You are eligible for this account if you are at least 12 years old. For customers younger than 12 years, a trust minor account may be opened with a parent or legal guardian who is at least 21 years old.
Frequently Asked Questions
Can I close my account or withdraw my fixed deposit before its maturity date?
Yes, you can. However, you may receive no or lesser interest than that originally contracted.
How is the interest calculated if I withdraw my fixed deposit before it matures?
We adopt the industry's guideline of paying interest based on the completed quarters of a calendar year. That is, interest is not paid if the completed period of deposit is shorter than 3 months. However, do note that if the completed period of deposit is 3 months or more, you may still earn less or no interest. More importantly, we will return the full principal amount. Please check with our branch staff for more details and consider carefully before performing a premature withdrawal.
Can I convert my personal S$ Fixed Deposit Account into a joint account? Are there any charges for the conversion?
Yes, you may. Please visit any DBS/POSB branch to do so. There is no charge for the conversion.
What happens if the balance in my S$ Fixed Deposit Account is zero?
We will close your account if the balance remains zero for 12 months.
What will happen to my S$ Fixed Deposit Account if I die?
For personal account, only the administrator or executor of your estate can make a claim on your account. Upon receiving notification of your death, the existing maturity instructions (e.g. issuance of cashier's order) given previously will no longer be valid. Upon maturity, the Fixed Deposit (principal and interest) will be automatically renewed for the same tenor at the prevailing interest rate. If your S$ Fixed Deposit Account is a joint account, the surviving account holder can claim the money in the account.
Deposit Insurance Scheme Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Minimum Sum Scheme are aggregated and separately insured up to S$50,000 for each depositor per Scheme member.