After Opening: Updating Your Details, Periodic Reviews, Dormancy, Leaving Singapore and Closing Accounts

Account maintenance covers everything that happens between the account holder and the bank after an account is opened - updating details, responding to review enquiries, managing balances and fees - until the account is closed. It runs on the same rules as the account-opening review: a bank verifies your identity not only when you open the account but continues afterwards to confirm that your information remains accurate and that your transactions are consistent with what it knows about you. Once you understand this, a review letter from your bank will not seem "unusual", and you can avoid restrictions or closure caused by outdated information.

What banks keep doing after opening: ongoing monitoring and periodic reviews

MAS Notice 626 (2024 version) contains several requirements for existing customers. Paragraph 6.19 requires banks to monitor their business relationships with customers on an ongoing basis; paragraph 6.24 requires banks to review the customer due diligence (CDD) information they hold so that it stays relevant and up to date, particularly for higher-risk customers; paragraph 6.38 requires CDD on existing customers based on materiality and risk; and paragraph 6.40(d) requires periodic screening after the business relationship is established. A bank must also perform CDD again if it doubts the veracity or adequacy of information obtained earlier (paragraph 6.3(g)), and paragraph 6.23 requires it to enquire into the background and purpose of unusual transactions.

Paragraph 6.35 provides that a bank must not continue a business relationship if it cannot complete CDD. Leaving review enquiries unanswered for a long time may lead to the account being restricted or closed. When you receive a letter, first check that it is genuine through the bank's official app or website, then reply within the deadline as requested; be alert to text messages and calls impersonating banks.

Checklist of updates: which changes to report to the bank

IRAS states that account holders should inform their financial institution of any change in circumstances that affects their tax residence (CRS account holder page, updated 19 October 2021); SDIC also reminds depositors to keep the details registered with their bank up to date so they can be contacted in the event of a deposit insurance payout. We suggest reporting the following changes:

How tax residence is determined and how to complete the self-certification are covered in CRS and TINs.

Managing fees and balances

The most common unexpected cost after opening is the fall-below fee, charged monthly when the account's monthly average daily balance (MADB) drops below the level the bank sets. Examples of published positions follow (DBS and UOB checked 23 October 2026; OCBC from its personal banking fees guide, 08/2025 edition, information as at 1 October 2025; banks' latest publications prevail):

Two reminders. DBS calculates the monthly average balance of its multi-currency account by converting each currency into Singapore dollars and adding them together; for other banks, check their fee schedules. If an account sits idle for a long time, fall-below fees keep accumulating and eat into the balance. The Basic Banking Account is a low-threshold account mentioned in an MAS parliamentary reply in 2017, offered by the major retail banks since 2002; it suits people with modest balances, but eligibility is often restricted. The full fee structure is covered in Account fees.

Accounts left unused

Many people leave "sleeping" accounts behind after leaving Singapore or changing jobs. Banks do not share a single definition of "dormant", or common charges or reactivation procedures, and this site has not yet found a uniform, citable position for Singapore's local banks; the terms and fee schedule for your account prevail. Points to watch with an account left unused:

1. Fees keep running: as long as the account exists, fall-below fees and paper statement fees may be charged monthly.
2. CRS reporting continues: the year-end balance and interest of a reportable account are reported annually whether or not it is used (IRAS CRS e-Tax Guide, paragraph 12.2).
3. Risk of outdated information: once your address or phone number is no longer valid, review letters and security alerts cannot reach you, and the account may be restricted.
4. Risk of misuse: if the login details of an idle account are leaked, unusual transactions may not be spotted in time.

If you are sure you will not use the account again, closing it in an orderly way using the process below is usually less trouble than leaving it idle.

Before leaving Singapore: keep or close

Pass expiry and departure from Singapore are the most important moments for account upkeep. Whether to keep an account depends on whether you will still have income or payments in Singapore (such as rent, insurance premiums or children's expenses), whether the bank allows non-residents to continue holding that type of account, and whether your new country of residence is subject to cross-border restrictions - DBS, for example, does not open new accounts or accept new fixed deposits for customers with a registered address in Australia (an example for a single bank and a single country; see Remote account opening).

Before leaving, you can work through this checklist:

1. Decide which account to keep: keep one where you can meet the balance requirement and the fees are manageable, and close the others in an orderly way.
2. Update your address and tax residence: update them to reflect the facts and submit a new self-certification.
3. Deal with linked services: cancel or move GIRO arrangements, salary crediting, PayNow links, standing instructions and credit card auto-debits.
4. Keep a way to be contacted: make sure you can receive bank verification codes and notifications overseas.
5. Do not hand your account to anyone else: "transferring" or "renting out" an account or debit card before leaving may be a criminal offence; the offences and penalties are covered in Deposit insurance and account security.
6. Tax matters: deal with personal income tax on departure in line with IRAS rules; for overall arrangements for arriving in and leaving Singapore, see the sister site hnwi.sg.

The closure process and its limits: DBS's published pages as an example

Closure rules differ between banks. The following uses DBS's published pages as an example (checked 24 October 2026):

Early closure fees should also be factored in. OCBC's personal banking fees guide (08/2025 edition, information as at 1 October 2025) states that closing within six months of opening costs S$30 for a Singapore-dollar account and US$20 for a foreign-currency account; UOB One charges S$30 for closure within six months of opening (UOB One page, checked 23 October 2026). Before closing, transfer out the balance and download any past statements you need; whether you can still view your history after closure depends on the bank. A bank that closes an account on its own initiative usually gives notice beforehand; the method and period of notice are set out in the account terms.

Disputes and complaints

Disputes during the life of an account usually concern charges, transactions or service. They can be handled in this order:

1. Complain to the bank first: complain in writing through official channels, keep the complaint reference and correspondence, and wait for the bank's final reply.
2. Then consider FIDReC: the Financial Industry Disputes Resolution Centre (FIDReC) handles disputes between financial institutions and consumers, and cases must be brought within six months of the financial institution's final reply; there is no monetary cap for mediation, and for cases filed on or after 1 July 2024 the adjudication cap is S$150,000 per claim (FIDReC KA-01131, checked 22 October 2026). Whether a case fee applies is as stated on FIDReC's website at the time.
3. Keep evidence: statements, transaction records, bank notices and call times are the basis for handling any dispute.

A bank restricting or closing an account because it cannot complete due diligence is part of its legal anti-money laundering obligations; whether such cases fall within FIDReC's jurisdiction is for FIDReC to confirm. How to respond to document requests is covered in Declined applications and document requests, and account arrangements for different situations in Typical scenarios.

Account terms and charges are subject to the bank's latest publications. If you would like help putting together a checklist for leaving Singapore or closing accounts in light of your own circumstances, you can register your request through the contact details on this site.