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Important Changes to Your
Corporate Fixed Deposits Account

More convenience and flexibility in managing your surplus funds

Important Changes to Your
Corporate Fixed Deposits Account

More convenience and flexibility in managing your surplus funds

At a Glance

Thank you for making DBS your bank of choice.

As part of our continuous effort to make banking more convenient for you, we are expanding the capabilities of your Corporate Fixed Deposit (FD) account.

To avail these conveniences, we will be upgrading our DBS SGD FD and FCFD accounts system on 7 & 8 Nov 2020

We apologise that the SGD FD and FCFD account-related services will not be available during this period across all channels. The SGD FD and FCFD account-related services will resume progressively from Monday, 9 Nov 2020 onwards.

For more information, please contact DBS BusinessCare at 1800 222 2200 (+65 6222 2200 for overseas), or email us at BusinessCareSG@dbs.com or speak to your designated Relationship Managers.
 

Important Notes

Going Forward…

In the past, you needed to open different FD accounts with us to accommodate Singapore Dollar and foreign currency placements.

With this improvement, all FD accounts can be used to place both Singapore dollar and foreign currency placements. You can also place Fixed Deposit from anywhere, via our corporate online banking platform - DBS IDEAL.

To make it even more convenient, this conversion will be automatically completed for you.

A few things to note: 

  1. A New FD Account Number will replace your existing FD account number. Total number of FD Account(s) you hold with us will remain unchanged.
  2. A New Deposit Number will be assigned to all your existing FD placements. Your existing deposit arrangements will not be affected. Details such as interest rates, tenor, amount, and maturity instruction (if any) will remain unchanged.
  3. A Consolidated FD Advice will be made available for you, to replace the existing monthly hardcopy FD statements to capture any new placements, rollovers, or withdrawal activities from your FD accounts. Your FD transaction history under the newly-assigned account numbers can be accessed via our corporate online banking platform, DBS IDEAL.

What to Expect in the Coming Weeks…

 

 

From 28 Oct 2020   7 Nov 2020   From 9 Nov 2020
You should have received a hardcopy letter or an email from us, notifying you of these important changes.  

Corporate FD changes 
are in effect.

Hardcopy FD Statements will be replaced with a consolidated Fixed Deposit Advice.

  We will be sending you a letter with details of your 
new FD account number(s) and new deposit number(s)
Frequently Asked Questions
What do I need to know about changes to my Fixed Deposit Account(s)?

You will only require one FD account for both Singapore dollar and Foreign Currencies FD placements. This applies to all existing and new FD accounts.

Will I still be able to use my previous Fixed Deposit account number?

A letter with your new FD account number(s) and deposit placement numbers will be sent to you. Going forward, you will have to use these new FD account and placement numbers as reference.

Existing SGD Fixed Deposit Account No. 288-123456-99
New multi Fixed Deposit Account No. 0288-01234569-9

 

Existing Foreign Currency Fixed Deposit Account No. 0288-654321-9
New multi Fixed Deposit Account No. 0288-10654321-9

 

If there are incoming funds to my previous FD accounts, what will happen to these funds after corporate FD changes take effect?

As part of the transitional support period, incoming fund transfers to your previous FD account will automatically be routed to your new account numbers until 31 Dec 2020. To avoid any inconvenience, please update the payer/third party of your new FD account number for all future transfer instructions.

What happens if the balance in my FD Account is zero?

Your account will be closed if there are no funds in the account after 12 months. Once your account is closed, you will need to open a new one.

What will happen to my fund transfer if my company does not have a SGD account mandate to place SGD placement in my new FD account number?

The placement will not be completed, and funds will be returned to your company based on your standing instruction with DBS. You may contact DBS Business Care or your designated Relationship Manager for further assistance.

Without monthly paper-based statements, how can I check my FD transactions?

You may view your FD transaction history under your new account number via our online banking platform, DBS IDEAL. For new placements, rollovers or withdrawals on your FD account, a consolidated Fixed Deposit Advice will be made available to you.

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member.