DBS becomes first bank to formally recognise CPF LIFE payouts for credit card applications

[1][2][3]go.dbs.com/sg-cardsforlife^[1] Financial institutions can issue credit cards to individuals above 55 years old if they meet one of these criteria: annual income of at least SGD 15,000, total net personal assets exceeding SGD 750,000, or a guarantor whose annual income is at least SGD 30,000: https://www.mas.gov.sg/regulation/explainers/Issuing-Credit-Cards
^[2] https://www.straitstimes.com/business/invest/banks-can-view-cpf-life-payouts-as-retirees-income-for-new-unsecured-loans-mas
^[3] DBS Group Research report, “Life After Work”, February 2025. Link

APPENDIXDBS/POSB’s commitment to supporting seniors through inclusive bankingWith DBS as the former Development Bank of Singapore and POSB known as the People’s Bank, the bank’s support for seniors stems from a long-held and deeply rooted commitment to inclusive banking for all. These include:

The bank’s efforts to enhance financial and digital literacy (including anti-scam education) among seniors with:

DBS Foundation’s two-year partnership with the Infocomm Media Development Authority (IMDA) where it contributed SGD 1 million, which includes the government’s dollar-for-dollar matching, to the national Digital for Life movement to drive digital inclusion. With the support of IMDA and DBS/POSB volunteers, DBS Foundation ran over 680 digital literacy workshops in the community, impacting some 150,000 people

POSB’s Active Neighbours programme, a group of seniors hired by POSB to help bridge the digital divide with their peers, empowering seniors with digital literacy, while enabling them to actively contribute to our communities as digital ambassadors at our branches

An ongoing promotion to encourage seniors to go digital where seniors who link PayNow to DBS/POSB receive up to SGD 10

Dedicated senior support at DBS/POSB branches, with dementia-trained staff

Additional benefits for seniors who hold the POSB Everyday Card, on top of 10% cashback on dining, transport and in-store spend in Malaysia, such as:

Merchant deals and discounts, including SGD 0.60 Old Chang Kee curry puffs, SGD 6 KFC meals, and savings at Sheng Siong

Friends of Mandai senior membership at SGD 60 for annual access to all five parks

More upcoming privileges for seniors

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