• POSB Multiplier Programme

    POSB Savings Account

    Earn high interest rates of up to 2.08% per annum on your savings through regular banking with the POSB Multiplier Programme.

    Features and Benefits of POSB Multiplier Programme:

    • If your regular banking activity with POSB reaches an amount of S$7,500 each month, you will become eligible to earn higher interest rates through the POSB Multiplier Programme.
    • There is no lock in period for this multiplier programme.
    • You will earn a higher interest rate on the first S$50,000 you save in this account.
    • This is an all-inclusive 12 currency account in which you can transact as well as save not only in Singapore Dollar (S$) but also save in up to 12 different currencies.
    • You will get a personal account which is a single name account along with eStatements and access to the iBanking Service.
    • This account does not come with a chequeing facility.
    • You will receive a monthly overview of your banking total for the previous month allowing you to better manage your finances and maximize your savings.
    • Upon request, you can have regular advice and reviews by experts from the bank to help increase your savings.

    Note – The POSB Multiplier Programme neither provides chequeing facility nor joint account ownership. Hence, if you are looking for these services, you can choose the DBS MCA (Multi-Currency Autosave) savings account instead.

    Interest Rate Structure for POSB Multiplier Programme:

    Monthly Banking Total with POSB/DBS Interest Rate Structure
    Above S$7,500 0.05% p.a.
    S$7,500 and up to S$10,000 1.08% p.a.
    S$10,000 and up to S$12,500 1.28% p.a.
    S$12,500 and up to S$15,000 1.48% p.a.
    S$15,000 and up to S$20,000 1.68% p.a.
    S$20,000 and above 2.08% p.a.

    Note the following:

    • Once the balance in your account crosses S$50,000, your account will earn the prevailing base interest rate.
    • Higher interest earned will be credited in the following ways:
    • The base interest is calculated on a daily basis at the bank’s prevailing interest rate and will be credited into your account by the end of the month.
    • The preferential interest rate computed as nett of higher rate of interest and the prevailing rate of interest which will be based on the total of your cash flow with POSB will be credited by the 7th business day of the next month.

    Eligibility Criteria for DBS Multiplier Programme:

    Applicants who are 18 years old and above are eligible to apply for the POSB Multiplier Programme.

    Documentation Criteria for POSB Multiplier Programme:

    Singapore Citizens and Permanent Residents should provide the following documents to apply:

    • A front and back copy of the NRIC.
    • Documentation for Students - Student Card/Matriculation Card including an ICA In-Principle Approval letter or a School Letter (only includes official letters issued by educational institutions or schools under the Ministry of Education or Council for Private Education).
    • The past 3 months copy of one of the following as Address Proof:
      • Local utility bill.
      • Local credit card statement /bank statement.
      • Local telecommunication bill.
      • Management fee bill.
      • Letter issued from the government of another public body which is regulated for AML practices and is a part of the FATF member country.
      • Rental agreement.
      • Letter issued from regulated insurance companies belonging to the FATF member country.
      • Official Letters issued by schools/educational institutions as discussed above.

    Foreigners working in Singapore should provide the following documents to apply:

    • Copy of their Passport.
    • Copy of their Employment Pass.
    • Past 3 months copy of one of the following as Address Proof:
    • IPA or In-Principle Approval Letter from the Ministry of Manpower.
    • Employment Letter.
    • Utility Bill (local).
    • Local credit card statement /bank statement.
    • Offer Letter.
    • Telecommunication Bill (local).
    • Latest Payslip.
    • Management fee bill.
    • Rental agreement.
    • Letter issued from regulated insurance companies belonging to the FATF member country.
    • Letter issued from the government of another public body which is regulated for AML practices and is a part of the FATF member country.
    • Official Letters issued by schools/educational institutions as discussed above.

    Foreigners studying in Singapore should provide the following documents to apply:

    • Copy of their Passport.
    • Student Card/Matriculation Card including an ICA In-Principle Approval letter or a School Letter (only includes official letters issued by educational institutions or schools under the Ministry of Education or Council for Private Education.
    • Past 3 months copy of one of the following as Address Proof:
    • Local telecommunication bill.
    • Local credit card statement /bank statement.
    • Local utility bill.
    • Rental agreement.
    • Management fee bill.
    • Letter issued from regulated insurance companies belonging to the FATF member country.
    • Letter issued from the government of another public body which is regulated for AML practices and is a part of the FATF member country.
    • Official Letters issued by schools/educational institutions as discussed above.

    Note – The name and address on the document/s you submit must exactly match the name and address on your NRIC, otherwise your application may be rejected.

    Fees and Charges for POSB Multiplier Programme:

    • No monthly fees are charged to maintain this savings account.
    • There is no requirement to provide an initial deposit amount.
    • If the average daily amount in your account falls less than S$3,000 a month, you will be charged a fee of S$5. The average daily amount of S$3,000 will include balances in Singapore Dollar currency as well as other foreign currencies.
    • If you close your account within 6 months upon opening it, you will be subjected to a fee of S$30 as an Early Closure fee.

    Applying for POSB Multiplier Programme:

    Existing POSB customers who currently own a Current or Savings Account with an email address registered with the bank records can apply in the following ways:

    • iBanking – You can open your account immediately by following the simple steps below:
      • Visit POSB iBanking and key in your login credentials.
      • Login using an SMS OTP (One Time Password) or an iB Secure PIN.
      • Choose “POSB Multiplier Account”.
    • Online Form – You can open your account immediately by logging in using your Debit Card Number or ATM Number and PIN. The online form is available on the POSB Multiplier web page of the official POSB Singapore website.

    New POSB customers can apply for the POSB Multiplier Programme in the following ways:

    • Online Form - New customers to POSB or DBS can also apply for this programme online by submitting the required documents. The online form is available on the POSB Multiplier web page of the official POSB Singapore website.
    • Contact Form – You can provide your contact details on the online contact form and a relationship manager from the bank will contact you regarding the same. The contact form is available on the POSB Multiplier web page of the official POSB Singapore website.
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