SBI Check Plus Account

As the name suggests, this account offers the benefits of both savings account and checking account. It has been designed for those who prefer a low minimum balance savings account. The SBI Check Plus Account requires you to maintain an average monthly balance of S$1,000. Read on to understand everything you need to know about this account.

Features and Benefits: Low Minimum Balance of S$1,000

  • As part of this account, you will be entitled to the Internet Banking facility to make fund transfer, bill payments and more.
  • As a depositor under this scheme, you will be entitled to get the SBI ATM cum Debit card. With this card, you can make transactions at various Point of Sale (POS) terminals in Singapore that accept Mastercard and at ATMs under the ATM network in Singapore.
  • The cash that you withdraw from your account using your ATM will be restricted to a ceiling of S$3,000 per day, while POS transactions and Internet Banking will be restricted to S$2,000 per day.
  • Get the SBI Gold International ATM Debit Card enabled by Mastercard with this account.
  • Get personalized cheque books.
  • You can make transactions using Internet Banking, Points of Sale (POS) and the bank ATM that accept Mastercard.
  • Get competitive rate of interest.

Interest Rates: Starting From 0.05% p.a.

The interest rate for this account is computed on the daily balance at the end of each day and is applied every month. The rate of interest applied for the deposit under this scheme is tiered.

Balance Tier (Singapore Dollar) Interest Rate (p.a.)
0 – 2,999.99 0.05%
3,000 – 9,999.99 0.10%
10,000 and more 0.25%

Fees and Charges

Fall-below/minimum balance fee S$5 per month
Operation fee S$2 per month
Cheque book fee S$7 for every extra cheque book after the second book given by the bank
Account closure fee S$30 if the account is closed within six months

Are You Eligible to Open This Account?

You are eligible to open an SBI Check Plus Account if you are 21 years or older. The documents that you will need to submit together with the application form are as follows:

  • Singaporeans and Permanent Residents will have to submit a copy of both sides of the NRIC (with your latest address).
  • Foreign nationals must bring a copy of their passport and a copy of their Dependent Pass/ Work Permit/Employment Pass and a document as proof of address like utility bill or driving license if the address is not the same as in the Dependent Pass/Work Permit/Employment Pass.

How to Apply for SBI Check Plus Account

To open SBI Check Plus Account, you will have to download the ‘Account Opening Form (SGD)’ and fill it up completely and mail it to the bank.  


    Q. Will I be charged for using the Internet Banking facility for this account?

    A. No, the Internet Banking facility is free of cost for all SBI account holders.

    Q. Can I open the SBI Check Plus Account via phone banking?

    A. No. You will have to open the account by submitting the ‘Account Opening Form (SGD)’ online.

    Q. Is there any fee charged for using the ATM card with this account?

    A. No, you will not be charged for using your ATM card to make any transaction at the various ATMs across the ATM network in Singapore.

    Q. Is there an option of having a joint account with this savings account?

    A. Yes, you have the option of using the joint account facility with this savings account.

    Q. Are the deposits that I make in this account protected as part of Singapore Deposit Insurance Corporation?

    A. Yes, the deposits are covered under Singapore Deposit Insurance Corporation up to the eligible limit.

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