The Deposit Service Accounts (DSA) service, which is one of the payment options available for customers transacting with BizFile+ and ACRA iShop, has ceased from 1 Oct 2021.
Customers can continue to use the wide range of payment options including credit and debit card, PayPal, Google Pay and Apple Pay for their transactions on BizFile+ and ACRA iShop.
Termination of DSA Service and refund of balance in DSA
All DSA have been terminated on 1 Oct 2021. Any balance funds in the terminated account will be refunded to the designated bank account of the DSA holders based on their indicated refund option.
Refund of balance in DSA
DSA holders can indicate their preferred refund option when submitting a request to terminate the DSA in BizFile+ portal. The following refund options are available:
| Refund options | Procedures |
|---|---|
| PayNow Corporate | Please ensure that you have a PayNow Corporate account with your designated bank, and check that the PayNow Proxy (UEN) is updated in BizFile+. The balance funds will be credited into the PayNow Corporate account within 14 working days from the date of termination. |
| InterBank Transfer | A pre-filled Direct Credit Authorisation (DCA) form will be available upon selection of this refund option. You will need to print and submit the DCA form to your bank for endorsement. Submit the original copy of the endorsed form to: Accounting and Corporate Regulatory Authority 10 Anson Road #05-01/15, International Plaza Singapore 079903 Attention: Finance Department (Re: DSA) (From 18 Oct 2021) Accounting and Corporate Regulatory Authority 55 Revenue House, #03-02, Revenue House Singapore 307987 The balance funds will be credited to the designated bank account of the DSA holder within 30 working days from the receipt of the original copy of bank endorsed DCA form. |
DSA holders will be notified via the email address indicated in the Termination of the Deposit Service Account request, upon successful refund to the DSA holder’s designated bank account. DSA holders should ensure that the termination email address in BizFile+ is up-to-date.
DSA statement
DSA holders who wished to retain records of their past DSA transactions have up to 31 Dec 2021 to download past statements of their DSA transactions for the period covering 1 Jan 2016 to 30 Sep 2021. You may access the statements in BizFile+ under eServices > Others > Deposit Service Account > Transaction Enquiry for DSA. The statements will no longer be available for download from 1 Jan 2022. Please note that we will not be able to accede to any request to download or print past DSA transaction records or statements.
BizFile+ users can generate the Transaction History for all electronic payments on BizFile+ under eServices > Others > Transaction History, after DSA has ceased.
Frequently Asked Questions
Refund
Q: What are the refund options available following the termination of my Deposit Service Account?
A: You can select either PayNow Corporate or InterBank Transfer for the refund of the balance in the account. Refunds will be credited to the DSA holder’s designated bank account based on the refund option that you have selected.
Q: Will the initial deposit of S$300 in the Deposit Service Account be refunded to me when I closed the Deposit Service Account?
A: The initial deposit forms part of the account balance used to pay for any transaction. If there is any balance upon termination of the DSA, the remaining amount will be refunded to the designated bank account of the DSA holder. Please ensure that the PayNow Proxy (UEN) or bank account details of the DSA holder are correctly updated in BizFile+.
Q: Can the refund of the Deposit Service Account balance be credited to my personal PayNow Account?
A: You can only use your personal PayNow account (linked to NRIC) if you are the sole-proprietor of the business.
Q: When will I receive the refund of the Deposit Service Account balance?
A: Refund via PayNow Corporate will be credited within 14 working days from the date of termination, while refund via Interbank Transfer will be made within 30 working days from the receipt of the original copy of the bank endorsed Direct Credit Authorisation form.
Q: How would I know if the refund of the Deposit Service Account balance has been credited to my bank account?
A: DSA holders will be notified via the email address indicated in the Termination of the DSA request, upon successful refund to the DSA holder’s designated bank account. DSA holders should ensure that the termination email address in BizFile+ is up-to-date.
Others
Q: How do I check the balance in my Deposit Service Account?
A: You can generate the Transaction Enquiry for DSA via e-Services > Others > Deposit Service Account > Transaction Enquiry for DSA.
Q: I am able to generate transaction statements using the Deposit Service Account service. Will I be able to generate similar statement for transaction using other electronic payments?
A: You can generate the Transaction History for all electronic payments on BizFile+ under eServices > Others > Transaction History. For more information, please refer to e-guide (PDF, 986KB).
Q: How do I obtain a copy of the Deposit Service Account (DSA) transaction statement after DSA has ceased on 1 Oct 2021?
A: The DSA statements for the period 1 Jan 2016 to 30 Sep 2021 will be available on BizFile+ until 31 Dec 2021. You will not be able to generate or download any DSA statement after this date. Please note that we will not be able to accede to any request to download or print past DSA transaction records or statements.
