Singapore's commercial banks cater to retail, private individuals as well as business and corporate clients. Its retail banking sector offers banking accounts and services to Singaporeans, Singapore PRs and foreigners.
Generally opening a retail bank account such as a time deposit or savings account require the applicant to be age 18 years or above (savings can be 15 yr or higher). Also parents or guardians can open some accounts on behalf of those aged below 18. In addition eligibility is open to Singaporean citizens, Singapore permanent residents as well as foreigners.
Please note that each bank can have their own set of requirements and for this page we are using OCBC Bank as a reference - Reg. No.: 193200032W ) as current in 2013
OCBC suggests on its website that to open an account at OCBC require you to visit one of their branches in person. It mentions for Singaporeans and Singapore PRs to bring along a NRIC (National Registration Identity Card) as well the minimum deposit for the type of bank account they are applying for and opening.
OCBC asks that foreigners bring either a EP/S-Pass employment pass/work permit or student pass and passport to one of their local branches to initiate opening an account. OCBC advises that for a non-Singaporean who does not have a valid Work permit, Employment pass or Student pass, he/ she is still eligible to open a Deposit account(s) with OCBC Bank in Singapore. You are required to visit any of their Singapore branches personally with your Passport for the account opening. The applicant must also meet the associated deposit amount and age eligibility for the required account.
For more information you can contact by telephone their 24 hour - Accounts, Deposits and Loan hotline on 1800 363 3333.
In Singapore, for interest bearing bank accounts that offer liquid access to funds - Singaporean banks offer Savings Accounts
For chosen upfront fixed interest accounts with various maturity options, banks offer Fixed Deposits/Time Deposits.