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Deposits

OCBC Basic Bank Account (OCBC BBA)

What are the features of an OCBC BBA?
You said that the OCBC BBA earns interest. How is interest calculated and credited?
You mentioned that there are four interest rate tiers available. What are they?
Does OCBC Bank limit the type and number of transactions per month?
How do I qualify for a BBA?
Where do I go to open a BBA?
How many BBAs can I open?
How much do I need to open a BBA?
What documents do I need to open an account?
What is the monthly service charge for a BBA?
If I am under the MCDS Public Assistance Scheme/Special Grant Scheme, do I need to pay the monthly service charge of $2 should my account monthly average balance falls below S$500?
Do students and senior citizens have to pay the monthly service charge of $2?
What are the fees and charges for an OCBC BBA?
Does OCBC Bank plan to change its existing passbook savings account?

Answers

1:	What are the features of an OCBC BBA?

Ans: An OCBC BBA operates like a passbook savings account and earns interest. An account holder will have access to ATM, Phonebanking and Internet Banking facilities. There is no limit to the type and number of transactions an account holder can perform at the Bank’s service touchpoints.

2:	You said that the OCBC BBA earns interest. How is interest calculated and credited?

Ans: An OCBC BBA earns interest. Interest is calculated daily but credited into the account on month-end.

3:	You mentioned that there are four interest rate tiers available. What are they?

Ans:

Please click here to view the current interest rate tiers under "Savings Account Rate"

Please note that the interest rates are subject to change without prior notice. For the latest interest rates, please visit any OCBC Bank branch or www.ocbc.com.

4:	Does OCBC Bank limit the type and number of transactions per month?

Ans: With an OCBC BBA, there is no limit to the type and number of transactions you can perform at the Bank’s service touch-points.

5:	How do I qualify for a BBA?

Ans: Individuals aged 15 years and above, who are Singaporeans or Permanent Residents, earning less than S$2,000 per month and without any BBA with the Bank, can open a BBA with OCBC Bank.

6:	Where do I go to open a BBA?

Ans: You can visit any OCBC Bank branch to open a BBA.

7:	How many BBAs can I open?

Ans: You can open only one BBA with the Bank. This includes an account in single and joint names.

8:	How much do I need to open a BBA?

Ans: You can open a BBA with a minimum initial deposit of S$1.

9:	What documents do I need to open an account?

Ans: To open an OCBC BBA, you need to bring along your NRIC, complete and sign a signature card. In addition, you will need to produce and submit documentary proof if you are under the MCDS Public Assistance Scheme/Special Grant Scheme. This proof is necessary as it will exempt you from paying the monthly service charge of S$2 should the monthly average balance of your BBA falls below S$500.

10:	What is the monthly service charge for a BBA?

Ans: You need to pay a monthly service charge of S$2 should your monthly average balance falls below S$500. However, if you are under the MCDS Public Assistance Scheme/Special Grant Scheme, you will be exempted from paying the $2 monthly service charge.

11:	If I am under the MCDS Public Assistance Scheme/Special Grant Scheme, do I need to pay the monthly service charge of $2 should my account monthly average balance falls below S$500?

Ans: No, you are exempted from paying the $2 monthly service charge. To enjoy the exemption, please produce the relevant proof.

12:	Do students and senior citizens have to pay the monthly service charge of $2?

Ans: Students and senior citizens will have to pay the monthly service charge of $2 should their monthly average balance falls below S$500. For an individual who is under the MCDS Public Assistance Scheme/Special Grant Scheme, he or she will be exempted from paying the $2 monthly service charge.

13:	What are the fees and charges for an OCBC BBA?

Ans: The fees and charges are as follows:

Fee	Amount
Monthly Service Fee	S$2 will be charged if the account monthly average balance is less than S$500 The fee is waived for individuals under the MCDS Public Assistance Scheme/Special Grant Scheme
Account Closure Fee	S$20 will be charged if the account is closed within 6 months of account opening
GIRO Fee	S$10 will be charged for each failed GIRO debit due to insufficient funds
Returned outward GIRO due to insufficient funds	S$10 per return outward GIRO
Replacement of ATM card	S$5 per card
Replacement of Passbook	S$15 per book

14:	Does OCBC Bank plan to change its existing passbook savings account?

Ans: We will be maintaining our existing passbook savings account for the time being. Presently, we do not charge for transactions performed on passbook savings account. However, we will give you advance notice if we intend to change the operating features of the account.