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CURRENT ACCOUNT

Last Updated : 08/05/2024

Deposit insurance scheme

'Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme Member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.'

Current account in SGD/USD/EURO/GBP may be opened for individuals /companies /charities / associations/sole-proprietorships/Partnerships. No interest shall be payable on current account. Cheque-books will be issued upon completion of the opening formalities.

Minimum initial deposit/Charges

The following minimum deposit[subject to review] is to be maintained during the currency of the account. Fall-below fee as applicable shall be levied for balances below the minimum monthly average balance. Refer section Services - > Service Charges.

SGD1000/USD1000/EUR1000/GBP1000.

Services charges as applicable shall be levied on Current Account which is closed within six months of operation. Refer section Services - > Service Charges.

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.
  • Current Account opening form is to be signed in our presence by single or joint applicants.
  • Introducer is required to sign in the opening form.
  • Customer Profile form(KYC).
  • Original identification documents, i.e identity card/employment pass/passport.
  • Letter of employment to be submitted.
  • Copy of latest Income tax assessment return.
  • Proof of recent address , telephone/mobile bill,utility bill, registered lease agreement/bank account statement may be furnished.

Company

  • Recent passport size photograph of the Directors/Authorised Signatories.
  • Original identification documents, i.e identity card/employment pass/passport of Directors/Authorised Signatories.
  • Current account opening form is to be signed in our presence by all the Directors of the company with rubber stamp.
  • Introducer is required to sign in the opening form.
  • Board Resolution signed by all the Directors.
  • Memorandum and Articles of Associated of the company, duly signed with stamp.
  • Latest ACRA extract of the company.
  • Brief profile of the company, duly signed with stamp.
  • Incorporation certificate, duly signed with stamp.
  • Copy of Latest Income tax assessment return of all the Directors/Shareholders/Authorised Signatories.
  • Directors /Shareholders/Authorised Signatories to complete KYC form.
  • In the case of Corporate Shareholder, certified true copy of the Memorandum and Articles of Association/Income tax assessment of all the subscribers.
  • Certified true copy of documentary evidence of transfer of ownership /shareholdings, if applicable.
  • Proof of recent address of Directors/Shareholders-telephone/mobile bill, utility bill, registered lease agreement/bank account statement may be furnished.

Charities, Societies & Associations

  • Recent passport size photograph of the Authorised Signatories.
  • Executive Committee/Authorised Signatories should be present with their original identification documents i.e identitycard/employment pass/passport, for the account opening.
  • License or Certificate of Registration.
  • Board Resolution to be passed by the committee or Governing body.
  • Constitution or Rules and Regulations/Bye-Laws.

Sole-proprietorship

  • Recent passport size photograph of the Proprietor/Authorised Signatories.
  • Current account opening form is to be signed in our presence by the proprietor with rubber stamp.
  • Introducer is required to sign in the opening form.
  • Latest ACRA extract of the firm.
  • Brief profile of the firm, duly signed with stamp.
  • Original identification documents, i.e identity card/employment pass/passport.
  • Business Registration Certificate.
  • Copy of Latest Income tax assessment return of Proprietor.
  • Proof of recent address of sole-proprietor-telephone/mobile bill, utility bill, registered lease agreement/bank account statement may be furnished.

Partnerships

  • Recent passport size photograph of the Partners/Authorised Signatories.
  • Current account opening form is to be signed in our presence by the partners with rubber stamp.
  • Introducer is required to sign in the opening form.
  • Latest ACRA extract of the firm.
  • Brief profile of the firm, duly signed with stamp.
  • Original identification documents, i.e identity card/employment pass/passport.
  • Business Registration Certificate.
  • Partnership Deed.
  • Copy of Latest Income tax assessment return of Proprietor.
  • Proof of recent address of sole-proprietor-telephone/mobile bill, utility bill, registered lease agreement/bank account statement may be furnished.

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