How to Close DBS/POSB Deposit Account

How to Close DBS POSB Deposit Account

If you have registered to banking account to any Singapore banks, you must already know that these banks offer so many types of features and deals to their customers. These beneficial offers are meant to pull more customers with varying needs and preferences. One of the most common type of offer to be provided is a deposit account, including by DBS/POSB Bank.

That being said, customers may want to end the relationship with the bank. Regardless of the reason, if you wish to close your deposit account in DBS/POSB Bank, then this article will show you to.

What to Know Before Closing Your DBS/POSB Deposit Account

There are a wide range of deposit products offered by DBS/POSB with various rates and features, but the process of closing any types of deposit account is pretty much the same.

Here are some things to note before you proceed with how to close DBS/POSB deposit account to ensure that you close your account with smooth transition and save yourself from unnecessary headaches:

  1. Make sure you have transferred all the balance within your account before you close the existing deposit account in DBS/POSB Bank.
  2. Close your digital wallets (for example: DBS PayLah!) that are linked to the deposit account that you wish to close.
  3. Know that your debit cards or ATM cards that primarily linked with your deposit account will also be cancelled due to the closure.
  4. Know that all of the GIRO feature will be also terminated upon the closure.
  5. Know that you won’t be able to retrieve any history of transaction from your deposit account after it’s closed, as well as to ask for statements.

Steps To Close DBS/POSB Deposit Account

Closing and leaving your current bank might sound like a daunting task which involves effort, hassle, and fees. However, it doesn’t have to be as intimidating as it seems to be because it can be done via online.

DBS digibank Online is an internet-based tool that allows you to perform numbers of banking activities via online. Not only it lets you to process money transferring or bills paying, but also deposit account closing.

Here are five easy steps on how to close DBS/POSB deposit account via digibank Online:

  1. Sign into your digibank Online account.
  2. Open Request menu > More Request > sign in with your iBanking PIN that’s comprised of 6 digits.
  3. Open Other Services > Close Deposit Account.
  4. Choose with deposit account that you want to close, then Net Balance Payment Mode if there’s any, then select Next.
  5. Confirm the termination details then select Submit to finish the process of your deposit account closure.

You may also like: How to Change DBS iBanking Password

As an alternative, if you currently cannot use digibank Online service or are abroad, the process may be completed by mailing DBS/POSB form of Authorization for Closure of Account. It’s also recommended to contact the bank first if you wish to close the deposit account. Other methods are including visiting the bank directly, dial the DBS/POSB customer service team, or send a mailing request.

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