Monetary and Non-Monetary Benefits Schedule

(With effect from 01 December 2021)

We wish to inform you that the Bank’s Monetary and Non-Monetary Benefits Schedule has been updated.

The Schedule shows the standard fees charged by DBS Private Bank for services provided to clients. All fees are charged in Singapore Dollars (SGD).

INVESTMENT PRODUCTS / SERVICES – MONETARY AND NON-MONETARY BENEFITS RECEIVABLE BY THE BANK AND/OR ITS ASSOCIATES

The benefits listed below are not exhaustive. In exceptional cases, the benefits for certain specialised products may fall outside the scope of the list below and, in such event, the client will be notified accordingly. If you have any queries about the below, please contact your Relationship Manager.

For accounts with the Bank managed by DBS Bank (Hong Kong) Limited (“DBSHK”), DBSHK may share a portion of the monetary and/or non-monetary benefits receivable or received by the Bank.

In this Schedule, the “Bank” refers to DBS Private Bank.

 

Section A: Transactions where the Bank acts as principal1

For such transactions, the Bank will generally quote an “all-in” price which includes the interbank price and a sales and trading mark-up. Such sales and trading mark-up will not exceed the maximum dollar amount or percentage range detailed below, unless the client agrees otherwise.

Where the Bank is able to execute the transaction at a better interbank price, the Bank may, subject to the above, retain the benefit from such price improvement. However, where the Bank has committed to a different charging structure, including a fixed sales and trading mark-up, the Bank will honour all such arrangements.

Type of Investment / Product Monetary and/or non-monetary benefits receivable by the Bank and/or its associates2
Currency Linked Investments3 Up to half of the cost yield4, subject to a minimum of SGD 75
Equity-Linked Notes3 and 5 Up to half of the cost yield4
Structured Warrants6 and OTC Derivatives Transactions6 (applicable to both inception and redemption trades) Structured Warrants
Up to the lower of a and b
a. Half of the option premium7
b.
- Tenor up to 1 year: Up to 2.25% of the notional amount of the trade
- Tenor greater than 1 year and up to 3 years: Up to 3% of the notional amount of the trade
- Tenor greater than 3 years and up to 5 years: Up to 4% of the notional amount of the trade
- Tenor beyond 5 years: Up to 5% of the notional amount of the trade

Single Options and Bundle of Options8, covering interest rates, credit, FX, commodities, funds and equities:
- Up to half of the option premium7

Swaps, OTC Accumulators / Decumulators9, covering interest rates, credit, FX10, commodities, funds and equities: - Tenor up to 1 year: Up to 2.25% of the notional amount of the trade
- Tenor greater than 1 year and up to 3 years: Up to 3% of the notional amount of the trade
- Tenor greater than 3 years and up to 5 years: Up to 4% of the notional amount of the trade
- Tenor beyond 5 years: Up to 5% of the notional amount of the trade
All Other Structured Products11 (applicable to both inception and redemption trades) - Tenor up to 1 year: Up to 2.25% of the notional amount of the trade
- Tenor greater than 1 year and up to 3 years: Up to 3% of the notional amount of the trade
- Tenor greater than 3 years and up to 5 years: Up to 4% of the notional amount of the trade
- Tenor beyond 5 years: Up to 5% of the notional amount of the trade
Cash Bonds and Digital Bonds12 (Rebates for Primary issuance)13 Any rebate, commission or fee received from the issuer will be up to 1% of the notional amount of the trade and will be disclosed to the client on a pre-trade basis 

For SGD denominated bonds, the rebate is up to 0.25% of the notional amount of the trade
Cash Bonds (Primary and Secondary market)14 - Tenor up to 5 years: Up to 1% of the notional amount of the trade
- Tenor greater than 5 years and up to 10 years: Up to 2% of the notional amount of the trade
- Tenor beyond 10 years: Up to 3% of the notional amount of the trade
Foreign Exchange (including Forward) Up to 3% of prevailing FX rate15
Paper Gold (XAU) / Silver (XAG) (including Forward) Up to 3% of prevailing XAU/XAG rate
Gold Bullion (Physical) Up to 3% of the spot price of gold

1 Where the Bank acts as principal, the Bank and/or any of its associates will benefit from the client’s purchase / sale of the product.
2 The benefits receivable as described in this column are subject to any pre-sale process and/or documentation providing otherwise.
3 Fees and charges incurred by the Bank and/or any of its associates as well as profit margins, if any, are inherently contained and subsumed into the calculation of the interest rate, interest amounts and/or other variables of the product.
4 The “cost yield” refers to the annualised premium of the option sold by the client plus the interest rate.
5 Discounted instruments which do not pay a periodic coupon and are quoted in yield terms.
6 Benefits received by the Bank and/or any of its associates on the client’s purchase / sale of this product will vary depending upon a number of factors including but not limited to the notional amount, product tenor, market conditions, liquidity, etc.
7 “Option premium” refers to the market value of the option sold or bought by the client. For Bundle of Options, it refers to the sum of the absolute premium on each option constituting the bundle.
8 A “bundle of options” refers to a combination of options aggregated in one transaction.
9 OTC Accumulators / Decumulators include without limitation related products such as Target Accrual Redemption Forwards, Pivot Target Accrual Redemption Forwards and FX Strings. The notional amount of the FX Accumulators and Decumulators refers to the leveraged notional, while the notional amount of the Equity Accumulators and Decumulators refers to the unleveraged notional.
10 Excluding FX Forwards covered under Section A: Foreign Exchange (including Forward).
11 Fees and charges incurred by the Bank and/or any of its associates as well as profit margins, if any, are inherently contained and subsumed into the calculation of the interest rate, price, interest amounts and/or other variables of the product.
12 Digital Bond is a form of security token and is a digital representation of a bond that is issued directly by the issuer. Digital Bonds are traded on the DBS Digital Exchange.
13 This relates to any rebate, commission or fee receivable by the Bank and/or any of its associates from the issuer (and is in addition to the spread described in the category below under “Cash Bonds (Primary and Secondary market)”).
14 Where the Bond / Fixed Income product is a Subordinated Fixed Income Security issued by the DBS Group Holdings Ltd and/or the Bank, the Bank is acting as agent and not as advisor or principal to the client. Please refer to Section B.
15 Clients dealing in FX transactions will need to be independently apprised of situations where there is extreme or sudden market fluctuation or volatility, such as political, economic and market conditions that are difficult to predict and which could directly or indirectly affect the foreign exchange rates. In such market conditions, the spread may exceed this limit.
 

Section B: Transactions where the Bank acts as agent

Type of Investment / Product Monetary and/or non-monetary benefits receivable by the Bank and/or its associate16
Investment Funds17 (i) Up to 70% of the management fee receivable by the fund house18

and/or

(ii) Up to 3% of the investment amount of the subscription trade, from the fund house
Private Equity Access19 Please refer to Section C.
Subordinated Fixed Income Security issued by DBS Group Holdings Ltd and/or the Bank - (Primary and Secondary market) - Tenor up to 5 years: Up to 1% of the notional amount of the trade
- Tenor greater than 5 years and up to 10 years: Up to 2% of the notional amount of the trade
- Tenor beyond 10 years: Up to 3% of the notional amount of the trade

16 The benefits receivable as described in this column are subject to any pre-sale process and/or documentation providing otherwise.
17 Please note that the fees set out under the section for “Investment Funds” of the DBS Fee Schedule are also applicable. The Bank and/or its associates may additionally receive commissions, rebates and other fees from the product issuer and/or fund house. In addition, the Bank and/or any of its associates may receive marketing sponsorship from the product issuer and/or fund house. Separately, the Bank may, as the case may be, receive from the fund house either or both (i) the benefits pegged to the management fee receivable by the fund house; and/or (ii) fees pegged to the investment amount of the subscription trade, as described.
18 The management fee receivable by the fund house is disclosed in the relevant offering documentation.
 

Section C: Transactions where the Bank acts as referrer or distributor

Referrer

Type of Product / Service Fee receivable by the Bank from a third party / product provider
Private Equity Access19 Up to 3% of the committed investment amount20

and

Funds that are custodised upon successful referral: Please refer to Section B [Investment funds section]
Insurance (Broker model)21 The Bank receives from the insurance broker up to 70% of the amount equivalent to the “Total Distribution Cost To-Date” payable to the insurance broker. The “Total Distribution Cost To-Date” is set out in the “Policy Illustration” section of the insurance policy.

Distributor

Type of Product / Service Monetary and/or non-monetary benefits receivable by the Bank and/or its associates
Insurance (Direct model)22 The Bank receives the amount equivalent to the “Total Distribution Cost To-Date” as set out in the “Policy Illustration” section of the insurance policy.

19 Private Equity Access is a referral service where the Bank refers the client to the external company or other entity, thereby providing the client with access to private equity investment opportunities (for example, in companies and funds) which the Bank may be apprised of from time to time. In the event where funds are referred via Private Equity Access, these funds are not DBS approved products for the purposes of formulating any recommendations and are not part of any suitability discussions.
20 The “committed investment amount” refers to the capital amount the client has agreed to commit to the relevant investment, prior to any fees or charges charged in addition to such amount. Typically the Bank receives fees from the company/fund (“issuer”) for such successful referral. However, in some instances, such referral fees may be paid by both the issuer as well as the client, or paid by the client solely, to the Bank, and will be disclosed to the client during referral. In the event that the issuer agrees to pay monetary benefits pursuant to a performance fee-based model, the monetary benefits receivable by the Bank would vary according to the performance of the investment product and hence may exceed this limit.
21 The broker model involves the Bank referring the client to an insurance broker in respect of a sale of the third party insurance policy.
22 The direct model involves the Bank making a direct sale to the client of the third party insurance policy. The Bank acts in the capacity as distributor.
 

Section D: Transactions where DBS Private Bank (the “Bank”) carries out other functions

(Also applicable where any of DBS Treasures Private Client and DBS Treasures carries out other functions and receive fees for that)

The Bank may be appointed by and/or agree with the issuer (“issuer” which also includes any entities within the issuer’s group structure) to carry out different functions in connection with the investment product. Such functions include and are not limited to the provision of recommendations or advice on portfolio construction of the product and/or its underlying components.

The Bank will receive fees and/or other benefits from the issuer which may (for example) be pegged to the index or strategy value or based on the NAV of the product, and/or paid out of fees that the issuer in turn receives from the investors. The aforesaid is subject to the structure and nature of each such investment product.

Other divisions of DBS Bank Ltd. may also hold various roles and receive fees from the issuer in connection therewith, all of which are separate from the disclosures herein. Fees receivable by other divisions may in turn be internally allocated or accounted to the Bank.

Important Notes:
  1. DBS Bank Ltd. is an affiliate of DBS Group Holdings Ltd and may act as both issuer and distributor of a Structured Note and/or other investment product. The client, in choosing to transact in the product, acknowledges and accepts the aforementioned notwithstanding that there are Chinese Wall policies in DBS Bank Ltd.
  2. In cases of early termination of an investment product before its maturity, the client may receive less than the principal amount initially invested or potentially lose the entire principal sum invested in the product. In addition, there may be administrative fees, charges and, if applicable, Premature Termination Costs (as defined in the DBS Private Banking and Investment Services Agreement) imposed in connection with the early termination of the product.
  3. Where clients trade in investment products through divisions other than the Bank, and/or where investment services are provided to clients by other divisions, there may be fees and charges imposed by these divisions which are separate from and not set out in this Fee Schedule. For queries relating to such products or services, please check with your usual contact and/or relationship manager.

    Fees and charges of the relevant division(s) as well as profit margins, if any, may be inherently contained and subsumed into the calculation of the interest rate, interest amounts and/or other variables of the product.

    Depending on the transaction, benefits received by the relevant division(s) on the client’s purchase / sale of this product can vary depending upon a number of factors including but not limited to the notional amount, product tenor, market conditions, liquidity, etc.
  4. Operational or system constraints, such as rounding practices, may result in the final fees, charges or benefit marginally exceeding the maximum dollar amount or percentage range detailed herein.
  5. All charges for retail services or transactions that are done via a retail platform will be accorded based on the DBS Treasures Pricing Guide. DBS Treasures Pricing Guide is available via go.dbs.com/sg-tre-pricing-guide