In this digital age, having a competent banking system that supports the majority of online facilities is crucial. Doing so makes the job of managing your finances more seamless and sophisticated. The DBS Bank is one such organization that is known for being a leader in digital banking while also being recognized for its customer-centricity and innovation.

Formerly known as the Development Bank of Singapore, it is currently the largest banking enterprise in Southeast Asia, with an overall asset valuation that crosses $500 billion as of December 2022. The bank has also received extremely high ratings from world-renowned credit agencies such as Moody’s and Standard & Poor’s. However, in recent times, DBS has been subjected to criticism, particularly for its high account fees, long customer care wait times, and technical issues with its online banking services. So, if you are perturbed by any of the above-mentioned issues and want to close your account right away, then our all-inclusive guide can be insightful.

Know Steps to Close Account

Closing your DBS/POSB deposit account is a straightforward process using Digibank Online services. But before you decide to close your account, there are certain things that you must keep in mind.

For starters, the closure of an account is permanent and cannot be reversed. Secondly, account closure can only take place when the account balance is nil. So, make sure that you transfer any remaining balance in your account to any other bank account before closing. Additionally, customers are required to first close their DBS PayLah! wallet before closing their linked deposit account. And lastly, once your account is closed, any transaction details or account statement cannot be retrieved.

To start the account closure process, follow the below-mentioned steps.

  1. Head over to the official website of Digibank Online here.
  2. Proceed to log in using your user ID and password.
  3. Once you sign in to your account, head over to ‘Request > More Requests’.
  4. From there, select ‘Other Services > Close Deposit Account’.
  5. After that, select the DBS/POSB deposit account that you wish to close, and then click on ‘Next’.
  6. Once done, proceed to verify the given details on the screen, and then click on ‘Submit’ to complete the request.
  7. Lastly, review the account closure process and then click on ‘Finish’.

Remember that if you have a joint account with another member, then both account holders must be present at a physical DBS/POSB branch for the account closure process, since the process cannot be completed online.

How to Register a Complaint

If you are looking to register a complaint with the company’s customer support, you can do so by using the official Feedback form. Additionally, you can also get in touch with the company’s support via phone. For DBS phone banking and general queries, call 1800 111 1111 or (65) 6327 2265 (overseas). On the other hand, for POSB phone banking and general queries, call 1800 339 6666 or (65) 6339 6666 (overseas).

Apart from the aforementioned communication channels, you can also visit a DBS/POSB physical branch by locating one near you through the official website here.

Key Products Offered by the Bank

With a presence in over 18 markets worldwide, DBS Bank is one of the leading financial services groups that offers a wide array of products and services that cater not only to personal bankers but also to the corporate sector.

Starting with deposit accounts, which include ‘Savings’ and ‘Current’ accounts, customers and businesses can tailor their experience to their needs. Savings accounts include standard savings accounts, senior savings accounts, and children’s savings accounts. Alternatively, current accounts are primarily for enterprises, as they need to conduct frequent transactions every day. In conjunction with deposit accounts, DBS offers a variety of debit and credit cards based on the spending needs and benefits required by the end user.

Loan sanctions also make up quite a major chunk of the company’s revenues, which is why DBS Bank offers myriad loan proposals – from personal loans and home loans to auto loans and business loans – with competitive interest rates and flexible repayment options/terms. In addition to that, the organization ensures that its customers have a seamless experience when it comes to investing, especially when putting money in stocks and shares, bonds and debentures, mutual funds, insurance products (health, travel, and life insurances), etc.

Talking about corporate banking facilities, the DBS Bank offers unique services for businesses, such as trade finance and treasury products. With trade finance, the bank offers assistance to enterprises when it comes to their export and import activities. On the other hand, treasury products are specifically geared towards businesses to help them manage their financial risks. Lastly, DBS also banks on its robust wealth management services, where skilled representatives of the company are trained to offer investment advice, portfolio management, financial planning, and estate planning services to their loyal client base.

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Finance Guide,

Last Update: October 17, 2023