THE Compensation for Length of Service (CTS) It is a labor right guaranteed in Peru, with the aim of offering financial support to the worker in the event of dismissal.

The amounts are deposited into bank accounts in the employee's name and earn interest, functioning as a type of mandatory savings.

Regularly checking your CTS balance is essential to ensure that deposits are being made correctly and to make the most of the income generated by this account.

Announcement

What is CTS and why is it important to follow it?

The CTS is a mandatory benefit for formal workers in the private sector. Employers must deposit this amount twice a year: May and in November.

Monitoring your CTS balance allows you to:

  • Check that deposits are being made correctly;
  • Monitor accumulated interest;
  • Assess whether there are advantages in transferring funds to another bank with better profitability.

Ways to Check Your CTS Balance

See below the main methods to consult your CTS in Peru:

1. Online Banking

  • Access the website of the bank where your CTS is located;
  • Log in with username and password;
  • Access the “Accounts” or “CTS” section to view balance and income.

2. Bank Mobile App

  • Download the bank's official app (Google Play or App Store);
  • Log in and access the “Accounts” section;
  • View your CTS account with balance and transactions.

3. ATMs

  • Insert your card associated with your CTS account;
  • Enter your password;
  • Select “Balance Inquiry” and choose the CTS account.

4. Telephone Service

  • Call your bank's customer service;
  • Enter the requested data (DNI, account, etc.);
  • Request the balance and latest transactions.

5. Bank Branches

  • Please appear with your identity document (DNI);
  • Request the consultation directly with the attendant.

Main banks that offer CTS account:

  • Banco de Crédito del Peru (BCP)
  • BBVA Peru
  • Interbank
  • Scotiabank
  • Bank of the Nation

Is it possible to transfer the CTS to another bank?

Yes. If you find an institution with more advantageous interest rates, you can transfer your CTS by following these steps:

  1. Choose a new bank with better conditions;
  2. Open a new CTS account at your chosen bank;
  3. Request in writing to your employer that future deposits be made into this new account;
  4. Request the transfer of the accumulated balance from the previous bank.

This process can take up to 15 business days. Some banks, such as Scotiabank, offer additional benefits such as fee exemptions and preferential rates for new CTS customers (scotiabank.com.pe).

Final Tips for Managing your CTS

  • Use as an emergency reserve: CTS is an important fund for unforeseen situations.
  • Compare institutions: Banks offer different rates. A survey can yield more earnings.
  • Monitor periodically: Frequent monitoring helps avoid mistakes and maximize yields.

Keeping up to date with your CTS balance and income is essential to guarantee your rights and make good use of this resource. Take advantage of digital options and choose the bank that best supports your financial growth.

Consult, compare and make your CTS valid!

 

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