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Need to open a new joint-alternate account with your child? From 21 Nov to 31 Jan 2023, skip the branch and get a $68 cash reward when you open a new joint account online & register your child’s NRIC for PayNow within the promotion period.
Promotion is exclusive to existing DBS/POSB customers who are Singaporean/PR only, whose child is below 16 years old. The new account must be opened, and child’s NRIC registered to the new account within the promotion period to qualify. Refer to Terms & Conditions for more details.
How to open a joint-alternate account with your child online
If you have an existing savings/current account with us, you can apply for a joint-alternate My Account with your child online. Applicable for children below 16 years old.
Your new account will be opened instantly, and you will be notified via SMS on your child’s PayNow registration status.
Learn more about what PayNow does here.
Refer to below section for commonly asked questions.
Frequently Asked Questions
Your child’s NRIC will be registered for PayNow during the new joint-alternate account opening process. You will be notified via SMS on your child’s PayNow registration status.
The joint account relationship between parents & child must be new (i.e. no existing relationship in the bank’s records), with the following actions to be completed within the promotion period:
- Customer must be existing DBS/POSB customer who is Singaporean/PR.
- New account opened between parent and child under 16 years old.
- The child’s NRIC registered for PayNow and linked to the new 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$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.