You may have an unused account that you want to close. However, you might have no idea how to close DBS deposit account. If you are wondering how to do that, you are on the right page. Here, you will find the needed information to close the DBS account.
Interestingly, to close your account, you can do it online via internet banking. This way, you can do it without visiting any DBS branches. Everything can be done at your fingertip.
Before closing DBS account, it is important to note that the account closure is permanent. It means you cannot reinstate it after its closure.
Close a DBS Account via Internet Banking
For an easy account closure that does not require you to get to the nearest branch, you can pick this method. To do that, here are the steps.
- First, open the internet banking portal and enter your user ID and PIN to access your account.
- Navigate your pointer to the ‘Request’ tab. Click on it to see the drop-down menu.
- Choose ‘More requests”.
- You will be led to ‘Other Services’ tab. On the lower part of the tab, there will be an option ‘Close Deposit Account’. Click on that option.
- Next, you will be requested to select the account to close as well as your ‘Net Balance Payment Mode’ (if any).
- Then, click next. Here you will be asked about the details of your account termination. Provide a reason, then click ‘Submit’ to confirm the account deletion.
Is There Any Other Methods to Close a DBS Account?
Yes, you can also place a request to close your DBS account by sending the completed Authorization for Closure of Account form.
The form is downloadable from their official website. Along with the authentication form, you can send the Telegraphic Transfer form as necessary.
Should All Customers Need to Send Telegraphic Transfer?
No, the Telegraphic Transfer form is only necessary for foreign customers. This form is required if you want to transfer the remaining balance to a foreign bank account.
Is It Possible to Get the Remaining Money?
Yes, as long as you have not closed the account. So, you should withdraw all of the money beforehand. However, an account typically will not be able to be closed as long as there is money in the account.
What Happens after an Account Has Been Closed?
After all steps on how to close DBS deposit account has been done, you will not be able to access the services and facilities such as the ATM card linked to that account.
Should I Close the DBS PayLah! Wallet before Closing DBS Deposit Account?
Yes, you should close your DBS PayLah! Wallet beforehand. To do that, you need to log in first using your ID and password. Then, navigate to ‘Help & Support’ section and continue to select ‘Close PayLah! Wallet’.
If prompted, you may need to enter OTP to authenticate your wallet closing activity before tapping on ‘Submit’. After closure, your remaining balance will then be refunded via Cashier’s Order.