One-Stop Deposits -FAQ - Banking

• OCBC Statement Savings Account

What is a Statement Savings Account?
This is an account that allows you to save and receive a month-end statement to track your account balances. This frees you from the hassle of having to update your passbook You can also enjoy the flexibility of withdrawals at our ATMs.

Furthermore, you will enjoy earning interest from the very first dollar you deposit into your Statement Savings Account.
How do I open a Statement Savings Account?
Visit any OCBC Bank branch with your identity card/passport and the minimum initial deposit or apply via our mail-in application form.
How can I check my account balance?
A monthly statement will be mailed to your address to update you of your account transactions and balances of that particular month. With OCBC Internet, Mobile and Phone Banking services, you can have access to the latest information of your account conveniently. Also, with OCBC's shared ATMs at 800 locations around the island, you can find out your account balance anywhere you go.
What is the minimum initial deposit to open a Statement Savings Account?
The minimum initial deposit is S$1,000.
Is there a minimum deposit amount for the money to earn interest?
No. OCBC allows you to enjoy earning interest from the very first dollar you deposit into your Statement Savings Account.
Will I be eligible to sign up for an OCBC Debit Card?
Yes. You will be eligible to sign up for an OCBC Debit Card and enjoy all the benefits and privileges that it brings.

•SmartSavings Account

What is the SmartSavings Account?
This is a savings account that helps you to save and grow your money at higher interest rates while enjoying your liquidity. It offers you the flexibility to choose if you would like to have an ATM card and its no monthly statement feature provides you the added privacy and financial security. In addition, all ladies who open the SmartSavings Account will automatically become OCBC Ladies' Circle members.
What is the OCBC Ladies' Circle all about?
The OCBC Ladies' Circle is specially designed to create a unique banking experience for today's women. As part of the free programme, you get to enjoy a circle of privileges such as Ladies' Rewards, Ladies' SMS, Ladies' Quarterly Quiz and be invited to our Ladies' Events.

Follow the steps below to find out more about the OCBC Ladies' Circle:
Home » Banking » The OCBC Ladies' Circle

Or click here.
How do I maintain the conduct of my SmartSavings Account?
You can make use of OCBC Internet, Mobile and Phone Banking services to check your account balance and transaction history. You can also request for a monthly statement to be sent to you by completing a form at any OCBC branches.
What is the minimum initial deposit to open a SmartSavings Account?
The minimum initial deposit is S$2,000 fresh fund.
Are there any fees and charges?
There is a service fee of S$2 if monthly average balance falls below S$1,000. If your SmartSavings Account is terminated with 6 months from the date of account opening, there will be an early account closure fee of S$30. You may refer to our pricing guide for more details.

1. What is MSA 123?
This is a monthly savings account that allows you to save a fixed amount every month for your preferred tenor, where you will enjoy attractive fixed interest on your monthly contribution amount.

2. What are the tenors offered?
You can choose to save for 13, 24 or 36 months.

3. How much can I save every month?
You can choose to save a monthly contribution amount from as low as S$50 to a maximum of S$5000, in multiples of S$10. This amount would not change during your preferred tenor.

4. How do I make my monthly contributions?
The monthly contribution amount will be automatically debited from your personal OCBC savings or current account (or a bank account from another bank) on a fixed contribution day every month.

5. Can I withdraw money from my Monthly Savings Account?
The purpose of MSA 123 is to help you save a fixed sum of money every month. Should you choose to withdraw funds before the end of your preferred tenor, or if there is a lapse in any monthly contribution, your MSA 123 will be terminated.

6. What happens when the MSA 123 is terminated early?
You will receive the principal sum that you have contributed with interest and your MSA 123 will be automatically converted to a Statement Savings account after its early termination.

7. Will my account be exposed to interest rate fluctuations during my chosen tenor?
The interest rate that you will enjoy is fixed at point of account opening.

8. What is the interest applicable for my monthly contribution amount?
Upon maturity, you will receive the maturity interest which is fixed at point of account opening. However, should MSA123 be prematurely terminated, you will not be eligible for the maturity interest as the preferred tenor is not completed. You will instead receive premature withdrawal interest.

9. What happens when the account matures?
Upon maturity of your MSA, the total interest earned, together with the principal, will be converted to a Statement Savings account. Now, you can choose to start another MSA 123 or place the money in a Time Deposit to continue enjoying the higher interest rate.

10. Are there any applicable fees to opening MSA123?
If your MSA123 is closed within 6 months upon account opening, there will be an early closure fee of S$30. Otherwise, there are no applicable fees.

11. Who is eligible to start a MSA?
An applicant has to be at least 15 years old to start a MSA. If the account holder is less than 15 years old, parent(s)/ guardian(s) is required to be joint account holder(s). You need to have either an OCBC Savings or Current account for the Bank to debit this account and credit the MSA monthly.

12. How do I start a MSA?
You may visit any OCBC Bank branch, apply via Internet Banking or by mail-in to start a MSA.

• Young Savers Account

What is the Young Savers Account (YSA)?
This is an interest earning savings account that allows customers age less than 15 years old to save, enjoy the flexibility of withdrawal and earn high interest. In addition, children who open the Young Savers Account are automatically participating the Mighty Savers Programme.
What is so attractive and unique about the Mighty Savers Programme?
The Mighty Savers Programme was developed to make saving fun and meaningful for children. This is an interactive savings program to help parents inculcate the habit of saving in their children. One of the key components of this Programme is the Mighty Savers™ Stickers and Card Game. Through completing the card with stickers, the child learns about saving and be rewarded.

Follow the steps below to find out more about Mighty Saver™ Promotions:
Home » Promotions » Banking » OCBC Mighty Savers™ Programme
Can the child open a YSA in his/her own name?
Yes. The YSA can be opened singly or jointly with a parent.
What happens to the YSA when the child turns 15?
On your child's 15th Birthday, the YSA will be automatically converted to a Passbook Savings Account, with the option to apply for an ATM card. The child may continue to contribute the savings into the Passbook Savings Account.
Is there a minimum initial deposit required to open a YSA?
No. There is no minimum initial deposit required to start a YSA. Your child or you can choose to deposit any amount of money at anytime that you wish.
Are there any fees and charges?
The YSA aims to encourage young children to save, therefore there are no fees and charges!

However, save $20 to receive an encouragement gift of a Mighty Savers™ Passport Cover. Continue to save up to $500 to be rewarded with a Mighty Savers™ Photo Album . So, stay motivated!
Is there a minimum deposit amount for the money to earn interest?
YSA allows you to enjoy earning interest from the very first dollar you deposit into your account.

Current Accounts

• Easisave

What is an Easisave account?
Easisave account gives you cheque book facility and pays interest on your savings. In other words, it allows you the convenience of payment whilst you earn interest on your savings. It is the best of both worlds!
How can I check my account balance?
A monthly statement will be sent to update you of your account transactions and balances of that particular month.

With OCBC Internet, Mobile and Phone Banking services, you can have access to the latest information of your account conveniently. Also, with OCBC's shared ATMs at 800 locations around the island, you can find out your account balance anywhere you go. Check out the locations of ATMs on our website by following the steps below:

Home » Help Centre » ATM Locator
Is there a minimum age that I can open an Easisave Account?
Yes. You will need to be at least 18 years old.
Is there a minimum initial deposit required to open an Easisave Account?
You will need a minimum initial deposit of S$1,000 to open an account.
Is there a minimum deposit amount for the money to earn interest?
OCBC allows you to enjoy earning interest from the very first dollar you deposit into your Easisave Account.
How can I apply for an Easisave Account?
There are many ways which you may choose to apply for an Easisave Account. You may choose to apply via our mail-in application form by clicking the 'Apply Now' icon or you may simply visit any OCBC Bank Branch with your identity card or passport and the minimum initial deposit to open the account.

Time Deposits

• SGD Time Deposit

What is SGD Time Deposit?
It is an account which allows you to deposit your idle funds for any period of 1 month to 3 years to earn higher interest.
Can I request for an early withdrawal if I am in urgent need of money?
Depending on the term of the promotion, premature termination penalty will apply if you wish to withdrawal money early. However, an overdraft facility can be specially arranged for you so that you can continue to earn interest on your SGD Deposit.
What is the minimum amount needed to have a SGD Time Deposit?
The minimum amount for a Time Deposit placement is S$5,000.
Am I eligible to apply for a SGD Time Deposit?
You are eligible to apply for a SGD Time Deposit If you are 18 years old or above. Otherwise, if you are between 12 and 17 years old, you may still open a trust account under your parent's or guardian's name.
How can I apply?
Simply visit any OCBC Bank Branch today with your identity card / passport and your deposit, we will assist your account opening from there!

• Global Savings Account

What is a Global Currency Time Deposit?
With this account, you can now save a fixed amount in the foreign currency and tenor of your choice to earn competitive interest rates. You can tap into ten global currencies with this account.
What currencies can I choose from?
OCBC offers you the choices of AUD, CAD, CHF, EUR, GBP, JPY, HKD, THB, NZD and USD.
What is the minimum initial deposit to open an account?
The minimum initial deposit is 5,000 units of the respective foreign currencies, except for HKD50,000, JPY500,000 or THB500,000.
What are the different modes of payment?
You may write a SGD cheque, deduct from any of your OCBC account or transfer the funds from another bank.
What is the eligibility to open an account?
The minimum age is 21 years old.
How do I apply?
Visit any OCBC Bank Branch with the required documents to be assisted by our staff or download the application form here!

Others

• Salary Credit

What do I need to inform my employer if I want my salary to be credited into OCBC?
You have to inform your employer of your OCBC account number. You may choose to use this form to inform your employer.
Is there anything else that I have to do?
Yes. You have to sign up for salary credit facility with OCBC. Simply fill up the application form.

If you have any existing OCBC account, you may nominate it to be used to credit your salary. If you do not have an OCBC account, please choose to open either a Statement Savings Account or an Easisave Account.

• GIRO All-in-One Application

What is All-in-One GIRO applcation?
The All-in-One GIRO application offers you the convenience of applying for multiple GIRO arrangements by filling up just one form!
How long does it take for the GIRO arrangement/s to take effect?
OCBC will forward your instructions within 3 working days upon receipt to the respective Billing Organisations (BO). The BO will take up to 3 weeks to approve the GIRO arrangements.
Will I receive any notification from OCBC or BO when my GIRO arrangements are successful?
BO will send you a notification upon their approval.
Are there any fees or charges when applying for GIRO All-in-One?
No. You will not be charged!
Are there any fees or charges if a GIRO deduction fails?
Yes. There will be a S$10 fee.

• GIRO Application

How is this different from the GIRO All-in-One Application?
This allows you to apply to pay through GIRO, any other Billing Organisation which may not be included in the above.

• Global Savings Account

How do I terminate my GIRO arrangements?
Simply fill up the 'Termination of Interbank GIRO' form and send it back to OCBC. Alternatively, you may inform the BO.
How long will it take for the termination to take place?
OCBC will take up to 3 working days to process your instruction.
Will I receive any notification from OCBC or BO when my GIRO arrangement has been successfully terminated?
If you had instructed OCBC to terminate your GIRO arrangement, we will send you a notification upon processing your request. Otherwise, if you had instructed for GIRO termination through the BO, you will receive a notification from the BO.
Are there any fees or charges to terminate my GIRO arrangements?
There are no fees or charges. Simply fill in the form!