Starting from Wednesday (June 11), Chinese people over 65 can apply for DBS Bank and Savings Bank credit cards based on their provident fund income. DBS has more than 900,000 citizens and permanent residents aged 65 and above "DBS formally and...
Starting from Wednesday (June 11), Chinese people over 65 can apply for DBS Bank and Savings Bank credit cards based on their provident fund income.
DBS has more than 900,000 citizens and permanent residents aged 65 and above"DBS formally and explicitly recognizes the Provident Fund Lifetime Income Program as a reliable lifelong income, giving older people a fairer opportunity to obtain credit so that they can apply for credit card products that they may not have previously been awarded."
DBS pointed out that local banks usually evaluate income based on salary, rent and investment income (including dividends and interest) when reviewing credit card applications. Although some banks may accept provident fund income as income in individual cases, this practice lacks transparency and security.
Wang Yongshun, head of Singapore Consumer Banking Department of DBS Bank, said that DBS has more than 900,000 Singaporean citizens and permanent residents aged 65 and above. The bank is well aware of the importance of provident fund income in meeting the daily life needs of retirees and achieving their life goals.
DBS Bank (DBS) announced the news on Tuesday (10th). DBS said it is the first bank to officially recognize the monthly income of the Provident Fund Life Insurance Program (CPF Life) when evaluating credit card applications.
According to the information provided by DBS, the Savings Bank Daily Card provides additional discounts for older people. In addition to dining, transportation and spending in Malaysia, there are 10% cash rebates, and some merchants can enjoy discounts, such as the 6-cent Lao Zengji Curry Bu, KFC 6 yuan package, and Shengsong Supermarket shopping discounts.
Lianhe Zaobao reported last Friday (June 6) that a spokesperson for the Monetary Authority of Singapore confirmed that banks can approve credit card applications by evaluating the applicant's monthly income of the provident fund lifelong income plan. The HKMA also said it will communicate with banks on lifelong income plans and credit card applications.
Although the HKMA clearly stated that one condition for people over 55 years old to apply for a credit card is that an annual income of at least RMB 15,000, which may include non-employment income, it did not clearly state that the lifelong income plan for provident fund is included.
In addition, DBS Bank also said that the Multiplier account includes provident fund income as income, allowing elderly people to obtain higher deposit interest rates, and is the first and only bank in the local area to do so.
This means that if retired people aged 65 and above earn an annual income of 15,000 yuan, they will meet the income requirements for local credit card applications.
