Dormant Account Fees and How to Avoid Them

Dormant Account Fees and How to Avoid Them (Singapore)

In Singapore, an account becomes “dormant” when there has been no customer-initiated activity for a period defined by the bank’s own terms and conditions. What happens next—any conditions for operating the account again, documentation needed for reactivation, and whether any charges apply—depends on the bank’s policy. For example, banks reserve rights in their Terms & Conditions to set conditions on inactive or dormant accounts, and some explicitly describe reactivation steps and documentary checks.¹²³

What fees can apply to a dormant or inactive account?

• Minimum balance (“fall-below”) service charges: These are common on many deposit accounts and may continue to apply even if an account is dormant, if the balance is below the bank’s prescribed minimum. Banks describe these charges in their fee guides and support pages, and some T&Cs note they can apply to dormant accounts as well.⁴⁵
• Relationship or package maintenance fees: Premium or wealth segments may charge a service fee if total balances fall below a stated threshold; always check the latest schedule for your relationship type.⁶
• Administrative conditions for reactivation: Rather than a fee, banks may require updated identification (KYC) and a signed request to lift dormancy before you can transact again.³

Important: Singapore does not use a single, regulator-set dormancy rule for all banks. Each bank defines and discloses its own approach in the relevant Terms & Conditions and product pages.⁷²

Simple ways to avoid dormant account fees

• Make a small, regular transaction: A monthly FAST or PayNow transfer into or out of the account is typically enough to register activity. FAST and PayNow are instant domestic payment rails supported by Singapore banks and detailed by the Association of Banks in Singapore (ABS).⁸⁹
• Maintain the minimum average balance: If your account type has a fall-below requirement, keep your average daily balance at or above the threshold to avoid service charges.⁴
• Use bank alerts and mobile banking: Enable low-balance and inactivity notifications so you can act before charges or restrictions arise. (See your bank’s app or “Help & Support” pages.)
• Consolidate or close unused accounts: If you no longer need an account, consider closing it through the bank’s official closure process to prevent future fees or mis-routing of notices.¹⁰
• Keep contact details current: Banks will try to reach you about inactivity; accurate contact info helps you respond in time to keep the account active.

If your account is already dormant

Contact the bank via official channels and ask for the reactivation process. Be ready to provide updated identification and any forms required. Some banks publish a short guide or form describing the steps for lifting dormancy and restoring full access.³

For executors or next-of-kin managing a deceased person’s assets, engage the bank’s estate team. If you are looking for monies held by public agencies (not private banks), check the Ministry of Finance’s Unclaimed Monies registry and the Public Trustee’s office for their processes.¹¹¹²

Frequently asked questions

Is there a standard dormancy period in Singapore? No. Banks set their own periods and conditions, disclosed in their T&Cs or product pages.⁷²

Are funds in a dormant account still covered by deposit insurance? Yes. Eligibility for Singapore Deposit Insurance (SDIC) does not depend on how often you transact. Insured Singapore-dollar deposits are covered up to S$100,000 per depositor per member institution, as explained by SDIC.¹³

Key takeaways

• Dormancy is defined by each bank; policies are published in official T&Cs.
• Common charges to watch are fall-below service fees and relationship fees where applicable.
• Staying active is easy: schedule a small monthly FAST/PayNow transfer and keep balances above the minimum for your account type.
• When in doubt, speak to your bank and review the latest fee guides and T&Cs linked below.

Important notice

Fee schedules, dormancy definitions, and reactivation requirements can change. Always verify the latest information on the official bank pages and documents listed below before making decisions.

References (official pages)

1. OCBC — Business Account Terms and Conditions (Dormant Accounts clause). ocbc.com/…/business_account_terms_and_conditions.pdf
2. UOB — Terms and Conditions Governing Accounts and Services (Individual Customers). uob.com.sg/personal/save/accounts-services-tncs.page
3. UOB — Process for activation of inoperative (dormant) account / unclaimed deposits. uob.com.sg/…/process-for-activation.pdf
4. DBS — Deposit Account Minimum Balance Service Charge (fall-below fee). dbs.com.sg/…/fall-below-fee.html
5. DBS — Terms & Conditions Governing Accounts (fee may apply to dormant accounts with balances below minimum). dbs.com.sg/…/Terms_and_Conditions_Governing_Accounts…pdf
6. DBS Treasures — Service Fees (example of relationship fee schedule). dbs.com.sg/treasures/home/service-fees.page
7. OCBC — Terms and Conditions Governing Deposit Accounts. ocbc.com/…/tncs-governing-deposit-accounts…pdf
8. Association of Banks in Singapore — FAST (Fast And Secure Transfers). abs.org.sg/e-payments/fast
9. Association of Banks in Singapore — PayNow. abs.org.sg/e-payments/pay-now
10. POSB/DBS — Close a Current/Savings Account (process overview). posb.com.sg/…/bank-account-closure.html
11. Ministry of Finance — Unclaimed Monies Registry (public-sector monies). unclaimedmonies.gov.sg
12. Ministry of Law — Public Trustee’s Office, Unclaimed Monies. pto.mlaw.gov.sg/…/unclaimed-monies/
13. Singapore Deposit Insurance Corporation — Deposit Insurance Scheme FAQs (S$100,000 coverage). sdic.org.sg/di_faq/