DBS SME Account Opening Starter Guide for Grassroots Organisations

Account Opening and Servicing Guide for Grassroots Organisations

Supporting you and your business journey

Account Opening and Servicing Guide for Grassroots Organisations

Supporting you and your business journey

At a glance

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.

Open a business account

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:  

  1. 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
  2. A Relationship Manager will be assigned and get in touch with you within the next 5 working days.  
  3. All Authorised Signatories, IDEAL Approvers, IDEAL Administrators will require a valid Singpass Login to facilitate Digital Signing of Forms. 


How it works:

1
Submit your application to DBS for a business account

Click on ‘Open a business account’ for more information.

2
DBS will contact the Grassroot Organisation (GRO) to conduct ‘Know-Your-Customer’ practices per the Bank’s guidelines

During this process, authorised signatories will be sent an email to complete DigiSign for all forms.

3
Business account will be opened

Once all authorised signatories have signed the forms, DBS will notify the GRO that their business account has been opened.

4
Set up of DBS IDEAL Host2Host

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
  1. Associations & Societies Account Application Form 
  2. Board Resolution for Associations & Societies 
  3. FATCA & CRS Self-Certification Form 

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.

2Copy of Original IC / Passport Required for all Authorised Signatories, IDEAL Approvers, IDEAL Administrators, POAs and Key Office Bearers (i.e. Chairman, Secretary) 
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  

 

FAQ – Account Opening
What happens after I submit the forms?

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?

As we digitise the account opening process, we do not accept pen-signed off the forms. Digital signing will occur through Singpass.

Please fill in the names of the authorised signatories/approvers. Minimum any 2 key office bearers
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.
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
Step 2

  • 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.

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.