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Bryan Ong

on 16 June 2014

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Transcript of Deposits

What are
Bank Deposits?
Types of
Bank Accounts
Savings account
Earns interest of 0.05-0.1%* per annum
Current account
Earns no interest

You can deposit/withdraw money from savings and current account at any point in time

Fixed Deposit account
Money is placed for a duration of 1 month to 24 months
Earns interest of 0.05% to 0.55%* per annum depending on duration
If you need to withdraw money before the duration ends, you may receive no interest

What is available to us?
Fixed Deposit account
When you are 16 years and above, you can apply for online banking if you have a current account

Uses of internet banking:
View your bank account balances 24/7
Transfer money between accounts including payments for purchases
Open new accounts/apply for credit cards
Place new fixed deposits

The sum of money you put in the bank is called a deposit while the money you take out is called a withdrawal

When you make a deposit to or withdrawal from your bank account, your bank account balance is updated in the bank's system immediately

You can see this when you update your passbook or when you receive your monthly bank statements
What are
Bank Deposits?
A bank is the place where you go to open an account to keep your money safe
*interest rates are as of 13/6/14
What is available to us?
Savings & Current account
You can open a POSBkids account if you are 15 years old and below.
This account will be a joint account with your parents until you are 7 years.
You can then change the account into a personal account.
When you turn 16, you can open a Savings account.
This account will give you an ATM or debit card.
When you turn 18 you can open a Current account.
No minimum deposit/fall below fee for POSBKids
7 years
POSBKids account
Joint account with parents
Personal Account
15 years
16 years
Savings account
18 years
Current account
Modes of Operating Your Account
When you are 12 years and above, you can obtain an ATM/Debit card

Uses of the card:
Deposit money in Cash Acceptance Machine
Withdraw money from Automated Teller Machines
Pay for purchases (in stores/online):
NETS in Singapore
VISA/Mastercard/Amex in Singapore & overseas

Money is automatically deducted from your account
Modes of Operating Your Account
Visiting a Branch & Using Cheques
At the banking hall of a bank branch, you can deposit or withdraw cash
As an alternative to cash, cheques will be given to you if you have a current account
To pay someone for your purchases, write the name of the person and the amount on the cheque at the front of the cheque and sign
When someone pays you, to deposit the cheque, you write your account number at the back of the cheque and drop it into a quick cheque deposit box found at any bank branch. It will be credited within the next day if you deposit it before 3:30pm
12 years
Joint account with parents
When you are 12 years old or more, you can open a personal S$ Fixed Deposit Account.
If you are below 12 years old and wish to open a S$ Fixed Deposit Account, a trust minor account may be opened with a parent or legal guardian who is at least 21 years old.
Personal account
Modes of Operating Your Account
Online Banking
Fall below fee of $2 for deposits less than $1,000 for DBS Savings account
In conclusion...
Keeping money in a bank account has many benefits
It is safer than keeping money at home
You earn interest (in savings and fixed deposit accounts)
You have access to cheques, atm/debit cards, internet banking which allows you to make payments without having to carry large amounts of cash around

In Singapore, a deposit insurance scheme is in place to protect individuals for amounts that the depositor maintains in a savings, current and fixed deposit account up to S$50,000, should the bank default
Full transcript