You can set up a GIRO instruction by completing this form and mailing it to us. If your contributing account is not in OCBC, that account will be deducted 1 business day before your contribution date. Otherwise, your account will be deducted on your contribution date itself.
Monthly Savings Account
The simplest way to kickstart a monthly savings habit
Simply save monthly, without making any withdrawals - and watch your interest grow!
How it works
Earn additional 0.05% bonus interest when you deposit at least S$50 and make no withdrawals in the same month.
before you apply
Eligibility requirements
Minimum age
16 years old
Documents required
NRIC and an image of your signature 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$500 (waived for online account opening)
Minimum average daily balance for the month
S$500
Statement
Monthly statements
e-Statement only
Letters
You will receive electronic versions of Letters for all your relationships/accounts.
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.
ways to apply
Open your OCBC Monthly Savings Account today
or visit us at a branch with these documents.
FAQs
Common questions
How can I set up a GIRO instruction for my Monthly Savings Account and when will the contributing account be deducted?
What happens if I do not contribute a minimum of S$50 a month into my Monthly Savings Account?
You will not receive any bonus interest but you will still receive base interest.
How do I qualify for the various interest types?
You get 2 categories of interest on your account every month.
- Base interest:
This interest is accrued daily based on your account's day-end balance and you will receive this at the end of the month. - Bonus interest:
You earn a bonus interest on your account’s average daily balance and you will receive this on the 1st business day of the following month.- Earn a Bonus Interest of 0.05% a year for months when you do not make any withdrawals and deposit at least S$50.
How can I deposit the minimum S$50 each month to be eligible for the Bonus Interest?
You can choose to deposit the money through any of your preferred methods. For example, you can set up a recurring monthly FAST contribution instruction. Do note that funds received on a non-business day via FAST or PayNow (for example, Sunday or public holidays) will be valued on the next business day. If your funds have a value date that falls in the next calendar month, you will not be eligible for the Bonus Interest for that particular month.
Is interest rate credited on a monthly or yearly basis?
Bonus interest is credited monthly, on the 1st working day of the following month.
1
For Singaporeans and Permanent Residents:
NRIC and an image of your signature
For foreigners:
Passport
Employment Pass (EP); or S-Pass or Student Pass
2
Initial deposit:
S$0
3
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 and an image of your signature
Additional documents
Include any one of the following documents:
- Phone bill
- Half-yearly CPF statement
- Any bank statement
or
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.