Frequently Asked Questions
What is PayNow NRIC/FIN?
PayNow NRIC/FIN is an electronic fund transfer that allows you to receive funds conveniently using your NRIC or FIN without the need for bank account details or documents.
You can register for PayNow NRIC/FIN via internet banking with any of the PayNow NRIC/FIN participating banks. During registration, you are required to link your NRIC/FIN to your bank account.
How do I check if my NRIC/FIN has been linked to my PayNow Profile?
Log in to your bank’s internet banking portal or mobile banking app. As the screens and process may vary from bank to bank, please visit your bank’s website for more information.
Are transfers via PayNow NRIC/FIN secure?
Yes. PayNow NRIC/FIN is secure and adopts the same high security standards established by the banking industry in Singapore for funds transfer. Payouts are only made to NRIC/FIN linked to PayNow account.
Which payouts from Income will I receive by PayNow NRIC/FIN?
You will receive Life insurance policy payouts, including:
- Cash Benefits
- Recurring Payouts
- Policy Loan Payout
- The above list will be expanded when more types of payouts are included.
- Your PayNow profile must be linked to your NRIC/FIN for you to receive payouts from Income.
- All future policy payouts will be paid out via PayNow NRIC/FIN once other policy types become available for PayNow NRIC.
What are the currencies supported by PayNow NRIC/FIN?
PayNow is only available for local (Singapore dollar) fund transfers.
Why should I choose to receive my policy payouts through PayNow NRIC/FIN?
PayNow NRIC/FIN is a convenient mode of receiving payout. These are the benefits for choosing PayNow NRIC/FIN:
- Faster and safer. Payouts are directly credited into your account through PayNow NRIC/FIN. Save a trip to the bank to present the cheque - no need to worry about missing cheques or wrong account numbers!
- Hassle-free. You can change your preferred crediting bank account for your PayNow NRIC/FIN at your own convenience with your bank.
Are there any fees chargeable to me for opting in to receive payouts via PayNow NRIC/FIN?
There are no fees charged to Income's customers.
Are there any terms and conditions I need to agree to use the PayNow NRIC/FIN service?
I'm currently receiving my annuity/cash benefits payout via direct credit (GIRO), will there be any changes to the arrangement if I opt-in to receive payouts via PayNow NRIC/FIN?
No, you will continue to receive your current payout via direct credit (GIRO) even if you have opted-in to receive payouts via PayNow NRIC/FIN. Only those whose current payout is via cheque will receive the payout via PayNow NRIC/FIN when they opt-in.