DBS is also the first and only bank that recognises CPF payouts as part of income in the “Bank & Earn” space via the DBS multiplier, which helps seniors qualify for higher interest rates for their balances.
Seniors aged 65 and above can apply for any DBS or POSB credit card using their CPF LIFE payouts as income proof from June 11 onwards.
DBS would be the first bank to formally recognise CPF LIFE payouts as income when assessing credit card applications, meaning that the payouts are on par with other typical income proofs when assessing retirees’ ability to repay loans, the bank announced on June 10.
