When can i open a bank account

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Table of Contents Show

Important Notes
Account Opening
Joint Account
Can I open an account at 16?
Can a 16 year old open a bank account without parents in Singapore?
What is the least age to open a bank account?
Can a minor open a bank account in Singapore?

Important Notes

With effect from 1 April 2010, your liability prior to debit card loss reporting will be capped at SGD100 provided that you have not acted fraudulently, negligently or failed to report the card loss immediately. Click here for more details.

The Affinity Current Account ("Affinity Account" or "Affinity") is designed to provide you with easy linkages back home in India from ICICI Singapore.

Affinity is available in multiple currencies, with low monthly average balance requirements. The Affinity Account will be a convenient solution for all your money transfer requirements to India.

Convenience of multiple banking channels

Attractive rates

Choice of multiple currencies

Features

Convenience of money transfers through multiple channels: Transfer money from ICICI Singapore using any of the following channels to any bank in India with confirmed exchange rates
- Call and Remit: Transfer money from the convenience of your home or office by calling us Toll-free at 8001012553 (7 days a week between 0800 and 1800 hours).
- Branch: Simply walk into our branch and place a money transfer request.
Preferential exchange rates: As an Affinity Current Account holder, you enjoy preferential exchange rates** for all your money transfers to India:
- Additional 5 paise per transaction over the applicable card rates;
- Additional 10 paise per transaction if your total relationship size (including fixed deposits, current and savings account balance) is more than SGD 25,000 (or equivalent) with ICICI Singapore.
Choice of Multiple Currencies: You can open an Affinity Account in SGD, USD, AUD as well as EUR.
Maximise savings by linking a savings account to your Affinity Account Your affinity account help you maximise savings if you link the same to an ICICI Singapore Savings account. Earn interest on your savings and enjoy complete flexibility to move your funds, without any lock-in period. Get easy access to your savings and monthly interest payouts.
India banking -View your Singapore and Non Resident (NR Account) information together. You can now view the details of your Accounts held with ICICI Bank Ltd, India via your ICICI Bank Singapore logged in section. This will make tracking your finances between the Singapore and India more convenient.

Account Opening

3 Easy steps to open an Affinity Current Account & Savings Account

Step 1 - Walk into any ICICI Singapore branch and meet our customer service representative.

Step 2 - Fill an account opening form ("Account Opening Form" or "AOF") (as prescribed by ICICI Singapore) and furnish us a proof of your identity and residential address. Please carry the original documents for verification at the time of account opening at ICICI Singapore.
Please note that:
1. Proof of Identity must be issued by a public authority and include the applicant's name, date of birth, nationality, a signature and a photograph of the bearer E.g. NRIC/EP/DP/PEP and Passport.
2. Proof of Address must be issued by recognised authorities, banks or utilities and include full address of the applicant. It could be in the form of utility bills, driving license, tax bill, bank statements or others. These proofs are required as per Government Regulations and the Bank may therefore verify the proof of identity and address you would submit.
Step 3 - You can open the Affinity Account with a minimum of SGD 100. To fund your Affinity Account, you can give us a cheque drawn on any bank in Singapore, NETS debit card, E- Giro or Demand Draft.

For your Account Opening Form, you should read the following carefully:
- - ICICI Singapore's General Terms and Conditions Governing Accounts and Secured Facilities ("GTC");
  - Terms and Conditions as given on the AOF. You may also refer to the terms and conditions applicable to the Affinity Account
  - Customers opting for the internet banking facility must accept the terms and conditions applicable for internet based international money transfers

Joint Account

The Affinity Account can be operated as a single account or joint account.

Below are features of the Joint Account:

The number of joint account holders for an account shall not be more than 4.
Joint Account holders have an option of anyone to sign singly or jointly for operating the Account; the same is captured in the account opening form.
The account is operated as per signing condition/mode of operation as taken at the time of account opening. These instructions can be financial (funds transfers) as well as operational (address change, servicing of account etc.) in nature.
In case of request for closure of a joint account, will be per signing conditions.
All account holders are equally responsible for all debt on the joint account.
In the event of difficulties like separation/divorce/dispute arising between the joint account holders, any one of the account holders is required to inform the bank about the same through a written notice. On receipt of such notice, we will only accept future instructions which have been authorized by all the joint account holders.
A joint account can be transferred into the name of just one of the account holders, basis a written request authorized by all the joint account holders.
In the event of the death of any one of the joint account holders the account is operated as per terms and conditions stated in the General Terms and Conditions Governing Accounts and

Other

Minimum Balance Requirements and Charges

There are no minimum balance requirements to operate your Affinity Account. However, if the total monthly balance of all your accounts with us, such as your Affinity Account, savings account and fixed deposit account (Monthly Average Balance – MAB) falls below 250 currency units, administrative charges of 3 currency units per month may apply.

The administrative charges shall be calculated by adding the daily closing balance of all accounts under your customer ID with us for a particular month and dividing it by the total number of days for that particular month. In case the account is in dormant status, the charges are levied on the account. In case the account is in freeze status, the charges are not applied. In case an account has been opened during the running month, then the account will be exempted from application of MAB charges for that month. However, from next month, the account will be considered for MAB charges with the logic given above. These charges will be levied on the Affinity Account only.

Can I open an account at 16?

You can open a teen checking account when your child turns 16. Teen checking accounts help teenagers learn how to check their balance, set up direct deposit, use ATMs, use a debit card, budget, and transfer money.

Can a 16 year old open a bank account without parents in Singapore?

How Do I Open A Bank Account as a Singapore Citizen? You will need to be over 18, but you can simply travel to the bank and talk to someone to get the account open. Then you will need to be aware of the bank fees and the minimum deposits that you will need to add in each day.

What is the least age to open a bank account?

For joint checking accounts: The minor must be at least 13 years of age. The account can be opened online or in a branch.

Can a minor open a bank account in Singapore?

Age Requirement years old can open a joint account with Legal Guardian/Parent. Account Holders aged 18 years old and above, can open sole accounts. For HSBC Savings Account - Account Holders aged 16 years old and above, can open sole accounts.