What “account closure” means
Closing a bank account in Singapore is a straightforward administrative step that stops future transactions on the account and releases any remaining balance to you. Most banks make this simple to complete online or in-branch, and they outline clear timelines and any applicable fees in their pricing guides.
Fees you may encounter
- Early account closure fee: Many banks apply a small fee if an account is closed within the first months after opening. Examples:
- Standard Chartered Singapore: S$30 if closed within 6 months for several savings/current accounts (see bank pricing guide).[SC]
- OCBC: S$30 for SGD accounts and US$20 for foreign currency accounts when closed within 6 months (pricing guide).[OCBC-PG]
- UOB: S$30 within 6 months for selected savings accounts, as stated in product FAQs/terms for those accounts.[UOB-FAQ]
- Maybank: S$30 within 6 months for SaveUp Account (product page).[Maybank]
- Time deposit (fixed deposit) break fees: If you close (or withdraw) a time deposit before maturity, banks may reduce interest or charge an administrative fee. Always check the specific product’s terms. [Citi-FD]
- Incidental items: Depending on how you take out remaining funds, a cashier’s order or telegraphic transfer fee may apply; fall-below fees may still accrue until the account is actually closed (see each bank’s pricing guide).
In general, early closure fees for personal accounts tend to fall in the S$30–S$50 range and apply only if closure is within a short window (often 6 months). For business accounts, fee levels and windows can differ by bank and account type.[UOB-Biz][CIMB-SME-i]
How the closure process typically works
- Prepare the account
- Make sure no payments are pending (card transactions, cheques, incoming salary, GIRO/eGIRO deductions). If anything is still in flight, wait for it to settle to avoid re-opening or delaying the closure.[OCBC-Form]
- Cancel or transfer standing instructions, GIRO or eGIRO arrangements tied to the account. For digital GIRO (eGIRO), handle it in your banking app or with the billing organisation.[ABS-eGIRO]
- Delink the account from services such as PayNow (if you intend to keep your mobile/NRIC alias active with another bank).[ABS-PayNow]
- Bring/keep the balance at zero
- Transfer the full available balance out. Some banks require the available balance to be at zero before they can complete closure.[DBS-Close]
- Submit the closure request
- Online/app: Several banks allow closure of eligible savings/current accounts via their app or internet banking (look under “service requests” or “close account”).[SC-Help]
- In branch: Bring your identification (NRIC/passport). Joint accounts may require the mandate holders according to the account signing instructions.
- By form: If you are overseas or if the account type requires it, download and mail a closure form to the bank. [OCBC-Form][SC-Forms]
- Receive confirmation
- The bank will confirm once the account is closed. This usually happens after all transactions settle and any fees are accounted for. Timelines can vary by account type and bank.
Helpful bank-specific notes (examples)
- DBS/POSB — The support page explains how to close current/savings accounts and the need for a zero available balance before closure.[DBS-Close]
- OCBC — Pricing guide outlines early closure fees; an Account Closure Form is available for cases where a form is needed.[OCBC-PG][OCBC-Form]
- Standard Chartered — The public pricing guide lists early closure fees for a range of savings/current accounts, and the Help Centre covers common service requests.[SC][SC-Help]
- UOB — UOB materials for selected savings accounts note a S$30 early closure fee if closed within 6 months.[UOB-FAQ]
- Maybank — The SaveUp Account page states a S$30 early closure charge within 6 months.[Maybank]
- CIMB (Business) — The SME-i Current Account shows a S$50 early closure fee within 6 months (business accounts often have different fee schedules).[CIMB-SME-i]
- Time deposits — Citibank’s pricing guide is a good example of how early termination of fixed deposits can involve administrative fees or reduced interest; similar principles apply across banks.[Citi-FD]
Special situations
- Joint accounts: Follow the account’s signing mandate; banks may require consent or presence according to the “either to sign” / “both to sign” setup (see the bank’s account terms).
- Bereavement: Banks have dedicated guidance for closing a loved one’s accounts and will advise on required documents.[DBS-Estate][SC-Help]
- Overseas customers: If you are not in Singapore, check if your bank accepts a mailed form or secure in-app request for closure. Some banks provide downloadable forms and will credit balances to another account or issue a cashier’s order.[SC-Forms][OCBC-Form]
Quick checklist
- Download any statements you wish to keep for your records and tax needs.
- Update your salary crediting and recurring payments to a different account before closure.
- Cancel or move GIRO/eGIRO arrangements and standing instructions.
- Delink PayNow from the account you are closing if you plan to use the same mobile/NRIC with another bank.
- Keep the balance at zero and avoid new transactions until you receive closure confirmation.
FAQ
Will closing an account affect my credit score? Ordinary closure of a deposit account does not affect credit scores. Any unsecured credit facilities (e.g., cards/lines) are separate and follow their own closure processes.
How long does it take? If there are no pending transactions, straightforward closures can be quick. Timelines vary; your bank will confirm once complete.
Important
Fees and processes are updated from time to time. For decisions that involve fees or timelines, please verify the latest details directly on the official bank pages below before acting.
References (official pages)
- DBS — Close a Current/Savings Account.
- DBS — Closing accounts for a loved one (Estate Planning).
- OCBC — Personal Banking Pricing Guide (fees, including early closure).
- OCBC — Account Closure Form (notes on pending transactions).
- Standard Chartered — Pricing Guide (includes early closure fees).
- Standard Chartered — Help Centre – General Information.
- Standard Chartered — Forms Centre (service request forms).
- UOB — PIB & TMRW Wealth FAQ (S$30 early closure for selected savings accounts).
- UOB (Business) — Revision in Account Early Closure Fees (corporate accounts).
- Maybank — SaveUp Programme (S$30 early closure within 6 months).
- Citibank — Pricing Guide (early termination notes for time deposits).
- CIMB (Business) — SME-i Current Account (S$50 early closure within 6 months).
- Association of Banks in Singapore — eGIRO overview.
- Association of Banks in Singapore — PayNow — how registrations work.
- MoneySense (Gov.sg) — Understanding Bank Accounts (notes on early closure fees).
