DBS Bank, headquartered in Singapore, is one of the largest and most reputable financial institutions in Asia. Known for its strong digital banking capabilities, extensive branch network, and award-winning services, DBS plays a vital role in both retail and corporate banking across the region. This article explores DBS Bank’s background, key services, and provides a detailed guide on how to open an account in Singapore.
Detailed Introduction
Founded in 1968 as The Development Bank of Singapore Limited, DBS Bank was established by the Singapore government to take over industrial financing activities from the Economic Development Board. Over the decades, DBS has grown into a multinational banking and financial services corporation with a presence in 18 markets, including China, Hong Kong, India, Indonesia, and the UK.
DBS has earned multiple global awards such as “World’s Best Bank” by Euromoney and The Banker, thanks to its customer-focused innovation and robust digital banking platform. With over 280 branches and more than 2,000 self-service machines across Singapore, DBS offers a comprehensive range of financial products:
- Personal Banking: Savings and current accounts, credit cards, home loans, personal loans, investment products.
- Corporate Banking: Business accounts, trade finance, cash management, corporate loans, treasury services.
- Wealth Management: DBS Treasures, DBS Treasures Private Client, DBS Private Bank.
- Digital Banking: DBS digibank app, PayLah! mobile wallet, online investment platforms.
DBS is also known for its sustainable finance initiatives and commitment to ESG (Environmental, Social, Governance) principles, aligning its operations with global sustainability goals.
FAQ Section
Q1: What is DBS Bank?
DBS Bank is Singapore’s largest bank by assets and a leading financial services group in Asia. Established in 1968, DBS provides retail, corporate, and investment banking solutions to millions of customers. It is widely recognized for its advanced digital services and strong presence in Asia-Pacific markets.
Q2: How to open a DBS Bank account in Singapore?
Opening a DBS Bank account in Singapore involves the following steps:
- Choose an Account Type – Examples include DBS Multiplier Account, DBS Savings Plus, DBS Multicurrency Account.
- Prepare Required Documents: For Singapore Citizens/PRs: NRIC and proof of address For Foreigners: Passport, Employment Pass/Student Pass/Dependent Pass, proof of address
- Apply Online or In-branch: Online: Via DBS digibank app or DBS official website In-person: Visit any DBS branch with your documents
- Deposit Minimum Initial Amount: Typically SGD 500–1,000 depending on account type
- Receive Banking Access: Account number, debit/ATM card, internet banking credentials
Q3: Can foreigners open a DBS account in Singapore?
Yes. Non-residents are eligible to open accounts with DBS provided they have valid identification and required supporting documents. However, certain account types may have higher minimum deposit requirements and may require in-person verification.
The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions.