POSB Current Account gives you the convenience of cheque issuance, when you can earn interest on your savings account that is linked to your Current Account.
In order to open a POSB Current Account:
- You must be at least 18 years old.
- Initial deposit is not required.
Features and benefits of POSB Current Account
Following are the features and benefits of POSB Current Account:
- There is no need to maintain minimum balance as the money will be automatically topped up from your POSB Savings Account to clear the cheques. You must ensure that there is sufficient balance in your Savings Account that is linked to POSB Current Account.
- New chequebook will be automatically mailed to you when you will be down to last few cheques.
- Round-the-clock self-service banking facility is available via iBanking, ATM, mBanking, Phone Banking, Quick Cheque Deposit Boxes, and Cash Acceptance Machines.
- You get monthly statements as well as eStatements. You can access your statement at anytime, anywhere via iBanking.
Fees and charges of POSB Current Account
Following are the fees and charges applicable:
- The monthly account fee charged is $2.
- If your average daily balance for the month is below $1,500, there will be a $2 fall below fee on your linked POSB Savings Account.
- The first cheque book is opened for free. Additional cheque book of 50 leaves issuance will cost you S$10 per cheque book.
Documents required for POSB Current Account
The following documents are required for opening a POSB Current Account:
- Singapore citizens and permanent residents should submit their Singapore NRIC.
- Foreigners will have to submit their passport copy and relevant pass that is issued by the Immigration and Checkpoint authority of Singapore. The foreigners can submit either one of the following documents for proof of address:
- Utility bill
- Bank or credit card statement
- Telephone bill
- Bank reference letter
- In-Principle-Approval letter which is issued by Ministry of Manpower
- Management fee bill
- Letter from human resource department where you are currently employed
- Rental agreement