//Bank Accounts for Singapore Companies
Bank Accounts for Singapore Companies2019-03-05T11:37:23+08:00

Bank Accounts for Singapore Companies

One of the next steps for the setting up of your new company is to have a bank account, for receiving funds from your customers as well as manage the cash for the company’s operations.

Company Incorporation

from only S$880
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We have provided below a monthly-updated summary and breakdown of services, provided by Singapore’s 3 local banks, as well as foreign banks in Singapore:

OCBC

Business Growth Account Business Entrepreneur Account Business Entrepreneur Account+
Description 100% Local Shareholders and Directors Only & Start-up friendly account (More suitable for only Online Banking & Cost Savings) >50% foreign shareholders and above (Mixture of local/foreign shareholders/directors) with or without Business Operations in Singapore >50% foreign shareholders and above (Mixture of local/foreign shareholders/directors) with or without Business Operations in Singapore
Minimum Initial Deposit S$500 S$3,000 S$30,000
Minimum Balance S$3,000 S$5,000 S$30,000
Account Fee Annual fee of S$38 Monthly fee of S$38 and waived for the first 3 months None
Fall below Fee or Service fee Waived for first 6 months.
Thereafter S$35 per month if monthly average balance falls below minimum balance.
Waived for first 6 months.
Thereafter S$35 per month if monthly average balance falls below minimum balance.
S$50 per month if monthly average balance falls below minimum balance.
Early Account Closure Fee A charge of S$50 for accounts closed within a year of opening. A charge of S$50 for accounts closed within a year of opening. A charge of S$50 for accounts closed within 6 months of opening.
Cheque Book Fee

Issuance Fee of S$25 per cheque book.

First 30 free cheques per calendar month. Thereafter S$0.75 for each subsequent cheque.

No Issuance Fee

First 30 free cheques per calendar month. Thereafter S$0.75 for each subsequent cheque.

No Issuance Fee

First 50 free cheques per calendar month. Thereafter S$0.75 for each subsequent cheque.

Transaction  Fees Standard charges apply to any other transaction(s) as per sections
“Transaction Charges” & “Other
Service Charges”
Free bundled package via
Velocity@ocbc
• 200 GIRO transactions
• 20 FAST Payment transactions
For any other type of transaction that exceeds the free monthly bundled package listed above, please contact OCBC.
GIRO – S$0.10 per item via Velocity@ocbc. Standard charges apply to any other transaction(s) as per sections “Transaction Charges” & “Other Service Charges”

UOB

Biztransact Account SGD Current Account E-Business Account
Description Ideal for business who mostly does online transaction Ideal for business who does both online and over-counter transaction Ideal for Start-up business
Minimum Initial Deposit S$1,000 S$1,000 S$1,000
Minimum Daily Balance S$80,000 S$10,000 S$5,000
Fall below Fee – Service fee S$80 S$35 S$15
Early Account Closure Fee Closure of account within a year of opening, there will be charges of S$200 Closure of account within 6 months of opening, there will be charges of S$30 Closure of account within 6 months of opening, there will be charges of S$30
Cheque Book Fee Waived for the first 100 cheques per month. Subsequent cheques at S$0.75 each Free 30 cheques per month and subsequent S$0.75 each S$0.75 per cheque
Others Waiver on monthly subscription of BIBPlus Premium Services S$20 monthly subscription for BIBPlus Premium Services Over the Counter Cash Deposit and Withdrawal S$20 per transaction

DBS

Digital Business Account Corporate Multi-Currency Account
Description Ideal for start-ups with low minimum balances.
Mostly transact online.
Transact in SGD and up to 12 foreign currencies with only one account to maintain
Minimum Initial Deposit
S$1,000 S$3,000
Minimum Balance None S$10,000
Monthly-Annual Account Fee S$18/month S$40/year
Fall below Fee – Service fee None S$35
Cheque Book Fee S$25 each Free
Internet & Mobile Banking (IDEAL) Fee None None
Transaction Fees

S$20 + extra Charges:

Account Transfer = S$5 per Transaction

Giro – Payment = None

Payroll Over Counter

Cheque Express = S$5 per Cheque

FAST (Transfer) = S$20 per Transaction

CIMB

BusinessGo SGD Current Account
Description An SGD Current Account with interest rates of up to 1.88% p.a. complete with complementary features for your business. Non-interest bearing for SGD current account.
Minimum Initial Deposit
S$30,000 S$8,000
Minimum Balance S$30,000 S$8,000
Early Account Closure Fee S$50 for accounts closed within 6 months of opening S$40 for accounts closed within 6 months of opening
Monthly-Annual Account Fee None None
Fall below Fee – Service fee  S$50 S$35
Cheque Book Fee None None

STANDARD CHARTERED

BusinessOne
Description A non-interest bearing fully enabled current account that offers preferential pricing on transactions and remittances
Minimum Initial Deposit
S$30,000
Minimum Balance S$30,000
Early Account Closure Fee S$500 for accounts closed within 6 months of opening
Monthly-Annual Account Fee None
Fall below Fee – Service fee  S$50
Cheque Book Fee 2 free on account opening, subsequent cheque books at S$5 each
Others Free Internet Banking Service (S2B)

MAYBANK

PremierBiz FlexiBiz
Description PremierBiz Account is an interest-bearing current account that gives you the flexibility and convenience of a checking facility, plus up to 0.318% p.a. interest on your account balance. The current account for young business and new start-ups with attractive interest rates, no monthly fee and no requirement to maintain a minimum balance in the account.
Minimum Initial Deposit
S$1000 S$1000
Minimum Balance S$30,000 None
Early Account Closure Fee S$50 for accounts closed within 6 months of opening S$50 for accounts closed within 6 months of opening
Monthly-Annual Account Fee None None
Fall below Fee – Service fee  S$35 when the monthly average balance falls below S$30,000 None
Cheque Book Fee None  S$0.50 per cheque upon presentation
Others Free round-the-clock Business Internet Banking

RHB

Bizpower Quad+ Bizpower Quad
Description The premier business current account that rewards you with an interest of up to 0.99% per annum Competitive Interest-Bearing Current Account
Minimum Initial Deposit
S$200,000 (fixed deposit) S$50,000
Cheque Book Fee None 2 free on account opening, subsequent cheque books at S$5 each
Transaction Fee

None for inward telegraphic transfers

Flat rate of S$20 per transaction for outward transfers

BANK OF CHINA

Current Account (Corporate)
Description Non-interest bearing statement-based chequeing account.
Minimum Initial Deposit
S$2000
Minimum Balance S$10,000
Early Account Closure Fee
S$30 for accounts closed within 6 months of opening
Fall below Fee – Service fee S$15 when the monthly average balance falls below S$10,000 (Corporate)

CITIBANK

MaxiSave & MaxiSave Sweep Account SGD Checking Account SGD Money Market Savings Account
Minimum Initial Deposit S$15,000 S$15,000 S$30,000
Fall below Fee or Service fee S$15 per month if Total Relationship Balance (TRB) is less than S$15,000 at the end of each month. S$15 per month if Total Relationship Balance (TRB) is less than S$15,000 at the end of each month. S$15 per month if Total Relationship Balance (TRB) is less than S$15,000 at the end of each month.
Early Account Closure Fee A charge of S$50 for accounts closed within a year of opening. A charge of S$50 for accounts closed within a year of opening. A charge of S$50 for accounts closed within 6 months of opening.
Others Free Online Banking, Phone Banking and Debit/ATM Card