What is POSB Save As You Serve and how is it different from POSB Save As You Earn (SAYE) Account, which was mentioned?
POSB Save As You Serve is a programme while POSB SAYE Account is just one of the featured products under this programme umbrella.
POSB Save As You Serve has three components:
I need an account for my NS salary crediting. How do I apply for it?
For your NS salary crediting, simply click here to apply for DBS eMulti-Currency Autosave Account. You will enjoy fall-below fee waiver up to 29 years old.
I am going to National Service soon, when should I apply to enjoy benefits under POSB Save As You Serve?
With reference to the benefits listed in question 1, to maximise the 2% Cash Gift Interest for the POSB SAYE Account, you should apply for it within the month when your first NS allowance is credited with us. Link for application can be found here.
For the 2% cash rebate on eligible cards and card discounts, no registration is required! You will automatically enjoy these benefits as long as you hold either of the cards mentioned above.
Do I qualify for POSB Save As You Serve regardless of my vocation?
Yes, any Full-Time National Serviceman (NSF) can apply for POSB Save As You Serve i.e. Army/Airforce/Navy/Police/Civil Defence.
Can I register for multiple POSB SAYE Accounts?
No. Each NSF is eligible to register for one POSB SAYE Account, under the POSB Save As You Serve programme.
Will the benefits for POSB Save As You Serve stop when I complete my National Service?
You will enjoy the 2% interest rates on your POSB SAYE Account for up to 24 months as long as the account is not closed and you continue to fulfill criteria required for higher interest rates accordance.
The 2% cash rebate for the qualifying cards will prevail so long as you hold either of the cards and meet the spend criteria.
How do I know when will the POSB SAYE Account “Cash Gift Interest” is credited?
Cash Gift Interest amount will be reflected by the 7th day of the 13th & 25th month of your POSB SAYE Account.
Do I need to close my POSB SAYE Account after 2 years of contribution?
You can continue to contribute to POSB SAYE Account however; the Cash Gift Interest will not be applicable after 24 month from your first contribution date.
Can I perform withdrawal from my POSB SAYE Account?
Yes. If you make a withdrawal, you will earn a base interest rate of 0.05% p.a. on the account balances for the month and the accumulated cash gift interest for the past months (including month of withdrawal) shall be forfeited.
As my NS rank allowance is expected to increase over time, am I able to increase the monthly contribution amount over time?
Yes, you can increase your monthly contribution amount anytime. You can change your monthly savings amount, savings date and debiting account anytime through iBanking under “Change MySavings/SAYE Account Instruction”.
My National Service term will end in less than 2 years. While I can continue to make monthly contributions, are those contributions still eligible for 2% Cash Gift Interest given that my NS allowance has stopped?
Monthly contributions will not be eligible for 2% Cash Gift Interest for months where there is no monthly salary credited. Base interest rate will be accorded for contributions from month 25 onwards.
Who is eligible for the HomeTeamNS-PAssion-POSB Debit Card and SAFRA DBS Debit Card?
How do I apply for a HomeTeamNS-PAssion-POSB Debit Card or a SAFRA DBS Debit Card?
Must I link my HomeTeamNS-PAssion-POSB Debit Card or SAFRA DBS Debit Card to my POSB SAYE account?
No, this is not mandatory.