Closure of Deposit Service Accounts service from 1 Oct 2021

  • Ace Global
  • December 30, 2021

From 1 Oct 2021, the Deposit Service Accounts (DSA) service – one of the payment methods available for customers transacting with BizFile+ and ACRA iShop, will be discontinued.

Besides, customers can continue to use a wide variety of payment methods (including credit, debit card, PayPal, Google Pay, and Apple Pay) for their transactions on BizFile+ and ACRA iShop. 

BizFile+ users who have create an account to use the DSA service, are encouraged to make use of the available e-payment methods and close their DSA before 1 Oct 2021. This way will minimize the disruption to their transactions with ACRA.

Please note that the closure of the DSA service will be implemented, as follows: 



29 Jan 2021 New applications for DSA will no longer be accepted
1 Sep 2021 Top up service for DSA will close
1 Oct 2021 Use of DSA for payments will close and all DSA will be terminated
1 Jan 2022 Generation and downloading of DSA statements will close

1. Termination of Deposit Service Accounts Service

DSA holders are required to submit a request in BizFile+ portal for ACRA to terminate their account, as follows: 

Step 1: Logging to BizFile+ portal using their CorpPass ID 

Step 2: Selecting eServices > Others > Deposit Service Account > Termination of Deposit Service Account (UEN or DSA number is required for the termination). 

ACRA will close all DSA accounts by 1 Oct 2021. Following confirmation from DSA holders on the preferred refund options, any balance funds in the closed account will be refunded to the designated bank account of the DSA holder.  Please refer to the eguide on termination of DSA (PDF, 1MB) for more information. 

2. 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


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)

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.

The Termination of the Deposit Service Account request to be sent via email to the DSA holders, after a successful refund to the DSA holder’s designated bank account. DSA holders should commit that the termination email address in BizFile+ is up-to-date.

3. DSA statement

DSA holders would like to retain records of their past DSA transactions have up to 31 Dec 2021, the purpose is to download past statements of their DSA transactions for the period from 1 Jan 2016 to 30 Sep 2021. 

Please note that the statements will no longer be available for download from 1 Jan 2022. After this day, ACRA will not accept 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 closed.

If you require further assistance with the Termination of the Deposit Service Account, feel free to call/WhatsApp us at +65 90612851 or email us at Alternatively, you may leave us a reply using our contact form below.

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