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DBS/POSB

POSB Account Opening Requirements

Updated onFebruary 3, 2023

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

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“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 just to be safe, keep a minimum balance of $500 in your POSB savings account after the account is opened.

POSB Account Opening Requirements 1

POSB Account Opening Requirements:

Personal eMySavings Account

  • At least 16 years old
  • Already a DBS/POSB Savings/Current Account customer
  • https://www.posb.com.sg/personal/deposits/savings-accounts/emysavings-account

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POSB My Account

  • No age requirement
  • No initial deposit required
  • Foreigners can apply
  • https://www.posb.com.sg/personal/deposits/savings-accounts/my-account

POSB SAYE Account

For the first 2 years, you can get an additional 3.50% p.a. interest on your savings, when you don’t make any withdrawals from the SAYE account.

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

For NSF: POSB Save As You Serve (SAYS)

  • https://www.posb.com.sg/personal/landing/posb-says/index.html

For Kids: POSB Smiley CDA

  • https://www.posb.com.sg/personal/deposits/savings-accounts/child-development-account

For Kids: My Account

  • Children below 16 years old
  • Accompanied by an adult of at least 18 years old
  • No initial deposit required
  • https://www.posb.com.sg/personal/deposits/savings-accounts/my-account-kids

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.

Click here to check out which savings account gives you a better interest rate on your savings.

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