Postline - Frequently Asked Questions (FAQs)
- Q1: What is the PostLine prevailing interest rate?
- Q2: What are the features of PostLine?
- Q3: Do I pay only when I use?
- Q4: Where can I apply for PostLine?
- Q5: Do I need to provide a guarantor, or any collateral to get PostLine?
- Q6: Is there a minimum interest charge?
- Q7: What are the charges for PostLine?
- Q8: What happens if I do not utilise the account and terminate the account within 3 months?
- Q9: What if my payment is late?
- Q10: How do I utilise PostLine?
- Q11: How do I keep track of how much I have used?
- Q12: If I have a credit balance and I need to draw funds on the account, will the money be deducted from my credit balance or from my available credit line?
- Q15: How do I do a fund transfer?
- Q16: How do you calculate the interest and monthly instalment that is repayable?
- Q17: Are there any fees involved?
- Q18: Is this a one time or an automatic monthly deduction?
- Q19: What kind of accounts can I request for a transfer of funds to?
- Q20: How will I know that my fund transfer has been approved? If I have indicated 2 fund transfer amounts with 2 different financial institutions, which one will you pay?
- Q21: What is the maximum fund transfer amount that can be approved?
- Q22: How do I know the remaining amount to be repaid for the fund transfer?
- Q23: What if I am not able to repay the monthly instalment payments?
- Q24: If I do a fund transfer, am I still able to withdraw from my PostLine account via ATM/Cheque/Phone Banking/Internet Banking?
Features
Q1: What is the PostLine prevailing interest rate?
A1: The prevailing interest rate for PostLine is 17.28% per annum (p.a.). It is charged only on the amount that you use, and it is accrued on daily basis.
Q2: What are the features of PostLine?
A2: The features of PostLine are as follows:
- Free cheque book and access to over 100 ATMs island wide and more than 600,000 Cirrus ATMs worldwide
- Interest is charged only on the amount that is used
- Low minimum monthly repayment of S$12 or 3% of outstanding balance, whichever is higher
- 24-hour Phone Banking and Internet Banking services
- Attractive interest rate for fund transfer with repayment via monthly instalments over a fixed tenure
A3: Yes, interest is charged only upon usage of your PostLine account. Usage can be either through withdrawals via ATM, cheque, phone banking and internet funds transfer.
How to apply for PostLine
Q4: Where can I apply for PostLine?
A4: You may obtain a copy of the PostLine application form at any SingPost post office. The customer service staff will be able to assist you with any of your queries. Upon completion of the application form, you will have to mail the completed application form and supporting documents to ANZ using the business reply envelope on the application form. Alternatively, you may fax it back to ANZ at 6637 6970.
Q5: Do I need to provide a guarantor, or any collateral to get PostLine?
A5: There is no need to provide a guarantor or any collateral to apply for PostLine. Simply submit the following documents with your application:
(For Salaried Employee):
- A photocopy of your NRIC (front and back) AND
- Latest computerised payslip or latest CPF statement showing the last 6 months’ contribution or Latest Income Tax Notice of Assessment.
(For Self-Employed/Commission-based earners):
- A photocopy of your NRIC (front and back) AND
- Latest 2 years’ Income Tax Notice of Assessment
The Bank shall, at its discretion, request for additional documents.
Fees & Charges
Q6: Is there a minimum interest charge?
A6: Yes. There is a minimum interest charge of S$12 or 3% of your outstanding balance, whichever is higher.
Q7: What are the charges for PostLine?
A7: For now, we are waiving the annual fee for 1 year! So, there is no cost to you to apply. Subsequently, there will be an annual fee of S$55 which will be debited from your account.
Q8: What happens if I do not utilise the account and terminate the account within 3 months?
A8: We do not charge any interest for non-utilisation. However, should you wish to terminate the account, you are required to write in and sign-off personally.
Q9: What if my payment is late?
A9: Other than the interest charges, a late payment fee will be imposed if the minimum payment amount is not paid by the payment due date. The late payment fee is S$65 or 1% of your outstanding balance, whichever is higher, subject to a maximum cap of S$85.
Accessing the line
Q10: How do I utilise PostLine?
A10: To access PostLine, simply use your PostLine cheque book. Alternatively, you can use your PostLine ATM Card to withdraw cash (up to S$3,000 per day) from our ATMs. You can also use your PostLine ATM Card to withdraw cash from any of the Cirrus ATMs worldwide for a nominal transaction fee.
Q11: How do I keep track of how much I have used?
A11: A monthly statement of account will be sent to you showing your transactions and interest charges for the stated period. It will also indicate the available credit limit.
Q12: If I have a credit balance and I need to draw funds on the account, will the money be deducted from my credit balance or from my available credit line?
A12: The amount will first be deducted from your credit balance and if it exceeds the credit balance, it will be drawn from the available credit limit.
Payment
Q13: How do I make payment for my PostLine bill?
A13: You can make payment in any of the following ways:
(1) By Cheque
Payment by cheque must be crossed and made payable to PostLine Account No. _____________.
Indicate your name, account and contact number on the reverse side of the cheque.
Please mail your cheque to ANZ with the perforated payment slip that comes with your monthly PostLine statement, using the prepaid envelope provided together with your statement.
All payment must be made in Singapore Dollars. Please note that PostLine cannot be used to make monthly payment to the same account.
(2) By Cash
Cash payments can be made at:
Retail Banking Centre, One Raffles Quay, South Tower, Level 24, Singapore 048583. Please do not send cash by mail.
(3) By Internet
Payment can be made through your internet banking accounts with other banks. Please indicate 7010-051 followed by your PostLine Account No. ___________ when making payment. Please allow approximately 3 working days for payment to be processed.
(4) By Self-Service Automated Machine (S.A.M.TM)
Payment can be made with your NETS ATM Card at over 250 S.A.M.TM situated island-wide.
(5) By ANZ ATM
Payment can be made with your ANZ ATM Card at any of our ANZ ATMs, if you have another account with ANZ.
Q14: How much do I need to pay per month?
A14: You are not required to pay your account in full each month. You only need to pay the minimum amount due each month. The amount is stated on your monthly PostLine statement. We have a minimum monthly repayment requirement of S$12 or 3% of your outstanding amount, whichever is higher.
| Month-end outstanding debit balance | Minimum payment amount |
| S$0 to S$12 | Exact amount outstanding |
| > S$12 to S$400 | S$12 |
| > S$400 | 3% of amount outstanding |
Note: In addition to the amount indicated above, the minimum amount payable will include any overdue amount and any excess over the credit limit.
Fund Transfer
Q15: How do I do a fund transfer?
A15: All you need to do is to complete the section on fund transfer in the PostLine Application Form and tell us which bank to pay to, the account no. and how much you wish to transfer.
Please visit our Promotions page for updates on the latest promotions.
Q16: How do you calculate the interest and monthly instalment that is repayable?
A16: The interest is calculated on a front-end add-on basis, which means that the interest amount is calculated upfront and is based on the approved fund transfer amount. The total payable amount is then spread over the duration of the fund transfer tenure. Please see illustration table below for clarification.
|
Interest and Instalment Illustration |
|
| Fund Transfer Tenure | 12 months |
| Fund Transfer Interest | 4.8% p.a. |
| Principal Fund Transfer Amount | S$5,000 |
| Fund Transfer Interest Amount | S$240 |
| Total amount payable after 12 months | S$5,240 |
| Monthly Instalment Amount | S$436.67* |
* Figures above are simplified for illustration purpose.
Q17: Are there any fees involved?
A17: Yes. A processing fee on the approved fund transfer amount applies. Please visit our Promotions page for details. An early repayment fee of S$150 will be levied for full redemption before expiry of PostLine fund transfer tenure.
Q18: Is this a one time or an automatic monthly deduction?
A18: It is a one-time transfer amount. Should you require another transaction in the following month, all you need to do is to issue your PostLine cheque to make payment to the other bank(s).
Q19: What kind of accounts can I request for a transfer of funds to?
A19: You may request for a fund transfer to any other banks’ credit cards, personal credit lines and savings/current accounts only.
Note: You may not apply for a fund transfer promotion to transfer funds from your PostLine account to any ANZ accounts.
Q20: How will I know that my fund transfer has been approved? If I have indicated 2 fund transfer amounts with 2 different financial institutions, which one will you pay?
A20: The application process takes approximately 7 working days upon receipt of application i.e. all documents and information are complete. When your PostLine is approved, you will receive a Welcome Letter and followed by a debit advice on your fund transfer effected, if any.
Upon the approval of fund transfer, we will pay directly to the bank/credit card which you have specified up to the approved limit. This will be reflected in your PostLine statement and credited to your other bank/credit card accounts.
Q21: What is the maximum fund transfer amount that can be approved?
A21: The approved fund transfer amount will be rounded down to the nearest thousand and the total transferred amount shall not exceed 95% of the available credit limit on your PostLine account at the time of application.
Q22: How do I know the remaining amount to be repaid for the fund transfer?
A22: The amount left to be repaid will be reflected in the account statement that is sent to you regularly on a monthly basis.
Q23: What if I am not able to repay the monthly instalment payments?
A23: Not a problem, with PostLine you have the flexibility of paying just the minimum of 3% or S$12 (whichever is higher) of the total outstanding amount if you cannot repay your monthly instalment in full. The remaining portion of the billed instalment that is unpaid, will rollover at 17.28% p.a.
Do note that your subsequent monthly instalment amounts will not change and will continue to be debited accordingly.
Q24: If I do a fund transfer, am I still able to withdraw from my PostLine account via ATM/Cheque/Phone Banking/Internet Banking?
A24: Absolutely, provided that you have available credit limit to withdraw from. Furthermore, every monthly repayment of the instalment frees up more of your credit limit for you to use as you wish.
*Terms and conditions apply.
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