Rating
Overall rating: 4/5
Methodology
This rating uses the same five-pillar framework applied across our Singapore business banking reviews: Features, Pricing and FX, Global payments, Ease of onboarding, and Support and ecosystem, each weighted equally and averaged for a final score.
Arithmetic mean approach
The final score is the simple average of the five pillar scores below.
Equal weighting
Each pillar carries 20% weighting, so no single category dominates the overall result.
Data sources
Scores draw on CIMB’s published rates, fee schedules, and feature pages, cross-checked against third-party reviews.
Interpretation caveat
This is a general benchmark. A business with different priorities, say, heavy international payments, would weigh these pillars differently.
Intended use
Use this score as a starting point for comparison, not a final verdict. Your transaction patterns and balance levels matter more than any single number.
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Features of the CIMB SGD Business Plus Current Account-i
The CIMB SGD Business Plus Current Account-i is a Shariah-compliant SGD current account designed for businesses that want everyday banking facilities. Here are some of its key features:
Shariah-compliant everyday business banking
The account operates under Shariah principles, and offers preferential profit rates instead of paying or charging conventional interest. The account does not charge a monthly maintenance fee, but businesses are required to maintain a minimum monthly average balance of SGD $8,000 to avoid a SGD $35 fall-below fee. An SGD $50 fee also applies if the account is closed within six months of opening.
Comprehensive local payment options
Supports core payment services expected from a traditional Singapore business current account such as PayNow, FAST, GIRO, TTs, and cheque facilities.
Deposit insurance
SGD deposits are insured up to SGD $100,000 by the SDIC.
Digital banking
Businesses can manage the account through BizChannel@CIMB, CIMB's online business banking platform. The platform allows businesses to authorise transactions, initiate local and overseas payments, view balances and transaction history, and access account statements electronically.
Three complimentary security tokens
The account includes up to three complimentary security tokens for authorised users, enabling secure login to BizChannel@CIMB and authentication of online transactions.
While the account provides the essential features required for day-to-day business banking, it does not offer value-added tools such as expense management, accounting integrations, or employee spend controls.
CIMB SGD Business Plus Current Account-i fees and charges
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How to open a CIMB SGD Business Plus Current Account-i
Eligibility
The Business Plus Current Account-i is available to businesses incorporated or registered in Singapore that meet CIMB's account opening requirements. As this is a commercial banking product, all applications remain subject to CIMB's customer due diligence, regulatory checks and final approval.
Documents required
Depending on the business structure, applicants should generally prepare:
- ACRA Business Profile or equivalent registration documents
- Company Constitution or partnership agreement (where applicable)
- Board Resolution authorising account opening
- NRIC or Passport of directors, partners and authorised signatories
- Supporting Know Your Customer (KYC) documentation requested by CIMB
Additional documents may be requested depending on the nature of the business and ownership structure.
Application
Businesses can apply for the CIMB Business Plus Current Account-i online using their UEN or Corppass. Once approved, they can access BizChannel@CIMB to manage payments, transfers, and day-to-day business banking digitally.
Who the CIMB SGD Business Plus Current Account-i works best for
It works well for:
- Businesses that require a Shariah-compliant SGD current account for their day-to-day banking needs
- Companies that primarily transact in Singapore dollars and want to earn interest on deposit (via profit sharing)
- SMEs that make frequent local payments and can benefit from free FAST and PayNow transfers
It is less suitable for:
- Businesses that frequently receive or make payments in multiple currencies
- Startups or newly incorporated companies that might not be able to maintain the minimum monthly balance
- Businesses with high volume of GIRO or payroll transactions since each submission is charged on a per-item basis via BizChannel
- Companies looking for built-in expense management, corporate cards, or accounting software integrations
Pros and cons of the CIMB SGD Business Plus Current Account-i
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Ratings across platforms
- App Store (iOS): As of June 2026, the BizChannel@CIMB app does not have enough ratings to generate an overall score. User reviews primarily mention technical issues such as app crashes, login problems, and occasional glitches.
- Google Play: Rated 2.5/5 as of June 2026. Common user feedback highlights difficulties accessing transaction history, app stability issues, and other technical glitches.
CIMB SGD Business Plus Current Account-i vs competitors in Singapore
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Other alternatives to CIMB SGD Business Plus Current Account-i
- OCBC Business Growth Account: Compared with the Business Plus Current Account-i, this account requires a lower minimum balance of SGD $1,000, offers 80 free FAST and 80 free GIRO transactions each month, and supports a linked multi-currency account with 13 currencies.
- UOB eBusiness Account: Designed for SMEs seeking a more accessible business banking solution, the account requires a lower minimum average balance of SGD $5,000 while providing transaction rebates for FAST, PayNow, and GIRO payments. The 12-month waiver of the fall-below fee further reduces banking costs during the first year, making it particularly attractive for startups and growing businesses.
- Wise Business Account: Supports more than 40 currencies using the mid-market exchange rate with transparent pricing. With no recurring monthly fees, it is well suited to businesses making regular international payments.
- Maybank FlexiBiz Account: The Maybank FlexiBiz Account is designed for startups and SMEs looking for a straightforward SGD business current account with relatively low entry requirements. It requires a minimum average daily balance of SGD $1,000, offers a business debit card, and provides interest on eligible account balances.
- ANEXT Business Account: The ANEXT Business Account is a digital business account aimed at SMEs that want greater flexibility and fewer banking requirements. It has no minimum balance or monthly account fee, supports multi-currency banking, and includes features such as local and international payments, expense management, and integration with accounting software.
Conclusion
The CIMB Business Plus Current Account-i is designed for businesses looking for a Shariah-compliant SGD current account backed by a traditional commercial bank. The no monthly account fee and access to BizChannel@CIMB and CIMB's wider commercial banking ecosystem makes it a practical option for businesses that primarily operate in SGD.
That said, the account is less competitive for businesses with more complex banking needs. The SGD $8,000 minimum balance requirement, lack of multi-currency support, and absence of built-in expense management or accounting integrations mean that growing businesses may eventually outgrow its capabilities.
Aspire Business Account, by comparison, includes free local transfers, support for 30+ currencies, expense management, corporate cards, and direct integrations with Xero, QuickBooks, NetSuite, Deskera and SAP, without minimum balance requirements or annual account fees. Businesses managing cross-border payments or looking to streamline their finance operations may find it offers greater long-term flexibility.
FAQs
Is the CIMB Business Plus Current Account-i Shariah-compliant?
Yes. The account is structured in accordance with Islamic banking principles, making it suitable for businesses seeking a Shariah-compliant alternative to a conventional business current account.
What is the minimum balance for the CIMB Business Plus Current Account-i?
The account requires a minimum average monthly balance of SGD $8,000. If the balance falls below this amount, the applicable monthly fall-below fee is SGD $35.
Does the account support online banking?
Yes. Businesses get access to BizChannel@CIMB, which enables them to view balances, authorise payments, initiate transfers, and manage users online.
Can I hold foreign currencies in this account?
No. The Business Plus Current Account-i is an SGD-denominated business current account. Businesses requiring multi-currency banking will need to consider an alternative account or additional banking solution.
Is CIMB a reputable bank?
Yes. CIMB is one of ASEAN's largest banking groups, offering commercial, corporate, and Islamic banking services across the region. In Singapore, it provides a broad range of business banking, treasury, trade finance, and financing solutions for SMEs and larger enterprises.
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