OCBC current accounts
Secure banking for your financial needs.
OCBC current accounts come with a range of features to suit your various banking needs. This review will explore the current accounts offered by OCBC, including their features and how to sign up for them.
Minimum Initial Deposit
Fall below monthly fees
Benefit from feature-rich banking solutions and manage cashflow digitally with OCBC current accounts.
Learn more about the different current accounts offered by OCBC Bank, including their features and fees in this review.
About OCBC bank
OCBC bank (Oversea-Chinese Banking Corporation Limited) is the oldest established Singapore bank and the second largest financial services group in Southeast Asia by assets, with operations in over 18 countries.
Although each OCBC current account comes with its own unique features, they generally offer:
- Attractive interest rates
- Online banking features
- Withdrawals from over 1,200 ATMs island-wide
What current accounts does OCBC offer?
Here are some OCBC current accounts you may wish to consider when opening a new account:
Compare a range of current accounts in Singapore
Fees to look out for
Here are some fees you may incur while using an OCBC current account:
- Fall-below fee. Some OCBC accounts charge monthly fall-below fees if your account value drops below a set level. For instance, a cost of $2 per month will be incurred if the average daily balance for your OCBC 360 Account drops below $3,000. However, in the case of the OCBC 360 Account, this fee is waived for the first year.
- Cheque book fee. OCBC issues cheque books for each of its accounts, upon request. This tends to come with a fee, such as $10 per chequebook in the case of OCBC’s EasiSave Account.
- Premature account termination fee. If you choose to close an account before a set deadline, you may incur a premature termination fee. This fee applies to accounts like the OCBC Global Time Deposit Account and the SGD Time Deposits Account.
- Miscellaneous fees. OCBC current accounts also come with miscellaneous charges, such as costs related to replacing a lost passbook ($15), a 1% commission on deposits/withdrawals in foreign currency, coin deposit charges and chequebook-loss charges.
Special features and promotions to take note of
If you’re interested in getting an OCBC current account, do consider promotions and perks if you’re eligible for them.
Some OCBC accounts offer promotional vouchers while others offer OCBC$ which is then awarded to you as you spend on your eligible OCBC credit card.
How to sign up
If you’re an existing OCBC account holder and are looking to open another, you can apply for a new account promptly through OCBC’s online banking services.
New applicants (Singapore citizens and PRs) can apply with their SingPass, a simple and secure application process that speeds up the process by retrieving your personal details and income information directly from MyInfo. Alternatively, you can also fill up an online application form listed on OCBC website if you don’t have a SingPass account.
Like any other bank accounts in Singapore, make sure that you meet the eligibility criteria for the specific account that you’re interested in and have all the relevant documents you need on hand.
The specific eligibility criteria may vary depending on the specific OCBC account you’re applying for, but you’d typically need to meet these requirements:
- Age. You must be at least 18 years of age
- Residency. Singapore citizen, permanent resident or foreigner.
Make sure you have the following information and documents ready when you apply:
- Singapore citizens and permanent residents. ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
- Foreigners working in Singapore. Passport, Employment Pass, proof of residence (e.g. IPA issued by MOM, Work Permit issued by MOM)
- Foreigners studying in Singapore. Passport, matriculation or student card approved by the ICA, or proof of residence (e.g. utility bill, telecommunication bill, bank statement)
Before selecting an OCBC current account, ask yourself which would serve your needs better. For instance, the choice between the OCBC Current Account and its USD counterpart lies clearly on the currency you’d be dealing with.
It’s also good to note that current account offerings are generally similar across the different banks in Singapore. However, some may come with slightly more features or lower set-up fees. So make sure to compare your options before applying.