DBS Tax Exemption Interest Income - Standard Deposit Accounts

From 1 January 2005, beginning with the Year of Assessment 2006, DBS customers enjoy full tax exemption on their interest income for all standard deposit accounts. POSB customers have been enjoying full tax exemption from 1 January 2003, beginning with the Year of Assessment 2004, i.e. all interest earned from POSB accounts are fully tax-exempt.

What are standard deposit accounts?

For DBS customers, standard deposit accounts refer to:

• DBS Savings Plus Account
• DBS Autosave Account
• DBS S$ Fixed Deposit Account
• DBS Foreign Currency Current Account
• DBS Foreign Currency Fixed Deposit Account

For POSB Customers, standard deposit accounts refer to:

• POSB Savings Account (Passbook and Passcard)
• POSB MySavings Account (MSA)
• POSB S$ Fixed Deposit Account
• POSBkids Accounts

How can I find out how much interest I have earned from my DBS/POSB accounts?

Please refer to your monthly statement of accounts. For POSB Passbook Savings Accounts, the interest earned for the year is reflected as "INT" in your passbook.