Planning to make a new POSB savings account? If you answer that question with ‘yes’, but still don’t have any idea how to open a POSB account and what requirements are needed, you will find it on this page.
Although opening a POSB account is very easy to do, it still comes with requirements no one will deny that. POSB account opening requirements are not that tricky to conform, so don’t worry!
Typically, there will be no minimum deposit defined. However, keep in mind there is requirement difference between Singaporeans and non-Singaporeans regarding the documents needed.
Documents Required for Account Opening POSB Singaporean/Permanent Resident
There are many types of POSB savings, but the requirements are relatively the same one after another. Below is the list of POSB account opening requirements for Singaporeans or permanent residents of Singapore.
- You must be 16 years old or more.
- There is no minimum deposit required.
- For the documents, you will need:
- Both front and back page of NRIC.
- Residential address proof, like local utility or telecommunication bill or any official letters dated within the last 3 months. This will be needed in terms you are opening an account online.
What are the Requirements to Open POSB Account for Foreign Workers?
Well, it is pretty similar that foreigners have to be at least 16 years old. For the documents, here are the documents needed:
- Identification document, such as valid passport (the biodata part), and especially for Malaysian, the scanned front and back side of Malaysian ID Card.
- Proof of employment, which is issued by the Ministry of Manpower.
- The proof of residential address; such as letter of employment, work permit/SGWorkPass App Screenshot, the latest pay slip, or In Principal Approval (IPA) issued by the Ministry of Manpower. Just choose any of those documents, preferably the one that has the information of your address.
What Requirements Should Foreign Students Provide to Open a POSB Account?
It is basically similar to foreign workers requirements to open an account. Foreign students will need to provide their passport (Malaysian should also come with their Malaysian ID Card), proof of residential address like local utility or telecommunication bill dated within the last 3 months, as well as proof of their study in Singapore.
Included to this study proofs are matriculation card/student card and official letters from school. Choose one of the two options.
For Foreigners with Long Term Visit Pass, What Should be Prepared to Open POSB Account?
Briefly said, foreigners with long term visit pass should provide valid passport (and Malaysian ID Card for Malaysians), their long-term visit pass, as well as the proof of residential address. For example, local utility bill and telecommunication bill, credit card statement, etc.
For Direct Account Application, Should I Bring the Original Copy?
Yes, you should. But if you are Singaporeans/permanent resident, proof of residential address can be represented with just NRIC.
Should Existing Customers Apply a New Account by Preparing Such Documents?
No, existing customers can apply for a new POSB account simply by using internet banking.