POSB Bank has the honour of being one of the oldest banks in Singapore that have been continuously in operation. It was established in 1977 as the Post office savings bank and was striving to provide affordable banking services and low cost basic savings accounts till 1998 where it was acquired by DBS.
The promise of low cost and affordable banking services still continues and banking services have been kept low and even exempt for students below 21 years, children and full time national service personnel.
More than 2 million customers trust and use POSB iBanking in Singapore. From checking account balance to transferring money and paying bills, POSB iBanking offers over 130 services in one place. It has one of the largest iBanking base. Therefore, you can transfer funds to almost any bank in Singapore. You also get complete security on your funds with Money Safe Guarantee.
Learning iBanking & POSB Bank iBanking
With internet banking, you can get all the features offered by traditional banking in one place. All you require is a broadband connection to login to your iBanking account on the bank’s official website. You will be provided a username and password to login to your account. From making bill payments to transferring funds and updating your contact details, you can carry out several banking services using iBanking. Gone are the days of traditional banking wherein to make physical cheque and cash deposits, you had to wait in a queue during the standard banking hours. With iBanking, you can carry out banking activities from anywhere in the world and at any time you deem convenient.
How does internet banking or iBanking work in Singapore?
Internet banking is not only convenient but also easy to use. Some banks in Singapore offer financial incentives for carrying out banking services using iBanking. Listed below is the step by step process for using iBanking:
- One-time registration on the bank website using your ATM card, credit card or debit card.
- Login to your account with username and password.
- Start making payments, adding beneficiaries, transferring funds, setting up automatic savings plan, automatic bill payment, making enquiries, updating contact details, etc.
Some banks offer services where you can live chat with a customer service representative regarding iBanking related queries.
How to apply for POSB Bank iBanking?
You can apply for iBanking services via 3 methods:
- Visit a POSB Bank branch and submit a request
- Call POSB Bank customer service hotline number
- Register online on the bank’s official website
A one-time registration is required to open your online account. Register using your ATM card, debit card or credit card.
How to log into POSB iBanking service
Logging into your POSB iBanking page is a simple process and entails the following steps.
- Visit the POSB iBanking webpage
- Enter your user ID and PIN
- Once authenticated, the page will log you in and you can view and manage your account.
- In the case where you have forgotten either your User ID or PIN, you can simply click on the “Forgot User ID or PIN tab just below the space provided for you to enter your details.
- A One Time Password or OTP will be set to your registered mobile address from which you can follow the steps and create a new User ID. You can begin to use this ID immediately to login and manage your account.
Common services available for iBanking users in Singapore
Listed below are some of the common services available for iBanking users in Singapore:
- Apply for a credit card or loan online.
- View your bank balance.
- View online statements of your transactions.
- Set-up automatic bill payment.
- Set-up automatic savings plan.
- Transfer funds.
- Update contact details.
- Make enquiries.
- Manage your account.
- Make investments.
Key benefits of Using POSB iBanking in Singapore
Having a POB iBanking service set-up offers account holders a multitude of benefits. These include the following.
- Account holders can view and manage their POSB savings account with just a few clicks of their button.
- Not only will they be able to view their account details and check their transaction histories but can also use the iBanking service to pay off bills and transfer funds.
- The iBanking service can be used for services such as activating a credit card or applying for new credit cards.
- iBanking also allows the account holders to enjoy preferential rates on services such as standing instructions, demand drafts and regular overseas fund transfers.
Investment options for POSB iBanking customers
Customers who have activated iBanking can even enjoy investment options such as
- Regular Savings Plan: This allows customers to save as little as S$100 per month through GIRO arrangements. The customers can manage this investment through their iBanking service and do not require the additional need of a CDP account or a securities trading account.
- Singapore Savings bonds: These bonds are a low risk option of investing wealth and allows iBanking customers to earn step-up interest on their savings. The principal amount in this investment is guaranteed which means no capital losses. The tenure of this investment can go up to 10 years and is a great asset to diversify one’s portfolio.
FAQs for POSB iBanking Users
- What to do if my iBanking account has been breached?
- What is Money Back Guarantee?
- Is there a fee or charge for using iBanking?
- What are the security measures taken to protect your iBanking account?
- How to reset iBanking PIN?
Call POSB Bank at 1800 111 1111 for domestic calls or (65) 6327 2265 for overseas calls. If you notice any unusual activity, you can suspend access to your iBanking account. Request for new PIN for your iBanking account.
Once you are registered as an iBanking user, you are covered by Money Back Guarantee, wherein you will be repaid the money taken from your account in an authorised transaction.
POSB Bank doesn’t charge a fee for using iBanking services. It is free of charge for subscription and sign up.
Two-factor authentication and one-time passwords are used as security measures to protect your online banking account and iBanking transactions. You can also register with POSB for iBanking alerts via SMS or email notifications.
PIN can be reset on the bank’s website or at a POSB/DBS ATM.