DBS SME Account Opening Starter Guide for Grassroots Organisations

Account Opening and Servicing Guide for Grassroots Organisations

Supporting you to serve the community better

Account Opening and Servicing Guide for Grassroots Organisations

Supporting you to serve the community better

At a glance

Opening a current account, registering for DBS IDEAL and requesting updates such as Change of Mandate are now available at your fingertips. At DBS, we are here to support all your needs and servicing within IDEAL Host2Host (parent entity & GRO bank connection) and DBS IDEAL, so that we can journey along with you and the business community.

Open a current account

Packed with all the features and services you need, applying for a current account for your Grassroots Organisation has never been easier. Find out more about our DBS Business Multi-Currency Account.


How it works:

1
Submit your application for a current account

Complete the onboarding form and email it together with the supporting documents required to:

To: DBS BusinessCare
Subject title: Account Opening <Grassroot Organisation Name>

 

A Relationship Manager will get in touch with you within the next 5 working days.

2
Appointed signers to sign the application

Appointed signers will be required to sign the application documents. 

3
Opening of Current account

Once all appointed signers have signed the documents, DBS will notify you that your current account has been opened.

4
Setting up of DBS IDEAL Host2Host

DBS will arrange for the set-up of DBS IDEAL Host2Host (which refers to the parent entity & GRO bank connection) to help you get started with your current account.

Documents required:

   No.    Document    Details
1

GRO Onboarding Form

Simply complete this onboarding form with details of the authorised signatories.

2Copy of Original IC / Passport Required for all Authorised Signatories, IDEAL Approvers, IDEAL Administrators, POAs and Key Office Bearers (i.e. Chairman, Secretary and Treasurer) 
3Constitution/By-Laws/ Rules & Regulation 

Financial Rules for Grassroot Organisations and Councils.

4Listing of Office bearers / Minutes of Meeting reflecting list of all current Office bearers  

 

Change of Mandate

Looking to change your account signatories and/or signing requirements for your company’s account?


How it works

1
Start your submission of the online Change of Mandate Form

  • Refer to the step-by-step guide to complete the Form, here.
  • To update your DBS IDEAL users, please co-ordinate with Parent Entity administrators to make the changes.
2
Submit your documents

  • If you have selected ‘DBS DigiSign’, please note that no hardcopy submissions will be accepted. 
  • If you have selected ‘Print and Send’, please proceed to mail documents to the following address: 
    T&O-SG IBG OPS
    Corporate Account Services
    2 Changi Business Park Crescent
    #04-06 DBS Asia Hub
    Singapore 486029
3
Processing the request

Upon receiving the Form, the Bank will process the request within 7 working days.

4
Look out for our notification letter

We will send you a notification letter upon completion of the Change of Mandate request.

For a detailed step-by-step visual guide on how you can submit a request, click here.
 

Documents required:

   No.    Document    Details
1Change of Account Mandate FormTo complete the form and signed off by any 2 existing office bearers* (e.g. Chairperson / Treasurer / Secretary / etc.)
 

*Existing office bearers refers to personnel mentioned in your latest documents maintained within the Bank.

22Certified True Copy of Original IC / PassportRequired for all Authorized Signatories and Key Office Bearers (i.e. Chairman, Secretary)
3Copy of Constitution/By-LawsNot required unless there are changes to the Constitution
4Certified True Copy Listing of Office bearers / Minutes of Meeting reflecting list of all current Office bearersNot required if “Declaration Of Current Term Office Bearers” in completed in the Change of Mandate Form


2Certified-true copy required by the following external certifiers (e.g. not your organisation’s employee): DBS/POSB bank staff.

Change of Entity Name

Looking to change your entity name for your GRO account?

1
Prepare the following required documents

  • Please ensure you have the following details on the letter of instruction: 
  1. Bank account number
  2. Unique Entity Number (UEN)
  3. Request to change from your old entity name to new entity name
  4. Ensure that the letter is signed by any 2 key office bearers (i.e. Chairman/Secretary/Treasurer)
  • Listing of office bearers / Minutes of Meeting reflecting list of all current Office bearers
  • Supporting documents evidencing the change in entity name (Please refer to FAQs for the list of documents) 
2
Submit the documents to us

  • Please mail your documents to: 

    T&O-SG IBG OPS
    Corporate Account Services
    2 Changi Business Park Crescent
    #04-06 DBS Asia Hub
    Singapore 486029

     

3
Processing the request

Upon receiving the required documents, we will process the request within 7 working days. 

4
Look out for our notification letter

We will send you a notification letter by mail once your entity name has been updated.

Documents required:

   No.    Document    Details
1Letter of InstructionContaining the following details:
  1. Bank account number
  2. Unique Entity Number (UEN)
  3. Request to change from your old entity name to new entity name
  4. Signature as endorsement by any 2 key office bearers (i.e. Chairman/Secretary/Treasurer)
2Listing of office bearers / Minutes of Meeting reflecting list of all current office bearersPlease ensure that the documents submitted are the latest versions.
3Supporting documents

You may share with us a screenshot from applicable websites as documentation of your GRO's change of entity name.

Examples of websites include:
- www.mha.gov.sg/mha-e-services/ros/registered-societies
- www.charities.gov.sg
- www.uen.gov.sg

FAQ – Account Opening
What happens after I submit the onboarding form and required supporting documents?

An Officer-In-Charge (OIC) will be assigned to attend to your request. The Officer will check the documents submitted and get in touch with you within 5 working days.
Who needs to sign off on the forms?

Please fill in the names of the authorised signatories/ approvers. The persons to sign-off the forms will depend on the Financial Rules for Grassroot Organisations and Councils.
Who needs to be physically present in person for account opening?

Identity verification of authorised signatories/approvers will be conducted via Singpass authentication. There is no requirement to be physically present. However, there are rare instances where authorised person(s) will need to meet in person. The Officer-In-Charge will then make arrangements with the personnel involved in such instances.
How do I check the status of Account Opening?

Once the Office-In-Charge (OIC) is assigned. You may liaise with the OIC via email on account opening status.
How do I submit Account Opening if my entity does not have a UEN (i.e Youth Network)?

In addition to the account opening documents of applicant, please provide your parent entity Minutes of Meeting indicating for applicant to open an account under parent entity.
What is the benefit to open a Fixed Deposit Account together with the Current Account?

There are no extra charges to open a Fixed Deposit. In the future, if your organisation decides to do a Fixed Deposit placement with DBS, your organisation do not have to go through the hassle of Account Opening process again. You may submit the placement request at any of our branches.
FAQ – Change of Mandate
What should I indicate as the Company Name?

Please enter the Entity name as per the Bank’s record.
Who can sign off on the Form?

Forms to be signed off by any 2 existing office bearers (E.g. Chairperson / Treasurer / Secretary / etc) of different positions*.

*Existing office bearers refers to personnel mentioned in your latest documents maintained with the Bank.
What should I do if I am unsure who my outgoing office bearers are?

Please reach out to DBS BusinessCare or call 1800 222 2200
Do I need to submit the Minutes of Meeting?

With the completion of the section of “Declaration Of Current Term Office Bearers” in the Form, Minutes of Meeting is not required.
Can I amend the Form after submitting it online?

Once the Form is submitted online, no further amendments can be made online.

You can retrieve your previous submission, make the necessary amendments and submit the Form as a new request.
Can I submit the Change of Mandate Form at any DBS Branch?

If you wish to submit at the DBS Branch, please place your forms and necessary documents into an envelope, sealed and labelled with the address stated below.

T&O-SG IBG OPS
Corporate Account Services
2 Changi Business Park Crescent
#04-06 DBS Asia Hub
Singapore 486029

Drop off at any branch and they will assist to send it to the relevant department.
FAQ – Change of Entity Name
Do I need to update my change of entity name with Registry of Society (ROS) first?

Yes, you will need to update your ROS record prior to submitting the documents required for us to update your change of entity name.
How do I change my entity name if I do not have a UEN?

In addition to the documents required for change of entity name, please provide your parent entity’s minutes of meeting indicating your change of entity name. 
How long does it take to process the change in entity name?

Upon receiving the required documents, the bank will process the request within 7 working days. 
How will my company be notified of the change in entity name?

We will send a notification letter to you by mail once your entity name has been updated. 
How can I continue to make payments while the change of entity name is being processed?

You can continue to enjoy immediate processing and save on cheque issuance costs when you transact digitally via the DBS Ideal Host-to-Host arrangement.


As part of the account name change, we will be sending a new chequebook under the new account name. You may proceed to use the chequebook reflecting the new entity name moving forward. Please note that cheque issuance will be phased out in Singapore by 2025.