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Both UOB One and DBS Multiplier allow salaries deposited via PayNow (using the right transaction references) to be deemed as eligible salary credit, as shown in the extracts below.
Can we deposit our salary via GIRO to one of the two accounts and subsequently, transfer a portion of the salary from the first account to the second account such that both meet the salary crediting requirements?
===Extracts===
DBS Multiplier
Credit your salary into your DBS/POSB SGD-denominated account via GIRO/FAST/PayNow with transaction code “SAL”/“PAY” or transaction description “SALARY”/“PAYROLL”/“COMMISSION”/“BONUS”
UOB One
Credit your salary via GIRO (Only salary credit transactions made via GIRO/PayNow that are reflected as “SALA”/”PAYNOW SALA” and/or such other transactions codes which we determine will be considered a successful salary credit. Any other forms of salary credit will not qualify)
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No, you wont be able to transfer your salary from one account to another to meet this requirement, as when you do the transfer yourself, it wont be marked as "SALA”/”PAYNOW SALA". Only certain authorised users such as businesses can transfer money which is marked as "SALA”/”PAYNOW SALA".
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Billy
22 Aug 2023
Development & Acquisitions Manager at Real Estate Private Equity
I believe only business / corporate banking accounts are able to transfer via this code. Don't think...
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Don't do this.. even if it works, banks report the amount credited as salary to IRS so you will double your income eligible for tax which can be a disaster