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.

We have provided below an updated summary and breakdown of services, provided by the relevant banks in Singapore that can be open remotely without any physical presence in Singapore:-

OCBC

Business Growth Account Business Entrepreneur Account Plus
Description A mixture of local/foreign shareholders/directors with or without Business Operations in Singapore Mixture of local/foreign shareholders/directors with or without Business Operations in Singapore
Minimum Initial Deposit N.A. S$30,000
Minimum Balance N.A. S$30,000
Account Fee S$10 per month. Waived for first 2 months. N.A.
Service Fee N.A. S$50 per month if monthly average balance falls below S$30,000
Excess Fee Minimum S$30 or Prime + 4.75% per annum (whichever is higher) on the excess amount. Minimum S$30 or Prime + 4.75% per annum (whichever is higher) on the excess amount.
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 6 months of opening.
Cheque Book Fee

S$25 per cheque book. Waived for the first cheque book.

S$0.75 per cheque clearing

No Issuance Fee

S$0.75 per cheque clearin

Transaction  Fees Free bundled package via Velocity@ocbc

  • Free unlimited GIRO and FAST transactions

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
Annual Fee N.A. S$35 (w.e.f. 1 Jan 2020) S$35 (w.e.f. 1 Jan 2020)
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 30 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

Business Digital Account Corporate Multi-Currency Account
Description Ideal for Small Business Start-ups, with low minimum balances.
Mostly transact online.
Ideal for growing businesses. 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 / Book 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

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)

CITIBANK

SGD Current Account
Minimum Initial Deposit S$100,000
Fall below Fee or Service fee S$100 per month if Total Relationship Balance (TRB) falls below S$50,000.
Early Account Closure Fee A charge of S$100 for accounts closed within a year of opening.
Others Free SGD Cheque drawn on local bank and Cheque Book Replenishment

These are the details of some other corporate banking solutions that may require physical presence in Singapore for the account opening specifically:-

CIMB

SGD BusinessGo SGD Current Account
Description An SGD Current Account with profit rates of up to 0.30% p.a. (w.e.f. 16 Feb 2021) 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$40 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$88 per month S$35
Cheque Book Fee First cheque book fee waived
Subsequent cheque book requested will be charged at SGD25 per book
None

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 if average daily balance (per calendar month) falls below S$30,000
Others Free round-the-clock Business Internet Banking

RHB

Bizpower Quad+ Bizpower Quad
Description The Premier Business Current Account that rewards you with interest of up to 0.588% per annum Competitive Interest-Bearing Current Account with interest of 0.188% per annum
Minimum Initial Deposit
S$30,000 S$1000
Minimum Av Daily Balance
S$20,000 S$5,000
Fall-below Fee
S$50 S$25
Early Account Closure Fee (within 6 Months) S$200 S$60
Minimum qualifying amount for preferential fixed deposit rates S$200,000 S$50,000
Min. average daily balance to qualify for interest S$30,000 S$20,000
Cheque Book Fee Complimentary cheque book(s)
No transaction fee
2 free cheque books upon account opening, subsequent cheque book at S$5 each. Nil transaction fee

BANK OF CHINA

Current Account (Corporate)
Description Non-interest bearing statement-based chequeing account.
Minimum Initial Deposit
S$30,000
Minimum Balance S$30,000
Early Account Closure Fee
S$50 for accounts closed within 6 months of opening
Fall below Fee – Service fee S$30 when the monthly average balance falls below S$30,000 (Corporate)

Got a question on opening a business bank account?

Call / SMS / WhatsApp our hotline +65 8312 4888 or ask us here:

Company Incorporation

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