• DBS Multiplier Programme

    DBS Savings Account

    With the DBS Multiplier Programme you can earn high interest on your savings through regular banking.

    Features and Benefits of DBS Multiplier Programme:

    • You are eligible for a higher interest rate structure if your regular banking with DBS adds up to an amount of S$7,500 each month.
    • You will earn a higher rate of interest for your first S$50,000 saved in this account.
    • There is no lock in period for this programme.
    • This is an all-inclusive 12 currency account wherein you can transact and save not only in Singapore Dollar (S$) but save in up to 12 different currencies.
    • You will get a personal account which is a single name account along with eStatements and access to iBanking. This facility however does not come with a chequeing feature.
    • You will receive a monthly overview of your banking total for the previous month that will allow you to better manage your finances.
    • Upon request, you can have regular reviews to help increase your savings.

    Note – This programme does not provide chequeing facility and joint account ownership. However, if you are looking for the aforementioned services, you can opt for the DBS MCA (Multi-Currency Autosave) savings account.

    Interest Rate Structure for DBS Multiplier Programme:

    Monthly Banking Total with DBS/POSB Interest Rate Structure
    Above S$7,500 0.05% p.a.
    S$7,500 and up to S$10,000 1.08% p.a.
    S$10,000 and up to S$12,500 1.28% p.a.
    S$12,500 and up to S$15,000 1.48% p.a.
    S$15,000 and up to S$20,000 1.68% p.a.
    S$20,000 and above 2.08% p.a.

    Note the following:

    • The balance in your account after the first S$50,000 will earn the prevailing base interest rate.
    • Higher interest earned shall be credited in the following ways:
      • The base interest which is calculated on a daily basis at the prevailing interest rate of the bank shall be credited into your account by the end of the month.
      • The preferential interest rate computed as nett of higher rate of interest and the prevailing rate of interest which will be based on the total of your cash flow with DBS shall be credited by the 7th business day of the next month.

    Eligibility Criteria for DBS Multiplier Programme:

    Applicants who are 18 years of age and above are eligible to apply for the DBS Multiplier Programme.

    Documentation Criteria for DBS Multiplier Programme:

    Singapore Citizens and Permanent Residents must provide the following documents:

    • Copy of NRIC – front and back.
    • Documentation for Students - Student Card/Matriculation Card including an ICA In-Principle Approval letter or a School Letter (only includes official letters issued by educational institutions or schools under the Ministry of Education or Council for Private Education).
    • Last three months copy of one of the following as Address Proof:
      • Local telecommunication bill.
      • Local utility bill.
      • Local credit card statement /bank statement.
      • Management fee bill.
      • Rental agreement.
      • Letter issued from the government of another public body which is regulated for AML practices and is a part of the FATF member country.
      • Letter issued from regulated insurance companies belonging to the FATF member country.
      • Official Letters issued by schools/educational institutions as discussed above.

    Foreigners working in Singapore must provide the following documents:

    • Copy of Passport.
    • Copy of Employment Pass.
    • Last three months copy of one of the following as Address Proof:
      • IPA or In-Principle Approval Letter from the Ministry of Manpower.
      • Offer Letter.
      • Employment Letter.
      • Latest Payslip.
      • Utility Bill (local).
      • Telecommunication Bill (local).
      • Local credit card statement /bank statement.
      • Management fee bill.
      • Rental agreement.
      • Letter issued from the government of another public body which is regulated for AML practices and is a part of the FATF member country.
      • Letter issued from regulated insurance companies belonging to the FATF member country.
      • Official Letters issued by schools/educational institutions as discussed above.

    Foreigners studying in Singapore must provide the following documents:

    • Copy of Passport.
    • Student Card/Matriculation Card including an ICA In-Principle Approval letter or a School Letter (only includes official letters issued by educational institutions or schools under the Ministry of Education or Council for Private Education.
    • Last three months copy of one of the following as Address Proof:
      • Local telecommunication bill.
      • Local utility bill.
      • Local credit card statement /bank statement.
      • Management fee bill.
      • Rental agreement.
      • Letter issued from the government of another public body which is regulated for AML practices and is a part of the FATF member country.
      • Letter issued from regulated insurance companies belonging to the FATF member country.
      • Official Letters issued by schools/educational institutions as discussed above.

    Note – The name and address on the document/s you submit should match the name and address on your NRIC, otherwise your application may be rejected.

    Fees and Charges for DBS Multiplier Programme:

    • No monthly fees will be charged to maintain your account.
    • There is no requirement for initial deposit.
    • If the average daily amount in your account falls less than S$3,000, you will be charged a fee of S$5. The average daily amount of S$3,000 includes balances in Singapore Dollar currency as well as other foreign currencies.
    • If you close your account within 6 months of opening it, you will be subjected to an Early Closure fee of S$30.

    DBS Multiplier Programme Calculator:

    You can know what interest rate you are eligible for by using the DBS Multiplier Programme Calculator. By keying in certain requirements, you can determine the interest you can earn per annum. You will need to input the following information:

    • Your salary.
    • Your credit card spend in Singapore Dollar (S$).
    • Home Loan Instalment in Singapore Dollar (S$).
    • Investment Dividends in Singapore Dollar (S$).

    Applying for DBS Multiplier Programme:

    Existing DBS or POSB customers having a Current or Savings Account with an email address under the bank records can apply in the following ways:

    • iBanking – You can open your account immediately by following the simple steps below:
      • Visit DBS iBanking and key in your login credentials.
      • Login using an SMS OTP (One Time Password) or an iB Secure PIN.
      • Choose “DBS Multiplier Account”.
    • Online Form – You can open your account immediately by logging in using your Debit Card Number or ATM Number and PIN. The online form is available on the DBS Multiplier web page of the official DBS Singapore website.

    New DBS or POSB customers can apply for DBS Multiplier Programme in the following ways:

    • Online Form - New customers to DBS or POSB can also apply for this programme online by preparing their required documents. The online form is available on the DBS Multiplier web page of the official DBS Singapore website.
    • Contact Form – You can provide your contact details on the online contact form and a relationship manager from the bank will contact you regarding the same. The contact form is available on the DBS Multiplier web page of the official DBS Singapore website.
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