If you ask for the answer to how to close POSB deposit account, you have come to the right place. A lot of people in Singapore have the account on POSB bank indeed as it is one of the biggest banking institutions in the country.
However, when you are done with the bank account and wish to close it, you need to do it immediately. Leaving the account unused for a long time won’t be good for anyone.
So, if you want to know how to close POSB deposit account exactly, you can figure out the tutorial below. There will be some more explanations as well about other questions that may linger in your head when you need to close the account.
Here is the full information that you should read before closing the account.
Close POSB Deposit Account
- Visit POSB iBanking service at https://internet-banking.dbs.com.sg/IB/Welcome
- Enter your User ID and PIN on the available box and then click “Login“
- After logged in, find the option “Request“. Drag down the menu and locate “More Request“.
- You will be asked to enter your internet banking secure PIN. Enter your secure PIN and click “OK“
- Locate the menu “Other Service“. After clicking that, there will be several other options including “Close Deposit Account“. Click that particular option.
- If you have more than one account in POSB, they will be displayed on the screen for you to select. Select one account that you need to close and then click “Next“
- A form will appear on the screen. Fill in the form with the detailed information about the account termination. Once completed, click “Submit“.
- Your request to close the account is now already processed.
Can I Close My Account on the POSB Branches Instead?
Yes, you can close any types of account by going to POSB branch and speaking to our customer service.
Is the Account Closure Permanent?
Yes, POSB account closure is permanent. Once you have sent the request to terminate or close the account, it cannot be undone. The account is not capable to get reinstated as well.
If I Close My Account, What Will Happen to My ATM/Debit Cards?
The ATM/Debit Card related to the account that has been closed will be automatically cancelled. It won’t be able to be used anymore.
What Happens to GIRO Facilities of a Closed Account?
Naturally when the account is closed, all types of GIRO facilities will be terminated right away.
Can I Transfer the Balance in the Account before Closing It?
Yes, surely you can transfer or withdraw the balance instantly. All you need to provide is the information of the account you wish the balance to be sent to.
Can I Close My POSB Account When I’m Overseas?
When you are overseas (outside Singapore) you can use the iBanking as well. However, if that option is not good for you, you can download the account closure form and mail it to the POSB. However, it will take longer time to complete.