Introduction
POSB (Post Office Savings Bank) is a trusted financial institution in Singapore that offers a wide range of banking products and services, including the Current Deposit Account (CDA). Opening a CDA account with POSB is easy and convenient, and can provide you with a number of benefits, including:
- Convenience: POSB has an extensive network of branches and ATMs islandwide. This makes it easy for you to access your account and conduct your banking transactions conveniently.
- Security: Your money is safe and secure with POSB. The bank is regulated by the Monetary Authority of Singapore (MAS) and is a member of the Singapore Deposit Insurance Corporation (SDIC). This means that your deposits are insured up to S$75,000.
- Rewards: You can earn rewards when you use your POSB CDA account. For example, you can earn points that can be redeemed for cash, vouchers, and other rewards.
If you are looking for an easy and convenient way to bank, opening a CDA account with POSB is a great option.
How to Open a CDA Account with POSB
Opening a CDA account with POSB is easy and convenient. You can do it online, in person at a branch, or by mail.
Online
You can open a CDA account online if you are a Singapore Citizen or Permanent Resident who is at least 16 years old. To open an account online, you will need to:
- Visit the POSB website.
- Click on the “Open an Account” tab.
- Select the “Current Deposit Account” option.
- Enter your personal information and contact details.
- Choose your account type.
- Set up your online banking credentials.
In person at a branch
You can also open a CDA account in person at any POSB branch. To do this, you will need to:
- Bring your original NRIC (National Registration Identity Card) or passport.
- Fill out an account opening form.
- Deposit the minimum initial deposit of S$10.
By mail
You can also open a CDA account by mail. To do this, you will need to:
- Download the account opening form from the POSB website.
- Fill out the form and mail it to the following address:
POSB
P.O. Box 399
Singapore 911161
Types of CDA Accounts
POSB offers two types of CDA accounts:
-
Standard CDA Account: This is the most basic type of CDA account. It offers you a range of features and benefits, including:
- Free ATM withdrawals at POSB and DBS ATMs
- Free online banking and mobile banking
- No minimum balance requirement
-
Premier CDA Account: This type of CDA account offers you a higher level of features and benefits, including:
- Free ATM withdrawals at all ATMs in Singapore
- Free online banking and mobile banking
- Higher interest rates
- Priority banking services
Fees and Charges
There are no fees or charges for opening a CDA account with POSB. However, there are some fees and charges that may apply to your account, including:
- ATM withdrawals: Free at POSB and DBS ATMs. S$2 per withdrawal at other ATMs in Singapore.
- Online banking: Free.
- Mobile banking: Free.
- Cheque deposits: S$0.50 per cheque.
- Cash deposits: Free.
Benefits of Opening a CDA Account with POSB
There are a number of benefits to opening a CDA account with POSB, including:
- Convenience: POSB has an extensive network of branches and ATMs islandwide. This makes it easy for you to access your account and conduct your banking transactions conveniently.
- Security: Your money is safe and secure with POSB. The bank is regulated by the Monetary Authority of Singapore (MAS) and is a member of the Singapore Deposit Insurance Corporation (SDIC). This means that your deposits are insured up to S$75,000.
- Rewards: You can earn rewards when you use your POSB CDA account. For example, you can earn points that can be redeemed for cash, vouchers, and other rewards.
Conclusion
Opening a CDA account with POSB is easy and convenient. You can do it online, in person at a branch, or by mail. There are no fees or charges for opening a CDA account with POSB. However, there are some fees and charges that may apply to your account, such as ATM withdrawals and cheque deposits.
If you are looking for an easy and convenient way to bank, opening a CDA account with POSB is a great option.
