Deposit account opening via iBanking FAQ

Frequently Asked Questions On Deposits Account Opening Via iBanking

Part A: Eligibility

  1. What can I do via the "New Account Opening" service on iBanking?

    The "New Account Opening" service on iBanking allows existing customers with DBS or POSB savings or Current Accounts to open a new personal account via iBanking. You can choose from the following new account types:

    1. MySavings Account
    2. SGD Fixed Deposit
    3. Foreign Currency Fixed Deposit

    Accounts opened via iBanking operate in the same way as accounts opened at branches.

    You can open the new account anytime as the service is available 24 hours, from Monday to Sunday.

    Once the SGD Fixed Deposit and Foreign Currency Fixed Deposit Accounts are opened, you may use the placement function on iBanking to make a placement.

  2. Who can open a new personal account via iBanking?

    To open an account via iBanking, you need to have the following:

    1. You are an existing iBanking customer (if you are not, you may apply for iBanking online or via ATM);
    2. You have an existing personal or joint-alternate DBS or POSB savings or current account;
    3. You do not have more than one existing account of the same type that you are opening
    4. If you are opening a FCFD account, you are 21 years old or older;
    5. If you are opening a SGD Fixed Deposit account, you are 12 years old or older;
    6. If you are opening a MySavings Account, you are 16 years old or older.
  3. What do I need to do to open the account?

    To open a new personal account, simply logon to iBanking and select ‘'New Account Opening". You only need to complete 3 easy steps to open the account:

    Step 1: Select the new account type
    Step 2: Complete your account details
    Step 3: Confirm the account details

    Your account will be opened instantly if your application was completed on Monday to Saturday between 7am and 7pm. Otherwise, please allow up to 2 working days for your account to be opened.

Part B: Functionality

  1. How will I be informed if the account has been opened?

    If your application was completed on Monday to Saturday between 7am and 7pm, you will receive your account number immediately and can start performing transactions on the account.

    Otherwise, your account will be opened within 2 working days. Once the account has been opened, you will receive a message in your "My Notifications" on iBanking. The account number will be stated in the message.

    If you were unable to open the account, you will also receive a message in your "My Notifications" on iBanking.

  2. How do I provide the account mailing address and specimen signature/thumbprint for my new account?

    When you are completing step 2, you will be able to select from your list of existing personal and/or joint-alternate deposit accounts for the bank to default the account mailing address and specimen signature/thumbprint for the new account.

    The account mailing address of the selected account will be displayed on the screen for your verification. If the address is not updated, you may update your address via iBanking. Please allow up to 4 working days for your address to be updated before proceeding to open the new account.

  3. Will the new account be automatically linked to my Phone Banking/iBanking services?

    Yes, your new account will be automatically linked to your Phone Banking/iBanking.

Part C: Other related questions

  1. I can perform SGD Fixed Deposit and Foreign Currency Fixed Deposit placements via iBanking. Is this function available 24 hours daily?

    You may perform SGD Fixed Deposit and Foreign Currency Fixed Deposit placements via the ‘'Investment Services" function on iBanking.

    SGD Fixed Deposit placement function is available daily. The service is temporarily unavailable from 11.30pm to 3am daily, except on the last working day of the month, the service is temporarily unavailable from 8.30pm to 3am.

    Foreign Currency Fixed Deposit placement function is available from 9am to 7pm, Mondays to Fridays (excluding public holidays) and subject to the availability of foreign exchange rates.

  2. If my SGD Fixed Deposit and/or Foreign Currency Fixed Deposit account was not opened via iBanking, can I perform a placement via iBanking?

    Yes, you can perform a placement via iBanking as long as you have an existing account.

  3. Can I perform a Foreign Currency Fixed Deposit placement via iBanking by debiting my Foreign Currency Current Account?

    No, only SGD deposit accounts can be used for the debiting of funds for Foreign Currency Fixed Deposit placements made via iBanking.

  4. For new accounts opened via iBanking, will there be any statements?

    Yes, the features of accounts opened via iBanking are the same as those opened at our branches.

    • For MySavings Accounts, you will receive quarterly statements.
    • For SGD and Foreign Currency Fixed Deposits, you will receive placement and renewal advices.
  5. Why are my business / joint-all accounts not displayed in the dropdown list for my selection of accounts for mailing address and signature/thumbprint?

    Only personal and joint-alternate accounts will be shown in the dropdown list.

  6. For Singapore Dollar Fixed Deposit placement, can I choose maturity instructions online?

    Yes, when performing the placement, you will be prompted to choose your maturity instruction.

  7. After opening my account via iBanking, can I perform transactions immediately?

    Your new account will be opened instantly from Monday to Saturday between 7am and 7pm. Once the account is opened, you may perform transactions on your new account for immediate transactions such as Funds Transfer and Bill Payment.

    You can also perform transactions using the ATM/Debit Card which you have selected to link to your new account immediately.

  8. If I have a Cashline account, will I be able to open a new account via iBanking?

    No. Please visit any DBS/POSB branch to open your new account.

  9. If I have opened a new personal account via iBanking, can I convert it to a joint account (i.e. add a joint holder)?

    Yes, you may visit any DBS/POSB branch if you would like to add a joint person to convert the personal account into a joint account.

  10. How do I change the Maturity Instruction for my S$FD and/or FCFD placement(s)?

    Please visit any DBS/POSB branch to amend your Maturity Instruction for your S$FD and/or FCFD placement(s).

Back to top