DBS becomes first bank to formally recognise CPF LIFE payouts for credit card applications
Singapore.10 Jun 2025
New policy provides seniors with clear income recognition for credit card eligibility
Singapore, 10 Jun 2025 - DBS Bank today announced that it will be the first bank to formally recognise CPF LIFE payouts as income when assessing credit card applications, underscoring the bank’s commitment to enabling retirees to access financial tools that support their lifestyles.
Starting 11 June, seniors aged 65 and above can apply for any DBS/POSB credit card using CPF LIFE payouts as income proof. At present, banks typically assess income for credit card applications based on salary, rental, and investment earnings (including dividends and interest).[1] While some may accept CPF LIFE payouts as income proof on a discretionary basis, the process remains lacking in transparency and assurance. DBS’ official and clear recognition of CPF LIFE payouts acknowledges these monthly payouts as reliable, lifelong income, giving seniors fairer access to credit options that may have previously been out of reach.
The bank’s move closely follows the Monetary Authority of Singapore’s (MAS) recent confirmation that banks can consider CPF LIFE payouts as a valid source of income for retirees above 65 years old for new unsecured loan facilities such as credit cards, if they pass criteria set by MAS.[2] This means CPF LIFE payouts are on par with other typical income proofs when assessing retirees’ ability to repay loans.
“We have more than 900,000 Singaporean or Permanent Resident customers who are aged 65 and above and know how important CPF payouts are in supporting retirees’ daily needs and aspirations,” said Calvin Ong, Head of Consumer Banking Group, DBS Singapore, “By recognising the payouts as income, we’re making sure seniors continue to have fair access to credit and the cards’ accompanying privileges. This move ensures banking remains accessible and meaningful for our senior customers, so they can enjoy a fulfilling retirement.”
DBS also remains the first and only bank that recognises CPF payouts as part of income in the “Bank & Earn” space via the DBS Multiplier. This helps seniors qualify for higher interest rates for their balances.
With Singapore’s ageing population and an increasing reliance on CPF payouts for retirement income – a recent 2025 DBS report found that median payouts cover more than half of retirees’ expenses[3] – the new policy complements DBS’ efforts to strengthen financial security and ensure dignity and independence for seniors. The latter is also part of the bank’s wider commitment to addressing the needs of ageing societies and supporting all seniors in ageing well.
Seniors interested in using CPF LIFE payouts as income proof for credit card applications can go to any DBS/POSB branch and submit their CPF monthly payouts history or personal bank statements showing CPF LIFE. To learn more, visit go.dbs.com/sg-cardsforlife.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Starting 11 June, seniors aged 65 and above can apply for any DBS/POSB credit card using CPF LIFE payouts as income proof. At present, banks typically assess income for credit card applications based on salary, rental, and investment earnings (including dividends and interest).[1] While some may accept CPF LIFE payouts as income proof on a discretionary basis, the process remains lacking in transparency and assurance. DBS’ official and clear recognition of CPF LIFE payouts acknowledges these monthly payouts as reliable, lifelong income, giving seniors fairer access to credit options that may have previously been out of reach.
The bank’s move closely follows the Monetary Authority of Singapore’s (MAS) recent confirmation that banks can consider CPF LIFE payouts as a valid source of income for retirees above 65 years old for new unsecured loan facilities such as credit cards, if they pass criteria set by MAS.[2] This means CPF LIFE payouts are on par with other typical income proofs when assessing retirees’ ability to repay loans.
“We have more than 900,000 Singaporean or Permanent Resident customers who are aged 65 and above and know how important CPF payouts are in supporting retirees’ daily needs and aspirations,” said Calvin Ong, Head of Consumer Banking Group, DBS Singapore, “By recognising the payouts as income, we’re making sure seniors continue to have fair access to credit and the cards’ accompanying privileges. This move ensures banking remains accessible and meaningful for our senior customers, so they can enjoy a fulfilling retirement.”
DBS also remains the first and only bank that recognises CPF payouts as part of income in the “Bank & Earn” space via the DBS Multiplier. This helps seniors qualify for higher interest rates for their balances.
With Singapore’s ageing population and an increasing reliance on CPF payouts for retirement income – a recent 2025 DBS report found that median payouts cover more than half of retirees’ expenses[3] – the new policy complements DBS’ efforts to strengthen financial security and ensure dignity and independence for seniors. The latter is also part of the bank’s wider commitment to addressing the needs of ageing societies and supporting all seniors in ageing well.
Seniors interested in using CPF LIFE payouts as income proof for credit card applications can go to any DBS/POSB branch and submit their CPF monthly payouts history or personal bank statements showing CPF LIFE. To learn more, visit 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
APPENDIX
DBS/POSB’s commitment to supporting seniors through inclusive banking
With 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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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
