“Customers can now lock portions of their funds within their regular accounts, offering greater control over their savings.”

DBS and POSB customers can now use the bank’s DigiVault feature to lock a portion of their funds within their existing accounts, a service that was previously available only through a separate DigiVault account. This update follows the bank’s announcement in January to expand the feature across different types of accounts and products.

As of Friday, February 23, DBS reported that over one million customers have used its self-managed security features, including DigiVault. The bank aims to double this number within the next year.

DigiVault allows customers to digitally lock their funds, preventing digital transfers or withdrawals. The new extension gives customers more flexibility by allowing them to lock a specific amount of funds within their existing accounts. Additionally, customers can still choose to create a separate DigiVault account where locked funds are segregated from other savings. The feature also enables users to lock their fixed deposits, preventing premature withdrawals and changes to maturity instructions.