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Feb 10, 2015

POSB 1.88% pa Savings Account Promotion 2015

POSB 1.88% pa Savings Account Promotion 2015

Here are POSB 1.88% pa Savings Account Promotion 2015 details:

To enjoy POSB 1.88% pa Savings Account Promotion 2015 for 12 months, top up your savings account between S$1,000 and S$1,000,000.

How to qualify for POSB 1.88% pa Savings Account Promotion 2015:
1.Register by 28 February 2015.
2.Complete a one-time top-up by 28 February 2015.
3.Maintain top up amount for 12 months.

Terms and Conditions Governing The POSB 1.88% pa Savings Account Promotion 2015 (1.88% p.a. Chinese New Year (“CNY”) CASA Cash Gift Promotion (“Promotion”))

Participation in the POSB 1.88% pa Savings Account Promotion 2015 constitutes acceptance of these Terms and Conditions.

1. The POSB 1.88% pa Savings Account Promotion 2015 period shall be from 23 January 2015 to 28 February 2015, both dates inclusive (“Promotion Period”).

2. The POSB 1.88% pa Savings Account Promotion 2015 is open to all DBS Bank Ltd and POSB (collectively, “DBS”) customers who have an existing DBS/POSB CASA Account (“CASA Account”) during the Promotion Period. “CASA” refers to such account(s) which Customers may have with DBS/POSB whether alone or jointly with any other person(s) and include savings account, current account and any other accounts which DBS may introduce from time to time excluding Settlement, Fixed Deposit and Corporate Accounts.

3. To participate in the POSB 1.88% pa Savings Account Promotion 2015, Customers must,
(i) complete the online registration form through DBS’ website during the Promotion Period; and
(ii) deposit a single sum of at least SGD 1,000 and up to a maximum of SGD 1,000,000 (in multiples of SGD 1,000) to their CASA Account by 28 February 2015.

4. The lump-sum deposit of at least SGD 1,000 must be made using funds from non-DBS/POSB accounts (“Fresh Funds Deposit”)*. Participants will be disqualified from the POSB 1.88% pa Savings Account Promotion 2015 if transfers are made from any DBS/POSB account in any mode to the CASA Account.

*Fresh Funds Deposit means funds transferred from non-DBS/POSB accounts, through cheque(s), cashier’s order(s), demand draft(s), cash deposits, FAST credit (Fresh Funds Deposit that is more than SGD 10,000 via FAST, more than one (1) FAST credit is allowed) and MEPS receipt. These exclude any funds from any DBS/POSB account and funds deposited via any DBS/POSB cheque(s), DBS/POSB cashier’s order(s), or DBS/POSB demand draft(s).

5. The earmarking by DBS will start between 1 February 2015 and 31 March 2015, and the Fresh Funds Deposit will be earmarked by DBS for the period ending on 31 January 2016 (“the Earmarked Period”). The Fresh Funds Deposit will not be available for withdrawal during the Earmarked Period.

6. Customers who fulfill the criteria specified in Clause 3 to Clause 5 above (“Qualifying Customers”) will receive a lump-sum Cash Gift of 1.88% p.a. on the Fresh Funds Deposit for 12 months calculated based on the period from 1 February 2015 to 31 January 2016 (“Cash Gift”) and the Cash Gift will be credited to their designated account by 31 January 2016. Customers who successfully receive the Cash Gift are required to maintain the Fresh Funds Deposit in their CASA Accounts during the Earmarked Period, failing which, DBS is entitled to recover the amount of the Cash Gift, by debiting the amount from any account that the Customer maintains with DBS.

Please refer to below for an illustration on the Cash Gift calculation.

Example:
Customer A registers via online through DBS’ website during the Promotion Period and successfully top-up a lump-sum of SGD 1,000,000 to a CASA Account by 28 February 2015.

Cash Gift earned by Customer A under the Promotion as follow:
SGD 1,000,000*1.88%p.a.*365/365 days = SGD 18,800.00

Note: 12 months period is from 1 February 2015 to 31 January 2016 = 365 days

7. The first 10,000 Qualifying Customers will receive additional S$88 cash gift (“Hong Bao”) to be credited into their respective CASA Accounts by 31 March 2015.


Thanks for reading Singapore Savings Account Rates, to stay in touch with the latest, the best and the highest savings account interest rates updates in Singapore.

The Team

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