful clearing and crediting of the check proceeds.
Once you are ready, you may choose to create your Time Deposit Account following the instructions in your account dashboard. The minimum initial deposit amount for the Time Deposit Account is Two Hundred Thousand Pesos (P200,000.00).
Funds transferred to your Farmbank cash account for the purpose of funding a Time Deposit Account are held by Farmbank in the Cash Account section on your account dashboard pending application to your Time Deposit Account. This cash account does not earn interest, is not a savings account, and may not be used for any purpose other than funding your Time Deposit Account. Farmbank shall maintain a record of your balance in this account, accessible to you through your account dashboard, until such funds are applied to an active Time Deposit Account or returned to you.
For purposes of these Terms and Conditions, a "banking day" refers to any day on which banks in Metro Manila or Roxas City are generally open for business, excluding Saturdays, Sundays, and declared holidays.
Transfers confirmed as received by Farmbank on or before 3:00 PM on a banking day shall be credited to your available funds/balance on the same banking day. Transfers confirmed as received after 3:00 PM, or on a non-banking day, shall be credited on the next banking day. Interest on your Time Deposit Account shall accrue from the date Farmbank confirms receipt of your deposit principal (the value date), and not from the date you initiate the transfer.
Upon confirmation of your deposit principal, you may request for a CTD from the Bank by reaching out to support@farmbankph.com.
Your Time Deposit Account shall be subject to a final withholding tax of twenty percent (20%) on gross interest earned, in accordance with applicable laws, rules, and regulations, unless you present a valid and current BIR Certificate of Tax Exemption acceptable to Farmbank which states that you are exempt from the corresponding tax.
Your Time Deposit Account, and any rights arising from it, may not be assigned, transferred, or pledged as collateral or security to any third party, without the prior written consent of Farmbank.
V. INTEREST
The Time Deposit Account shall earn interest at the applicable rate per annum set out in Schedule A, computed on a minimum deposit of Two Hundred Thousand Pesos (P200,000.00). The rates in Schedule A are gross rates; interest actually credited to you shall be net of applicable withholding tax, as described below.
Interest shall accrue from the value date (the date the deposit principal is confirmed as received by Farmbank) up to and including the maturity date of the selected tenor. Interest shall not accrue beyond the maturity date. Interest shall not accrue beyond the maturity date unless the deposit is renewed for a new tenor on or before the maturity date. A Time Deposit Account that remains unwithdrawn after the maturity date, shall not earn any further interest for the period between the maturity date and the actual date of withdrawal.
Interest is computed using the following formula:
Interest = Principal Amount × Interest Rate per Annum × (Number of Days / 365)
The net interest amount actually credited or paid to you shall be the Gross Interest computed above, less the applicable withholding tax.
VI. EARLY TERMINATION
If you wish to pre-terminate and withdraw your Time Deposit Account, you shall file a pre-termination request through Farmbank's website.
Prior to processing your request, you will be presented with a clear written disclosure stating that pre-termination results in the complete forfeiture of all accrued interest. You will be required to confirm your acceptance of this consequence through an online acknowledgment mechanism before the request is processed. Once you have provided this confirmation, your pre-termination request shall be final and may not be cancelled or reversed.
Upon pre-termination, all accrued interest on the deposit shall be forfeited in full. You shall receive only the return of the principal amount originally deposited, without any interest payment. Farmbank shall disburse the principal amount to your designated bank account upon verification of your identity and disbursement details. No proceeds shall be released without complete and verified disbursement information.
VII. MATURITY
Your Time Deposit Account shall mature on the maturity date. Upon maturity, you may submit a withdrawal request through Farmbank's website and shall provide the following verified disbursement information:
- Account Name (must match your registered name);
- Bank Name; and
- Account Number
Farmbank shall disburse the principal amount and net interest (after applicable withholding tax) to your designated bank account within Farmbank's standard processing period, subject to verification of the disbursement details and confirmation of your identity through your registered mobile number and email address. No proceeds shall be released without complete and verified disbursement information. If your disbursement details cannot be verified, Farmbank shall notify you through your registered email address or mobile number.
VIII. PDIC
Applicable deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) pursuant to Republic Act No. 3591, as amended (PDIC Charter), up to a maximum of One Million Pesos (P1,000,000.00) per depositor. For purposes of computing PDIC insurance coverage, all deposit accounts of the same depositor in Farmbank, including the Time Deposit Account and any other time deposit accounts held with Farmbank, shall be aggregated. The maximum insured amount applies per depositor, per bank, in accordance with PDIC rules. PDIC shall presume that the name/s appearing on the Time Deposit Certificate is/are the actual/beneficial owners of the deposit, except as provided therein.
IX. REFERRAL CODE
Upon opening your Farmbank Platform Account, you may have the added benefit of earning more by participating in Farmbank's referral program ("Referral Program").
Under the Referral Program, you may refer any natural person to Farmbank ("Referrals") for purposes of opening a Time Deposit Account.
To have a successful Referral under this Referral Program, it is mandatory that:
- The Referral should have successfully opened and funded a Time Deposit Account with Farmbank; and
- Your referral code must be indicated in the Referral's application form for a Referral to be considered successful.
It is your responsibility to remind the Referrals to indicate your referral code in the space provided in the application form. Only Referrers with indicated referral codes shall receive the incentives under the Referral Program.
For every successful Referral, you shall receive a Referral Incentive in the amount of 1% of your total referred Time Deposits, which shall be paid out on a weekly basis to you. It shall be reflected in your Farmbank Platform Account under “Referral Rewards”. The daily payout shall be calculated as (Total Referred Time Deposits x 1% / 365). Any successful Referral that opens a Time Deposit shall receive a 1% interest boost on his/her Time Deposit.
Note that your Referral Rewards Account is not a separate bank account in Farmbank.
X. MISCELLANEOUS
- Entire Agreement. These Terms and Conditions shall prevail over any other terms and conditions related to the Time Deposit Accounts.
- Limit of Liability. Except in cases of fraud, willful misconduct, or gross negligence on the part of Farmbank, its stockholders, directors, officers, employees, representatives, or third-party service providers, and without prejudice to any liability-sharing framework under applicable laws and its implementing rules, Farmbank, its stockholders, directors, officers, employees, representatives, and third party service providers shall not be liable for any loss or damage of whatever kind or nature in connection with your Time Deposit Account in the following instances:
- Disruption, failure, or delay relating to or in connection with the services provided by Farmbank which are due to circumstances beyond our control, unforeseen events, or fortuitous events such as but not limited to pandemics, prolonged power outages, breakdown in computers, software, operating systems and telecommunication facilities, typhoons, floods, public disturbances, and calamities and other similar or related cases;
- Your use or misuse of your account;
- Any inaccurate, incomplete, or incorrect information you provided to Farmbank, or any fraud or misrepresentation on your part;
- Any indirect, incidental, or consequential loss, loss of profit or damage suffered by reason of the use or failure or inability to avail and/or maintain the Time Deposit Account;
- Any and all liability, costs, damages, losses and causes of action arising from or in any way connected with the disclosure of information concerning your Time Deposit Account and/or transactions with Farmbank to unauthorized persons beyond the control of Farmbank, including but not limited to wiretapping of communication lines or erroneous connection by telecommunication switches, or errors in transmitted information due to faulty lines, theft, and any and all forms of high technology surveillance or fraud; and
- Any and all liability, costs, damages, losses and causes of action you may suffer resulting from errors, breakdown or failure of third-party systems which Farmbank is connected to or used by Farmbank in maintaining your Time Deposit Account, provided such errors, breakdown, or failure are beyond Farmbank's control and are not attributable to Farmbank's failure to exercise due diligence in the selection and oversight of such third-party systems.
- Intellectual Property. All worldwide rights, titles and interests in Farmbank, including their respective components and contents, belong to Farmbank accordingly. Any violation of this clause automatically grants us the right to terminate all your rights to the Services.
- Customer Support. For inquiries and complaints, you may contact support@farmbankph.com. Farmbank is regulated by the Bangko Sentral ng Pilipinas https://www.bsp.gov.ph.
- Changes to these Terms and Conditions. Farmbank reserves the right to amend, modify, or revise these Terms and Conditions. Any such amendment, modification, or revision affecting fees, charges, or other material terms shall be published on Farmbank's website.
This clause is without prejudice to, and does not override, the specific protections applicable to interest rate changes under the Interest Rates section of these Terms and Conditions, including the rule that an already-activated Time Deposit Account shall retain the interest rate agreed upon at the time of activation for the full duration of its selected tenor.
It is your responsibility to keep yourself informed of any amendments, modifications, or revisions to these Terms and Conditions through the channels described above.
- Governing Law. These Terms and Conditions shall be governed by the laws of the Republic of the Philippines.
Schedule A - Time Deposit Account Details
Rates are subject to change upon proper internal approvals of Farmbank and shall be published on Farmbank's website and communicated to depositors prior to implementation. Rates already activated apply for the full tenor.
Effectivity: July 13, 2026
