DBS bank is a local full service bank in Singapore and a leader in corporate, retail and investment banking. The bank has evolved extensively and diversified since its establishment as a development financing institution in 1968. It has the largest network of branches in Singapore and has networks in key Asian markets as well. It is a key player in the Singapore money market and a leader in domestic treasury services, DBS Bank is a leader in corporate lending. The Bank's "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region.
Account Opening Timeline
A minimum of one week (working days) from the time of submission of all required documents will be required to setup a corporate bank account. In case of foreign incorporated entities it may take longer depending on the documents and verifications involved.
Account Types & Features
Singapore dollar current account
- Interest earning account
- Cheque book and overdraft facility
- Bankcard, similar to ATM card with the help of which you can avail a range of services from the island wide network of ATMs
- Monthly statements
- Electronic banking facility such as phone banking and internet banking
The minimum initial deposit is S$3000 and average daily balance is S$10000. If average daily balance is not maintained, a fall below fee of S$15 is chargeable at the end of the month.
Foreign currency account This is ideal for trading companies who trade in foreign currencies and funds can be maintained in the currency in which they are received.
- Interest earning account and 12 different foreign currency options are available.
- Overdraft facility is available for USD account and other major currencies.
- If funds are maintained in the same currency as they are deposited a commission in lieu of exchange applies
- If the currency of the account is different from the currency notes deposited then it will be first converted to S$ and then to the specific currency of the account. All conversions are done based on the prevailing exchange rate.
- Inter account transfer charges, DD and cheque handling commissions are charged as applicable.
The minimum initial deposit varies depending on the currency chosen, for US dollar and European Union currency account it is US$1000 and EUR1000 respectively. Charges are payable in case the balance falls below the average daily balance.
Internet Banking Features
DBS IDEAL™ (Integrated Direct Electronic Access Link) is a single window corporate internet banking service which enable easy online account management, transactions and report generation. It offers a full suite of cash management and trade finance products. With the help of its secure and rich reporting capabilities one can have access on a real time basis to information such as Statement of accounts, Cheque status, Incoming funds, fixed deposits, FX rates and also place instructions towards stop cheque, and Placement and maturity of fixed deposits. Thus the security and convenience ensure process efficiency and dynamic control over the account. Certain unique features are:
- Account balances are available via Daily Statements and Current Day Statements while the former reveals real time balance the latter are details made available once a day
- It can present daily statements from your accounts held with other banks. This requires you to leave instruction with your other banks to issue a MT940 to DBS
- It can be integrated into the ERP systems and statements can be exported directly into the system
- Enables segregation of user and providing access rights based on transaction or functions
- This is a 24/7/365 service, hence transaction can be performed even on non working days and non office hours.
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