Media Statement On Basic Banking Account

SINGAPORE, December 5, 2002 - DBS welcomes the introduction of Basic Bank Account (BBA) by all banks. This move ensures Singaporeans and Permanent Residents will have access to a basic banking account that is affordable to them.

At DBS, we remain committed to providing our customers with convenient, affordable and accessible banking services. Customers can continue to enjoy our current suite of savings accounts which far exceeds the BBA requirements.

DBS will continue to waive the monthly $2 account fee that's chargeable under the BBA guidelines for customers whose savings accounts have an average daily balance of $500 and above, including those with 5-year deposit accounts.

DBS is the only bank in Singapore that has waived and will continue to waive the monthly $2 fee for personal savings accounts held by more than 1 million customers who are:

• below 21 years old,
• 62 years and above,
• full-time NS men, and
• recipients of MCDS' public assistance & special grant schemes.