Heartland Merchants Banking Package

Heartland Merchant Banking Package

Curated to serve your business across generations

Heartland Merchant Banking Package

Curated to serve your business across generations

At a Glance

Singapore's heartland businesses hold a unique place in our daily lives, fostering a sense of community and enhancing cohesion. The Heartland Merchant Banking Package is tailor-made to meet your business banking requirements, offering insurance coverage and solutions for sales collection.

Multi-Currency Account​

Multi-Currency Account​

Transact in SGD and up to 12 foreign currencies with no initial deposit or minimum balance and unlimited free local transfer (Starter Bundle).



Secure your business with free insurance coverage against legal liabilities, public injuries and property damage stemming from your operations. Enjoy your first year of coverage on us, underwritten by Chubb.

 Working Capital Loan​

Working Capital Loan​

Kickstart your business with unsecured loans with 50% off processing fees.

Impact Programmes​

Impact Programmes​

Start Digital Programme – Kickstart your digitalisation journey with a suite of​ digital solutions for your business needs – from Accounting, HR to Digital, Marketing – supported by Enterprise Singapore and Infocomm Media Development Authority under SMEs Go Digital Programme.​

​SME Skills Booster Programme – Develop skills that are aligned with your business aspirations. Through this programme by SkillsFuture Singapore and DBS, SME business owners and employees can develop their knowledge and capabilities in areas such as sustainability, digitalisation, cyber wellness, and finance. ​

How to apply

Get started with the Heartland Merchant Multi-Currency Account and apply for the additional services you may require.

Step 1: Register your interest for the Heartland Merchant Banking Package.

Once you have applied for the Banking package, you may select the solutions that you are interested in.

Step 2: Open a new Business Multi-Currency account online

Step 3: Once your Business Multi-Currency Account has been opened successfully, a DBS representative will contact you to guide you through the application process for the remaining solutions you have indicated interest for. 

For a SME Working Capital Loan, you will be required to submit an online application here​. Enter promo code HMLOAN before you confirm and submit your application.


To be eligible for the Heartland Merchant Banking Package, your company simply needs to be in the heartland retail business and meet the following requirements*: 

  • Business nature of heartland retailer; AND
  • Be registered and incorporated in Singapore with at least 30% local shareholding (Singaporeans or Permanent Residents); AND
  • Have an annual sales turnover (at group level) of not more than S$100 million or employment size not exceeding 200 employees

*Applicable to only companies with first business account to be opened with us.

Multi-Currency Account​

Designed to address the needs of businesses creating impact, this low-cost banking solution leaves you free to focus on your cause.

Preferential transaction rates and unlimited free local transfers

Preferential transaction rates and unlimited free local transfers

Get preferential transaction rates via DBS IDEAL. No initial deposit or minimum monthly balance for Business Multi-Currency Account (Starter Bundle).

Multi-currency account

Multi-currency account

Transact in SGD and up to 12 foreign currencies. 

Community Banking

Community Banking

We are the first and only bank in Singapore to offer solutions tailored for heartland merchants.

Features and Benefits​

Package details

Business Multi-Currency Account (Starter Bundle)

For companies incorporated less than 3 years.

Business Multi-Currency Account

Minimum initial deposit



Minimum average balance per monthNILS$10,000

Fall–below fee



Account service fee

S$10 or equivalent monthly

S$50 per year

Inward Telegraphic Transfers

S$10 per transaction

S$10 per transaction

Outward Telegraphic Transfers

A flat rate of S$30 per transaction (via DBS IDEAL), excluding Agent Bank charges

A flat rate of S$30 per transaction (via DBS IDEAL), excluding Agent Bank charges


GIRO: Waived (via DBS IDEAL)

FAST: Waived (via DBS IDEAL)

• 50 monthly free GIRO
• 50 monthly free FAST

OTC Charges*

OTC transaction @ S$40 per transaction

OTC transaction @ S$20 per transaction




DBS Visa Business Advance Debit Card



*Over-The-Counter (OTC) charges are applicable to cheque encashments, cash deposits and cash withdrawals done over the branch counter only and is subject to the banks review.

Note: Fees are inclusive of GST where applicable. View the Pricing Guide for details.

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. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Click here to read more.


Select+ is a package insurance, underwritten by Chubb Insurance Singapore Limited, that provides public liability coverage. ​


Public Liability ​

Public Liability ​

DBS Select+ Insurance provides coverage up to S$10,000 in property damage and S$100,000 in public liability. Designed to meet the needs of smaller enterprises, it's an affordable solution which provides ample coverage.

All benefits are subject to the terms and conditions of the Policy. Please refer to the Policy Wording for the full insuring clauses, definitions, schedule, extensions, terms, conditions, exclusions and limits of liability of the Policy.​


Enjoy Free Cover for the 1st Year! ​

Enjoy Free Cover for the 1st Year! ​

For a limited time only, enjoy free 6 months complimentary coverage (worth $30),​ maintain a minimum eligible balance in your account to enjoy another 6 months free.*

*refer to FAQ

Working Capital Loan​

Helping businesses that are creating impact to kickstart their journey with unsecured loans with preferential interest.

cash in hand

Borrow up to SGD 500,000*

Support your operational expenses or business expansion.

*Loan amount is approved based on the bank's assessment.


Flexible loan repayment

Enjoy a flexible repayment period of up to 5 years.

Lower processing fees

Lower processing fees

Enjoy up to 50% off your processing fees.

Impact Programmes
Start Digital Programme​

Start Digital Programme​

Going digital is essential to power business growth and expansion. Here at DBS, kick start your digitalisation journey by offering you a suite of Digital Solutions for your business needs.

From Accounting, HR to Digital Marketing, Digital Transactions, Digital Collaboration and Cybersecurity, sign up for any two digital solutions to enjoy a free subscription of 6 months minimum.

Our suite of digital solutions under the Start Digital Programme are designed in partnership with our key partners and is supported by Enterprise Singapore and Infocomm Media Development Authority under SMEs Go Digital programme.

In addition, we have in-house digital solutions like DBS MAX which is an all-in-one merchants’ platform for all your merchant needs. Through DBS MAX, you can enjoy an end-to-end cashless collections experience, gain business insights and more. Click here to find out more about DBS MAX.

Additional eligibility criteria for Start Digital Programme​
To qualify for the deals offered in the DBS Start Digital Pack, your business must: 

  • Be a first-time applicant for Start Digital under IMDA’s SMEs Go Digital Programme.
  • Be a new solution subscriber.
SME Skills Booster Programme

SME Skills Booster Programme

To help SMEs future-proof their workforce, DBS has partnered SkillsFuture Singapore (SSG) to launch the DBS SME Skills Booster Programme. With resources from SSG and DBS BusinessClass Academy, DBS aims to help SMEs improve productivity and efficiency by creating a learning and development (L&D) plan that is aligned with their business aspirations.

Through the programme, SME employees can hone their skills and capabilities in areas such as digital and transformation, sustainability, banking and finance, and cyber wellness.

Is my business considered as a Heartland Merchant?

Heartland merchants are our local SME retail businesses (ACRA registered or with UEN) serving our heartlands, spread across town centres, neighbourhood centres and precinct clusters.

Can I apply for the Heartland Merchant Banking package if I have an existing DBS company account?

The Heartland Merchant Banking Package is applicable to both new and existing DBS corporate customers with an existing storefront in heartland areas.

Free insurance coverage (Select+) would only be applicable for customers who open a new corporate account with DBS.

How can I qualify for 1 year of free insurance coverage under Select+?

You will automatically enjoy 6 months free insurance when you open the account with us. To receive another 6 months of free coverage, simply maintain a minimum balance of $8,000 and $20,000 for Starter MCA and Business MCA respectively for the first 3 months of your account opening.

What are the excluded trades and business operations for Select+?

Select+ does not cover any loss or damage from the operation of any of the following businesses or trades at the Insured Location:

  • Manufacture of petrochemical primary products (e.g. olefins, aromatics)
  • Wholesale of petrochemical products
  • Petroleum refineries
  • Manufacture of petroleum lubricating oil
  • Manufacture of refined petroleum products n.e.c.
  • Wholesale of crude petroleum
  • Retail sale of liquefied petroleum gas (LPG)
  • Crude petroleum and natural gas production
  • Manufacture of chemicals
  • Building and repairing of ships, tankers and other ocean-going vessels (including conversion of ships into off-shore structures)
  • Manufacture of water treatment, waste treatment and oilfield chemicals
  • Treatment and disposal of waste (including remediation activities)
  • Recycling of metal waste and scrap
  • Recycling of non-metal waste (e.g. marine clay and oil sludge)
  • Wholesale of scrap, junk and waste dealers 
  • Wholesale of other intermediate products, waste and scrap
  • Amusement theme parks
  • Other amusement and recreation activities (including recreation parks/beaches and recreational fishing) 
How can I better understand what Impact Programme has to offer?

You may refer to the webpage link Start Digital Programme and SME Skills Booster Programme to understand more.

Should you need to understand more, fill up the interest page for us to contact you.