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 | 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 |
| 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. | None |
| 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 |
No Issuance Fee S$0.75 per cheque |
| Transaction Fees | Free bundled package via Velocity@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 |
| 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) |