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Bank Accounts for Singapore Companiesnatassha2018-10-01T14:10:06+00:00

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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

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 bellow 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” in the following pages, unl

UOB

	Biztransact Account	Current Account	E-biz 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 bellow 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	Free 30 cheques per month. Subsequent S$0.75 each
Transaction Fees	Over the Counter : S$5 per cash deposit / withdrawal of S$3,000 and below from the 6th transaction onwards Fees charged per account, per month	Over the Counter : S$5 per cash deposit / withdrawal of S$3,000 and below from the 6th transaction onwards Fees charged

DBS

	Digital Business Account			Business Account
Description	Ideal for start-ups with low minimum balances. Mostly transact online.			Day to Day account Ideal for both online and counter transaction.
Minimum Initial Deposit	S$1,000			S$3,000
Minimum Balance	None			S$10,000 – waived off for the first 3 months
Monthly-Annual Account Fee	S$18/month			S$40/year
Fall bellow Fee – Service fee	None			S$35
Cheque Book Fee	S$25 each			free
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 perTransaction

CIMB

	Current Account			Wadiah Account
Minimum Initial Deposit	S$8,000			S$3,000
Description	Foreign Directors.			Local or Islamic Director
Service Fee – Fall Below Fee	S$35 monthly service fee			S$20 monthly service fee
Minimum Balance	S$8,000			S$3,000
Early Account Closure Fee	S$40 (within 6 months of opening)
Cheque Book Fee	Free
Transaction Fees	Free bank transfer to other CIMB acc. For Internet Banking there is One – time fee to Setup & Token Free No monthly fee charge

CitiBank

	Deposit Account
Minimum Initial Deposit	$100,000
Description	From current accounts to remittance services, we have the full range of cash management solutions to help you manage your business transactions effectively.
Service Fee – Fall Below Fee	S$100 per month if your Total relationship Balance less than $50,000
Minimum Balance	$50,000
Early Account Closure Fee	S$50
Cheque Book Fee	Unlimited free cheque books and cheque issuance
Transaction Fees	Free Internet Banking. No charges occur for setup / deletion / alteration. There is also no one-time fee for Internet Banking. No charges for incoming fund, regardless of amount.

Standard Chartered

	BusinessOne
Minimum Initial Deposit	S$30,000
Description	Customer with payroll requirements. Customers with heavy telegraphic transfer needs.
Service Fee – Fall Below Fee	S$50 monthly service fee; Chargeable on 2nd month from date of account opening. Waived with a minimum average daily balance of S$30,000
Minimum Balance	S$30,000
Early Account Closure Fee	S$500 (within 6 months of opening)
Cheque Book Fee	2 Free cheque books upon account opening, subsequent cheque books at S$5 each
Transaction Fees	Bank transfer to another Standard Chartered Bank account = Free Local bank Transfer = S$20 Internet Banking There is one – time fee to Setup = S$50 But no monthly fee charge

MayBank

	PremierBiz			FlexiBiz Account
Minimum Initial Deposit	S$1,000			S$1,000
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.			FlexiBiz Account is an interest-bearing current account that gives you the flexibility of managing your company funds without the need to maintain a minimum account balance, plus up to 0.038% p.a. interest on your account balance.
Service Fee – Fall Below Fee	S$35 monthly service fee; waived with a minimum average daily balance of S$30,000			The minimum balance fee is not applicable
Minimum Balance	S$30,000
Early Account Closure Fee	S$50 (within 6 months of opening)
Cheque Book Fee	Free			S$0.50 per cheque upon presentation if average daily balance (per calendar month) falls below S$30,000
Transaction Fees	Business Internet Banking Free One-Time Set Up fee. Free monthly Recurring Fees. Free Token for first 3.

RHB Bank

	BizpowerQuad+			BizpowerQuad
Minimum Initial Deposit	$80,000			$5,000
Description	Current Account interest rate of 0.68% per annum			Current Account interest rate of 0.338% per annum
Service Fee – Fall Below Fee	$50 monthly service fee waived with a minimum average daily balance of $20,000			$50 monthly service fee waived with a minimum average daily balance of $5,000
Minimum Balance	$20,000			$5,000
Early Account Closure Fee	$200			$60
Cheque Book Fee	Free			2 free upon account opening; $5 for subsequent
Transaction Fees	No Internet Banking flat cable rate fee $10 per transaction.

Bank of China

	Current Account
Minimum Initial Deposit	$2,000
Description	Possesses a rich experienced financial company team, and based on deep understanding for China and Singapore relations, provide professional, highly efficient, well-rounded company RMB exchange one-stop service.
Service Fee – Fall Below Fee	$15 monthly service fee waived with a minimum average daily balance of $10,000
Minimum Balance	$10,000
Early Account Closure Fee	$30
Cheque Book Fee	Free
Transaction Fees	Free Internet Banking. No Subscription Fee.