NetBank Mobile is a mobile banking application offered by NetBank. It offers a high-interest savings to their clients with no minimum initial deposit and no maintaining balance.
Netbank Mobile Application offers:
NetBank was formerly known as Community Rural Bank of Romblon and fully regulated by the Bangko Sentral ng Pilipinas and deposits are insured by the PDIC up to P500,000 per depositor. With this, it provides guarantee that deposits up to Php 500,000 will always be paid back to you.
Aside from NetBank Mobile, they also launched Netizen app – another retail banking product that focuses on the unique banking needs of our Kababayang Pinoy OFWs. Netbank also has an openly accessible portal called Netbank Virtual that allows fintech companies to do self-onboarding and provide sandbox environments – allowing them to test drive our APIs, and multiple integration options. (Source)
Opening a NetBank Account
You can open a NetBank Personal Savings account throught the NetBank Mobile app. Just download and install the app in Google Play or App Store . Search the app or you can click the respective icon below to download the app.
After you successfully installed the app, just follow the on-screen instructions to create an account online. Once you successfully created an account, wait for the processing of your application. You will receive an SMS once your account has been approved. The message will contain your customer number and account number. You need these numbers to activate your account. Go back to the app and follow the on-screen instructions to complete the activation of the account.
Once you have successfully activated your account, you can now login to your account using your 4-digit PIN code.
Acceptable Valid IDs to open a Netbank Savings Account.
- Passport
- National ID or PhylSys ID
- OFW I.D.
- Seafarer’s Identity Document (SID
- Driver’s License
- PRC Card
- NBI Clearance
- Police Clearance
- Postal I.D.
- Barangay Certification
- GSIS e-card
- SSS
- Senior Citizen’s Card
- TIN
- Voter’s ID
Features and Services of NetBank Mobile
Regular Savings Earning Interest
In this table, you will see the list of applicable interest rate per annum based on the date of account opening. NetBank offers 3%-7% interest rate per annum based on the corresponding date of account opening. (Source)
Interest earning will be credited monthly which is every end of the month.
As an example, here is an existing NetBank savings account. There are two active accounts with different interest rates, one is 3% and the other one is 6.5%. Based on the above table, you will know when these two accounts were opened.
Time Deposit
NetBank also offers time deposit products with 3-months, 6-month and 12-months term. The minimum amount you can save for a time deposit account is P 10,000. As of January 17, 2023, here are the terms andthe corresponding interest rate per annum.
And here is a sample of existing time deposit in NetBank. Details of the time deposit will be enumerated such as account number, interest rate, start date and maturity date and the amount of your time deposit. You will also receive an Electronic copy of Certificate of Time Deposit via email.
And if you want to open a time deposit account in NetBank, just go to the Time Deposit tab in the app and tap the Add New Time Deposit account or Add another account button. Then follow the on-screen instructions to complete the process.
Bills Payment
Under the Bills Payment option, you can pay your utility bills such as water bill, internet and more. Just browse the list of billers, to find the services that you can pay using the app.
Buy Load
Reload any prepaid mobile number using the Buy Load option. You can recharge Cherry Mobile, Smart, TM and GLobe.
Fund Transfer
As of January 17, 2023, fund transfer from NetBank to other local banks and e-wallets is free of charge. You can transfer up to P50,000 a day using InstaPay while P950,000 a day if you going to use PesoNet.
Keypoints and Takeaways
- NetBank offers a higher saving interest rate compared to traditional banks
- NetBank conditions to open an account are good to consider
- No initial deposit required
- No maintaining balance needed
- Only 1 valid ID for opening an account
- Account opening is through online via the NetBank app
- SeaBank features consist of:
- Monthly crediting of interest earnings
- Time Deposit
- Free fund transfer to other banks and e-wallets (as of Jan 2023)
- Netbank time deposit has three terms you can choose from, 3-months, 6-months, and 12-months. It has higher interest rate too that varies each term and promos
- Your savings are safe and secured in NetBank since it is regulated by Bangko Sentral ng Pilipinas and deposits are insured by PDIC up to P500,000
- As of the moment, NetBank is not yet offering a Debit Card or Credit Card
For more information about NetBank, visit their official website, https://www.netbank.ph/. For any related inquiries and concerns, you can contact them via email, [email protected], Customer Support Team is only available 8AM to 5PM Monday to Friday.
Photo Credit: Mockup by freepik.com