Basic Banking Account

Open online bank account in Singapore

Everything you need to know

About
How to Apply
FAQs

What is Basic Banking Account?

A SGD denominated savings account with basic banking services

Minimum Initial Deposit

Start saving with an initial amount of
SGD$15,000

SGD denominated account

Earn daily interest

Citibank Debit Mastercard®

Free cash withdrawals at Citibank ATMs, as well as access to merchants worldwide

Access your account

Mobile, Online and Phone banking services available

Make transfers easily

Free Citibank Global Transfers

Eligibility Criteria

• Singaporean or PR aged 18 and above.

• Monthly Income is below S$2,000.

Monthly Service Fee and Minimum Balance

• Monthly Service Fee of $2 per month (waived for individuals under the Government's Public Assistance Scheme / Special Grant Scheme recipients)

• No minimum monthly balance

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Opening a bank account in Singapore is not at all a complex procedure. It can be opened in both ways, either by physically visiting the branch or through its website. However, before opening a bank account one needs to zero down the type of account and arrange the necessary documents required for the process. Upon the completion and approval of the documents, a bank account in Singapore can be opened without much delay.

A minimum initial deposit amount of S$15,000 is required to open a bank account in Singapore.

Yes

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For more information, please refer to SDIC's website at www.sdic.org.sg.

The promotions, products and services mentioned in the referenced document are not offered to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey and Jersey, Monaco, San Marino, Vatican, The Isle of Man, the UK, Brazil, New Zealand, Jamaica, Ecuador or Sri Lanka. The referenced document is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the promotions, products and services mentioned therein to such individuals.

Citibank full disclaimers, terms and conditions apply to individual products and banking.