If you’re a business owner in Singapore, you’ll need a reliable and efficient banking partner to help you manage your finances. One of the most popular options is the OCBC Business Growth Account. This account is designed to provide a comprehensive suite of features and benefits to help you grow your business.
With the OCBC Business Growth Account, you can enjoy unlimited free FAST and GIRO transactions, with no deposit or minimum balance required. This account is perfect for business owners who are just starting out, as well as those who are looking to expand their operations.
Whether you’re looking to manage your cash flow, make transactions online, or access a range of financial products and services, the OCBC Business Growth Account has everything you need to run your business smoothly. In this article, we’ll take a closer look at the account, and explore its features, benefits, and fees.
Key Takeaways
- The OCBC Business Growth Account is a popular choice for business owners in Singapore, offering unlimited free FAST and GIRO transactions with no deposit or minimum balance required.
- This account is perfect for those who are just starting out, as well as those who are looking to expand their operations.
- With a range of features, benefits, and cost-efficient pricing, the OCBC Business Growth Account is an excellent choice for businesses of all sizes.
Overview of OCBC Business Growth Account
If you are a startup or a new business, the OCBC Business Growth Account is an excellent option for you. This account is designed to help businesses grow and succeed by offering a range of benefits that are tailored to the needs of small businesses.
What Is the OCBC Business Growth Account?
The OCBC Business Growth Account is a Singapore dollar account that is designed for startups and new businesses. This account offers a range of benefits, including no minimum balance or deposit requirements, low monthly maintenance fees, and a range of digital tools to help you manage your finances more effectively.
Benefits for Start-Ups and New Businesses
The OCBC Business Growth Account offers a range of benefits that are specifically designed for startups and new businesses. These benefits include:
- No minimum balance or deposit requirements: This means that you can open an account with as little money as you have available, making it easier to get started.
- Low monthly maintenance fees: The monthly maintenance fee for the OCBC Business Growth Account is one of the lowest in Singapore, making it an affordable option for small businesses.
- Digital tools to help you manage your finances: The OCBC Business Growth Account comes with a range of digital tools that can help you manage your finances more effectively. These tools include online banking, mobile banking, and a range of other features that can help you stay on top of your finances.
In conclusion, the OCBC Business Growth Account is an excellent option for startups and new businesses. With its range of benefits, including no minimum balance or deposit requirements, low monthly maintenance fees, and a range of digital tools to help you manage your finances more effectively, this account can help you grow and succeed.
Opening Your OCBC Business Account
If you’re looking to open a business account with OCBC, you’ll be pleased to know that the process is quick, easy, and hassle-free. Here’s everything you need to know about opening your OCBC Business Growth Account.
Eligibility and Requirements
Before you apply for an OCBC Business Growth Account, you need to make sure that you meet the eligibility criteria. To be eligible, you must have a registered business in Singapore and hold a valid Singaporean or Permanent Resident (PR) identity card. You must also be at least 18 years old.
The Online Application Process
OCBC makes it easy to open a business account online. All you need to do is visit the OCBC Business Banking website and click on the “Open Account” button. You will then be prompted to log in using your SingPass or CorpPass credentials.
Once you have logged in, you will be asked to provide some basic information about your business, including your company name and Unique Entity Number (UEN). You will also need to provide your personal details, such as your name, address, and contact information.
Documents Needed for Account Opening
To complete your application, you will need to provide some supporting documents. These may include:
- Your business registration details (e.g. UEN, company name)
- Your identification details (e.g. NRIC or passport)
- Proof of business address (e.g. utility bill)
- Proof of business ownership (e.g. business profile, ACRA business profile)
Once you have submitted your application and all the necessary documents, your account will be processed within 1-2 business days. You will then be notified via email once your account has been approved.
Opening an OCBC Business Growth Account is a great way to manage your business finances more efficiently. With a range of powerful tools and services, you can streamline your cash flow management, payroll, and invoicing processes, all from one convenient platform. So why wait? Open your OCBC Business Growth Account today and take your business to the next level.
Account Features and Benefits
If you are a business owner, you know how important it is to have a reliable and efficient banking partner. OCBC Business Growth Account is a great option for businesses of all sizes. Here are some of the features and benefits that make it an excellent choice for your business:
Account Types and Currencies
OCBC Business Growth Account offers both Singapore dollar accounts and foreign currency accounts, including the Multi-Currency Business Account. This account is tailored to the needs of various company sizes and types. Whether you are a start-up or an established business, you can find an account that suits your needs.
Digital Business Banking Services
With OCBC Business Growth Account, you get more than just a business account. You also get access to a range of digital business banking services that can help you buy, sell, and operate your business digitally. These services include internet banking, mobile banking, and OCBC Velocity, a platform that allows you to manage your business finances and make payments easily and securely.
OCBC Velocity and Mobile Banking
OCBC Velocity is a powerful platform that allows you to manage your business finances and make payments easily and securely. With OCBC Velocity, you can access a range of features, including cash management, trade finance, and foreign exchange services. You can also manage your account and make payments on the go with the OCBC Mobile Banking app.
In conclusion, OCBC Business Growth Account is an excellent choice for businesses of all sizes. With its range of account types and currencies, digital business banking services, and powerful platforms like OCBC Velocity and Mobile Banking, it is a reliable and efficient banking partner that can help you grow your business.
Financial Management and Transactions
As a business owner, managing your cash flow and transactions is crucial to the success of your business. With OCBC Business Growth Account, you can easily manage your financial transactions and cash flow in one place.
Managing Cash Flow and Deposits
OCBC Business Growth Account provides you with real-time access to all your business accounts for smart cash flow forecasting. You can easily monitor your cash inflow and outflow with a summary of your monthly transactions. In addition, you can set up standing instructions to make regular transfers or deposits to your account.
Making Payments and Transfers
OCBC Business Growth Account allows you to make payments and transfers easily and securely. You can make payments to local and overseas vendors, employees, or other businesses through GIRO, PayNow, and OneCollect. You can also make bulk payments using InvoiceNow, which is an e-invoicing solution that allows you to send and receive invoices electronically.
Integrations with Accounting Software
OCBC Business Growth Account integrates with Xero and other accounting software to provide you with a seamless financial management experience. You can easily reconcile your transactions and manage your accounts with just a few clicks.
With OCBC Business Growth Account, you can manage your cash flow, make payments and transfers, and integrate with accounting software, all in one place. This makes managing your business finances easier and more efficient, allowing you to focus on growing your business.
Fees, Rates, and Cost-Efficiency
Are you looking for a business account that offers low fees and cashback options? Look no further than the OCBC Business Growth Account. This account offers a range of cost-efficient features that make it an attractive option for small and medium-sized enterprises (SMEs).
Understanding Fees and Charges
One of the standout features of the OCBC Business Growth Account is its low fees. Unlike many other business accounts, this account has no monthly fees or fall-below fees. This means that you won’t be charged any fees if your account balance falls below a certain amount.
However, it’s worth noting that there are still some fees associated with this account. For example, there is a $30 fee for each returned cheque, and a $50 fee for each unauthorised overdraft. You can find a full breakdown of all fees and charges in the OCBC Business Banking Pricing Guide.
Maintaining Minimum Balances
While there is no minimum balance required to open an OCBC Business Growth Account, you will need to maintain a minimum average daily balance of $30,000 in order to avoid a monthly maintenance fee of $38.50. This fee can be waived if you maintain a minimum average daily balance of $200,000.
If your account balance falls below the minimum average daily balance, you will be charged a fall-below fee of $38.50. This fee can be avoided by maintaining the minimum average daily balance or by signing up for one of the account’s cashback options.
Exploring Low Fees and Cashback Options
In addition to its low fees, the OCBC Business Growth Account also offers a range of cashback options. These options allow you to earn cashback on your transactions, which can help offset some of the fees associated with the account.
For example, you can earn up to 0.3% cashback on your GIRO transactions, and up to 0.6% cashback on your NETS transactions. You can also earn up to 0.2% cashback on your Visa transactions.
Overall, the OCBC Business Growth Account offers a range of cost-efficient features that make it an attractive option for SMEs. With its low fees, cashback options, and no fall-below fees, this account is a great choice for businesses looking to save money on their banking needs.
Additional Services and Products
OCBC Business Growth Account comes with a range of additional services and products that can help your business grow. Here are some of the most exciting ones:
Business Loans and Financing
As an OCBC Business Growth Account holder, you have access to a range of business loans and financing options. Whether you need a business term loan or a business first loan, OCBC has you covered. You can also get trade financing and other types of loans to help you manage your cash flow and grow your business.
Trade Services and Foreign Accounts
If your business deals with international trade, you’ll be pleased to know that OCBC offers a range of trade services and foreign accounts. You can open a CNH account to manage your Chinese currency transactions, or a SGD account to manage your Singaporean transactions. You can also hold foreign currencies in your account to make it easier to do business with international partners.
Exclusive Offers for OCBC Customers
As an OCBC Business Growth Account holder, you’ll also be eligible for a range of exclusive offers. These include discounts on business insurance, preferential foreign exchange rates, and access to exclusive events and networking opportunities. OCBC also offers a range of business tools and resources to help you manage your finances and grow your business.
Overall, OCBC Business Growth Account is an excellent choice for businesses looking to grow and expand. With its range of additional services and products, you’ll have everything you need to manage your finances and take your business to the next level.
Support and Customer Service
As a business owner, you need a bank that provides excellent customer service and support. OCBC Bank understands this and has made it a priority to provide its customers with a range of support options.
Getting Help When You Need It
If you need help with your OCBC Business Growth Account, you can reach out to the bank’s customer service team. The team is available to answer your questions and provide guidance on any issues you may be facing. You can contact the team via phone or email, and they will be more than happy to assist you.
In addition to the customer service team, OCBC Bank also provides a comprehensive FAQ section on its website. The FAQ section covers a range of topics, including account opening, account management, and transaction processing. You can find answers to your questions quickly and easily by referring to this section.
Leveraging E-Alerts and Support Channels
OCBC Bank also offers e-alerts to help you stay on top of your account activities. You can set up alerts for various account activities, such as when a transaction is made or when your account balance falls below a certain level. The alerts are sent to your registered email address or mobile number, ensuring that you are always aware of what is happening with your account.
In addition to e-alerts, OCBC Bank provides a range of support channels to help you manage your account. For example, you can use the bank’s mobile app to view your account balance, transaction history, and other account details. You can also use the app to transfer funds, pay bills, and manage your debit card.
Speaking of the debit card, OCBC Bank offers the OCBC Business Debit Card, which is linked to your Business Growth Account. The card can be used to withdraw cash, make purchases, and pay bills. You can also set spending limits and monitor your card activities using the mobile app.
In summary, OCBC Bank provides excellent customer service and support for its Business Growth Account customers. You can reach out to the bank’s customer service team or refer to the FAQ section on the website for assistance. You can also leverage e-alerts and support channels, such as the mobile app and the OCBC Business Debit Card, to manage your account efficiently.
Frequently Asked Questions
What splendid perks can I expect with an OCBC Business Growth Account?
With an OCBC Business Growth Account, you can enjoy unlimited free FAST and GIRO transactions, which means you can make as many transactions as you want without incurring any additional charges. Additionally, you can access your account via the OCBC Business Mobile Banking app, allowing you to keep track of your business finances on-the-go. You can also enjoy preferential interest rates on your account balance, and receive monthly e-statements for free.
How can I kick-start my journey with an OCBC Business Account, and what’s the initial deposit?
You can easily open an OCBC Business Growth Account online by using your SingPass credentials. The initial deposit required is S$5,000, which you can transfer to your account via FAST or GIRO. Once your account is open, you can start transacting immediately.
Are there any ongoing fees or charges associated with my OCBC Business Growth Account that I should be aware of?
There is a monthly account fee of S$10, which is waived for the first two months. Additionally, if your account balance falls below S$10,000, you will be charged a fall-below fee of S$35 per month. However, this fee can be waived if you maintain an average daily balance of S$30,000 or more.
In the event I need to, how do I go about closing my OCBC Business Growth Account?
To close your OCBC Business Growth Account, you can visit any OCBC branch and submit a written request to close your account. Alternatively, you can call the OCBC Business Banking hotline to request for your account to be closed.
Between OCBC, UOB, and DBS, which bank reigns supreme for setting up my business account in Singapore?
While each bank has its own unique offerings, OCBC has been consistently recognized for its excellent customer service and user-friendly digital platforms. Additionally, the OCBC Business Growth Account offers competitive interest rates and a wide range of features that cater to the needs of SMEs.
What’s the minimum balance I must maintain in my OCBC Business Growth Account to avoid penalties?
To avoid fall-below fees, you must maintain an average daily balance of at least S$10,000 in your OCBC Business Growth Account. However, if you maintain an average daily balance of S$30,000 or more, you can enjoy fee waivers and other benefits.
