Domestic helpers are an important part of many households in Singapore. They provide invaluable support to families, and it is important to ensure that they are well-protected and have access to basic financial services. Opening a POSB account is a great way to do this, and it is a simple process that can be completed in just a few steps.
Step 1: Gather the Required Documents
Before you can open a POSB account for your domestic helper, you will need to gather the following documents:
- Your domestic helper’s passport
- Your domestic helper’s work permit
- Your NRIC or FIN (Foreign Identification Number)
- A recent utility bill or bank statement with your address printed on it
Step 2: Visit a POSB Branch
Once you have gathered the required documents, you can visit any POSB branch to open an account for your domestic helper. When you arrive at the branch, you will need to take a queue number and wait to be served.
Step 3: Fill Out the Account Opening Form
When it is your turn to be served, you will be given an account opening form to fill out. The form will ask for your basic information, such as your name, address, and contact details. You will also need to provide your domestic helper’s information, such as their name, passport number, and work permit number.
Step 4: Make a Minimum Deposit
Once you have completed the account opening form, you will need to make a minimum deposit of S$100 into your domestic helper’s account. You can do this by cash, cheque, or NETS.
Step 5: Activate the Account
Once you have made the minimum deposit, your domestic helper’s account will be activated. You will be given a passbook and a debit card that your domestic helper can use to withdraw money and make purchases.
Step 6: Set Up Automatic Transfers
If you would like, you can set up automatic transfers from your own POSB account to your domestic helper’s account. This is a convenient way to ensure that your domestic helper always has access to funds.
Benefits of Opening a POSB Account for Your Domestic Helper
There are many benefits to opening a POSB account for your domestic helper. These benefits include:
- Convenience: Your domestic helper will be able to withdraw money and make purchases easily using their POSB debit card.
- Security: Your domestic helper’s money will be safe and secure in a POSB account.
- Peace of mind: You will have peace of mind knowing that your domestic helper has access to financial services.
Tips for Opening a POSB Account for Your Domestic Helper
Here are a few tips for opening a POSB account for your domestic helper:
- Bring all of the required documents with you when you visit the branch.
- Be prepared to make a minimum deposit of S$100.
- Set up automatic transfers from your own account to your domestic helper’s account.
- Consider getting a POSB Everyday Account for your domestic helper. This account offers a number of benefits, such as free withdrawals at POSB ATMs and a low minimum balance requirement.
Common Mistakes to Avoid When Opening a POSB Account for Your Domestic Helper
Here are a few common mistakes to avoid when opening a POSB account for your domestic helper:
- Do not forget to bring the required documents.
- Do not make a deposit of less than S$100.
- Do not forget to activate the account.
- Do not share your domestic helper’s account information with anyone.
Conclusion
Opening a POSB account for your domestic helper is a simple and straightforward process. By following the steps outlined in this article, you can ensure that your domestic helper has access to basic financial services and that their money is safe and secure.
