We've mobilised the answers to your most common questions.
What is POSB Save As You Serve and how is it different from the POSB Save As You Earn (SAYE) Account?
POSB Save As You Serve is a programme while POSB SAYE Account is one component under this programme.
POSB Save As You Serve Programme gives you:
An additional 2% interest p.a. on your monthly savings via POSB SAYE Account, which is a regular savings account.
2% cash rebate on contactless transactions with the HomeTeamNS-PAssion-POSB Debit Card and SAFRA DBS Debit Card.
Discounts at over 3,000 merchants when you use the above-mentioned cards.
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’ll enjoy a waiver of the administrative fee when your deposit balance falls below the minimum daily balance, up to 29 years old.
I’m going to National Service soon, when should I apply to enjoy the benefits under POSB Save As You Serve?
To maximise the 2% p.a. bonus interest for the POSB SAYE Account, you should apply for it during the first month of your NS allowance being credited with us.
For the 2% cash rebate on eligible cards and card discounts, no registration is required! You’ll 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. Singapore Armed Forces, Republic of Singapore Navy, Republic of Singapore Air Force, Singapore Police Force and Singapore Civil Defence Force.
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’ll enjoy the 2% p.a. bonus interest rate on your POSB SAYE Account for up to 24 months, as long as the account is not closed and you continue to fulfil the bonus interest criteria. 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 the POSB SAYE Account “Cash Gift Interest” will be credited?
Cash Gift Interest amount will be reflected by the 7th day of the 13th & 25th month in your POSB SAYE Account.
Do I need to close my POSB SAYE Account after 2 years of contribution?
You can continue to contribute to your POSB SAYE Account. However, the Cash Gift Interest will not be applicable after 24 months from your first contribution date or after your ORD date, whichever is earlier.
Can I make a withdrawal from my POSB SAYE Account?
Yes. But if you make a withdrawal, you’ll earn only the 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 may increase your monthly contribution amount any time. You can change your monthly savings amount, savings date and debiting account any time 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 the 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?
For eligibility requirements, go here to find out more about the HomeTeamNS-PAssion-POSB Debit Card, or here for the SAFRA DBS Debit Card.
How do I apply for a HomeTeamNS-PAssion-POSB Debit Card or a SAFRA DBS Debit Card?
Go here to learn more about the application process for the HomeTeamNS-PAssion-POSB Debit Card, or here for the 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. The Debit Cards only need to be linked to a DBS/POSB Current or Savings Account.