What is the minimum amount to open a POSB savings account?
| Details & Requirements | |
|---|---|
| Minimum Age Requirement | 16 |
| Minimum Initial Deposit | S$0 |
| Minimum Balance Requirement | S$500 |
| Fall-Below Fee | S$2 (Waived if less than 21 or greater than 60 years old, recipient of public assistant, full-time National Service man or if it’s the applicant’s 1st account with POSB) |
How long does it take to open POSB account?
Beyond these periods, account opening will take 2 working days (including Public Holidays).
Can I open POSB account at DBS?
Yes, you can open POSB savings accounts in person at DBS branches, via the DBS ibanking website, or the DBS digibank mobile app. Vice versa, you can open DBS savings accounts in person at POSB branches, or via the POSB online banking website, or POSB digibank mobile application.
Can I open another POSB account online?
Apply for an account instantly via Singpass/MyInfo – no paperwork and document upload required. Easy peasy, lemon squeezy! Upload a photo of your passport (for Malaysians, upload front and back of your Malaysian IC) and your account will be opened instantly!
What is account fee POSB?
POSB Current/eCurrent Account
A current account for your day-to-day banking needs. Fees and charges: Account fee. S$2 per month.
What’s the difference between POSB and DBS?
POSB was acquired by DBS, as the Government sought to give DBS enough muscle to become a regional financial powerhouse. POSB was fully acquired by DBS Bank on 16 November 1998 for S$1.6 billion, and POSB ceased to exist as a statutory board under the Ministry of Finance.
What is POSB ATM withdrawal fee?
Cash Advance Charges
Fee: 8% of the amount withdrawn per transaction (minimum charge of S$15).
Is POSB and DBS same?
Established on 1 January 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which acquired the institution and its subsidiaries on 16 November 1998. Prior to its acquisition, the bank was a major public bank offering low-cost banking services to Singaporeans.
Can I have 2 saving account in same bank?
Yes, you can often open multiple savings accounts at the same bank.
What is the minimum balance for DBS account?
DBS Bank Minimum Balance Requirements
With a Savings Account in DBS Bank, you can enjoy competitive rates of interest and facilities like debit cards, domestic and international fund transfers, etc. The DBS minimum balance required on a Regular Savings Account is only INR 5000.
Is there a minimum amount to open a bank account?
You might decide that a checking or savings account is the right product for you. If you do, opening an account at a bank or credit union is straightforward. The interest they pay for savings accounts You usually need to make an initial deposit between $25 and $100 to open a savings or checking account.
Can I use POSB card at DBS ATM?
Cash Withdrawal will be free of charge if you use your Plus/Cirrus Card at DBS Hong Kong, DBS Taiwan and Westpac Group ATMs in Australia (Westpac, St. George Bank, Bank of Melbourne and BankSA) or Plus Card at DBS India and DBS Indonesia ATMs.
How much is the maintaining balance in POSB?
POSB Account
| Account Type | Minimum Average Daily Balance (MADB) | Service Charge |
|---|---|---|
| POSB eSavings Account POSB Everyday/eEveryday Savings Account POSB Passbook Savings Account | S$500 | S$2.00 per month |
| POSB Current/eCurrent Account | S$1,500 (Maintained in linked POSB Savings Account) | S$2.00 per month |
Can I withdraw $5 from POSB ATM?
Withdrawal Denominations – S$10 and S$50 notes at all machines. S$2, S$5, S$10, S$50, S$100 notes at selected machines.
Is DBS zero balance account?
Zero Balances Savings account (Basic Savings Bank Deposit account) Free Debit Card. Free Passbook. No limit on the number of deposits that can be made in a month.
Which bank is best for saving account?
Top Savings Bank Accounts of 2022
| S.No. | Savings Bank Account | Rates of Interest (p.a.) |
|---|---|---|
| 1. | State Bank of India (SBI) Savings Account | 2.70% p.a. |
| 2. | HDFC Bank Savings Account | 3.50% p.a. |
| 3. | Kotak Mahindra Bank Savings Account | 3.50% p.a. |
| 4. | DCB Bank Savings Account | 6.50% p.a. |
How much bank account should I have?
According to financial experts, it isn’t advisable to open more than three Savings Accounts, as it can be difficult to manage. Apart from having a minimum balance in each account, banks might also mark an account dormant if there is no activity for a period of time.
Can we open zero balance account in DBS Bank?
What documents do I need for a bank account?
What you need to open a bank account
- A valid, government-issued photo ID, such as a driver’s license or a passport.
- Other basic information, such as your birthdate, Social Security number or Taxpayer Identification Number, or phone number.
- An initial deposit is required by some banks, too.
What are the 7 steps to open a bank account?
How to Open Bank Account? 7 Steps To Open Bank Account
- Decide the Type of Bank Account you want to Open.
- Approach any Bank of choice & meet its Bank Officer.
- Fill up Bank Account Opening Form – Proposal Form.
- Give References for Opening your Bank Account.
- Submit Bank Account Opening Form and Documents.
How much can I withdraw from POSB ATM?
Other services available at ATMs
^Self-service cash withdrawal for amounts larger than your card limit is capped at $20,000 per transaction or up to $30,000 per day.
How do I activate my POSB account?
Activate your Savings Account immediately via SMS Banking or a POSB/DBS ATM. To activate your Current Account simply visit any POSB/DBS Branch with your NRIC/Passport. Upon successful application of your New Savings Account. You will receive a Debit Card and PIN within 5 working days.
What is minimum balance in POSB?
Rs 500
Synopsis. This was done as part of the amendments to the Post Office Savings Account Scheme 2019 rules. As per the post office savings account rules, an account holder is required to maintain a minimum balance of Rs 500 currently.
How do I deposit money into my POSB account?
Deposit Cash
- Insert your ATM/Debit/Credit Card or Passbook.
- Key in your 6-Digit Card PIN.
- Select Cash Deposit.
- Select your preferred Language.
- For deposits into your Personal Account: Select Deposit to Own Account.
- For deposits to a 3rd Party Account: Select Deposit to Other Account.
What is the daily withdrawal limit for POSB?
What is DBS/POSB daily withdrawal limit? The DBS/POSB ATM withdrawal limit is S$2000 (default daily limit). Any amount above the default daily limit will result in a failed transaction. With iBanking, you can change the daily withdrawal limit for ATM cash withdrawal and set it to your preferred amount.