Basic Bank Account
We recognise our social responsibility, and are committed to offering Basic Banking services to ensure that Singaporeans with low income continue to have access to affordable basic banking services. The Basic Bank Account will provide lower income Singaporeans with a buffer against future increases in bank fees and charges as the cost of doing business increases over time.

At a glance
  • Non-interest bearing account
  • No minimum balance requirement
Account features
Benefits
  • Easy deposit and withdrawal at any of our branches
  • The convenience of making NETS payment at over 17,000 merchants island-wide with your ATM card
  • 24-hour global cash access through Cirrus and Maestro networks using your International ATM card Deposit cash at our Cash Deposit Machines
  • Deposit cash at our Cash Deposit Machines
Account opening requirements
  • Nationality: Singapore Citizen
  • Age: Minimum 12 years old
  • Income: Below S$2,000 per month
  • Initial deposit: Minimum S$20 (waived for those under the MCDS Public Assistance Scheme)
  • Documents required: Identity card and recent payslip / letter from your employer / MCDS Public Assistance Scheme letter (as proof of income)
Key Charges
Service Charges
Minimum initial deposit S$20 (waived for individuals under the MCDS Public Assistance Scheme / Special Grant Scheme recipients)
Minimum average daily balance S$0
Monthly service charge S$2 (regardless of balance)
Fall-below fee S$0
Early account closure fee (within 6 months) S$30
Passbook replacement fee S$30
For more information, please call our 24-hour Phone Banking on 1800 747 7000 or click on My Request to schedule an appointment to open an account at one of our 18 branches.
Important Note:
This deposit account is eligible for deposit insurance coverage under the Deposit Insurance Act. This deposit account held by or for an individual or a charity, will be insured up to the limits specified in the Deposit Insurance Act.