For those asking for POSB account opening requirements, the full answer is going to be shown here. Opening a new bank account is going to be complicated as there are a lot of requirements and documents to bring. Whether you are a Singaporean or foreigners, the information about the account opening at POSB are here.
The most important thing here is to keep the preparation way ahead. Prepare the entire needed document before you are heading to the bank so that you are truly ready at the customer service.
Prepare all the documents according to the information below and you should be able to open a new account without any obstacles.
Account Opening Requirements for Singaporean/Permanent Resident
- If you are a Singaporean and you want to open a new account, you need to show your ID card or your NRIC. Besides of that, you will also have to provide several other documents including the proof of residential area.
- You have to make the copy of the last three months of your local utility bills and local telecommunication bill.
- You should also bring a copy of your bank statement or credit card statement among the documents. Please keep it in mind that the minimum age requirement to open a new account is 16 years of age.
The Requirements for Foreigners
- If you are a foreigner living in Singapore, you will also bring your ID card, passport, and your proof of residential address.
- If you are in Singapore to work, you must also bring your employment pass or a statement of employment.
- If you are in Singapore to study, you need to bring a letter from school or college stating that you are indeed study there. You also need to bring copy of your student card.
The Easiest Way to Open POSB Account
The easiest way to open the account is to use mobile banking app. The full steps of opening an account started by using mobile banking are shown below:
- Download POSB digibank app on your phone. The app can be downloaded for free in Apple Store, Google Play Store and on App Gallery (if yo are using Huawei devices).
- Once downloaded, login with your SingPassID and Password. If you have activated the face ID or fingerprint ID, login with them instead.
- Select MyInfo and then from there you will see several other options. Select My Account and there will be sections to make or open a new account.
- Complete the prompting instructions and the documents.
- The process can be finalized at the POSB branch. You should bring the needed documents and identifications there.
| Accounts | Description |
|---|---|
| My Account (Personal and Joint-alternate account available) | The first account you can customise to the way you live. |
| DBS Multiplier Account (Personal account only) | Earn up to 3.00% p.a. on your savings. No minimum salary credit. No minimum credit card spend. Plus, save and transact in SGD and foreign currencies in one account. |
| eMySavings Account (Personal and Joint-alternate account available) | A special savings account that allows you to save monthly in a hassle-free way. |
| POSB SAYE Account (Personal account only) | Enjoy extra 2% p.a. interest when you credit your salary and have successful monthly saving with us. |
| POSB Payroll Account (Personal account only) | A specially designed account for Work Permit worker to receive salary payment. |
Those are the things you need to know about opening a new bank account and POSB. After the account is opened, do not forget to activate the iBanking and mobile banking (mostly for the first-time customers).
You may also like: How to Apply for POSB/DBS Internet Banking
Those features are really helpful these days and you do not have to come to the branch often to deal with payments and bills. Once you know the POSB account opening requirements, it is getting easy from there.
