500Please enter only a-z,A-Z,0-9,@!>$&-()',./
POSB Payroll Account
At a Glance
Introducing POSB Payroll Account, a specially designed account for Work Permit worker to receive salary payment.
Features & Benefits
This account is packaged with an ATM card, which can be conveniently used to:
- Pay for purchases via NETS
- Withdraw cash via POSB Cash-Point or ATM
- Top-up telco prepaid cards via ATM
- Check account balance and print the last five transactions via ATM
Applying for a POSB Payroll Account is now made easier, through collaboration with the Ministry of Manpower.
From 16 Oct 2014, when you request for issuance of a work permit for your foreign worker via the Work Permit Online portal, you could add your application for the POSB Payroll Account on your worker’s behalf.
POSB will only accept an account application by a Work Permit holder via this enhanced process for new work permit holder whose work permit application is made from 16 October 2014. There is no need to submit paper application or have your worker walk-in to apply for an account.
Eligibility & Fees
- A S$2 fall-below fee will apply if the average daily balance in the account is below S$500 for the month.
- A S$2 monthly ATM withdrawal fee will apply if the customer makes more than 4 ATM cash withdrawals in the month.
- A S$2 fee will apply for each cash withdrawal of S$2,000 or less, at any DBS/POSB branch.
- S$20 early account closure fee if the account is closed within 6 months.
- Replacements of ATM card or passbook are chargeable at S$5 and S$15 respectively.
As the accounts for your workers are only set-up based on information sent via MOM, please arrange for your workers to visit the POSB Account Services Centre (For Work Permit holders) on the next working day, after they have completed card registration at MOM Service Centre. Any delay could result in unsuccessful processing of their account application.
The following non-financial services are also available for your workers at the POSB Account Services Centre (For Work Permit holders) and will not be offered at any DBS/POSB branches:
- Application and replacement of ATM card
- Updating of personal information
How to Apply
Just 2 steps to set-up a POSB Payroll Account:
- Step 1 - Account Application
Select the option to open a POSB account when you request for work permit issuance via Work Permit Online portal.
Before this, please ensure that you have obtained the new work permit worker’s consent to open the POSB Payroll Account.
- Step 2 - Account Activation
On the next working day, after the worker has visited the MOM Services Centre for card registration, arrange for him to visit the POSB Account Services Centre (For Work Permit holders), with his original passport and In-principal Approval Letter. The centre is located at:
7 Kaki Bukit Avenue 3
Kaki Bukit Recreation Centre
If the application is successful, we will issue him his account number and an ATM card. Please advise your worker to think of a 6-digit PIN before the visit.
This account is opened under special arrangements and will not be eligible for any salary crediting promotion.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.