Banks across Singapore are closing branches due to the reduced traffic expected as a result of enhanced social distancing measures, announced on Friday to curb the spread of Covid-19.

While the financial sector was exempted from Singapore government's order to suspend activities at workplaces from 7 April until 4 May inclusive, banks across the island announced limited operations during this period. 

The Monetary Authority of Singapore (MAS) affirmed that financial services will remain open and available to all customers and counterparties in Singapore and globally.

«All financial markets in Singapore remain open, and payment services are unaffected,» the regulator said in a statement.

DBS Bank

DBS will progressively close 29 DBS/POSB branches until 4 May, starting with DBS Marina Bay Sands on 7 April, followed by POSB Newton and POSB Square 2 on 9 April. The remaining 28 branches that stay open will continue to operate regular banking hours, but will reserve its first hour of operation for vulnerable customers like the elderly. 

The bank is also closing all DBS Treasures and DBS Treasures Private Client centers from 9 April to 4 May. Safe deposit box access at DBS/POSB branches and DBS Treasures Centre will be available on Wednesdays by appointment. Full SME banking services will be available at branches in areas with higher trade and SME footfall. In addition, trade counters at Marina Bay Financial Centre, Jurong Gateway and Towner Road will also remain open, the bank said.

OCBC Bank

OCBC Bank will close 22 of its 46 branches from 9 April to 4 May. Among the 24 branches that remain open are the 19 that offer Sunday banking services, as well as the five that offer safe deposit box services, with no changes to their banking hours. Its Trade Service Centres at OCBC Centre South and OCBC Tampines Centre 2 remain open.

The bank said it has seen a 35-percent uptick in customers using digital solutions for their banking needs during this period, and urged more to use its mobile and Internet banking platforms to minimize the need to visit bank branches.

UOB Bank

In a statement released on Friday, UOB said it «remain[s] committed to providing the banking services that are essential to them during these trying times.»

The bank is expected to announce later today the details of branches that will remain open during this time.

Update: UOB said it would close 24 branches, while the 38 that remain open will keep to their usual opening hours, with the first hour for the elderly, disabled or pregnant.

Other Banks

Standard Chartered is closing half of its 16 branches.

Maybank will be temporarily closing eight of its 18 branches – Holland Village, Jurong East, MSpace, Tampines, Waterway Point and Yishun from 9 April, and Textile Centre and Woodlands888 from 15 April. Its Choa Chu Kang branch is under renovation. Cash transactions, cheque deposit services and payment services including remittance will be available at the remaining nine branches.

Seven of HSBC's 13 branches in Singapore will shut, while Citi has closed eight branches, with its remaining locations operating revised hours, including a dedicated hour for vulnerable customers.