Saturday, May 02, 2009

Comparison of Cooperate Bank Account for SMEs in Singapore

Corporate Bank Account Guide

OCBC entreprenuer corporate account has the lowest initial deposit of S$500 but you need to sign up with them within 6 months of business registration. If you have been incorporate for more than 6 months, then UOB has the lowest initial deposit of S$1,000.

Generally, banks will charge a service fee of S$15 per month if your average monthly balance falls below S$10,000.

1) UOB Bank (UOB Website)

a) UOB Corporate Current Account


  • A monthly statement of account for easy reference.
  • A free Corporate UniCard (UOB Corporate ATM card) with NETS facility.
  • Free cheque books that are automatically replenished.
  • Easy access to your Current Account through UOB Group's PhoneBanking service.
  • You'll also have the option of enjoying the benefits of Business Internet Bankingรข€" UOB Group's premier web-based banking solution for businesses.



  • Initial Deposit of S$1000
  • Minimum fee of S$15 if average daily balance fall below S$10,000 during the month

2) DBS Bank (DBS Website)

a) DBS Corporate Current Account

  • 1st 30 cheques per month free. Subsequent cheque at $0.40.
  • Earn daily interest on your balances at competitive rates.Interest is paid only on qualifying tiered balances.
  • Receive a monthly statement with transaction details of your Current Account.
  • Receive new cheque book automatically when you are down to your last few cheques. No reminders, requests or trips to the bank are needed.
  • Apply for overdraft facilities at competitive rates.

Initial Deposit of S$3000
Minimum fee of S$15 if average daily balance fall below S$10,000 during the month


3) OCBC Bank (OCBC Website)

a) Entrepreneur Corporate Account (Automatically converted to SGD chequing account after 6 months)


  • Unlimited free cheques
  • 50% off Giro transaction at Vivocity OCBC
  • 6 months waiver of minimum balance fee (subsequently S$15 per month if average monthly balance is below S$10,000)
  • 1 free Digipass for Velocity@ocbc

  • Initial Deposit of S$500
  • All new businesses within 6 months of date of incorporation

b) Business Privilege Account
  • Unlimited free cheques
  • GIRO transaction fees at S$0.10 via Velocity@ocbc
  • Up to 3 free Digipasses for Velocity@ocbc
  • eAlerts@ocbc an alert notification service at S$15 per month. First three months free.

  • Minimum deposit of S$5,000
  • S$20 per month of monthly average balance falls below S$10,000
  • If eAlerts@ocbc service be terminated, the Business Privilege Account will be automatically converted to an ordinary current account.

c)  Singapore Dollar Chequing Account
  • S$ 0.50 per cheque from the 31st cheque onwards per month

  • Minimum initial deposit of S$ 5,000
  • Minimum credit balance of S$ 10,000
  • S$15 per month if monthly average balance falls below S$ 10,000

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