Singapore business account fees and SDIC cover for companies

Business account fees in Singapore are the charges a bank sets out in its published tariff for keeping and using a company account: typically a monthly account fee, a minimum balance below which a further charge applies, and transaction charges. Deposit insurance is a separate, statutory protection run by the Singapore Deposit Insurance Corporation (SDIC) that covers the Singapore-dollar deposits of companies, partnerships and sole proprietorships up to S$100,000 per depositor at each member bank. All bank figures below are as published on each bank's website and checked in October 2026; banks revise tariffs, so confirm the current pricing guide before applying.

What a business account tariff is made of

A tariff is easier to compare once you separate the recurring charges from the one-off ones and from those triggered by activity. The table lists the fee types that appear most often on Singapore SME and corporate tariffs.

Two measurement details change the real cost. First, "average daily balance" (used by DBS and UOB below) and "monthly average balance" (used by OCBC below) are both averages, so a large balance held for a few days is diluted across the month. Second, multi-currency accounts may be assessed per currency or on a combined Singapore-dollar equivalent; the tariff states which.

Published examples from three local banks

The table shows headline SME account pricing from DBS Bank (DBS), Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB). It is a snapshot, not a ranking; the wider side-by-side table is on the bank comparison page.

Sources: DBS "New Business Account Fees & Charges"; OCBC "Business Growth Account"; UOB "eBusiness Account" pages, all checked October 2026. UOB's application pages carry promotional wording that may differ from the product page; the product page is used here.

DBS also prices a Corporate Multi-Currency Account at S$40 or equivalent a month (effective 1 June 2021, previously S$35), waived if the average daily balance is at least S$10,000 or equivalent.

Companies incorporated outside Singapore

A company incorporated overseas can apply for a Singapore account at some banks, but the published pricing is higher and the documentation heavier, because the bank must verify a foreign legal person, its constitution and its owners from foreign records. Two banks publish specific charges.

Higher pricing reflects work, not a regulatory surcharge: under MAS Notice 626 (paragraphs 6.7 to 6.9) the bank must verify a foreign company's legal form, existence, constitution and powers, usually from certified or notarised copies. The corporate documents checklist covers the file in detail.

Foreign-currency current accounts

Many companies trading internationally hold US dollar, euro or offshore renminbi accounts alongside a Singapore-dollar account. DBS publishes minimum average daily balances and monthly service charges for its foreign-currency current accounts (effective 1 December 2020).

Source: DBS "New Business Account Fees & Charges", checked October 2026. DBS states that the monthly service charge is waived when the minimum average daily balance is met.

Several single-currency accounts can mean several minimum balances at once, and foreign-currency balances sit outside deposit insurance, as explained next.

How SDIC deposit insurance applies to companies

The Deposit Insurance Scheme protects insured deposits at member banks and finance companies if a member fails. Its FAQ states that it covers "individuals and non-bank depositors such as sole proprietorships, partnerships, companies", as well as unincorporated associations and societies. MAS raised the coverage limit from S$75,000 to S$100,000 per depositor with effect from 1 April 2024 (MAS Annual Report 2023/2024).

For a company, the S$100,000 limit is per legal entity at each member bank, so a holding company and its operating subsidiary are separate depositors. Digital banks state their SDIC position on their own websites (see digital banks). Deposit insurance is a backstop for bank failure; it says nothing about a bank's fees, service or suitability.

Sole proprietors, partnerships, trust and client accounts

Aggregation rules decide how much of a balance is insured, and they differ by legal form.

The SDIC Consumer Guide (1 August 2024) gives a worked example: a sole proprietor with S$45,000 in a personal account and S$65,000 in the business account at the same bank has S$110,000 in total, of which S$100,000 is insured. A company, by contrast, is assessed separately from its directors. Treatment of non-resident depositors is not addressed explicitly in the SDIC FAQ; confirm with SDIC or the bank if this matters to you.

Reading a tariff before you sign

The checklist below is general; it does not replace the bank's own documents.

1. Effective date: note the date on the pricing page or guide, and whether a revision has been announced.
2. Measurement basis: confirm whether the threshold uses average daily or monthly average balance, and per currency or combined.
3. Waiver periods: record when introductory waivers end so that the first full charge is expected.
4. Bundle contents: check how many free FAST, GIRO or telegraphic transfers are included and the price beyond them.
5. Foreign-company charges: confirm any set-up fee, its currency and whether it is charged on rejection.
6. Insured vs uninsured balances: separate Singapore-dollar deposits from foreign-currency and structured products when assessing SDIC cover.
7. Closure terms: check the early-closure period and fee.

Fees are only one factor. Eligibility, the documents the bank needs and how it treats foreign ownership usually decide where a company can bank at all; see corporate accounts and digital banks.