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