What is the POSB Passbook conversion about?
POSB eSavings is an all-in-one account that comes with iBanking, eStatements and POSB GO! Debit Card.
We invite existing POSB Passbook Savings customers (of personal or joint-alternate account type) to convert their account to POSB eSavings without any hassle. The account number and the services linked to the account will not be affected by the conversion.
Existing POSB Passbook Savings customers who already have iBanking can convert seamlessly in 3 simple steps:
If you are not currently an iBanking customer, click here to sign up for iBanking now.
What are the benefits of converting to POSB eSavings?
POSB eSavings allows you to:
Will I have to pay a fee to convert?
No. This is a complimentary service.
Can I choose not to enroll for either iBanking, eStatement or POSB GO! Debit Card?
POSB eSavings comes with all 3 services to let you bank conveniently. Once you convert to POSB eSavings, you will automatically be enrolled with all 3 services if you do not already have them.
Can I choose not to replace my ATM Card with the POSB GO! Debit Card?
POSB Go! Debit Card is an enhanced ATM. It functions like your current ATM card and lets you pay for purchases at outlets that accept MasterCard®. Plus, earn 0.3% cashback* with the POSB GO! Debit Card.
If you do not already have a DBS/POSB Debit Card, a POSB GO! Debit Card will be automatically sent to you upon conversion. This POSB GO! Debit Card will replace your existing ATM Card that is primary tagged to your earlier POSB Passbook Savings Account. Upon activation of this new POSB GO! Debit Card, your existing ATM card will be terminated.
If you already have a DBS/POSB Debit Card, you will not be sent a new POSB GO! Debit Card upon conversion. The existing ATM Card that is primary tagged to your earlier POSB Passbook Savings Account will then be primary tagged to your new POSB eSavings.
* Cashback is only available for Mastercard® transactions made in Singapore. 0.3% cashback is calculated based on spend amount on transaction date. Cashback earned for the current quarter's transactions (e.g. January to March) will be credited in the following month (i.e. April) to the primary account linked to your Card. Cashback is not valid for NETS purchases and bill payments. If the Card and/or primary account is terminated at any time, for any reason, whether by Cardmember or DBS, any cashback earned will not be credited to the Cardmember's account. Additional 2.7% cashback will be credited on top of usual 0.3% cashback with an accumulative minimum spend of S$500 at any merchant during this promotion period. Effective from 1 October 2011, minimum spending of S$500 per quarter is required to be entitled to the cashback.