How Much to Open OCBC Account

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Having a bank account seems to be a must for most people. That is reasonable though, since many transactions are made cashless and diverted into bank transaction instead.

The safety of saving money in bank and interesting interest rates make people coming to banks to save their money there.

OCBC as one of the banks in Singapore may also become your choice to save your money in. Before saving your money there, you need to know beforehand how much to open OCBC account.

Opening an OCBC Account

It’s undeniable that opening a bank account is never as easy as these days. That also applies to opening an account in OCBC.

As one of the biggest banks in Singapore, the temptation to save money there will be more alluring than that in smaller banks. No wonder, a lot of people are putting away their money in this bank to be saved.

However, only people who can fulfill the requirement will be able to open an account.

Well, are the requirements hard to comply? Since most people had successfully made it to be an account owner in OCBC that simply indicates that opening an account isn’t hard, right?

So, what are the requirements of opening an OCBC account? Keep calm and chill, you’ll find it in the following subheading.

Are You Eligible to Open an OCBC Account?

You need to know first which kind of saving account that you want to choose. For your information, OCBC has a lot of options in terms of saving accounts, ranging from day-to-day account, monthly account, saving in foreign currency, CDA (Children Development Account), and to the extent of time deposit.

Each saving account requires different minimum amount of first ‘deposit’ to open an account.

For example, the minimum amount required by day-to-day 360 Account will be different than those in time deposit with tenures to choose.

Let’s say you are choosing to stick with the day-to-day or monthly saving account.

Then, how much to open OCBC account and what other requirements are needed to open your account?

  • Day-to-day saving account
  1. 360 account : S$1,000.
  2. FRANK account : S$0 (no initial deposit)
  • Monthly saving account
  1. Bonus+ saving account : S$5,000
  2. Monthly savings account : S$0 (no initial deposit)

OCBC Bank Account Opening Requirement

Now as you have known the minimum amount of deposit to open an OCBC account, here’s the general requirement for someone to be called as eligible account owner (limited only for the earlier mentioned saving accounts).

  1. Minimum age: 16 years old (for FRANK account, it’s only for account holder aged 16-26 years old)
  2. Documents required:
    • Singaporeans and Permanent Residents: NRIC
    • Foreigners: passport plus a valid pass (employment pass, student pass)
    • Additional documents: telecommunication and utility bill, CPF statement (half year). These documents are required in order to give a valid data about your residential address.

You may also like: How to Contact OCBC Bank

Now you know how much to open OCBC account, don’t you? It depends on which savings account you are looking for. Some of them require initial deposit while some others don’t.

Plus, always remember that banks do not only set minimum amount of deposit for an account opening.

You will need to give out the right document(s) required, unless your application will be cancelled.