DBS Bank Current Account Opening with IndiaFilings

DBS Bank Current Account Opening with IndiaFilings

Opening a current account is an essential step in establishing your business, as it allows you to manage your daily transactions, including receiving and making payments. A current account offers a range of features designed to make your business operations more efficient and cost-effective. If you own a business, having a current account that gives you quick access to your money and allows you to conduct transactions without any hassles is essential.

At IndiaFilings, our DBS Bank current account opening service is here to help you open a current account tailored to your business needs. Our team of professionals will assist you through the entire process and ensure that all necessary paperwork is in order to make it quick and easy.

By opening a current account with DBS Bank, you can take advantage of the various benefits it offers. You can also access credit and overdrafts, make investments, manage cash flow and save on taxes.

The importance of a current account

A current account is a business bank account that allows you to manage your finances more efficiently. It offers a range of benefits, including easy access to funds, simplified payment options and the ability to manage your cash flow more effectively. A current account also lets you keep your personal and business finances separate, making tracking your business expenses and income easier. It is also a requirement for companies to have a current account to conduct transactions with other businesses and clients.

IndiaFilings and DBS Bank are committed to providing you with a banking experience that is convenient, secure and hassle-free. Open a current account with us today and experience the benefits of business banking with DBS Bank.

Eligibility Criteria

DBS Bank has certain eligibility criteria for opening a current account with them.

1. Serviceable Area:

The applicant must be in a serviceable area to open a current account with DBS Bank. This means that the applicant's location should be within the bank's serviceable area. DBS Bank has a vast network of branches and ATMs in various cities nationwide. Therefore, checking whether the applicant's location falls under the bank's serviceable area before applying for a current account is essential.

2. Negative Industry List:

A Negative Industry list consists of industries that the bank does not serve. The bank has set certain restrictions on opening a current account for businesses belonging to these industries. The Negative Industry List includes industries such as gambling, arms and ammunition, jewellery, stock marketing, sports fantasy gaming and tobacco, among others. Therefore, if the applicant's business belongs to any of the industries listed on the Negative Industry List, the bank may not approve the application for a current account.

Apart from the above-mentioned criteria, DBS Bank may also conduct a background check to verify your identity and business details.

Documents Required

To open a current account with DBS Bank, you must provide certain documents verifying your business and its operations.

For PLC/OPC/LLP/Foundation companies:

  • Memorandum of Association (MOA),
  • Articles of Association (AOA)
  • Business PAN
  • Certificate of Incorporation
  • Director’s KYC documents
  • Board Resolution

For Sole Proprietorship and Partnership Companies:

  • Business GSTIN
  • Alternate Address Proof of Business
  • KYC documents

Our team of experts will help you gather all the necessary documents and ensure they are in order before submitting your application.

Benefits of a DBS Bank Current Account

We at IndiaFilings and DBS Bank are excited to offer you a comprehensive set of features designed to make banking an effortless and seamless experience. Here are some of the key advantages of opening a current account with us:

  • Zero Balance: At DBS Bank, we understand that your business has unique cash flow needs. Our current account offers a zero balance feature, making it easier to manage your finances and use your funds as you need them without any restrictions. This feature also ensures that you don't incur unnecessary charges.
  • Less Initial Deposit: We understand that starting a business can be challenging as well as a costly affair. That is why we offer a current account that requires a minimal initial deposit. This feature allows you to start easily managing your finances without putting a significant financial burden on your business.
  • Loan Eligibility: One of the significant benefits of opening a current account with DBS Bank is that it allows you to apply for loans. However, your current account must be operational for at least two years to be eligible for a loan. This requirement ensures that your business has a solid financial history, making obtaining a loan easier.
  • Free NEFT and RTGS: Our current account offers you the convenience of transferring funds using National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) services, completely free of cost. With our current account, you can transfer money quickly and securely without additional charges. This feature allows you to conduct transactions with ease and efficiency.
  • Complete Digital Service: DBS Bank is committed to providing you with a seamless banking experience. Our current account offers an entirely digital banking experience that will enable you to manage your account from anywhere, anytime. This way, you can easily manage your finances from the comfort of your home or office. You can access your account through our mobile app or internet banking platform, making banking with us effortless and convenient.
  • Doorstep Banking: Our doorstep banking service is conveniently designed to ensure you don’t have to leave your office or home to manage your account and utilize our financial services. Our representatives will come to your doorstep to help you with your banking needs.
  • 100% Refund on Incorporation Costs: If you are eligible, we offer a 100% refund on the incorporation costs of your business, making it easier for you to start your business.
  • Free IEC registration: We offer Import Export Code (IEC) registration services free of cost to our current account holders, making it easier for you to expand your business beyond borders. (Applicable only to PLC/OPC companies).
  • Best Foreign Exchange Rates: With our current account, you can enjoy the best foreign exchange rates when making international transactions, helping you save on exchange rate charges.

How IndiaFilings can help

IndiaFilings is an online platform that offers a wide range of services, including business registration, tax compliance, accounting, and legal consulting. We have partnered with DBS Bank, a leading financial institution in India, to give their customers easy access to open a current account.

Once you have submitted your details, IndiaFilings will initiate the account opening process with DBS Bank. IndiaFilings can assist you throughout the account opening process, from helping you with the required documents to following up with DBS Bank on your behalf. We also provide access to a dedicated account manager who can answer your queries and provide assistance with any issues you may encounter to expedite your account opening process.

IndiaFilings can help you open a DBS Bank current account by simplifying the account opening process and providing expert guidance and support. By partnering with DBS Bank, we ensure that our customers can access world-class banking services tailored to meet the needs of their business.

DBS Bank Current Account Opening FAQ's

What Documents are required to open a DBS Bank Business Account

Generally, you will need proof of identity (such as a passport or national ID), proof of address (such as utility bills or bank statements), and business registration documents (depending on your business type). Please refer to our application checklist for the documents required.

I need to be physically present in India to open a Business Account if I am not a resident?

To ensure that we have a comprehensive understanding of your business, a personal meeting is required before we can open your Business Account.

Are interests paid on balances in Business Accounts?

Business accounts, being current accounts, are primarily designed for day-to-day business transactions and do not accrue interest on the balances maintained as per the guidelines set by the Reserve Bank of India (RBI).

Is there a limit to the number of transactions I can conduct daily?

The number of transactions you can conduct daily in a DBS current account can depend on the variant or type of current account you have chosen.

Is there a minimum balance requirement for a DBS Current Account?

For the initial year, opening a DBS Bank Current Account with IndiaFilings does not require a minimum balance. However, starting from the second year, the account holder must maintain a minimum balance of Rs. 50,000 per quarter.

Are there any account maintenance fees for a DBS Current Account?

DBS may charge account maintenance fees for Current Accounts, which can vary based on factors such as account type, transaction volume, and balance

Can I have multiple currencies accounts under a single DBS Current Account?

DBS offers multi-currency Current Accounts, allowing you to hold balances in different currencies within a single account.

Can I access my DBS Current Account online?

DBS provides online banking services, allowing you to access and manage your Current Account conveniently through their secure online platform.

Can I link my DBS Current Account to other banking services?

Yes, you can link your DBS Current Account to additional banking services provided by DBS, such as credit cards, loans, and trade finance facilities.

What are the benefits of having a DBS Current Account?

Benefits can include access to a wide range of banking services, multi-currency capabilities, online banking convenience, personalized support, and competitive features based on the specific account type.

Can I open a joint DBS Current Account with another person?

DBS allows for joint Current Accounts, where two or more individuals can be named account holders.

Is there a fee for receiving incoming transfers into my DBS Current Account?

DBS may charge fees for incoming transfers, such as international remittances or certain fund transfers.

Can I apply for an overdraft facility with my DBS Current Account?

DBS offers overdraft facilities, subject to eligibility criteria and approval. You can inquire about overdraft options or contact DBS for more details during the account opening process.

Can I apply for a debit card with my DBS Current Account?

Yes, DBS provides debit cards that you can apply for and link to your Current Account, offering convenient access to your funds.

How long does it take to open a DBS Bank Current Account with IndiaFilings?

It usually takes around 4 to 5working days to open a DBS Bank Current Account with IndiaFilings.

Are there any additional fees involved for opening a DBS Bank Current Account with IndiaFilings?

No extra fees are applied for opening a DBS Bank Current Account with IndiaFilings.

Does IndiaFilings offer a free consultation for DBS Bank Current Account opening?

Yes, IndiaFilings provides a free consultation for DBS Bank Current Account opening.

Are any payment options with DBS Bank Current Account opened with IndiaFilings?

Yes, several payment options are available with DBS Bank Current Account opened with IndiaFilings, such as NEFT, RTGS, IMPS, UPI, and more.

What online services are available for DBS Bank Current Account opened with IndiaFilings?

The online services available for DBS Bank Current Account opened with IndiaFilings are digital banking, mobile banking, fund transfer, bill payments, debit/credit card payments, e-commerce payments, and more.

Bank Reconciliation

Sync and reconcile your ICICI bank current account on LEDGERS with automated rules and machine learning.

Audit Payments

Track vendor payments, audit payments made and easily identity unusual bank account transactions with ease.

UPI Payments

Get a UPI id for your DBS bank business account instantly. Receive UPI payments from your customers using QR code.

GST Compliance

Automatically file GST returns and reconcile input tax credit on LEDGERS based on bank account statement of DBS Bank.

Why choose DBS Business Account?

Digital Token

All DBS Bank Business Accounts are secured by a secure Digital Token. Digital Token is a security enhancement, which enables you to seamlessly authenticate all bank transactions.

Highest Rated

Ensure your funds are safe with an "AA-" and "Aa1" rated bank. DBS has been named the Safest Bank in Asia by Global Finance for five consecutive years, from 2009 to 2013.

Seamless Account Opening

Apply for a Business Account that caters specifically for your business needs. Choose from Business Entrepreneur Account, Business Edge Account and Business Edge Preferred Account.

Global Footprint

Benefit from our easy to understand approach to banking. We are the first Asian Bank to achieve the Crystal Mark award for the use of plain English for terms and conditions governing business.

DBS Business Account Types and Charges

International Fund Transfer
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Domestic Fund Transfer
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Collection Services
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
DBS IDEALTM 3.0(Corporate Internet Banking)
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
ATM cum International Debit Card
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Doorstep Banking
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Account Related Fees
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Other Services
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Trade - Exports Negotiations and Collections
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Trade - Letter of Credit
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Trade - Other Charges
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Trade - Imports (Documentary Collection)
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Trade - Imports (LC Issuance)
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Trade - Guarantees
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Trade - Open Account Financing
Product / Service Description DBS E-Business LITE DBS Express Business Account DBS Enterpreneurs DBS Business Edge DBS Business Edge prefered DBS Multi Currency Account ODCC
Minimum Average Quartely Balance (MAQB)/
Minimum Quartely Throughtput (MQT)
(MAQB) -
Rs.50,000
(MAQB) -
Rs.50,000
(MAQB) -
Rs.1,00,000
(MAQB) -
Rs.5,00,000
(MAQB) -
Rs.10,00,000
(MAQB) -
Rs.10,00,000
(MAQB) - NIL
Agent Bank Charges
Payment Currency Charge Amount in respective currency (inclusive of service tax) Payment Currency Charge Amount in respective currency (inclusive of service tax)
Charges for capital account,liason office,branch office and project office(LO/BO/PO)

Last updated: Apr 19, 2023

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