Deposit Account Minimum Balance Service Charge
Your deposit account will incur this service charge when your balance falls below the minimum average daily balance.
Important information
- To avoid incurring the Service Charge, ensure that your account meets the Minimum Average Daily Balance.
-
Your Average Daily Balance is the total amount of your account balances at the end of each day, divided by the number of days in the month.
Example
Let’s take the month of June as an example, which has 30 days.
- First 15 days: Your account had $100 every day
→ $100 × 15 days = $1,500 - Next 15 days: Your account had $400 every day
→ $400 × 15 days = $6,000 - Total of daily balances: $1,500 + $6,000 = $7,500
- Average Daily Balance: $7,500 ÷ 30 days = $250
- First 15 days: Your account had $100 every day
Refer to the table below to find the minimum average daily balance required for your specific account type.
POSB Account
| Account Type | Minimum Average Daily Balance (MADB) | Service Charge |
|
S$500 | S$2.00 per month |
|
S$1,500 (Maintained in linked POSB Savings Account) |
S$2.00 per month |
Effective 16 June 2019, POSB Savings - SPEP Account and POSB Savings - AF have been renamed as POSB Everyday Savings Account.
DBS Account
| Account Type | Minimum Average Daily Balance (MADB) | Service Charge |
|
S$0 | S$2.00 per month (for customers on hardcopy statement) |
|
S$500 | S$2.00 per month |
|
S$1,000 | S$2.00 per month |
|
S$3,000 | S$5.00 per month |
|
S$3,000 | S$7.50 per month |
|
S$5,000 | S$7.50 per month |
*Total SGD$ equivalent Minimum Average Daily Balance (MADB) across all currency wallets.
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