POSB, officially known as Singapore Post Savings Bank, is a subsidiary of DBS Bank specializing in providing affordable basic banking services. Its My Account comprehensive currency account requires no initial deposit or minimum balance, with monthly fees as low as S$0, making it particularly suitable for foreigners new to Singapore.

POSB Account Opening Conditions

POSB Bank offers various low-cost savings accounts tailored for different demographics including Singaporean citizens, permanent residents, and foreign workers. Two popular account options include:

• My Account: Suitable for everyone with no age restrictions, no initial deposit or minimum balance requirements, supports 13 currencies, and allows for Visa debit card application.
• POSB Payroll Account: Designed for foreign workers in Singapore, with no initial deposit requirement and a minimum balance requirement of S$500.

POSB Account Opening Required Documents

When opening an account at POSB Bank, prepare the following documents:

• Identification proof: Passport
• Residence permit: Employment Pass, Student Pass, Dependent Pass
• Address proof: Acceptance letter, utility bills, bank statements, government letters, etc.
• Tax residency proof: Tax certificates, work permits
• Proof of enrollment or employment: Acceptance letter, student ID, In-Principle Approval (IPA) letter from relevant Singapore authorities

POSB Online Account Opening Process

Applicants with Singpass, Singapore's electronic government identity, can easily apply for a My Account online at POSB Bank. Singpass application requires individuals to be at least 15 years old, possess a Singapore phone number (+65), and have a FIN (Foreign Identification Number). Here’s a simplified guide to the online account opening process:

1. Download and open the POSB digibank app.
2. Log in using Singpass, fill in personal details.
3. Choose the account type and set up a debit card PIN.
4. Set up digital banking login ID and password.
5. Complete the application and await delivery of the debit card.

POSB's My Account not only supports a wide range of currencies, but is also equipped with a Visa debit card, making it very convenient to use overseas. The online account opening process is quick and easy, but if you do not have a Singpass, you will need to visit a branch in person to open an account.