POSB Account Opening Requirements

How to open POSB savings account?

To open a new bank account in POSB, you can visit any POSB branch in Singapore with your NRIC or simply apply instantly online.

For existing customer; apply online instantly with your iBanking or ATM/Debit card
For new customer; fill up the online application and upload the required documents

“How much to open a POSB savings account” is a popular question you might have.

Most of the accounts don’t require any minimum amount to open but you need to take note that some accounts do charge a fall-below fee.

So, keep a minimum balance of $500 in your POSB savings account after the account is opened.

POSB Account Opening Requirements:

Remarks: Maintain a daily average balance of $500, if not a $2 fall-below fee will apply.

For the first 2 years, you can get an additional 2% p.a. interest on your savings, when you don’t make any withdrawal from the SAYE account.

At least 16 years old
Already have a DBS/POSB Savings/Current Account as your salary crediting account.
Foreigners can apply
https://www.posb.com.sg/personal/deposits/savings-accounts/saye

At least 18 years old
No Initial deposit required
$2 monthly account fee
A monthly S$2 fall-below fee apply on your linked POSB Savings Account, if your average daily balance for the month falls below S$1,500
https://www.posb.com.sg/personal/deposits/savings-accounts/current-accounts

The requirements to open POSB account is easy to meet as the minimum age required is only 16 for most of the accounts.

Alternatively, you may also consider opening a DBS bank account as both banks have merged in 1998.