Maximize your savings with Salmon Time Deposit

Yes, we are officially licensed by the Bangko Sentral ng Pilipinas (BSP). You may find our listing on the BSP website under the previous name of the bank – Rural Bank of Sta. Rosa (Laguna) Inc. Information regarding the new name will be updated on the BSP website later accordingly.

Yes, the Rural Bank of Sta. Rosa (Laguna), Inc. is now Salmon Bank (Rural Bank) Inc. as a reflection of our new mission and direction as part of Salmon Group Ltd. This change is official and approved by the Bangko Sentral ng Pilipinas. You may view our Certificate of Authority here.

The requirements to open a bank account include one (1) valid government ID, and one (1) recent 1X1 ID photo. An Alien Certificate of Registration is required for foreign nationals.

Here are the IDs you can submit for your application:

• Unified Multi-Purpose Identification (UMID) Card
• Driver’s License
• PhilSys ID (Philippine Identification System ID)
• Social Security System (SSS) Card
• Philippine passport
• Postal ID

PRC and Voter’s IDs are not accepted. Also, we only accept the plastic card PhilSys ID, not the digital or printed version.

• Maintenance – Free of charge
• Checkbook Fee – Free of charge for accounts with deposits of ₱500,000.00 and above; a ₱500 charge for accounts with deposits of ₱499,999.99 and below
• Fee for Issuance of Bank Statements – Free
• Certification of Deposit Fee – Free
• Tax – 20% withholding tax applied to matured time deposit accounts
• Dormancy Fee – ₱30, applied after 5 years of inactivity
• Stop Payment Order Charge – ₱2,200

Yes, deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to ₱1 Million per depositor. For more information, you may visit https://www.pdic.gov.ph/ 

Yes, a joint account shall be insured by PDIC separately from any individually-owned deposit account/s. If the account is held jointly by two or more natural persons, the maximum insured deposit shall be divided into as many equal shares as there are individuals unless a different sharing is stipulated in the document of deposit. For more information, you may visit https://www.pdic.gov.ph/di_howtofileclaims_dot 

For Regular Savings Deposit, the client will earn 3% interest rate per annum. Demand Deposit is a non-interest-bearing deposit. 

For Time Deposit accounts the interest rate will depend on the amount of deposit placement and with the chosen term. Please see the following interest rates below.

Deposit amount — ₱50,000.00 to ₱499,999.99

• 6 months — 6%
• 9 months — 6%
• 12 to 60 months — 6%

Deposit amount — ₱500,000.00 to ₱999,999.99

• 6 months — 6%
• 9 months — 6%
• 12 to 60 months — 6.5%

Deposit amount — ₱1,000,000.00 to ₱50,000,000.00

• 6 months — 6%
• 9 months — 6%
• 12 to 60 months — 8%

Clients can open an account at Salmon Bank (Rural Bank) Inc. Head Office, located at F. Gomez St., Barangay Malusak, Sta. Rosa, Laguna. They can also visit our Bacoor Branch, located at Evangelista St., Barangay Daang Bukid, in Bacoor City, Cavite. 

You can also get started online. First, fill out our application form here. Then, one of our telesales representatives will get in touch to walk you through Salmon Time Deposit. Afterwards, they will assign a Relationship Manager to assist you in completing the account opening process – at your preferred schedule, and in the convenience of your own home or office.

Your account starts earning interest as soon as money is credited to the account. Interest is earned monthly and will be credited to your Time Deposit account at the end of each month. All interest earnings are subject to a 20% withholding tax, as required by law. If you leave interest on the Time Deposit, then compound interest will be applied and this rate will be obtained: 

Deposit amount — from ₱50,000.00 to ₱499,999.99
6 months — 6.06%
9 months — 6.10%
12 months — 6.13%
24 months — 6.28%
36 months — 6.44%
48 months — 6.60%
60 months — 6.77%

Deposit amount — from ₱500,000.00 to ₱999,999.99: 
6 months — 6.06%
9 months — 6.10%
12 months — 6.66%
24 months — 6.83%
36 months — 7.02%
48 months — 7.21%
60 months — 7.41%

Deposit amount — from ₱1,000,000.00 to ₱50,000,000.00
6 months — 6.06%
9 months — 6.10%
12 months — 8.24%
24 months — 8.51%
36 months — 8.79%
48 months — 9.09%
60 months — 9.40%

You can also choose to have your earned interest paid out every month to your checking account instead of adding it to your Time Deposit. 
 

Once your deposit is opened, you can cash in using two methods:

1. With the Salmon app

• Via PESONet:
  Go to your Checking account in the Salmon app, tap “Cash in,” and choose PESONet. Copy your Checking account details from the app and paste them into the e-wallet or bank app you’re using to transfer funds.

2. Without the Salmon app

• Over the counter:
  Visit any of our bank branches.
• Via PESONet:
  Ask your relationship manager for your Salmon Checking account number. In your e-wallet or bank app, choose Salmon Bank (Rural Bank) Inc. as the receiving bank and enter your Checking account details. Share the transfer confirmation with your manager. They’re always ready to assist with any questions.

Minimum initial deposit: ₱50,000

To get the maximum return of 8%, your deposit must be at least ₱1,000,000. This lets you continue earning from the highest interest rates available under the current terms. 

Withdrawing your money after the maturity period will not affect any interest earned from the previous term. Your account will automatically roll over or extend to a new term, unless you specify otherwise. This means that if you don't take action, your funds will continue to earn interest according to the terms of the new period.

It’s best to keep your deposit until maturity to get the full interest rate. If you withdraw your funds before the maturity date, your Time Deposit will be pre-terminated.

In this case:

• You will earn a reduced interest rate of 1.00%.
• A pre-termination fee of 0.75% of your initial deposit will also be applied.