DBS first to accept CPF LIFE payouts for credit card applications

It aims to expand access to financial products for retirees and seniors receiving monthly payouts through the national annuity scheme.

DBS has become the first bank in Singapore to formally recognise Central Provident Fund (CPF) LIFE payouts as a source of income for evaluating credit card applications.

The move aims to expand access to financial products for retirees and seniors receiving monthly payouts through the national annuity scheme.

Under the new policy, CPF LIFE recipients can now apply for entry-level DBS and POSB credit cards by submitting their CPF LIFE Annual Statement as part of their application.

These cards typically require a minimum annual income of $30,000. The inclusion of CPF LIFE payouts as qualifying income enables more elderly Singaporeans to meet eligibility requirements.

The bank stated that the change is part of a broader effort to enhance financial inclusion in an ageing society. As of end-2023, nearly 1.3 million CPF members were receiving monthly payouts, according to figures from the CPF Board.

To ease the process for applicants who may not be digitally savvy, DBS also streamlined the application experience and simplified supporting document submission for those using CPF LIFE statements.