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CIMB Singapore lists its SME Account with S$0 to open, no minimum balance and S$0 monthly fee for the first year. From the second year the account fee is S$8 a month. Online opening is for businesses registered in Singapore.
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What does the CIMB SME Account cost?
From CIMB's SME Account page, read in :
| Item | What CIMB publishes |
|---|---|
| Initial deposit | S$0 |
| Minimum balance | S$0 |
| Fall-below fee | S$0 |
| Monthly fee | S$0 for the first year, then S$8 |
| PayNow, FAST and GIRO | Unlimited and free in the promotional period |
| Telegraphic transfers | S$0 for 12 months via BizChannel, on offers valid to |
CIMB's business home page repeats the first-year zero fee for the SME Account and the SME-i Account, and says SGD deposits are insured up to S$100,000 by SDIC.
The words "promotional period" matter. The page does not set out the transaction charges that start when it ends. Read CIMB's pricing guide for that.
How do I open it?
CIMB says all businesses registered in Singapore can open the account online, and it puts the form at about 15 minutes. You upload certified identity documents and the business registration papers for your entity type: private company, partnership or sole proprietorship. A business outside Singapore is told to contact a bank representative.
Get your ACRA business profile ready first. It is the paper that shows the company, its officers and the UEN.
What does the pricing guide add?
CIMB's Corporate Pricing Guide, effective , includes a corporate deposits section with a minimum initial deposit of S$50,000. The extract does not say which product that covers, and it is far from the SME Account terms above. Do not mix the two. If a CIMB staff member quotes you a number, ask which account it is for.
What does CIMB not publish?
- How the account is priced after the promotion ends, beyond the S$8 monthly fee.
- Interest on the SME Account. The page says nothing about a rate.
- A review time after you submit the form.
- Whether foreign-owned Singapore companies can complete the online form without a visit.
- Industries or countries it declines.
Who might this suit?
A new Singapore company that wants no minimum balance, mostly pays by PayNow, FAST or GIRO, and is happy to move to S$8 a month later. It is a different shape from the UOB eBusiness Account, which asks for a S$5,000 average daily balance, or the OCBC Business Growth Account, which asks S$1,000 up front.
If you want a person to check your file before you submit, use the quote form and tell us where your owners live.
What should you check before you apply?
Check the account name. CIMB lists seven business account types, according to a third-party review we did not rely on, so pick the SME Account deliberately. Confirm who will receive online banking access through BizChannel. Keep a calendar reminder for month 12, when the fee starts and the transaction promotion may end.
How does the first year differ from year two?
In year one the monthly fee is S$0 and, on CIMB's wording, PayNow, FAST and GIRO transactions are free without a cap. In year two the account fee is S$8 a month. CIMB's page does not tell you the transaction terms that follow, and it does not say whether the S$0 telegraphic transfer offer is renewed.
A simple way to plan: put 12 months of the S$8 fee in the budget from month 13, and ask CIMB in writing how outgoing transfers are charged after the promotion. If your company sends many payments each month, that answer matters more than the account fee.
Which CIMB documents should you read before you sign?
Three: the SME Account product page, the current pricing guide and the account terms you accept online. The pricing guide is a PDF with several accounts in it, so find the line for the product you are opening. Save a copy of each with the date, because pages change and promotions end.
Sources
- CIMB Singapore: SME Account: fees, online opening, eligibility, promotion dates.
- CIMB Singapore: business home: first-year zero fee and SDIC insurance line.
- CIMB Singapore: Corporate Pricing Guide: corporate deposits minimum, effective .
