Basic Savings Account

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Basic Banking, nothing else

  1. Initial deposit of SGD 500
  2. Attractive & Competitive Interest Rates
  3. Minimum average monthly balance of SGD 500
  4. No maintenance fee
  5. Free SBI Gold International ATM Debit Card (MasterCard enabled)
  6. Customers can transact using the Bank’s ATMs, and at Points of Sale (POS) which accept MasterCards.
  7. Cash withdrawals through ATM and POS transactions will be limited to a daily ceiling of SGD 3000 and SGD 2000 respectively.
  8. No Cheque Book will be issued. Cash withdrawals through the branch are permitted if the customer makes the requisition in person.
  9. Depositors under the scheme are eligible for SBI ATM cum Debit card. Transactions on SBI ATMs, ATMs under ATM5 network in Singapore and at the various Point Of Sale (POS) in Singapore which accept MasterCard are free.
  10. Depositors under the scheme shall not be eligible for Internet Banking facility.
  11. Deposits are covered under SDIC upto the eligible limit
  1. Individuals of the age of 18 years and above are eligible to open a Basic Savings Account.
  2. Minors of ages 15,16 &17 are also eligible to open a Basic Savings account but this needs to be opened in name of minor & parent / legal guardian aged above 21 years old. ATM facilities will be given only to the parent / legal guardian aged above 21 years old.
  3. Minors below the age of 15 are not permitted to open a Basic Savings account i.e. minimum entry age for Basic Savings Account is 15 years old.
  4. Applicable to Singaporeans, Permanent Residents of Singapore as well as Foreigners.
  1. Interest is calculated on the daily balance as on the end of the day and applied monthly.
  2. Penal charge of SGD 2 per month will be levied if the monthly minimum balance in the account falls below SGD 500
  3. SGD 30 will be charged if the account is closed within 6 months of opening
  4. Click here for latest schedule of charges

Documents to be submitted along with the application form (originals to be produced for face to face verification)

  1. Singaporeans / Permanent Residents:
    - Photocopy of NRIC, both sides (The NRIC should have latest address of the applicant)
  2. Non – Singaporeans
    - Photocopy of Passport and
    - Photocopy of Employment Pass / Work Permit / Dependant Pass and
    - Document proof of address (i.e. utility bill, driving license etc.), if not same as in Employment Pass / Work Permit / Dependant Pass