POSB Current Account - FAQ

POSB Current Account - Checking Account

Frequently Asked Questions

  1. What is the minimum age to open a POSB Current Account?

    You must be at least 18 years old in order to open a POSB Current Account.
  2. What is the minimum initial deposit required to open a POSB Current Account?

    All POSB Current Accounts must be opened with a link to a POSB Savings Account. A minimum initial deposit of S$500 is to be kept in the linked POSB Savings Account. You do not need to maintain any initial deposit in the POSB Current Account.
  3. What is the average daily balance that I have to maintain in my POSB Current Account before a fall-below fee is charged? What is the fall-below fee charge?

    The fall-below fee is S$2 if the average daily balance for the month in the linked POSB Savings Account falls below S$1,500.

    The fall-below fee will be debited from the linked POSB Savings Account.
  4. Is there any account fee charged on my POSB Current Account?

    Yes. There is a monthly account fee of S$2 on your POSB Current Account. This account fee will be debited from the linked POSB Savings Account.
  5. What is the interest rate paid on my POSB Current Account?

    There is no interest paid on the balances maintained in the POSB Current Account.
  6. Can I deposit funds into the POSB Current Account directly?

    Yes, but we would encourage you to deposit funds into your linked POSB Savings Account which earns daily interest.
  7. I have 2 POSB Savings Accounts. If I close the account that is linked to the POSB Current Account, can I choose to link it to the other account?

    Yes, if your account is operated via signature, you can mail in this form. Alternatively, please visit any POSB branch with your identity card/passport.
  8. If I close the linked POSB Savings Account, can I continue to use my POSB Current Account?

    No, you will need to link your POSB Current Account to a new POSB Savings Account.
  9. If I close the POSB Current Account, can I continue to use my linked POSB Savings Account?

    Yes, you can.
  10. POSB Current Account has an automated top-up feature (GIRO TRANSFER, GTR). How does it work?

    When you issue a cheque from your POSB Current Account, we will firstly debit the funds from your POSB Current Account (if you have any credit balance held in the account), followed by the linked POSB Savings Account. As such, you do not need to maintain a minimum balance in your POSB Current account as the money will be automatically transferred from your linked POSB Savings Account to clear your cheques. You just have to ensure that there is sufficient monies in your linked POSB Savings Account to clear the cheques.
  11. Can I opt out of the GTR feature for my POSB Current Account?

    No, all new POSB Current Accounts must be opened with a link to a POSB Savings Account so that the cheque amounts can be debited through GTR.
  12. Why doesn’t the transaction amount for the “GTR” transaction on my POSB Savings Account tally with my cheque amounts?

    Only 1 GTR debiting will be done to the linked POSB Savings Account on any day. Your POSB Savings Account will show the consolidated transaction amount when you have more than one cheque cleared on the same day. For details of each cheque, please refer to your POSB Current Account monthly statements or view the details via iBanking under “Transaction History” of your POSB Current Account.
  13. Will I be able to perform a funds transfer from my POSB Current Account (which has zero balance)? Will the bank deduct the funds from my linked POSB Savings Account?

    No, you will need to select your linked POSB Savings Account as the debiting account for the funds transfer.