DBS vs OCBC vs UOB: Which Agent Bank Should Investors Choose For CPFIS-OA and SRS Investments?

For Singapore investors looking to grow their retirement savings through the Central Provident Fund Investment Scheme - Ordinary Account (CPFIS-OA) and the Supplementary Retirement Scheme (SRS), one important administrative decision is selecting the right agent bank.

Currently, investors can choose only among three local banks for the CPFIS-OA and SRS accounts: DBS, OCBC and UOB

At first glance, the differences among the three banks may appear relatively small. However, investors who invest regularly, hold multiple ETFs or Unit Trusts, actively rebalance portfolios or build large long-term retirement portfolios may eventually notice that administrative charges can accumulate over time.

While these fees may not drastically change investment outcomes on their own, understanding the fee structures can help investors minimise unnecessary frictional costs over the long term.

This article provides a detailed comparison of the charges imposed by DBS, OCBC and UOB for both CPFIS-OA and SRS investing.

PART 1 — CPFIS-OA Charges Comparison

Charges for Stocks, ETFs, REITs and Unit Trusts

Charge Type	DBS	OCBC	UOB
Buy/Sell Transaction Fee	$2.50 per 1,000 shares/units (max $25)	$2.50 per 1,000 shares/units (max $25)	$2.00 per 1,000 shares/units (max $20)
Quarterly Service Charge	$2 per counter per quarter (minimum $5/account)	$2 per counter per quarter	$2 per holding per quarter

In practice, the fee structures among the three banks are broadly similar. The transaction charges apply across shares, loan stocks and unit trusts, while quarterly maintenance charges are levied for handling dividends, entitlements and account maintenance.

However, investors should pay particular attention to the quarterly service charge because this recurring fee can accumulate over time.

For example, holding 10 separate counters may incur approximately $80 annually before GST, even if no transactions are made during the year.

This becomes especially relevant for investors holding:

• Multiple ETFs,
• Diversified Unit Trust portfolios,
• Numerous Stocks/REIT positions.

For buy/sell transaction fees, it is worth noting that the number of shares/units per counter matters. For example, if you own 1,000 Singtel shares (assuming they are worth $5 per share), you will have to pay $2–$2.50 (depending on whether you are using DBS, OCBC, or UOB). On the other hand, for a similar market value of $5,000, if you own a stock or ETF that is trading at $1, your 5,000 shares will incur $10–$12.50 in fees, which is 5 times more than owning 1,000 Singtel shares, even though both are of the same market value.

For CPFIS-OA Investments, UOB wins across the board for all investments. The fee structures are broadly similar among all three banks, but UOB has a lower transaction cap ($20 vs $25) and — crucially — no account-level quarterly minimum. DBS's $5/account minimum means even a single-counter CPFIS investor pays at least $20/year in maintenance charges regardless of activity.

PART 2 — SRS Charges Comparison

Unlike CPFIS-OA, where the fee structures across the three banks are relatively similar, the differences become more noticeable when comparing SRS charges.

This is particularly important for investors who:

• contribute to SRS annually for tax relief,
• invest regularly using SRS funds,
• hold multiple ETFs or unit trusts,

Below is a consolidated comparison of the major SRS-related charges across the three banks.

Charges for Stocks, ETFs, REITs and Unit Trusts

Charge Type	DBS Bank	OCBC Bank^		United Overseas Bank
Quarterly Holding / Service Charges	Generally no recurring holding fee stated for SRS account itself
Buy/Sell Transaction Charges	Transaction fee of $2 for each Singapore Savings Bond application and redemption request. Otherwise, all SRS account transaction charges are waived until further notice.		No transaction charges for Stocks/REITs/ETF/Unit Trusts	S$2 per 1,000 shares / units or part thereof, subject to a maximum of S$20 per transaction

^OCBC does not publish the schedule of bank charges for SRS investments, so the information here is as indicated on the fees and charges page: https://www.ocbc.com/personal-banking/investments/fees-and-charges.page

For all investors of Stocks/REITs/ETFs/Unit Trusts, DBS and OCBC are the best banks: With no recurring fees as well as transaction fees, both DBS and OCBC are the best options for SRS investors.

Additionally, for investors who already have a DBS account, DBS will likely be the most suitable for them if they prioritise ecosystem convenience, better platform user interface, banking integration and operational simplicity. Investors already using DBS extensively for banking and investments may appreciate the seamless experience of consolidating everything within one ecosystem.

Note on OCBC SRS Fees & Charges data: OCBC does not publish a dedicated SRS schedule of bank charges. The figures cited are from their general fees & charges page (ocbc.com/personal-banking/investments/fees-and-charges). Investors should verify directly with OCBC before deciding, as SRS-specific charges may differ from what is publicly listed.

All compiled data from DBS, OCBC, and UOB were as of 8 June 2026 and may contain inaccuracies. Please do your due diligence before selecting your desired agent bank. The data from the banks may change at any time and may not be reflected in this article.