I've blogged about a previous exercise here and here where POSB celebrates National Day with a 1.5% pa bonus if you put in fresh funds for 3 months, up to a cap of 10k. Well, it must have been hugely successful and drawing a lot of new funds for POSB, because they are doing it again with some conditions upsized.
This new exercise that POSB is doing is a little different. It gives 1.5% pa interest for a period of 6 months, up to a cap of 20k. To qualify, you must:
1) Register here by 22nd Dec 2014 (inclusive of that day)
Take note that the sequence is a bit different from the last exercise. In the last one, you have to deposit your funds first THEN register. For the current one, you have to register first, THEN deposit in your fresh funds. So don't screw up!
2) Complete a one time top up by 31st Dec 2014.
Put in fresh funds between $1k to $20k, in multiples of 1k into any existing DBS/POSB bank account by 31st Dec 2014. Do note the definition of 'fresh funds' cannot include those that are transferred intrabank from one DBS/POSB account to another. But the mode of transfer can be through cheque, cashier's order, demand drafts, cash deposit, FAST. For more details, do read the terms and conditions.
3) Maintain top up amount for a period of 6 months.
This is an example quoted in the terms and conditions.
Customer A registers via online through DBS’ website during the Promotion Period and successfully top-up a lump-sum of SGD 20,000 to a CASA by 31 December 2014.
Cash Gift earned by Customer A under the Promotion as follow:
SGD 20,000*1.5%p.a.*181/365 days = SGD 148.77
(Note: 6 months period is from 1 January 2015 to 30 June 2015 = 181 days)
4) Wait to get your 'cash gift', up to a maximum amount of $148.77, which will be transferred to your registered DBS/POSB account between 1st June 2015 to 30th June 2015.
I know it's might not be much, but hey, it's not hard to do this also. I still have 10k locked up until 30th Nov 2014 from the last exercise. I'll see if they are 'smelly' or not by looking at whether they will pay up. By then, I'll still have more than enough time to put in 20k to get this extra interest.
Low hanging fruits? I'll grab it.