OCBC Singapore Corporate Bank Account

Establsihed in 1912, OCBC is Singapore’s longest established bank and has a network of more than 460 branches and representative offices in 15 countries and territories. It is one of the top players in Singapore in home loans, unit trust distribution, personal credit, and corporate banking for small and medium-sized companies and the Singapore Dollar capital market. OCBC bank is well known for its customer friendly service and ease of doing business.

Account Opening Timeline

Once the necessary corporate bank account opening paperwork has been submitted, it normally takes about 2-3 days to open the bank account. For opening bank account for offshore companies, it can take 1-2 weeks.

Account Types & Features

Business Entrepreneur Account

This is specially designed for new businesses, those within 6 months from its date of incorporation.

• Account service charge is waived for the first 6 months, following which if the balance falls below the minimum required level then S$15 will be charged every month.
• Internet banking facilities
• Unlimited free cheques

Minimum initial deposit is S$500. The account must maintain min average monthly balance of S$10,000 or a service fee of S$15 applies. This service fee is waived for first 6 months.

Business Privilege Account

Flexible Singapore Dollar Current Account, specially designed to help expanding business manage day-to-day payments and collections:

• Unlimited free cheques
• eAlerts@ocbc – an alert notification service which updates you on the status of your account.
• Internet banking facilities
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Minimum initial deposit is S$5000. The account must maintain min average monthly balance of S$10,000 or a service fee of S$20 applies.

Internet Banking Features

Velocity@ocbc is a secure web-based electronic banking system from OCBC Bank. It allows businesses to consolidate and simplify banking transactions, cash management and trade finance on one platform. Businesses can perform several specific online functions, including accounts management, payroll, telegraphic transfers, internal funds transfer, GIRO payments, trade finance, and file management. It also provides businesses with the ability to view daily statements and balance summaries. It is the proud recipient of Best Corporate/Institutional Internet Bank award of Global Finance magazine for three consecutive years since 2001.