You are now able to set up a standing instruction to transfer funds from your bank account to another account on a regular basis.
Can standing instructions (SI) be set up for all funds transfer?
Yes. You can set up a standing instruction to transfer funds from your bank account* to:
another account of your own (1st party transfer)*
another DBS / POSB account (3rd party transfer)*
an account in another bank (inter-bank transfer)
*Note: Except for POSB Kids-Trust Account
How do I add a payee to my list to set up my standing instruction fund transfer?
For 1st party transfers, your own accounts with the bank will appear in the drop-down box and the you will be able to select the account you would like to have your money transferred from and to on a regular basis.
For 3rd party and inter-bank transfers, you will first be required to add the designated account payee through the iBanking OTP authorisation process, before the account will appear in the your drop-down list for selection.
How do I apply for iBanking OTP?
You will have to register your mobile number by applying iBanking OTP for the first time at any DBS / POSB ATM where the service will be activated immediately. To apply at the ATM, simply select :
Register Mobile Phone for iBanking OTP
Press 'Confirm' when you reach the screen 'Application to register mobile phone for receiving iBanking OTP
Select 'Singapore' or 'Overseas' when you reach the screen 'Where is your phone registered'
Enter the mobile phone number you would like to use to receive your iBanking OTP
Press <ENTER> key
Validate by re-entering your mobile phone number
Press <ENTER> key
After this is set up, every time you add a new payee, an OTP will be delivered to you via SMS, allowing you to authorise the new payee. If you do not have access to our ATMs, or if you are overseas, you can apply for this service by completing the hard copy application form, which is found on the POSB website. The turnaround time is 3 working days upon receipt of the form.
How will I know if my standing instruction has been set up successfully?
After you have submitted your Standing Instruction online, you will receive a letter in the mail confirming the Standing Instruction set-up.
Is there a fee for setting up a Standing Instruction?
No. This is a free service.
Do I need to specify a date of last payment?
No. You can leave this blank. If it is left blank, the Standing Instruction will continue until you terminate the Standing Instruction.
Do I need to specify the amount of last payment?
If the amount of last payment does not defer from your first payment, you can leave this section blank.
What is the frequency of payment I can choose for my Standing Instruction?
Monthly, quarterly, bi-annually and yearly standing instructions are permitted.
What is the "Beneficiary / Customer Reference" field for?
This is to allow you to make notes for yourself to remind yourself what this Standing Instruction was set up for. This reference will also appear in the confirmation letter that is sent to you.
If I set up an SI today, what is the earliest date my first payment can begin?
The earliest payment date is 3 calendar days from the date of set up. Eg: If I set up the Standing Instruction on Monday, the first payment can begin on Thursday.
How far in advance can I set my first payment date for?
You are able to set the date of first payment up to 1 year from the date of set up. Eg: If you set up a Standing Instruction on the 5 October 2005, your first payment can begin on 4 October 2006.
If the date of payment falls on a Saturday, Sunday or public holiday, will the funds still be transferred?
No, the funds will be transferred on the next working day.
My first payment was on the 10th November 2005 and I inputted 15th June 2006 as my last payment. However the system rejected this. Why?
When you are setting up your Standing Instruction, the date of your last payment must be before the date of your first payment. For example, if your first payment is on the 10th Oct 2005, your last payment has to be before the 10th of any subsequent month (eg, 9th June 2006)
Can I amend existing standing instructions via iB?
No. Once a Standing Instruction is created, it cannot be amended via iB. Customers will have to terminate the Standing Instruction and set up a new Standing Instruction.
I have just set up my standing instructions. Where can I check the details?
For Standing Instructions set up before 1830 hours (Singapore time), it will appear in the "Standing Instruction Enquiry" immediately and the earliest payment date is 3 calendar days later to allow processing. For Standing Instructions set up after 1830 hours (Singapore Time), it will appear in the "Standing Instruction Enquiry" the following day.
Where can I find the "Standing Instruction Enquiry"?
The "Standing Instruction Enquiry" service can be found after clicking on "Account Information" option
Is there a maximum limit to how much I can transfer when I can set up my SI?
The Standing Instruction shares the funds transfer daily limit (Eg, depending on whether it is a 3rd party DBS/POSB or Interbank beneficiary which by default $5000 and $1000 respectively. Therefore, if you set up a Standing Instruction for $3000 today the remaining daily limit for a 3rd party transfer is $2000)
How do I terminate my Standing Instruction?
You can terminate a specific Standing Instruction by selecting the debiting account from the drop-down list in the option "Funds Transfer" and then select "Terminate Standing Instruction".