Savings Accounts

POSB eCurrent Account

Issue cheques conveniently while earning interest with your linked POSB Savings Account.

POSB Current Account

The POSB eCurrent Account gives you the convenience of issuing cheques while you earn interest with your linked savings account.

Benefits

  • Convenience:no minimum balance is required as the money is automatically topped-up from your linked POSB Savings Account to clear cheques - simply ensure that there's sufficient balance in your linked POSB Savings Account
  • Auto-cheque mailing:we will send you a new chequebook automatically when you down to your last few cheques
  • Self-service banking facilities:Enjoy round-the-clock banking via ATM, iBanking, Phone Banking, mBanking, Cash Acceptance Machines and Quick Cheque Deposit Boxes.
  • Easy to read monthly statements. Also available as eStatements - The fast and easy way to access your statements anytime, anywhere via iBanking.

Eligibility and Requirements

You are eligible for this account if you are at least 18 years old. No initial deposit is required.

Fees

  • Monthly account fee of $2.
  • A $2 fall-below fee is applicable on your linked POSB Savings Account if your average daily balance for the month falls below $1500.
  • The first cheque book on account opening is free. Thereafter, it is S$10 per additional cheque book (50 leaves)
  • Please refer to the Deposits Guide for the list of fees applicable.

How to Apply

Frequently Asked Questions

What is the minimum age to open a POSB eCurrent Account?

You must be at least 18 years old in order to open a POSB eCurrent Account.

What is the minimum initial deposit required to open a POSB eCurrent Account?

All POSB eCurrent 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 eCurrent Account.

What is the average daily balance that I have to maintain in my POSB eCurrent 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.

Is there any account fee charged on my POSB eCurrent Account?

Yes. There is a monthly account fee of S$2 on your POSB eCurrent Account. This account fee will be debited from the linked POSB Savings Account.

What is the interest rate paid on my POSB eCurrent Account?

There is no interest paid on the balances maintained in the POSB eCurrent Account.

Can I deposit funds into the POSB eCurrent Account directly?

Yes, but we would encourage you to deposit funds into your linked POSB Savings Account which earns daily interest.

I have 2 POSB Savings Accounts. If I close the account that is linked to the POSB eCurrent 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.

If I close the linked POSB Savings Account, can I continue to use my POSB eCurrent Account?

No, you will need to link your POSB eCurrent Account to a new POSB Savings Account.

If I close the POSB eCurrent Account, can I continue to use my linked POSB Savings Account?

Yes, you can.

POSB eCurrent Account has an automated top-up feature (GIRO TRANSFER, GTR). How does it work?

When you issue a cheque from your POSB eCurrent Account, we will firstly debit the funds from your POSB eCurrent 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 eCurrent 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.

Can I opt out of the GTR feature for my POSB eCurrent Account?

No, all new POSB eCurrent Accounts must be opened with a link to a POSB Savings Account so that the cheque amounts can be debited through GTR.

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 eCurrent Account monthly statements or view the details via iBanking under “Transaction History” of your POSB eCurrent Account.

Will I be able to perform a funds transfer from my POSB eCurrent 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.