Open Deposit Accounts via iBanking

General FAQs

1. What can I do via the "Open New Accounts" service on iBanking?

   The "Open New Accounts" service on iBanking allows existing customers with DBS or POSB savings or Current Accounts to open a new personal account via iBanking. You can choose from the following new account types:

   1. Day to Day Accounts
   2. Special Savings Accounts
   3. Fixed Deposit Accounts
   4. Supplementary Retirement Scheme (SRS)

   Accounts opened via iBanking operate in the same way as accounts opened at branches.

   You can open the new account anytime as the service is available 24 hours, from Monday to Sunday.

   Once the SGD Fixed Deposit and Foreign Currency Fixed Deposit Accounts are opened, you may use the placement function on iBanking to make a placement.

2. Who can open a new personal account via iBanking?

   To open an account via iBanking, you need to have the following:

   1. You are an existing iBanking customer (if you are not, you may apply for iBanking online or via ATM);
   2. You have an existing personal or joint-alternate DBS or POSB savings or current account;
   3. Age restrictions will apply for respective accounts.


3. What do I need to do to open the account?

   To open a new personal account, simply logon to iBanking and select "Open New Accounts" on the tab on top. You only need to complete 3 easy steps to open the account:

   Step 1: Select the new account you wish to open
   Step 2: Complete your account details
   Step 3: Confirm the account details

   Your account will be opened instantly if your application was completed on Monday to Sunday between 7am and 10.30pm (8pm if it is the last working day of the month). Else, please allow up to 2 working days for your account to be opened.

4. Will my account be opened instantly?

   • For Day to Day accounts:

     • For applications made between Mondays to Sundays, 0700 hr to 2230 hr, your account will be opened instantly.
     • For applications made on the last day of the month, applications made between 0700 hr and 2000 hr will be opened immediately.
     • Beyond these periods, account opening will take 2 working days (including Public Holidays).

   • For Singapore Dollar Fixed Deposits Accounts:

     • For applications made between Mondays to Sunday, 0700 hr to 2230 hr, your account will be opened instantly.
     • For applications made on the last day of the month, applications made between 0700 hr and 2000 hr will be opened immediately.
     • Beyond these periods, account opening will take 2 working days (including Public Holidays).

   • For Foreign Currency Fixed Deposit Accounts:

     • For applications made between Mondays to Saturdays, 0700 hr to 1900 hr, your account will be opened instantly.
     • Beyond this period, account opening will take 2 working days (including Public Holidays).

   • For Supplementary Retirement Scheme account:

     • For applications made between Mondays to Saturdays, 0700 hr to 1900 hr, will be opened instantly.
     • Beyond this period, account opening will take 2 working days (including Public Holidays).

5. How will I be informed if the account has been opened?

   Once the account has been opened, you will receive a message in your "Notifications" on iBanking. The account number will be stated in the message.

   If you are unable to open the account, you will also receive a message in your "Notifications" on iBanking.

6. How do I provide the account mailing address and specimen signature/thumbprint for my new account?

   On the "Account Details" page, you will be able to select a "Reference Account for Signature" from your list of existing personal and/or joint-alternate deposit accounts for the bank to default the account mailing address and specimen signature for the new account.

   The account mailing address of the selected account will be displayed on the screen for your verification. If the address is not updated, you may update your address via iBanking. Kindly allow up to 4 working days for your address to be updated before proceeding to open the new account.

7. Will the new account be automatically linked to my iBanking services?

   Yes.

8. Why are my business / joint-all accounts not displayed in the dropdown list for my selection of accounts for mailing address and signature/thumbprint?

   Only personal and joint-alternate accounts will be shown in the dropdown list.

9. If I have a Cashline account, will I be able to open a new account via iBanking?

   No. Please visit any DBS/POSB branch to open your new account.

10. If I have opened a new personal account via iBanking, can I convert it to a joint account (i.e. add a joint holder)?

    Yes, you may visit any DBS/POSB branch if you would like to add a joint person to convert the personal account into a joint account.