OCBC Business account review

Snapshot

OCBC is a licensed Singapore bank and one of the country's major local banks. Its SME accounts, such as the Business Growth Account, suit Singapore registered companies that want a full bank relationship with online opening, free local transfers, and a modest monthly fee. As of 11 October 2026.

Who it suits: Singapore registered SMEs and growing companies that want a licensed local bank, online opening, free local transfer allowances, and access to wider business banking services.
Broadly available in: Singapore for the SME accounts described here. OCBC also operates in other Asian markets. As of 11 October 2026.
Headline monthly fee: Business Growth Account recently about 10 Singapore dollars a month after an initial waiver, with no fall below fee while the average balance stays at or above about 1,000 Singapore dollars. As of 11 October 2026.
Account type: Business deposit account with a licensed Singapore bank.

Fees and features as of 11 October 2026Last updated 11 October 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

OCBC, the Oversea Chinese Banking Corporation, is a licensed Singapore bank and one of the country's three major local banks. Its SME business accounts, led by the Business Growth Account, are aimed at Singapore registered companies that want a full bank relationship with online opening, free local transfer allowances, and access to wider services such as lending, cards, and trade tools. The Business Growth Account has carried a modest monthly fee with a low minimum balance to avoid a fall below charge. This page covers the Singapore SME accounts. Figures here are shown as of 11 October 2026. Verify current terms with OCBC.

Overview

OCBC is a licensed bank in Singapore and one of the largest local banks, offering a full range of business banking from everyday accounts to lending, cards, cash management, and trade services. For smaller companies, the Business Growth Account is the common entry account, with online opening for eligible Singapore registered businesses through Singpass or Corppass and instant approval in eligible cases. As a deposit account with a licensed bank, it sits inside the regulated banking system. As of 11 October 2026.

Strengths

A licensed local bank with a full service range, online opening with instant approval for eligible Singapore businesses, free monthly allowances of local FAST and GIRO transfers, a low minimum balance to avoid a fall below fee, and cashback on selected business spend. As of 11 October 2026.

Limitations

There is a monthly fee after the initial waiver, and a fall below fee applies if the average balance drops under the threshold. The SME accounts here are Singapore products, so they are not a general account for companies registered in other countries, and full bank onboarding can ask for more documents than a pure digital provider. Verify current terms with OCBC.

Fees and features

All figures as of 11 October 2026 and based on the OCBC Business Growth Account. Verify current terms with OCBC.
Monthly fee	Business Growth Account recently waived the monthly fee for the first two months, then charged about 10 Singapore dollars a month. As of 11 October 2026.
Minimum balance	An initial deposit of about 1,000 Singapore dollars, with no fall below fee while the average balance stays at or above about 1,000 Singapore dollars. As of 11 October 2026. Verify with OCBC.
Fall below fee	A fall below fee of 20 Singapore dollars a month applies if the monthly average balance drops below 1,000 Singapore dollars. If the interest rate promotion is activated, the fee is 50 Singapore dollars a month below 50,000 Singapore dollars. As of 11 October 2026. Verify with OCBC.
Transaction fees	The account has included monthly allowances of free local FAST and GIRO transfers, recently around 80 of each a month, with fees beyond the allowance. As of 11 October 2026. Verify the current rate card with OCBC.
FX and multi currency	OCBC offers foreign currency accounts and international payments across its business range, with conversion and transfer fees that vary by route. As of 11 October 2026. Verify with OCBC.
Rewards	The OCBC Business Debit Card earns 1% cashback on digital marketing, software, online retail and travel, and 0.2% on other spend, subject to terms. As of 11 October 2026. Verify with OCBC.
Eligibility	Businesses can apply online with Singpass or Corppass. Instant account opening is only for Singapore registered businesses opening their first OCBC business account and wholly owned by Singapore citizens or permanent residents. Other applicants are contacted by the bank. As of 11 October 2026. Verify eligibility with OCBC.

Open an OCBC business account

OCBC serves businesses registered in Singapore with its SME accounts. Fees and eligibility shown as of 11 October 2026. Confirm current terms with the provider before applying.

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OCBC by country

This review covers the OCBC SME accounts in Singapore. The country hub below sets out the wider business banking picture in that market, as of 11 October 2026.

Questions about OCBC Business

Is OCBC a bank?

Yes. OCBC, Oversea Chinese Banking Corporation, is a licensed bank in Singapore and one of the country's major local banks. Its business accounts are deposit accounts with a licensed bank, not a payment wallet. As of 11 October 2026. Verify the current position with OCBC.

Where is OCBC Business available?

This page covers OCBC business accounts for companies registered in Singapore. OCBC also operates in other markets across Asia, but the SME accounts described here are Singapore products. As of 11 October 2026. Verify availability and eligibility with OCBC.

How much does an OCBC business account cost?

The OCBC Business Growth Account has recently waived the monthly fee for the first two months, then charged about 10 Singapore dollars a month, with no fall below fee as long as the average balance stays at or above about 1,000 Singapore dollars. A fall below fee of 20 Singapore dollars a month applies if the balance drops under that level. As of 11 October 2026. Verify current pricing with OCBC.

Who can open an OCBC business account?

Businesses can apply online using Singpass or Corppass. Instant account opening is only for Singapore registered businesses opening their first OCBC business account and wholly owned by Singapore citizens or permanent residents. All applications are subject to the bank's review. As of 11 October 2026. Verify eligibility with OCBC.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 11 October 2026. Confirm current terms with OCBC before applying.