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OCBC current accounts

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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.

S$0

Monthly fee

S$1,000

Minimum Initial Deposit

S$7.50

Fall below monthly fees

Details

What features come with OCBC current accounts?

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 OCBC current accounts are available?

  • FRANK Account. An account for youths between 16 to 26. No initial deposit or minimum balance required.
  • USD Current Account. A USD account with chequing facilities.
  • Current Account. An OCBC bank account that comes with a chequebook.

What other types of accounts does OCBC offer?

  • 360 Account. Earn up to 3.45% interest each year with this OCBC bank account.
  • Bonus+ Savings Account. Earn up to 1.45% a year with this lock-in savings account.
  • Monthly Savings Account. Save monthly and earn higher interest.
  • Global Savings Account. An OCBC bank account that allows you to save in 8 major currencies (AUD, CAD, CNH, EUR, GBP, HKD, NZD and USD).
  • Child Development Account. A savings account for your newborn. The government will match dollar for dollar, the amount you save, up to a certain limit.
  • Time Deposit Account. Secure higher returns with fixed tenures of up to 36 months for Singapore dollars and 10 major foreign currencies.
  • Passbook Savings Account. A savings account that comes with a passbook.
  • Statement Savings Account. An OCBC current account that comes with monthly statements.
  • Mighty Savers® Account. Earn up to 0.60% interest a year with this kids savings account.

    Compare a range of current accounts in Singapore

    Data indicated here is updated regularly
    Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees
    POSB current account
    S$2
    S$0
    S$2
    Benefit from automatic top-up feature and free chequebooks with this checking account.
    CIMB StarSaver Account
    S$1
    S$5,000
    S$0
    This combined current and savings account offers three interest tiers based on the size of your account balance.
    OCBC Frank Account
    S$2
    S$0
    S$2
    This fee-free starter account offers 4x higher interest than regular savings accounts and a customisable debit card.
    UOB Current Account
    S$0
    S$1,000
    S$7.50
    Manage your day-to-day finances with this statement-based chequeing account and enjoy a 3-year waiver on your UOB debit card.
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    Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

    What fees could I be charged with OCBC current accounts?

    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 will I know which OCBC current account is for me?

    The OCBC current account that’s best for you ultimately depends on your financial profile and reason for opening an account. For example, students with no regular income may not be eligible for accounts like the OCBC 360 Account, and should instead choose an account where it’s easy to receive and spend their allowance, such as the OCBC Passbook Savings Account.

    How do I open an account with OCBC?

    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.

    Compare a range of OCBC current accounts in Singapore

    Data indicated here is updated regularly
    Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees
    OCBC Basic current account
    S$0
    S$1,000
    S$7.50
    Issue cheques and conduct day-to-day financial management efficiently with this non-interest bearing current account.
    OCBC Frank Account
    S$2
    S$0
    S$2
    This fee-free starter account offers 4x higher interest than regular savings accounts and a customisable debit card.
    OCBC USD Current Account
    S$10
    S$1,000
    S$10
    Transact, issue cheques and manage your USD deposits conveniently within a single account.
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    Eligibility criteria

    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.

    Required documents

    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)

    Frequently asked questions

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