DBS Business Account

DBS Business Account

DBS Business Account

DBS business account is a type of bank account that is offered to people in business and trade. DBS Bank has an array of carefully crafted business accounts for regular businesses, large corporate, importers & exporters, and even for niche industries. One of the most significant benefits of a business account is that the account holders can easily avail overdraft facility up to an agreed limit. In this article, we will look at the DBS Business Account in detail.

Benefits of DBS Business Account

Benefits and features of opening a DBS Business account are listed below:

  • All DBS bank business account secures a digital Token. Digital Token is a security enhancement, which enables the trader to authenticate all bank transactions seamlessly.
  • Ensure the business funds are safe with AA-and Aa1 bank. DBS Bank has been awarded the most reliable bank in Asia by Global Finance for five consecutive years from 2009 to 2013.
  • DBS Bank has an array of carefully crafted business accounts. The businessman can apply for a Business Account that caters specifically for the business needs.
  • The account holder can avail the benefits from DBS bank easy to understand approach to banking. DBS Bank is the first Asian Bank to achieve the Crystal Marks award for the use of plain English for terms and condition governing business
  • There is no limit to the number of transactions per day

Applicability – DBS Business Account

The following types of individuals or entities are allowed to open DBS Business Account

  • Individuals
  • Professionals
  • Self Employed Individuals
  • Sole-Proprietorship firms
  • Government & Semi-Government bodies
  • Private Limited & Public Limited Companies
  • Partnership Firms/Sole proprietor
  • Limited Liability Partnership
  • Clubs & Societies
  • Trusts & Administrators
  • Local Authorities
  • Hindu Undivided Family

DBS Business Accounts Products

DBS bank has three types of business accounts to meet the challenge of your business banking requirements.

  • Business Entrepreneur Account
  • Business Edge Account
  • Business Edge Preferred Account

The feature of DBS business account products are given here:

Business Entrepreneur Account

This account is ideal for day-to-day banking transaction for a business. An average balance of Rs.100000 per quarter is required for this type of business account.

Business Edge Account

This type of business account is suitable if you require multiple transactions and need to stay in touch with DBS bank regularly regarding the account status. An average account balance of Rs.500000 is needed for this business account

Business Edge Preferred Account

Highly recommended for a business that expects the utmost in banking products and services to match the business banking demands. An average account balance of Rs.1000000 is required for this business account.

DBS Business Account Types and Charges

You can refer the below-attached document to get the DBS business account types and charges.

current-acct-svc-charges_compressed-1-6

Calculation of Average daily balance for the quarter

The end-of-day credit balance is tracked throughout each quarter of the year. The balances are then added together and divided by the number of days in a quarter to determine the average daily balance. If the average quarterly balance falls below the minimum balance requirement for the DBS account, then the fall-below fee will be deducted at the end of each quarter.

Rate of Interest

DSB Business accounts function as current accounts and do not offer interests, as recommended by the Reserve Bank of India (RBI).

Documents Required

Documents required for opening the DBS business account is given here:

  • Application Form
  • Completed Signature Card with passport size photograph
  • PAN card copy
account-opening-application-form-5 (1)

Procedure to open DBS Business Account

Persons desiring to open a DBS business account can open online through IndiaFilings or visit the DBS bank in their locality.

Step 1: The applicant (individual/ entity) need to furnish the appropriate application form of application and documents to open a business account.  The particulars needed in the current account application form must be filled in.

You can find a DBS bank branch and ATM through the official website of DBS bank.

We have herewith attached the application form (Individual, Joint Hindu Family, Sole Proprietorship, Partnership, ) for opening Corporation Bank Current Account.

account-opening-application-form-1-2

All other documents required for the DBS Business Account is given here:

account-opening-application-form-6-9

Step 2: Once the DBS Business Account application is submitted, then the applicant has to pay the initial deposits.  After the verification, the DBS business account will be opened in the name of the applicant. The bank manager will issue Cheque Book and all other documents.

Post by Renu Suresh

Renu is experience content writer specialised in compliances and company rules.