DBS Bank offers its customers an array of options for its Savings Account product that will help saving your hard earned money much more conveniently and efficiently.
Types of DBS Saving Accounts
- DBS Multiplier Programme.
- eMySavings Account.
- DBS MCA (Multi-Currency Autosave).
DBS Multiplier Programme
The DBS Multiplier Programme offers an interest of up to 2.08% per annum on any of your savings made through regular banking with DBS.
- This is an all-in-one account that allows savings in multiple currencies apart from the Singapore Dollar (S$). You can save in up to 12 different foreign currencies.
- This programme also offers higher rate of interest for the first S$50,000 accumulated in your savings account.
- There is no lock in period for this programme.
- Anyone over the age of 18 years can apply for this programme.
The eMySavings Account is an automatic savings account offering special rates of interest enhancing your control and flexibility.
- Using this account, you can have greater control over your monthly finances as this is a monthly savings account.
- This account has preset or predetermined amount for your monthly savings allowing you to save an exact amount of money on the savings date. You can choose any amount between S$50 and up to S$3,000, although your chosen amount must be multiples of S$10.
- You will receive eStatements on a quarterly basis.
- Applicants who are 16 years and above are eligible to apply for this savings account. However, eligible applicants must own an existing DBS or POSB Current or Savings Account to apply.
DBS MCA (Multi-Currency Autosave)
This DBS MCA (Multi-Currency Autosave) savings account allows you to transact and save in 12 different types of foreign currencies apart from the Singapore Dollar (S$).
- You can benefit from the movement of the foreign exchange rates with this savings account.
- No fees will be charged when you withdraw in a foreign currency at any of the DBS bank branches.
- You can remit, receive or withdraw funds in foreign currency from and into your savings account directly, thereby saving significantly on foreign exchange.
- Your eStatament will include both – transactions and balances in Singapore Dollar (S$) as well as all other currencies.
Applying for DBS Savings Account
- Singapore Citizens and Permanent Residents are eligible to apply for any of the DBS Savings Accounts.
- You can apply for a DBS Savings Account immediately through the following ways:
- Apply through DBS iBanking.
- Apply using Debit Card or ATM Card and PIN.
- Visit your nearest DBS Bank branch for further details and apply directly in person.
DBS Savings Account Interest Rates
|Account Name||Min Interest Rates||Max Interest Rates||Min Deposit Amount||Max Deposit Amount|
|DBS Multiplier Account||0.05% p.a.||3.5% p.a.||S$3,000||Unlimited|
|DBS Multi-Currency Account||
Eligibility Criteria and Documents Required
DBS Multi-Currency Account and DBS Multiplier Account:
You must be a Singaporean or a permanent resident of age 18 years and above to apply for both.
- You must be 16 years old or older to apply for this account. You must also already have a DBS or POSB savings/current account.
- If you wish to apply online and are under 18 years old, you must use your iBanking login or ATM/debit card to do so.
- If you are a Singaporean or a permanent resident you can apply for this card using your NRIC.
- As a foreigner you can apply using three documents: your passport, a pass given by the Immigration and Checkpoint Authority of Singapore, and any one of the following address proofs that has been issued within the last 3 months:
- Ministry of Manpower-issued in-principal-approval letter.
- Telephone bill
- Utility bill
- Bank statement
- Credit card statement
- Bank reference letter
- Current employer HR department-issued letter
- A letter issued by a regulated insurance company in a FATF member country.
- A letter from the government of public bodies in a FATF member country. These public bodies should be monitored for AML practices.