//Bank Accounts for Singapore Companies
Bank Accounts for Singapore Companies2018-10-01T14:10:06+00:00

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:

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
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
  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
  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
  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.
  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
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.
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.
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.