Introduction:
Managing your finances can be a daunting task, but with DBS Singapore, it doesn’t have to be. DBS offers a range of digital platforms and services to help you monitor and maintain your accounts easily. One of the essential aspects of managing your accounts is understanding the difference between available balance and total balance. In this article, we’ll explore what these terms mean and how they affect your account.
Understanding DBS Account Balances:
When you log in to your DBS account, you’ll see two different balances: total balance and available balance. Total balance refers to the total amount of money in your account, including both available and non-usable funds. Available balance, on the other hand, is the amount of money that you can use to make transactions. It excludes any funds that are earmarked or on hold.
Navigating DBS Digital Platforms:
DBS offers a range of digital platforms to help you manage your accounts, including the DBS website, mobile app, and Video Teller Machines (VTMs). These platforms allow you to check your account balances, view transactions, and transfer money. With DBS, you can manage your finances on the go, from anywhere and at any time.
Key Takeaways
- Understanding the difference between available balance and total balance is crucial for managing your DBS account.
- DBS offers a range of digital platforms and services to help you monitor and maintain your accounts easily.
- With DBS, you can manage your finances on the go, from anywhere and at any time.
Understanding DBS Account Balances
Managing your DBS account balances is essential to keeping your finances in check. In this section, we’ll explore the differences between total balance and available balance, and why it’s important to manage your balance effectively.
Total Balance vs Available Balance
Your total balance is the sum of all the money in your account, including any funds currently on hold and unavailable for use. Your available balance, on the other hand, is the amount of money that you can withdraw or spend right now.
For example, if you have $1,000 in your account and $200 is on hold for a pending transaction, your total balance will be $1,200, but your available balance will be $800. It’s important to keep track of your available balance to avoid overdraft fees or other charges.
Importance of Balance Management
Managing your balance effectively is important to avoid service charges and maintain your account type. For example, some DBS accounts require a minimum balance to avoid service charges, such as the DBS Savings Account opened before 12 September 2011, which requires a minimum average daily balance (MADB) of $500 to avoid a $2.00 per month service charge.
To avoid service charges, it’s important to keep track of your MADB and ensure that you maintain the minimum balance required for your account type. You can easily check your account balance through the digibank mobile app or online banking portal.
In summary, understanding the differences between total balance and available balance is important for effective balance management. By keeping track of your MADB and maintaining the minimum balance required for your account type, you can avoid service charges and keep your finances in check.
Navigating DBS Digital Platforms
If you are a DBS customer, you can access your account information and manage your finances through a variety of digital platforms. Here are the two main platforms you can use:
Digibank Online and Mobile
Digibank Online and Mobile are two digital platforms that allow you to manage your DBS accounts on-the-go. You can register for these platforms using your NRIC/passport number and authenticate yourself using your User ID and PIN. Once you have registered, you can access your account information, including your available balance and total balance, view transaction history, transfer funds, and pay bills. You can also activate the Peek Balance option, which allows you to check your account balance without logging in.
Phone and SMS Banking
If you do not have access to the internet, you can still manage your DBS accounts using Phone and SMS Banking. You can register for these services by calling the DBS hotline and authenticating yourself using your NRIC/passport number and PIN. Once you have registered, you can check your account balance, view transaction history, transfer funds, and pay bills using your phone or by sending an SMS.
Overall, DBS offers a range of digital platforms that make it easy for you to manage your finances. Whether you prefer to use the internet or your phone, you can access your account information and perform transactions with ease. So, go ahead and take advantage of these platforms to stay on top of your finances.
Transaction Types and Account Activity
When it comes to managing your DBS account, it’s important to understand the different types of transactions and account activity that can affect your available balance and total balance.
Deposits and Withdrawals
Deposits and withdrawals are the most common types of transactions you’ll make with your DBS account. Deposits can come in the form of cash, cheques, or electronic transfers, and are typically credited to your account immediately. Withdrawals, on the other hand, can be made at an ATM, branch, or through online banking, and can take up to 3 business days to process.
Transfers and Payments
Transfers and payments are another important aspect of managing your DBS account. Transfers can be made between your own DBS accounts, or to accounts held at other banks. Payments can be made to merchants, billers, or individuals, and can be scheduled as one-time or recurring payments.
Cheque and Fixed Deposits
Cheque and fixed deposits are two other types of transactions you may encounter with your DBS account. Cheque deposits can be made at any DBS branch or through a Cheque Deposit Machine, and typically take 2 business days to clear. Fixed deposits, on the other hand, are a type of savings account that offer higher interest rates than regular savings accounts, but require you to lock in your funds for a set period of time.
Overall, understanding the different types of transactions and account activity that can affect your available balance and total balance is key to managing your DBS account effectively. By keeping track of your deposits, withdrawals, transfers, and payments, you can ensure that you always have enough funds available to meet your financial needs.
DBS Account Features and Benefits
If you are looking for a bank account that offers a range of features and benefits, then DBS is a great option. Here are some of the features and benefits that you can expect when you open an account with DBS.
Multiplier and PayLah! Accounts
DBS offers a range of accounts that can help you maximise your savings and earnings. For example, the DBS Multiplier Account offers higher interest rates based on the amount of money you save and the number of transactions you make each month. This account is perfect for those who want to save money and earn interest at the same time.
Another great account offered by DBS is PayLah!. This account allows you to make payments and transfer money to other people quickly and easily. You can also use PayLah! to pay for your bills and purchases with just a few taps on your phone. This account is perfect for those who want to manage their finances on the go.
Insurance and Investment Services
DBS also offers a range of insurance and investment services that can help you protect your assets and grow your wealth. For example, you can invest in Unit Trust Holdings with DBS, which allows you to invest in a range of funds managed by professional fund managers. This is a great way to diversify your investments and potentially earn higher returns.
DBS also offers a range of insurance products that can help you protect your assets and loved ones. For example, you can purchase life insurance, health insurance, and travel insurance with DBS. These products can help you prepare for unexpected events and give you peace of mind knowing that you and your loved ones are protected.
Overall, DBS offers a range of accounts and services that can help you manage your finances and achieve your financial goals. Whether you are looking to save money, earn interest, invest in funds, or protect your assets, DBS has something for you.
Monitoring and Maintaining Your DBS Accounts
Keeping track of your DBS account balances is essential for managing your finances effectively. Here are some tips to help you monitor and maintain your accounts:
Account Statements and Notifications
DBS provides you with monthly statements that detail your account transactions, including your total and available balance. You can also sign up for email or SMS notifications to receive alerts when your account balance falls below a certain amount or when a transaction is made.
Understanding Fees and Charges
It’s important to understand the fees and charges associated with your DBS accounts. Service charges may apply for certain transactions or account types, so be sure to check the details before making a transaction. You can also refer to your account terms and conditions for more information on fees and charges.
Peek Balance
DBS’s Peek Balance feature allows you to quickly view your available balance without logging in to your account. To activate this feature, simply go to the “More” tab on your digibank mobile app, select “App & Security Settings,” and toggle on the “Peek Balance” switch.
Holding Balance
Your holding balance is the portion of your total balance that is not available for use. This includes funds that have been earmarked for specific purposes, such as pending transactions or outstanding cheques. Be sure to take this into account when monitoring your available balance.
Check Account Balance
You can easily check your DBS account balance by logging in to your digibank mobile app. Your account balance will be displayed on the homepage. You can also activate the Peek Balance feature to view your available balance without logging in.
Average Daily Balance
DBS calculates your average daily balance by adding up the end-of-day balances for each day in a month and dividing by the number of days in that month. This is used to determine whether you meet the minimum balance requirements for certain accounts.
Account Transaction
DBS provides various channels to check your account transactions, including via digibank mobile app. You can also view your transaction history on your monthly account statements.
Account Number
Your DBS account number can be found on your account statements, as well as on the “Account Details” section of your digibank mobile app.
Total and Available Balance
Your total balance is the sum of all the money in your account, including your holding balance. Your available balance is the portion of your total balance that is available for use. Be sure to monitor both balances to ensure you have enough funds for your transactions.
By following these tips, you can stay on top of your DBS accounts and make informed financial decisions.
Frequently Asked Questions
How can I check my DBS account’s available and total balances online?
To check your DBS account’s available and total balances online, you can log in to your DBS iBanking account. Once you are logged in, you can view your account balances on the dashboard. You can also check your account balances using DBS Digibot, digibank mobile, SMS Banking, Phone banking, or at DBS/POSB ATM and Video Teller Machine (VTM).
What distinguishes my DBS account’s available balance from the total balance?
Your DBS account’s available balance is the amount of money that you can use for transactions, while your total balance is the total amount of money in your account, including earmarked/holding balance (non-usable funds). Your available balance is the amount of money that is available for withdrawal, bill payment, fund transfer, and other transactions.
In what way are earmarked funds reflected in my DBS account balances?
Earmarked funds are reflected in your DBS account balances as holding balance, which is part of your total balance. Holding balance is the amount of money that is earmarked for a specific purpose, such as a cheque that has not cleared or a standing instruction that has not been executed.
Can I transfer funds from my total balance to my available balance in DBS?
Yes, you can transfer funds from your total balance to your available balance in DBS. To do so, you can use the “Transfer Funds” function in your DBS iBanking account or visit a DBS/POSB branch.
What steps should I follow to perform a DBS balance check via SMS?
To perform a DBS balance check via SMS, you need to register for SMS Banking first. Once you have registered, you can send an SMS to 77767 with the keyword “BAL” followed by your DBS/POSB account number. You will receive an SMS with your available and total balances shortly after.
How are available and total balances different for OCBC accounts compared to DBS?
The available and total balances for OCBC accounts are similar to those of DBS accounts. The available balance is the amount of money that you can use for transactions, while the total balance is the total amount of money in your account, including earmarked/holding balance (non-usable funds). However, the specific terms and conditions may vary between the two banks.