Terms and Conditions for Retail High Yield Time Deposit Account (“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 an account with Farmbank (“Time Deposit Account”), 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 platform (“Farmbank Platform Account”), I acknowledge and accept the following terms and conditions:
1. I understand that this involves the transmission of personal data and information through the internet, and fully assume all risks involved in this transaction.
2. I agree to provide accurate and complete information when creating my account and to keep this information up-to-date.
3. I agree that Farmbank has the right to suspend or terminate my account if the information provided is found to be false, inaccurate, misleading, or incomplete.
4. I am responsible for maintaining the confidentiality of my account information and for all activities that occur under my account.
5. I agree to notify Farmbank immediately of any unauthorized use of my account or any other security breach.
6. All instructions given through my Farmbank Platform Account shall be deemed properly authorized and valid. Farmbank shall not be held liable for carrying out such instructions.
III. TIME DEPOSIT ACCOUNT OPENING AND KYC
I agree to submit all requirements needed to open my Time Deposit Account to Farmbank. I also agree to submit any additional information as may be required by Farmbank.
I agree and understand that only after verification and validation of my information shall my Time Deposit Account be created and opened.
I agree that Farmbank has the discretion to reject, close automatically, freeze or place in an inoperative status my Time Deposit Account (1) if Farmbank has reasonable grounds to believe that the Time Deposit Account is being misused, or the Time Deposit Account was known subsequently to pose undue risks to Farmbank, or (2) I have provided false, inaccurate, misleading, incomplete information.
I represent and warrant that I shall ensure that:
a. I shall have have exclusive access to my Time Deposit Account information; and
b. All instructions given to Farmbank are complete and accurate.
All instructions that we receive from you shall be deemed properly authorized and, as such, shall be valid. Farmbank shall not be held liable for carrying out such instructions.
IV. RETAIL HIGH YIELD TIME DEPOSIT
You shall deposit your funds, either by wire transfer, online transfer or check deposit, to a nominated Farmbank bank account. You will receive confirmation once you have available funds you may use to create your Time Deposit Account. All deposits made after 3pm on a banking day shall be credited the following banking day to your available funds/balance.
Once you are ready, you may choose to create your Time Deposit Account following the instructions in your account dashboard.
Your Time Deposit Account shall be subject to applicable withholding tax rate, unless you present a certification or pertinent supporting documents acceptable to the Bank which state that you are exempted from corresponding tax.
Your Time Deposit Account may not be assigned/ transferred without the prior written consent of Farmbank.
V. INTEREST
The Time Deposit Account shall earn interest net of applicable withholding tax if it meets the required minimum balance set by Farmbank. See applicable interest rate in Schedule A.
Interest earned shall be credited to your account on a weekly basis.
VI. STATEMENT OF ACCOUNT
You may request for a statement of account from Farmbank and it shall be provided to you periodically either through electronic mail/e-mail to the e-mail address you provided.
VII. EARLY TERMINATION
If you wish to pre-terminate and withdraw your Time Deposit Account, you shall file a pre-termination request before Farmbank. Farmbank reserves the right to reject or grant your pre-termination request.
Upon pre-termination, you will be able to withdraw your funds but your Time Deposit Account will now be treated as an ordinary savings account and all accrued interest under these Terms and Conditions shall be forfeited.
VIII. MATURITY
Your Time Deposit Account shall mature on maturity date and you shall receive the principal amount and any accrued interest, net of any applicable fees and taxes, credited into your nominated settlement account five (5) banking days from maturity date. The interest rates to be applied to your settlement account will be computed and credited to that account based on the rates and conditions, such as the deduction of taxes and fees, applicable on the date your funds were transferred to the settlement account.
You have the option to renew the maturity date of your Time Deposit Account by informing Farmbank five (5) business days prior to the maturity date.
IX. PDIC
Applicable deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of Five Hundred Thousand Pesos (P500,000.00) per depositor. The rules of the PDIC related to deposit shall apply. 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.
X. 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 High Yield Time Deposit Account.
To have a successful Referral under this Referral Program, it is mandatory that:
a. the Referral should have successfully opened and funded a High Yield Time Deposit Account with Farmbank; and
b. 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 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 Account” The weekly payout shall be calculated as (Total Referred Time Deposits * 1% / 52). Any successful Referral that opens a Time Deposit shall receive an 1% interest boost on his/her Time Deposit.
Note that your Referral Rewards Account is not a separate bank account in Farmbank.
XI. MISCELLANEOUS
1. Entire Agreement. These Terms and Conditions shall prevail over any other terms and conditions related to the Time Deposit Accounts.
2. Limit of Liability. 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:
a. 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;
b. your use or misuse of your account;
c. any inaccurate, incomplete, or incorrect information you provided to Farmbank, or any fraud or misrepresentation on your part;
d. 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;
e. 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.
f. 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.
3. 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.
4. 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.
5. Changes to these Terms and Conditions. Farmbank reserves the right to change any or all of these terms and conditions. It is your responsibility to keep yourself updated with these Terms and Conditions. Nevertheless, we will notify you of any such modification, amendment, or revision as soon as possible. Any such modification, amendment or revision shall be valid and binding upon you on the date of effectivity specified in the notice.
6. Governing Law and Dispute Resolution. These Terms and Conditions shall be governed by the laws of the Republic of the Philippines. Any issues or disputes arising from these Terms and Conditions shall be brought before the courts of Taguig City to the exclusion of all other courts.
Schedule A - Time Deposit Account Details
Effective June 5, 2024.