If the Bank does not receive the required minimum payment by its due date (for example, due date on 25 Jun as illustrated in the example below), the interest rate applicable to your DBS/POSB Cashline account will be increased by 8% p.a. on top of the Prevailing Interest Rate (“Increased Interest Rate”). This Increased Interest Rate shall be applied to the outstanding balance in your DBS/POSB Cashline account from the first working day after the date of the subsequent DBS/POSB Cashline account statement following your DBS/POSB Cashline account statement (i.e. August’s statement) and used to compute the finance charges applicable to your DBS/POSB Cashline account.
This additional interest rate shall be applied even if minimum payment is received by the Bank on or before the due date of the following month (i.e. in July).
In the event that the minimum payments are made in full on or before their respective due dates for 4 consecutive months (i.e. for August, September, October and November statements), the Increased Interest Rate shall be reinstated to the Prevailing Interest Rate on the first working day after your next Statement Date (i.e. December’s statement).
