Terms and Conditions
Terms & Conditions Governing the DBS SME Banking Lunar New Year Promotion (“Promotion”) for New Accounts.
Participation in the Promotion constitutes acceptance of these Terms & Conditions.
- The Promotion sign up period shall be from 7 January 2020 to 31 January 2020, both dates inclusive (“Promotion Period”).
- The Promotion is only open to applicants who do not have an existing corporate relationship with DBS Bank Ltd. (the “Bank”).
- To participate in the promotion, Customers must:
- Have a Business Account successfully opened with the Bank no later than 31 January 2020; and
- Must make a Fresh Funds Deposit into their DBS SGD business account and maintain an average Account Balance over 3 months equal to or greater than the amount specified in each tier from 1 February 2020 to 30 April 2020.
- “Account Balance” to be maintained over 3 months is the amount determined by DBS Bank Ltd. (the “Bank”) by dividing the sum of each day-end account balance by the number of calendar days in the Promotion Period. The tiers of Account Balance to be maintained can be found on this page.
- The reward earned will depend on which tier of the Account Balance is maintained from 1 Feb 2020 to 30 April 2020.
- “Fresh Funds Deposit” means funds transferred from non-DBS/POSB accounts, or funds made through cheque(s), cashier's order(s), demand draft(s) and MEPS receipt. It excludes any funds from any DBS/POSB account and funds deposited via any DBS/POSB cheque(s), DBS/POSB cashier’s order(s), or DBS/POSB demand draft(s).
Cash Rebate for Commercial Credit Cardholders
- Instead of cash rewards, Customers who are existing Commercial Credit Cardholders will receive higher cash rebates that will be credited to the first DBS Commercial Credit Card issued under the Customer. Should you decide to credit to other DBS Commercial Credit Card, the authorised signatory of the company will need to write in an instruction to DBS to credit into a different card number.
- “Cash Rebate with DBS Commercial Credit Card” is only applicable to Customers who have a DBS Commercial Credit Card, with minimum credit limit of $10,000 as of 31 May 2020.
“DBS Commercial Credit Card” refers to any DBS Corporate Charge Card, DBS Business Platinum Card, DBS Purchasing Card, DBS World Business Card, DBS Virtual Card, or such other commercial credit card as DBS may issue. For the avoidance of doubt, this excludes the DBS Business Advance Card which is a commercial debit card.
Cash Rebate for Non-Commercial Credit Cardholders
- Customers who wish to enjoy the cash rebates but do not have an existing DBS Commercial Credit Card at the beginning of the Promotion Period will have to apply for and be successfully issued a DBS Commercial Credit Card by 31 May 2020, with minimum credit limit of S$10,000.
- Customers who do not have an existing DBS Commercial Card with minimum credit limit of S$10,000 as of 31 May 2020 will receive cash reward of lower value.
- Customers must satisfy the Bank’s credit assessment for the DBS Commercial Credit Card. The Bank does not commit, promise or agree to offer to any customer any credit facility, line of credit or financing agreement, or to enter into any arrangement or agreement in relation thereto. All applications must be submitted directly by the customers. Submissions by third party agents will not be eligible for this Promotion.
- Only customers who fulfil the criteria specified in the relevant Clauses 1 to 10 above (“Eligible Customers”) will be informed of their eligibility to receive either the cash rewards credited to their SGD Business Account or cash rebates credited into a commercial credit card of their choice (each, the “Reward”) by 31 July 2020.
- Each Eligible Customer will receive a maximum of one Reward for the Promotion.
- The Bank reserves the right to substitute or replace the Reward of similar value without giving prior notice.
- The Bank may vary the terms and conditions or discontinue this Promotion at any time without any notice or liability to any party.
- The Bank’s decision on all matters relating to this Promotion shall be final. No correspondence or claims will be entertained.
- By participating in this Promotion, each Customer confirms that it is lawfully providing its data for the Bank to use and disclose for the purposes of: (i) providing products or services to that Customer, whether in connection with this Promotion or business account with the Bank; (ii) meeting the operational, administrative and risk management requirements of DBS Group Holdings Ltd. and its related corporations (“DBS Group”); and (iii) complying with any requirement, as DBS Group reasonably deems necessary, under any law or of any court, government authority or regulator.
- These terms and conditions are governed by, and shall be construed in accordance with, the laws of Singapore.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Minimum Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.