Monthly Savings Account
The simplest way to kickstart a monthly savings habit
Simply save monthly, without making any withdrawals - and watch your interest grow!
Earn additional 0.05% bonus interest when you deposit at least S$50 and make no withdrawals in the same month.
Exclusively for OCBC Child Development Account Holders
Earn up to 0.20% a year when you save regularly for your child with the additional CDA Advantage Bonus Interest of 0.10% a year.
*Not applicable to new accounts opened from 2 May 2018.
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Interest rate for OCBC CDA holders
For OCBC CDA holders, earn an additional 0.10% CDA Advantage bonus.
Note: Bonus interest is earned when you deposit at least S$50 and make no withdrawals in the same month. To enjoy the additional 0.10% a year CDA Advantage Bonus Interest, the account must be jointly held with your child. This exclusive bonus interest is applicable for up to two accounts.
Eligibility requirements
Minimum age
16 years old
Documents required
NRIC for Singaporeans and Singapore PRs
Passport and a valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass) for foreigners
Additional document
Include any one of the following documents that shows your residential address
- Phone bill
- Half-yearly CPF statement
- Any bank statement
Fees
Fall below fee
S$2 (Waived for first year)
Deposit requirements
Initial deposit
S$0
Minimum average daily balance for the month
S$500
Statement
Monthly statements
e-Statement only
Important notices
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Open your OCBC Monthly Savings Account today
or visit us at a branch with these documents.
Common questions
For Singaporeans and Permanent Residents:
NRIC
For foreigners:
Passport
Employment Pass (EP); or S-Pass or Student Pass
Initial deposit:
S$0
Include any one of the following documents:
Phone bill
Half-yearly CPF statement
Any bank statement
For new customers
Open your account instantly when you apply with MyInfo via SingPass login.
If you do not have SingPass, you can apply online with these documents
For Singaporeans and Permanent Residents:
NRIC
Additional documents
Include any one of the following documents:
- Phone bill
- Half-yearly CPF statement
- Any bank statement
For OCBC customers
If you have a current or savings account with us, you can open your account instantly via Internet Banking with only a few clicks.