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- DBS SME Account Opening Starter Guide for Grassroots Organisations
Account Opening and Servicing Guide for Grassroots Organisations
Supporting you and your business journey
- Day to Day
- Accounts
- DBS SME Account Opening Starter Guide for Grassroots Organisations
Account Opening and Servicing Guide for Grassroots Organisations
Supporting you and your business journey
Opening a business 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.
Packed with all the features and services you need to support your organisation – applying for a corporate account has never been easier. Find out more about our DBS Business Multi-Currency Account.
Here is how you can get started:
- Begin by digitally completing the required documents listed below. Once all the documents have been completed, please proceed to email the documents to:
a. Subject: Account Opening <Grassroot Organisation Name>
b. Email to DBS BusinessCare - A Relationship Manager will be assigned and get in touch with you within the next 5 working days.
- All Authorised Signatories, IDEAL Approvers, IDEAL Administrators will require a valid Singpass Login to facilitate Digital Signing of Forms.
How it works:
Click on ‘Open a business account’ for more information.
During this process, authorised signatories will be sent an email to complete DigiSign for all forms.
Once all authorised signatories have signed the forms, DBS will notify the GRO that their business account has been opened.
As the next step, DBS will arrange for the set-up of DBS IDEAL Host2Host (which refers to the parent entity & GRO bank connection).
Documents required:
No. | Document | Details |
---|---|---|
1 | Simply complete the forms digitally and indicate the names of office bearers authorised in your Board/Committee's Minutes of Meeting held on file with the Bank. Please ensure that the forms are not signed. | |
2 | Copy of Original IC / Passport | Required for all Authorised Signatories, IDEAL Approvers, IDEAL Administrators, POAs and Key Office Bearers (i.e. Chairman, Secretary) |
3 | Constitution/By-Laws/ Rules & Regulation | Financial Rules for Grassroot Organisations and Councils. |
4 | Listing of Office bearers / Minutes of Meeting reflecting list of all current Office bearers |
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. |
Looking to change your account signatories and/or signing requirements for your company’s account?
How it works
- 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.
- 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
Upon receiving the Form, the Bank will process the request within 7 working days.
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 |
---|---|---|
1 | Change of Account Mandate Form | To 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. |
22 | Certified True Copy of Original IC / Passport | Required for all Authorized Signatories and Key Office Bearers (i.e. Chairman, Secretary) |
3 | Copy of Constitution/By-Laws | Not required unless there are changes to the Constitution |
4 | Certified True Copy Listing of Office bearers / Minutes of Meeting reflecting list of all current Office bearers | Not 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.
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. |
Looking to change your entity name for your GRO account?
- Please ensure you have the following details on the letter of instruction:
- Bank account number
- Unique Entity Number (UEN)
- Request to change from your old entity name to new entity name
- 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)
- 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
Upon receiving the required documents, we will process the request within 7 working days.
We will send you a notification letter by mail once your entity name has been updated.
Documents required:
No. | Document | Details |
---|---|---|
1 | Letter of Instruction | Containing the following details:
|
2 | Listing of office bearers / Minutes of Meeting reflecting list of all current office bearers | Please ensure that the documents submitted are the latest versions. |
3 | Supporting 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: |
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. |