The minimum initial deposit varies across the account types, with DBS and UOB requiring the lowest deposit amounts.įor us, we believe that SMEs will find it very difficult and stressful to maintain the minimum balance, especially if they are a cash-heavy business. Details about OCBC's Business Entrepreneur Account have been removed.Īs you can see, there is no minimum balance requirement for DBS accounts.

Based on the account types available now, UOB presents more options for SMEs. Without going into details about the benefits of each account, OCBC scores by simply providing more options for SMEs.Ģ021 Update : OCBC is not longer promoting the Business Entrepreneur Account, thus details about the account have been removed from the subsequent tables below. The “Business Growth” account caters to start-ups, “Business Entrepreneur” for growing businesses, and “Business Entrepreneur Plus” for larger companies.

OCBC stands out from the other 2 banks, as they have account types tailored for businesses in different stages. *DBS’s Fixed Deposit Account and UOB’s Global Currency Account have been removed as these accounts cover a different purpose. Applying online is the main way and the differences between the banks are negligible. But if you prefer talking to a representative? You have OCBC or UOB.Ģ021 Update : After a year, banking processes have improved and the local banks have caught up with the use of technology. If you are looking for a seamless application process and are eligible for it – we would say – go with DBS. UOB still prefers a physical meet-up for larger Current Accounts, while OCBC does not provide crystal-clear instructions about the eligibility of online applications. The table above illustrates that DBS, OCBC & UOB all provide the option of an online application.

Requires visit to branch with documents for any other type of companies.

Requires CorpPass for MyInfo Business, SingPass for MyInfo.

Instantly open for companies with 2 or less directors.

Relationship managers will follow up for any other type of companies.

Requires CorpPass for MyInfo Business, SingPass for MyInfo or OCBC personal bank details.

Instantly open for companies with 2 or less directors (for Singaporean & PR).

Requires visit to branch if the company have foreign directors or unique structure.

Requires CorpPass for MyInfo Business, SingPass for MyInfo or DBS personal bank details.

Instantly open for companies with 3 or less directors (for Singaporean & PR).

Ocbc corporate fixed deposit