If you’re looking to open a new bank account in Singapore, POSB is a great option to consider. POSB offers a wide range of account types to suit your needs, from savings accounts to fixed deposits and more. With its user-friendly digital banking services, POSB makes it easy to manage your account from anywhere, at any time.
To open a new POSB account in Singapore, you’ll need to meet certain eligibility requirements and provide the necessary documents. Depending on the type of account you choose, you may need to provide proof of identity, address, and income. Once you’ve met these requirements, you can apply for your new account online or in person at a POSB branch.
At POSB, you’ll enjoy a range of features and benefits with your new account. These may include no minimum balance requirements, low or no fees, and easy access to your funds through POSB’s extensive network of ATMs and branches. With POSB’s digital banking services, you can also manage your account online or through the POSB mobile app, making it easy to check your balance, transfer funds, and more.
Key Takeaways
- POSB offers a variety of account types to suit your needs, from savings accounts to fixed deposits and more.
- To open a new POSB account in Singapore, you’ll need to meet eligibility requirements and provide the necessary documents.
- With POSB’s user-friendly digital banking services, you can manage your account from anywhere, at any time.
Eligibility and Documents Required
Opening a new account with POSB Singapore is a straightforward process that requires a few essential documents. This section will guide you through the eligibility criteria and the necessary documents required for opening an account.
Criteria for Opening an Account
To open an account with POSB Singapore, you must meet the following eligibility criteria:
- You must be at least 16 years old.
- You must be a Singapore citizen, Permanent Resident or a foreigner with a valid work or student pass.
- You must have a valid residential address in Singapore.
Essential Documents for Account Creation
To open a new account with POSB Singapore, you will need to provide the following documents:
- Singapore Citizens: Singapore Birth Certificate or Singapore National Registration Identity Card (NRIC) (Front & Back) (For child 15 years old and above)
- Permanent Residents: Singapore Birth Certificate/NRIC + Re-entry Permit/Passport (For child born in Singapore) or Re-entry Permit + Passport (For child born in other countries)
- Foreigners: Passport, FIN number, and Singapore (+65) mobile number. If you are unable to register for Singpass, select “Continue without Singpass” on the digibank app and upload the supporting documents.
Other documents may be required based on your specific circumstances, such as proof of employment, in-principle approval letter, or a Malaysian IC. You can learn more about the required documents for account opening on the POSB Singapore website.
It is important to note that if other document(s) upload is required, your application will be processed within 3 working days. You will receive notification once your application is processed.
Opening a new account with POSB Singapore is a simple and hassle-free process as long as you meet the eligibility criteria and have the required documents ready. So, what are you waiting for? Start your journey towards financial freedom today with POSB Singapore!
Types of POSB Accounts
If you’re looking to open a new account with POSB, you have a range of options to choose from. Here are the main types of accounts available:
POSB Savings and Current Accounts
POSB offers a variety of savings and current accounts to suit your needs. Whether you’re looking for a basic savings account or a more advanced account with features like a debit card or cheque book, POSB has you covered.
Some of the popular savings accounts available include the eMySavings Account and the POSB SAYE Account. The eMySavings Account is an online savings account that allows you to earn higher interest rates with no minimum balance required. The POSB SAYE Account, on the other hand, is a regular savings account that rewards you with bonus interest when you save regularly.
Specialised Accounts for Kids and NSF
POSB also offers specialised accounts for kids and National Servicemen (NSF). The POSB Kids Account is a savings account designed specifically for children under the age of 16. It comes with a range of features like a debit card and a savings goal tracker to help kids learn about money management.
For NSF, POSB offers the NSF Account which is a savings account that comes with a higher interest rate and a waiver of the fall-below fee. This account is exclusively for full-time NSFs.
Foreign Currency and Multiplier Accounts
If you’re looking to manage your foreign currency transactions, POSB has a range of foreign currency accounts to choose from. These accounts allow you to hold and manage different currencies like USD, GBP, AUD, and more.
For those looking to maximise their savings, the POSB Multiplier Account is a great option. This account rewards you with bonus interest when you credit your salary, make bill payments, or invest in eligible products with POSB.
Overall, POSB has a variety of accounts to suit different needs and lifestyles. Whether you’re looking for a basic savings account or a more advanced account with features like a debit card or cheque book, POSB has you covered.
Digital Banking Services
Are you tired of waiting in long queues to open a new bank account? POSB Singapore has got you covered with its digital banking services. With POSB’s digital banking services, you can open a new account, manage your finances, and perform banking transactions anytime, anywhere.
Online Account Opening
POSB’s online account opening service is a simple, convenient, and secure way to open a new account. You can open your personal My Account and Multiplier Account via the digibank mobile app. The process is quick and easy, and you can complete it in a matter of minutes. All you need is a SingPass account and a few minutes of your time.
Mobile Banking with digibank App
The POSB digibank app is the perfect tool for managing your finances on the go. With the app, you can check your account balances, transfer money, pay bills, and view online statements. You can also enjoy preferential rates and apply for credit cards instantly. The app is available for both Android and iOS devices.
Face Verification with Singpass
POSB’s digital banking services are secure and reliable. The bank uses SingPass, the national digital identity system, to verify your identity. With SingPass, you can verify your identity and perform banking transactions securely and conveniently. You can also use MyInfo, a government digital service, to pre-fill your personal information when you apply for an account online.
In conclusion, POSB’s digital banking services are a game-changer for banking in Singapore. With online account opening, mobile banking with the digibank app, and secure face verification with SingPass, you can manage your finances with ease. So, what are you waiting for? Sign up for POSB digibank today and experience a simpler way of banking anytime, anywhere.
Account Features and Benefits
When opening a new account with POSB Singapore, you can enjoy a range of features and benefits that can help you save and maximise your earnings. Here are some of the highlights:
Interest Rates and Savings Maximisation
With POSB, you can earn up to 4.1% p.a. interest on your savings, allowing you to grow your money faster. The bank offers a range of savings accounts, including the My Account, eMySavings Account, Multiplier Account, and SAYE Account. Each of these accounts has its own unique features and benefits, so you can choose the one that best fits your needs.
The Multiplier Account, for instance, allows you to earn higher interest rates by fulfilling certain criteria, such as making a minimum monthly spend on your POSB/DBS credit card or taking up a home loan with the bank. The SAYE Account, on the other hand, lets you save regularly and earn bonus interest when you reach your savings goal.
Debit and Credit Card Perks
When you open a new account with POSB, you can also enjoy a range of perks and benefits with your debit and credit cards. For example, the POSB Everyday Card offers cash rebates on your daily essentials, such as groceries, dining, and petrol. The POSB Go! Card, on the other hand, is designed for students and offers discounts on movies, food, and shopping.
In addition, POSB offers a range of credit cards that can help you earn rewards points, cashback, and other benefits when you spend. Some of the popular options include the POSB Everyday Card, POSB PAssion Card, and POSB Passion POSB Debit Card. With these cards, you can enjoy perks such as free movie tickets, discounts on dining and shopping, and more.
Overall, opening a new account with POSB Singapore can be a smart move if you want to save and maximise your earnings. With a range of account options and card perks to choose from, you can find the one that best fits your needs and start enjoying the benefits today.
Setting Up and Managing Your Account
Opening a new POSB account is easy and can be done in a few simple steps. Once you have decided on the type of account you want, you can either visit a POSB branch or apply online. If you are a new customer, you can open your personal My Account via the digibank app. With just one application, you can open a personal My Account, obtain a debit card, and set up PayNow all at once.
Initial Deposit and Minimum Balance
To open a personal deposit account with POSB, you will need to make an initial deposit of $500, which is the minimum balance required to keep your account active. However, for joint accounts, the minimum balance required is $1,000. It’s important to note that if your account balance falls below the minimum balance required, you may be charged a monthly fall-below fee.
Personalising Your Banking Experience
Once you have set up your POSB account, you can personalise your banking experience by customising your account to the way you live. POSB offers a range of banking solutions including savings accounts, current accounts, fixed deposit, and kids’ bank accounts. You can choose the one that best suits your needs.
You can also personalise your banking experience by setting up your PIN and using the ATM services provided by POSB. With POSB’s all-in-one account, you can enjoy the convenience of managing your finances in one place. You can also easily manage your account online or via the digibank app.
In conclusion, setting up and managing your POSB account is easy and straightforward. With a minimum deposit of $500, you can open your personal deposit account and enjoy the convenience of managing your finances in one place. Personalise your banking experience by choosing the type of account that best suits your needs and customise your account to the way you live.
Frequently Asked Questions
How can I open a POSB account from abroad?
If you are a foreigner looking to open a POSB account, you can do so through the DBS iWealth® app. You will need to provide your passport and proof of address, such as a utility bill. You can also open an account online through the digibank app.
What documents are required to open a POSB savings account?
To open a savings account with POSB, you will need to provide your NRIC (National Registration Identity Card) or passport if you are a foreigner. You will also need to provide proof of address, such as a utility bill or bank statement.
Is there a minimum age limit to open an account with POSB?
Yes, the minimum age to open an account with POSB is 16 years old. However, there are special accounts available for students and youths.
What are the benefits of opening a POSB account?
Opening a POSB account comes with many benefits, including access to over 1,000 ATMs island-wide, online banking services, and exclusive promotions and discounts. POSB also offers a wide range of savings and investment products to help you grow your wealth.
How long does it take to open a POSB account online?
If you are a new DBS/POSB customer, you can open a personal My Account via the digibank app. With just one application, you can open a personal My Account, obtain a debit card, and set up PayNow all at once. The process is quick and easy, and you can complete it in just a few minutes.
Are there any special accounts for students and youths at POSB?
Yes, POSB offers special accounts for students and youths, such as the POSB Smiley Child Development Account (CDA) and the POSB PAssion Youth Account. These accounts come with special perks and benefits, such as higher interest rates and exclusive discounts.