Monetary and Non-Monetary Benefits Schedule

(With effect from 01 September 2020)

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 specialized 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) Single Options and Bundle of Options7, covering interest rates, credit, FX, commodities, funds and equities: - Up to half of the option premium8

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
Bonds / Fixed Income – (Rebates for Primary issuance)12 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
Bonds / Fixed Income (Primary and secondary market)13 - 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 rate14
Paper Gold (XAU) / Silver (XAG) (including Forward) Up to 3% of prevailing XAU/XAG rate
Physical Gold 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 A “bundle of options” refers to a combination of options aggregated in one transaction.
8 “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.
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 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 “Bonds / Fixed Income (Primary and secondary market)”).
13 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.
14 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 associate15
Investment Funds16 Up to 70% of the management fee receivable by the fund house17
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

15 The benefits receivable as described in this column are subject to any pre-sale process and/or documentation providing otherwise.
16 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.
17 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

Type of Product / Service Referral fee receivable by the Bank from a third party / product provider
Private Equity Access18 Up to 3% of the amount committed19
Private Equity Fund Up to 3% of the subscription amount from the fund20
Insurance (Broker model)21 The Bank receives from the insurance broker up to 60% 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.

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.

18 Private Equity Access is a referral service of the Bank providing the client with access to private equity investment opportunities which the Bank may be apprised of from time to time, subject to the applicable terms and conditions.
19 The “amount committed” refers to the capital amount the client has agreed to commit to the relevant investment.
20 The “subscription amount” refers to the investment amount client has agreed to commit to the private equity investment. Depending on the arrangement with the relevant issuer, the Bank may act as principal or agent in such transactions. Please also note that the fees set out under “Investment Funds” in Section B (footnotes 16 and 17) are also applicable.
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.

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.