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SAVINGS BANK ACCOUNT

Last Updated : 13/07/2020

Deposit insurance scheme

'Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme Member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.'

Savings account in SGD/USD/GBP can be opened for individuals, either singly or jointly,(above 21 years). Foreign curreny accounts are subject to bank's approval.

Minimum initial deposit/Charges

The following minimum deposit[subject to review] is to be maintained during the currency of the account. Fall-below fee of S$10/- shall be levied for balances below the minimum amount.SGD500/USD500 /GBP500.

A fee of S$50/- shall be levied on savings account which is closed within six months of operation.

Required Documents

(The following documents submitted at the time of opening the account, are indicative/non- exhaustive, and approval is subject to the Bank's discretion/satisfaction)

Individuals

  • Recent passport size photograph of applicant/s.
  • Savings Account opening form is to be signed in our presence by single or joint applicants.
  • Passbook is to be signed in our presence.
  • Customer Profile form (KYC) is to be completed and signed.
  • Original identification documents, i.e identity card/employment pass/passport.
  • Letter of employment by work permit/Employment pass applicants to be submitted, duly signed.

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