This is a joint account for children allowing you to manage your child’s finances together until your child reaches the age of 15 years.
Features and Benefits of ePOSBkids Account:
- You can earn interest daily on this account.
- There is no requirement of minimum deposit amount or a fall below fee for children until they reach 21 years of age.
- The coin deposit fee will be waived until your child reaches 16 years of age.
- Automatic transfer of funds from the parent’s account to the ePOSBkids Account free of cost.
- eStatements provided on a monthly basis to track the account activity and balance.
Promotions and Offers for ePOSBkids Account:
- Apply for the ePOSBkids Account online this month and receive a Smiley coin bank set (Limited Edition)
- Upon opening an ePOSBkids Account, receive a gift deposit of S$1.
- Upon opening an ePOSBkids Account, your child will also receive a 6 month membership from POPULAR bookstore free of cost where he/she will avail a 10% discount at all POPULAR bookstores. Note that this membership is only applicable to children between the ages of 7 and 15 years when the account is opened.
Eligibility Criteria for ePOSBkids Account:
The following are eligible to apply for an ePOSBkids Account:
- Singapore Citizens, Permanent Residents and Foreigners.
- Children up to the age of 15 years.
Documentation Criteria for ePOSBkids Account:
Find below the documents that must be provided to be eligible to apply for an ePOSBkids Account:
- Singapore citizens and Permanent Residents must provide a copy of their NRIC.
- Foreigners must submit the following documents:
- A relevant pass that has been issued by Immigration as well as the Checkpoint Authority of Singapore.
- One of the following must be provided as Address Proof and must be issued within the last three months:
- IPA Letter (In-Principle Approval) issued by MOM (Ministry of Manpower.
- Telephone bill.
- Utility bill.
- Rental Agreement.
- Credit Card statement/bank statement/bank reference letter.
- Management fee bill.
- Letter issued by the HR department (Human Resource) of your current employer.
Documents to be provide for children:
- If the child is a Singapore Citizen or a Permanent Resident, the child’s original birth certificate must be provided.
- If the child is a foreigner, the child’s passport must be provided.
To open the joint account, the following documents must additionally be provided:
|Documents to be provided for Minors||Child's Age||Singaporean Citizens||Foreign Students|
|Parent / Legal Guardian||Guardian in Singapore|
|FATCA Self Certification||Below 15 years||Form must be signed by the Parent or Legal Guardian in person + non-account holders must provide a proof of relationship document. OR Form must be signed by the Parent or Legal Guardian + a proof of relationship document with a signature that matches the bank’s record.||Non-Account Holders - Form must be signed by the Guardian in person. OR Account Holders – Form must be signed by the Guardian + a letter stating their relationship with the student.|
|PDPA Marketing Preference||13 years and below|
|Consent Form to use the ATM Card Facility||Below 15 years||Non-Account Holders - Form must be signed by the Guardian in person. OR Account Holders – Form must be signed by the Guardian + a letter stating their relationship with the student. OR Form signed by the Principle of the School containing the Institution Stamp.|
Fees and Charges for ePOSBkids Account:
- Daily average per month – more than S$500.
- Fall below fee – S$2 each month. This fee is waived until the child reaches 21 years of age.
- Early closure of account fee for accounts closed within 6 months of account opening – S$20.
- Interest charged for Incidental Overdraft facility – Prime + 5% per annum payable on the amount overdrawn. The minimum charge is S$20.
Applying for ePOSBkids Account:
You can apply for ePOSBkids Account through the following ways:
- Existing POSB or DBS customers can apply online using the iBanking Service and their registered email address with the bank. Upon completion of the application form and submitting all the required documents, the bank will take up to 1 week to process the application. The online application form is available on the ePOSBkids Account web page of the official POSB Singapore website.
- Non POSB or DBS customers must apply for the ePOSBkids Account directly at the nearest POSB bank branch. Please carry the required documents for account opening.
- In case of any queries, you can contact the bank on their POSB Phone Banking Number which is available on the ePOSBkids Account web page of the official POSB Singapore website.