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    DBS Cashline Balance Transfer Singapore

    You can transfer all your outstanding balances to a DBS Cashline Balance Transfer account. You require a DBS Cashline account to qualify for a balance transfer. Get easy access to cash anywhere and at any time with a DBS Cashline account. Apply online for a DBS Cashline account before May 31st, 2017 and get up to S$80 cashback on approval.

    Features of DBS Cashline Balance Transfer

    With a DBS Cashline Balance Transfer account, you can consolidate all your pending balances into one account. The other features of a DBS Cashline Balance Transfer account include:

    • With a 0% (p.a.) AIR, enjoy interest savings for 6 to 12 months.
    • Enjoy flexible repayment options such as a minimum monthly payment of S$50 or 2.5% of the outstanding balance, whichever is higher.

    Benefits of DBS Cashline Balance Transfer

    Listed below are some of the benefits of opting for a DBS Cashline Balance Transfer:

    • Get 0% (p.a.) interest rate for 12 months.
    • Transfer all your outstanding balances to one account and make a single payment each month.
    • Flexible payment methods and terms.
    • With a DBS Cashline account, get cash up to 4 times your monthly income if your annual income is below S$1,20,000 and 10 times your monthly income if your annual income is S$1,20,000 and above. Get quick and easy access to cash via funds transfer, DBS or POSB ATM withdrawal or your complimentary chequebook. There is no withdrawal fee charged for withdrawing cash from one of many the bank ATM centres. Pay interest only for the amount borrowed.

    Interest rates

    Listed below are the promotional interest rates for a DBS Cashline Balance Transfer account:

    Tenor

    6 months

    12 months

    Annual Interest Rate (AIR)

    0% p.a.

    0% p.a.

    Effective Interest Rate (EIR)

    5.27 p.a.

    5.06 p.a

    Administration fee rate

    2.5% p.a.

    4.5% p.a.

    Interest for your DBS Cashline account is calculated on a daily basis. The outstanding balance is multiplied by the prescribed interest rate (19.8% p.a.) and then divided by 365 days. The interest calculation is explained with an example below:

    Let’s assume your withdrawal amount for the month of April is S$5,000 from your DBS Cashline account for 30 days. The cashline withdrawal amount is S$5,000. The Interest for 30 days is calculated as (30/365) multiplied by 19.8% p.a. multiplied by S$5,000 which is S$82.

    Fees and charges

    Listed below are the fees and charges associated with a DBS Cashline account:

    Annual fees

    The annual fee of S$100 is waived for the first year.

    Minimum monthly payment

    2.5% of the outstanding balance or S$50, whichever is higher.

    Effective Interest Rate (EIR)

    29.8% p.a. for account holders with an annual income between S$20,000 to S$30,000 and 19.8% p.a. for account holders with an annual income of S$30,000 and above.

    Minimum interest charge

    S$10

    Late payment fees

    S$90

    Late payment interest calculation

    Additional 6% above effective interest rate.

    Overlimit fees

    S$40

    How to apply for a DBS Cashline Balance Transfer?

    First, you have to apply for a DBS Cashline account if you don’t already have one. DBS Cashline account holders can go to the DBS Bank website and download the application form for Balance Transfer, fill it up, and submit it at one of the DBS or POSB branches in Singapore.

    Eligibility criteria

    For a DBS Balance Transfer, you must have a DBS or POSB Cashline account and a DBS or POSB deposit account for the transfer amount. Applicants should meet certain eligibility criteria to qualify for DBS Cashline account such as:

    • Nationality: You must be a Singapore citizen or a permanent resident.
    • Age: 21 years old or above.
    • Income: You must have a minimum annual income of S$20,000.

    Documents required

    Other than the application form for Balance Transfer, no other documents are required if you already have a DBS Cashline account. When applying for a DBS Cashline account, you have to fill up the application form and submit few necessary documents as your identity, address, and income proofs. Here is a list of documents required for self-employed, salaried, and commission-based employees:

    • Salaried employees:
      • A copy of your NRIC (both sides).
      • The last 12 months’ CPF statements.
      • The latest income tax documents or previous months’ salary slips.
    • Commission-based employees:
      • A copy of your NRIC (both sides).
      • The last 12 months’ CPF statements or the last 2 years’ income tax documents.
    • Self-employed persons:
      • A copy of your NRIC (both sides).
      • The last 2 years’ income tax documents.

    FAQs

    Following are the frequently asked questions about a DBS Cashline Balance Transfer account:

    1. What is the minimum monthly payment for a DBS Cashline Balance Transfer account?
    2. The minimum monthly payment is 2.5% of the outstanding balance or S$50, whichever is higher.

    3. What is the AIR for 1 year?
    4. The Annual Interest Rate for a period of 12 months is 0% p.a.

    5. What is the EIR for 1 year?
    6. The Effective Interest Rate for a period of 12 months is 5.06% p.a.

    7. What is my DBS Cashline credit limit?
    8. You can use or withdraw up to your available credit limit in the DBS Cashline account. Your credit limit will be restored each time you make a payment.

    9. Will I receive a monthly Cashline account statement?
    10. The DBS Cashline account statement will be sent to you every month. The monthly statement contains the minimum payment amount, due date, and an account of all your withdrawals and deposits for that month.

    11. What are the types of payment methods accepted for a DBS Cashline account?
    12. You can make payments through:

      • DBS iBanking or Digibank.
      • AXS Stations.
      • DBS or POSB ATMs.
      • Cheque deposit or mail-in.
      • Cash payment at one of the DBS or POSB branches.
    13. What is a Cashline Auto Top Up?
    14. With a Cashline Auto Top Up you can have a minimum account balance at all times. You can decide the minimum balance amount in your DBS or POSB savings or current account by linking it to your DBS Cashline account. You can link up to 10 DBS or POSB accounts. The benefits include the prevention of bounced cheques, declined transactions, and returned GIRO payments on your DBS or POSB savings or current account.

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