If you’re looking for a reliable financial institution in Singapore, POSB could be the perfect choice for you. POSB Singapore offers a range of banking services and financial planning solutions to help you manage your money and achieve your financial goals. In this article, we’ll cover everything you need to know about POSB, from opening an account to accessing digital innovations and customer support.
At POSB, you can open a bank account with ease and enjoy a wide range of everyday banking services, including savings accounts, personal loans, and online banking. POSB also offers savings and investment products to help you grow your wealth, as well as loans and financing options to meet your financial needs. Additionally, POSB provides credit and debit cards that offer exclusive privileges and rewards to its customers.
With POSB, you can also access international services and digital innovations that make banking more convenient and secure. Whether you’re travelling overseas or managing your finances on the go, POSB has got you covered. If you have any questions or concerns, POSB’s customer support team is always available to assist you.
Key Takeaways
- POSB offers a wide range of banking services and financial planning solutions to help you manage your money and achieve your financial goals.
- You can open a bank account with ease and enjoy a range of everyday banking services, savings and investment products, loans and financing options, and credit and debit cards.
- POSB also provides international services and digital innovations to make banking more convenient and secure, and its customer support team is always available to assist you.
Overview of POSB
If you are a resident of Singapore, you have probably heard of POSB, which stands for the Post Office Savings Bank. It is the oldest and largest bank in Singapore, with a history dating back to 1877. Since then, it has grown to become a household name and a trusted financial institution for many Singaporeans.
In 1998, POSB was acquired by DBS Bank, which is now one of the largest banks in Asia. However, POSB still operates as a separate entity and retains its own unique identity.
POSB offers a wide range of banking services, including savings accounts, investments, insurance, personal loans, and online banking services. It is known for its accessibility and convenience, with over 50 branches and more than 1,000 ATMs located across Singapore.
One of the standout features of POSB is its commitment to serving the community. It has a long history of supporting community development and encouraging financial literacy, particularly among young Singaporeans. For example, it offers a Junior Savings Account that is designed to help children learn about saving money.
Overall, POSB is a reliable and trustworthy bank that has played a significant role in the development of Singapore’s financial sector. Whether you are looking to save money, invest in the stock market, or take out a loan, POSB is a great choice for all your banking needs.
Opening an Account
Are you eager to start your banking journey with POSB Singapore? Here’s what you need to know about opening an account.
Eligibility Criteria
To open an account with POSB, you need to meet certain eligibility criteria. As a Singaporean or Permanent Resident, you can use your SingPass and MyInfo to conveniently fill in your personal details, making the process quick and hassle-free. If you are a foreigner, you will need to provide your passport, proof of residential address, and employment pass.
Account Types
POSB offers a variety of account types to suit your financial needs. Whether you are looking for a savings account, current account, fixed deposit, or a kids account, POSB has got you covered. Each account type comes with its own unique features and benefits, allowing you to choose the one that best fits your requirements.
Required Documents
When applying for an account, you will need to provide certain documents. For Singaporeans and Permanent Residents, your NRIC and payslip may be required. Foreigners will need to present their passport, proof of residential address, and employment pass. Additionally, SingPass Face Verification may be used for added security and convenience during the application process.
Everyday Banking Services
If you’re looking for a bank that offers a wide range of everyday banking services, POSB Singapore is the right choice for you. Their services are designed to make your banking experience as convenient and hassle-free as possible. Here are some of the everyday banking services that POSB Singapore offers:
Deposits and Withdrawals
At POSB Singapore, you can easily deposit and withdraw cash at any of their branches or ATMs. They have a wide network of branches and ATMs across Singapore, including one in Jurong West. You can also deposit cash at any of their Cash Deposit Machines.
Digital Banking Platforms
POSB Singapore offers a range of digital banking platforms to make your banking experience more convenient. You can download the POSB digibank app, which allows you to manage your finances on the go. With smart shortcuts and personalised insights, the app can help you stay ahead of your everyday banking needs. You can also use the app to apply for new accounts and credit cards instantly.
Branch and ATM Network
POSB Singapore has a wide network of branches and ATMs across Singapore, making it easy for you to access your money whenever you need it. Their branches are open from Monday to Friday, and some branches are open on Saturdays as well. You can also use their ATMs to withdraw cash, check your account balance, and more.
Overall, POSB Singapore offers a range of everyday banking services that are designed to make your life easier. Whether you need to deposit cash, withdraw money, or manage your finances on the go, POSB Singapore has you covered. So why wait? Download the POSB digibank app today and start enjoying the convenience of banking at your fingertips!
Savings and Investments
If you’re looking to save or invest your money, POSB Singapore has a range of options available to suit your needs. Here’s what you need to know:
Savings Accounts
POSB offers a variety of savings accounts to choose from, including the eMySavings account. This account has no initial deposit and no minimum balance, making it a great option for those just starting to save. You can also enjoy bonus interest rates when you make regular deposits into your account.
Other savings accounts offered by POSB include the POSB Passbook Savings Account, which provides easy access to your funds, and the POSB SAYE Account, which allows you to save a fixed amount each month for a period of 2 or 3 years.
Interest Rates
POSB offers competitive interest rates on its savings accounts, with rates ranging from 0.05% to 0.1%. The eMySavings account, for example, offers an interest rate of up to 0.1% per annum.
Investment Products
If you’re looking to invest your money, POSB offers a range of investment products to choose from. One of the most popular options is the Invest-Saver, which allows you to invest a fixed amount regularly into your choice of investments. This helps you to take advantage of market fluctuations and build your wealth over time.
Other investment products offered by POSB include the POSB Invest-Saver Plan, which is a regular savings plan that allows you to invest in a range of funds, and the POSB Invest-Saver ETF Plan, which allows you to invest in exchange-traded funds.
Remember, when investing your money, it’s important to do your research and choose the option that’s right for you. Don’t forget to consider factors such as your risk tolerance, investment goals, and the fees and charges associated with each product.
Overall, POSB Singapore offers a range of savings and investment options to help you achieve your financial goals. Whether you’re just starting to save or looking to build your wealth over time, there’s an option to suit your needs.
Loans and Financing
If you’re looking for a loan, POSB Singapore has several options available to you. Here are the main types of loans that you can apply for:
Personal Loans
POSB’s personal loans offer competitive interest rates starting from as low as 3.88% p.a. (EIR 7.56% p.a.). You can borrow up to 10 times your monthly salary, and the loan amount can be disbursed instantly if you’re a POSB/DBS client. Applying for a personal loan is also easy through POSB/DBS digibank.
Car Loans
If you’re looking to buy a car, POSB offers car loans with attractive interest rates starting from 1.88% p.a. (EIR 3.49% p.a.). You can borrow up to 70% of the car purchase price if the OMV is lower than or equal to S$20,000, and up to 60% of the car purchase price if the OMV is higher than S$20,000. You can also choose from a range of repayment periods, from 1 to 7 years.
Home Loans
POSB’s home loans offer competitive interest rates starting from 1.8% p.a. (EIR 2.08% p.a.) for completed private properties, and 1.5% p.a. (EIR 1.51% p.a.) for HDB flats. You can choose from a range of home loan packages, such as fixed rate, floating rate, or a combination of both. You can also enjoy up to S$3,000 cashback when you refinance your home loan with POSB.
Overall, POSB Singapore’s loans and financing options are designed to help you achieve your financial goals. With competitive interest rates and flexible repayment terms, you can find a loan that suits your needs and budget.
Credit and Debit Cards
POSB offers a range of credit and debit cards to suit your needs. In this section, we’ll cover the different card varieties, rewards and benefits, and fees and charges.
Card Varieties
POSB offers a variety of credit and debit cards to suit your needs. Whether you’re looking for a basic card or one with more features, there’s a card for you. Some of the card varieties include:
- POSB Everyday Card: This card offers cash rebates on groceries, dining, and transport.
- POSB PAssion Card: This card is a collaboration between POSB and the People’s Association. It offers discounts on dining, shopping, and entertainment.
- POSB Go!: This card is a debit card that offers cashback on online and contactless transactions.
Rewards and Benefits
POSB credit and debit cards come with a range of rewards and benefits. Some of the rewards and benefits include:
- Cashback: Many POSB cards offer cashback on purchases, such as groceries, dining, and transport.
- Rewards points: Some POSB cards offer rewards points that can be redeemed for vouchers, merchandise, or air miles.
- Promotions: POSB often runs promotions that offer discounts or extra rewards for using their cards.
Fees and Charges
Like all credit cards, POSB cards come with fees and charges. It’s important to understand these fees and charges before applying for a card. Some of the fees and charges include:
- Annual fee: Some POSB cards come with an annual fee. This fee is charged once a year and can range from S$0 to S$192.60.
- Late payment fee: If you don’t make your minimum payment by the due date, you’ll be charged a late payment fee. This fee can range from S$60 to S$100.
- Interest rate: If you carry a balance on your POSB credit card, you’ll be charged interest. The interest rate can range from 25.9% to 28.92% per annum.
Overall, POSB credit and debit cards offer a range of features and benefits. It’s important to choose a card that suits your needs and to understand the fees and charges associated with the card.
International Services
If you’re looking to send or receive money from overseas, POSB has got you covered with their international services. Here are the two main international services available:
Overseas Transfers
POSB offers overseas transfers to a wide range of countries, including the Philippines, Malaysia, India, China, Indonesia, Hong Kong, the US, UK, Australia, and the European countries. With DBS Remit, you can transfer money to these countries with much faster and lower rates. You can use the POSB internet banking portal to access this service. The transfer limit for DBS Remit is SGD 200,000 per transaction. Additionally, you can use SWIFT code for international transfers.
Currency Exchange
POSB offers currency exchange services for Singapore dollars and foreign currencies. You can exchange your Singapore dollars to foreign currencies or vice versa at competitive exchange rates. POSB’s markup for foreign currency exchange is typically lower than other banks, which means you’ll get a better deal. You can also check the mid-market exchange rate, which is the rate between the buy and sell rates, to ensure you’re getting a fair deal.
Overall, POSB’s international services are a great option for anyone looking to send or receive money from overseas. With faster transfer times, lower rates, and competitive exchange rates, you can be sure you’re getting a great deal.
Digital Innovations
POSB is renowned for its digital innovations that have revolutionized the banking industry in Singapore. Here are some of the most exciting digital innovations that you can enjoy as a POSB customer.
Digibank Features
Digibank mobile app is a game-changer that offers you a seamless banking experience. You can access your account details, transfer funds, pay bills, and manage your finances on the go. With Digibank, you can also enjoy personalized banking insights that help you stay ahead of your everyday banking needs. The app also has a smart shortcut feature that learns your banking habits and offers you quick access to your most frequently used services.
The app is built with multiple layers of personalized security to ensure that your banking transactions are safe and secure. You can set up your digital token to eliminate the need for SMS OTPs or physical tokens.
PayLah! Integration
PayLah! is a mobile wallet app that enables you to make payments and transfer funds to your family and friends. The app is integrated with Digibank, which means that you can access your PayLah! wallet directly from your Digibank app. You can also link your PayLah! wallet to your POSB/DBS debit card to make payments at over 50,000 merchants across Singapore.
PayLah! also offers you exciting rewards and cashback when you make payments using the app. You can also split bills with your friends and family using the app’s split bill feature.
In conclusion, POSB’s digital innovations have made banking in Singapore more accessible, convenient, and secure. With Digibank and PayLah!, you can enjoy a seamless banking experience and access exciting rewards and cashback.
Customer Support
Are you facing any issues with your POSB account or have any queries? No worries, POSB has got you covered with their efficient customer support. Here’s everything you need to know about POSB Singapore’s customer support.
Contact Channels
POSB offers various channels through which you can reach out to their customer support team. You can contact them via phone, email, or their self-serve portal.
If you need urgent assistance, you can call their 24/7 hotline at 1800 339 6666 or +65 6339 6666 from overseas. For general enquiries, you can call 1800 111 1111 or +65 6327 2265 from overseas.
Alternatively, you can also send them an email or message them through their self-serve portal. The self-serve portal allows you to access your account information, view transactions, and even make transactions.
Feedback and Complaints
POSB values your feedback and is committed to providing you with the best customer service experience. If you have any feedback or complaints, you can reach out to them via their self-serve portal or email.
POSB also offers an Alert and Notification service, which allows you to receive real-time updates on your account activity. You can set up alerts for transactions, balance updates, and more.
In summary, POSB Singapore’s customer support is efficient and reliable. They offer various channels for you to reach out to them and are committed to providing you with the best customer service experience. If you have any queries or feedback, don’t hesitate to reach out to them.
Frequently Asked Questions
How can I get in touch with POSB customer service for immediate assistance?
If you need immediate assistance, you can call the POSB customer service hotline at +65 1800 339 6666. The hotline is available 24/7, and you can speak to a customer service representative who will be happy to assist you.
What are the exciting features of POSB iBanking that I should know about?
POSB iBanking is a convenient and secure way to manage your finances online. Some of the exciting features of POSB iBanking include the ability to view your account balances, transfer money, pay bills, apply for new accounts and credit cards instantly, and manage your finances on-the-go with the POSB digibank mobile app. Additionally, you can use the digital token feature to make online banking even more secure.
What’s the minimum balance I need to maintain in my POSB savings account, and why does it matter?
The minimum balance you need to maintain in your POSB savings account depends on the type of account you have. For example, the POSB eSavings account has no minimum balance requirement, while the POSB Passbook Savings Account requires a minimum balance of SGD 500. It’s important to maintain the minimum balance to avoid incurring monthly service fees.
Can you tell me the differences between POSB and DBS accounts, and which one should I be thrilled to choose?
POSB and DBS are both part of the same banking group, but they offer different types of accounts and services. DBS is more focused on providing banking services for high net worth individuals, while POSB is more focused on serving the needs of everyday customers. If you’re looking for a basic savings account or checking account, then POSB is a great choice.
Is there a maximum limit on the amount I can gleefully withdraw from my POSB account in a day?
Yes, there is a daily withdrawal limit for POSB accounts. The limit depends on the type of account you have and can range from SGD 3,000 to SGD 10,000 per day. If you need to withdraw more than the daily limit, you can visit a POSB branch and request a higher withdrawal limit.
Where can I find the nearest POSB branch for a delightful in-person banking experience?
You can find the nearest POSB branch by using the branch locator tool on the POSB website. Simply enter your location, and the tool will provide you with a list of nearby branches. Alternatively, you can call the POSB customer service hotline for assistance in finding a branch near you.
