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Person, Human, Pc

Operating just like a Passbook Savings Account, Basic Bank Account provides affordable basic banking services to low-income Singaporeans

Features

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Key Charges

Service
Charges
Minimum initial deposit S$20*
Minimum average daily balance S$0
Fall-below fee S$0
Monthly service charge S$2* (regardless of balance)
Early account closure fee (within 6 months) S$30
Passbook replacement fee S$30
* Waived for beneficiaries under of the MSF Public Assistance Scheme/Special Grant Scheme.

Eligibility & Documents

Eligibility

  • Nationality: Singapore citizen under Government’s Public Assistance Scheme / Special Grant Scheme
  • Age requirement: Minimum 15 years old
  • Initial deposit
    • $0

Documents Required

  • Mandatory supporting documents for Singapore citizens:
    • NRIC (front and back)

     

  • Government’s Public Assistance Scheme / Special Grant Scheme Card and/or Letter

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.