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The OCBC Business Growth Account asks for S$1,000 up front. After 2 free months it costs S$10 a month, and S$20 a month if your average balance sits under S$1,000. Companies wholly owned by Singapore citizens or permanent residents can open it instantly online as a first OCBC business account.
You are reading an independent guide, not OCBC. We do not hold or open accounts. If you send the form below, we hand your request to providers that suit it, and some of them pay us a referral fee.
What does the OCBC Business Growth Account cost?
Read on OCBC's product page on :
| Item | What OCBC publishes |
|---|---|
| Initial deposit | S$1,000 |
| Monthly fee | S$10, waived for the first 2 months |
| Balance fee | S$20 a month when the average balance is under S$1,000 |
| Free transfers | 80 FAST and 80 GIRO a month |
| Rewards | Up to S$228 through opening and spending campaigns |
The reward figure is a campaign total and depends on conditions on OCBC's page. It is not a standing benefit, so do not plan cash flow around it.
How does the interest work?
This is the part many bank pages leave vague, and OCBC states it in tiers.
| Balance slice | Rate a year |
|---|---|
| Up to S$50,000 | Nothing listed on the page |
| Above S$50,000 and up to S$150,000 | 0.30% |
| Above S$150,000 | Up to 0.50%, capped at S$1 million |
Interest is calculated daily and credited monthly, with no lock-in. Most new companies will sit below the first tier for a long time, so for a small company the monthly fee matters more than the interest.
What is the instant route and who gets it?
OCBC describes instant opening as available to Singapore-registered businesses wholly owned by Singapore citizens or permanent residents who are opening a first OCBC business account. You log in with Singpass or MyInfo Business, confirm the UEN, add personal ID details and upload a signature. OCBC issues the account number once approved.
A first-time founder can use this the same day the company is on record. Make sure your Corppass access is set up first, because the route depends on it.
How does a foreign-owned or mixed-ownership company apply?
Companies outside the instant rule use the standard application. OCBC's procedure sheet for a private limited company lists the documents to bring, including the ACRA business profile and certified copies of signatory identity. Our business bank account guide lists that set in full, so this page does not repeat it.
OCBC's product page says nothing about the review time for this route or whether a foreign owner must meet someone in person. That gap is real, not an oversight on your side.
Before you apply:
- Draw up who owns the company, down to the person.
- Collect proof of address and passport copies for each signatory.
- Prepare a short note on the business, its customers and its countries.
- Ask OCBC which signatories need to attend.
What does OCBC not publish on this page?
- A review time for standard applications.
- Fees beyond the Business Growth Account summary, including charges after the free transfer allowances.
- Any limit on industries, countries or ownership structures it declines.
- Any pass rate. Nobody should promise one, and a provider that does is guessing.
Who is this account suited to?
It suits a Singapore company that wants a main operating account at a local bank, holds enough to avoid the S$20 balance fee and pays suppliers through FAST or GIRO. It suits less well a company that mostly pays foreign suppliers, or one that wants a card and multi-currency wallet from day one. See how DBS and UOB structure their accounts for contrast.
Need help preparing papers before you apply? Fill in the quote form and say where the owners live. A provider will explain what they can prepare.
What should you check before you transfer the deposit?
Three quick checks save time. First, confirm that this is truly your first OCBC business account, because the instant route is written for first-time accounts. Second, make sure each signatory's Singpass details match their ID, since mismatches stall online forms. Third, decide who will hold online banking rights, because OCBC's digital banking for business is a separate sign-up after the account exists.
Funding the account is the last step. The S$1,000 deposit is a condition of opening, and the S$20 monthly charge returns if your average balance later drops under that line. Put a calendar reminder on the first week of each month to look at the balance.
Sources
- OCBC: Business Growth Account: deposit, fees, interest tiers, rewards, instant opening rule and steps.
- OCBC: application procedure for a business account: standard route documents.
