Opening a Central Depository (CDP) account is an essential step to start trading in the Singapore securities market. DBS Vickers is a leading brokerage firm that allows you to trade in the Singapore securities market. In this article, we will guide you through the process of opening a CDP account with DBS Singapore.
To start, you must meet certain eligibility criteria. You must be at least 18 years old, not an undischarged bankrupt, and have an existing bank account with one of these banks: Citibank, DBS/POSB, HSBC, Maybank, OCBC, SCB, or UOB. Additionally, you will need to provide your bank details when opening the CDP account.
Once you meet the eligibility criteria, you can open a CDP account online via the SGX website. After opening the CDP account, you can link it to your DBS Vickers Trading account. In the following sections, we will explain the account opening process, managing your CDP account, additional features and services, and frequently asked questions.
Key Takeaways
- Opening a CDP account is essential to start trading in the Singapore securities market.
- To open a CDP account, you must meet certain eligibility criteria and have an existing bank account with one of the designated banks.
- Once you meet the eligibility criteria, you can open a CDP account online via the SGX website and link it to your DBS Vickers Trading account.
Understanding CDP Accounts
If you are an investor in Singapore, you may have heard of a CDP account. This type of account is essential for trading on the Singapore Securities Market. In this section, we will explore what a CDP account is and the benefits of having one.
What is a CDP Account?
A CDP account, or Central Depository (CDP) Securities Account, is a type of account that allows you to hold and settle securities traded on the Singapore Exchange (SGX). It is a mandatory account that is required for all investors who want to trade on the SGX. The CDP account acts as a central depository for all your securities and provides settlement services for all your trades.
When you buy or sell securities on the SGX, your trades are settled through your CDP account. The CDP account allows you to keep track of your investment details, including your portfolio and corporate actions such as dividend payouts.
Benefits of Having a CDP Account
There are several benefits to having a CDP account. Firstly, it is a mandatory requirement for trading on the SGX. Without a CDP account, you will not be able to buy or sell securities on the SGX.
Secondly, having a CDP account allows you to keep track of your investment details. You can view your portfolio and corporate actions such as dividend payouts through your CDP account.
Thirdly, having a CDP account provides you with a secure and reliable way to settle your trades. The CDP account acts as a central depository for all your securities, ensuring that your trades are settled in a timely and efficient manner.
Finally, having a CDP account allows you to participate in corporate actions such as rights issues and bonus issues. These corporate actions can provide you with additional opportunities to grow your investment portfolio.
In summary, a CDP account is essential for trading on the SGX. It provides you with a secure and reliable way to settle your trades and allows you to keep track of your investment details. Having a CDP account also provides you with opportunities to participate in corporate actions and grow your investment portfolio.
Eligibility and Documents Required
Who Can Open a CDP Account?
To open a Central Depository (CDP) account with DBS Singapore, you must meet certain eligibility criteria. You must be at least 18 years old and cannot be an undischarged bankrupt. Additionally, you must have an existing Singapore bank account from one of the approved banks, including Citibank, DBS/POSB, HSBC, Maybank, OCBC, SCB, or UOB. You will also need to provide your Tax Identification Number (TIN) during the application process.
Required Documentation
To open a CDP account with DBS Singapore, you will need to provide certain supporting documents. These include:
- Your Singapore Personal Access (SingPass) account details
- Your MyInfo profile details
- Your TIN
- Your Singapore bank account details
If you are a Singapore citizen, you will need to provide your Singapore Birth Certificate or NRIC (front and back). If you are a Permanent Resident, you will need to provide your Singapore Birth Certificate or NRIC (front and back), along with your Re-entry Permit or Passport. If you are a Malaysian, you will need to provide your Malaysia Birth Certificate or NRIC, along with your Passport.
It is important to note that the above list of documents is not exhaustive and additional documents may be required depending on your specific circumstances. It is recommended that you check with DBS Singapore for a complete list of required documentation.
Once you have all the required documentation, you can apply for a CDP account with DBS Singapore. The application process is simple and straightforward, and you can expect to receive your CDP account details within a few business days.
The Account Opening Process
Opening a CDP account with DBS Singapore is a straightforward process that can be completed entirely online. Here’s what you need to know:
Registering Online
First, you’ll need to register for a CDP account online. To do this, visit the SGX website and fill out the online form. You’ll need to provide some basic personal information, including your name, address, and SingPass account details.
SingPass is a secure platform that allows you to access a range of government services online. If you don’t already have a SingPass account, you can create one during the registration process.
Linking to Trading Accounts
Once you’ve registered for your CDP account, you’ll need to link it to your trading account. This is a simple process that can be completed online.
If you have a DBS Vickers trading account, you can link it to your CDP account by submitting a request online. Alternatively, you can download the relevant forms from the SGX website and submit them manually.
Once your CDP account is linked to your trading account, you’ll be able to start trading on the Singapore Exchange.
It’s worth noting that you can link your CDP account to multiple trading accounts, so if you have accounts with different brokerages, you can link them all to the same CDP account.
Overall, opening a CDP account with DBS Singapore is a quick and easy process that can be completed entirely online. With your CDP account linked to your trading account, you’ll be able to start trading on the Singapore Exchange in no time.
Managing Your CDP Account
Congratulations on successfully opening your CDP account with DBS Singapore! Now that you have your account set up, it’s important to understand how to manage it effectively. In this section, we’ll cover the different account types available, as well as how to monitor your investments and corporate actions.
Understanding Account Types
There are three types of CDP accounts available: Individual, Joint, and Corporate. Each account type has its own set of requirements and benefits.
Individual Account: This account is for individuals who want to invest in the Singapore securities market. To open an individual account, you must be at least 18 years old, not an undischarged bankrupt, and have an existing Singapore bank account from one of these banks: Citibank, DBS/POSB, HSBC, Maybank, OCBC, SCB or UOB.
Joint Account: This account is for two or more individuals who want to invest together in the Singapore securities market. To open a joint account, each account holder must meet the same requirements as an individual account holder.
Corporate Account: This account is for companies who want to invest in the Singapore securities market. To open a corporate account, the company must be registered in Singapore and have a valid business registration number (BRN).
Monitoring Investments and Corporate Actions
Once you have your CDP account set up, it’s important to monitor your investments and corporate actions. You can do this through the DBS Vickers Trading Platform, which provides access to your portfolio and other investment tools.
Portfolio: Your portfolio is where you can view all of your investments, including stocks, bonds, ETFs, and other listed securities. You can also view your transaction history and monitor your gains and losses.
Corporate Actions: Corporate actions are events that can affect the value of your investments, such as stock splits, dividends, and mergers. You can stay up-to-date on corporate actions through the DBS Vickers Trading Platform, which provides access to company announcements, market updates, and other investment tools.
Direct Crediting Service (DCS): The DCS allows you to receive your dividends and other payments directly into your bank account. This is a convenient way to manage your investments and ensure that you receive your payments in a timely manner.
Stock Screener: The stock screener is a tool that allows you to search for stocks based on specific criteria, such as sector, product type, and market capitalisation. This can help you identify potential investment opportunities and make informed investment decisions.
In conclusion, managing your CDP account effectively is essential for successful investing in the Singapore securities market. By understanding the different account types and monitoring your investments and corporate actions, you can make informed investment decisions and maximise your returns.
Additional Features and Services
As a DBS Vickers Trading account holder, you can take advantage of a range of additional features and services to enhance your investing experience.
Direct Crediting Service (DCS)
With the Direct Crediting Service, you can enjoy the convenience of having your investment returns credited directly into your bank account. This service is available for both local and foreign currency accounts, and you can choose to receive your returns on a monthly or quarterly basis.
Accessing Market Information
DBS Vickers Trading provides access to a wealth of market information to help you make informed investment decisions. You can use the SGX website to access real-time market updates, stock screener tools and investment details for individual securities and Exchange Traded Funds (ETFs).
You can also download the DBS Vickers mobile app for iPhone and iPad to access market information on the go. The app provides real-time quotes, market news and analysis, and allows you to place trades and view your investment portfolio from your mobile device.
When investing, it’s important to have access to accurate and up-to-date information. With DBS Vickers Trading, you can stay informed and make confident investment decisions.
Remember to keep track of your investment details, including unit cost and monthly transactions, to help you monitor your portfolio and make any necessary adjustments.
Overall, DBS Vickers Trading provides a comprehensive suite of features and services to help you achieve your investment goals.
Frequently Asked Questions
What’s the process for opening a CDP account via DBS Vickers online?
To open a CDP account via DBS Vickers online, you need to follow these simple steps:
- First, you need to sign up online via the SGX website.
- Next, you need to open and link your CDP account with your DBS Vickers Trading account.
- Once done, you can start trading in the Singapore market.
Can you guide me on how to link my existing CDP account with my DBS bank account?
Yes, we can guide you on how to link your existing CDP account with your DBS bank account. You need to follow these steps:
- Log in to your DBS Vickers online account.
- Click on the “CDP Linkage” tab.
- Follow the instructions to link your CDP account with your DBS bank account.
What steps should I follow to transfer my shares from my CDP into my DBS account?
To transfer your shares from your CDP account into your DBS account, you need to follow these steps:
- Log in to your DBS Vickers online account.
- Click on the “Transfer Shares” tab.
- Follow the instructions to transfer your shares from your CDP account into your DBS account.
Is it possible to manage my CDP account login through DBS online banking?
Yes, it is possible to manage your CDP account login through DBS online banking. You can log in to your DBS online banking account and access your CDP account from there.
How can I set up a CDP account if I’m already a customer of DBS?
If you’re already a customer of DBS, you can set up a CDP account by following these steps:
- Log in to your DBS Vickers online account.
- Click on the “Open an Account” tab.
- Follow the instructions to set up your CDP account.
What are the requirements for opening a CDP account through DBS for a new investor?
To open a CDP account through DBS for a new investor, you need to meet the following requirements:
- You must be at least 18 years old.
- You cannot be an undischarged bankrupt.
- You must have an existing Singapore bank account from one of these banks: Citibank, DBS/POSB, HSBC, Maybank, OCBC, SCB or UOB.