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)

Heartland Merchant Banking Package for SMEs

Heartland Merchant Banking Package for SMEs - Customised for Business

Heartland Merchant Banking Package

Up to S$2,060 worth of support benefits
Campaign code: SG60HM

Heartland Merchant Banking Package

Up to S$2,060 worth of support benefits
Campaign code: SG60HM

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Resume your application now to unlock the benefits and get your account up and running

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At a Glance

Singapore's heartland businesses hold a unique place in our daily lives, fostering a sense of community and enhancing cohesion.

The SG60 Enhanced Heartland Merchant Banking Package is tailored to empower heartland merchants to save, earn and grow with up to S$2,060* worth of support benefits and e-commerce capacity building.

Save

No minimum balance & No account fees (waived for first year) when you open a Business Multi-Currency Account (BMCA)
Free GIRO & FAST payments (capped at 50 each month)
60% off processing fee for working capital loan
6 months free NETS terminal

Earn

$60 sign up bonus when you successfully open a BMCA
$60 when you sign up and activate your Business Advance+ Debit Card
$60 shopping voucher upon sign up during our community events

Grow

6% cashback for spends on Business Advance+ Debit Card (with min spend of S$600 per month. Total cashback capped at $60)
$60 cashback (min. daily balance of S$20k over 3 months)
$60 when you link your BMCA account to your RedeemSG Merchant account

Terms and conditions apply.

Enjoy these perks

DBS Heartland Businesses Package Multi-Currency Account

Business Multi-Currency Account

No minimum balance and no account fees (waived for first year)
Free GIRO & FAST payments (capped at 50 each month)

DBS Heartland Businesses Package Business Advance+ Card

DBS Business Advance+ Card

Enjoy $0 FX fees, up to 6% cashback, and up to US$1.65M complimentary corporate liability insurance

Working Capital Loan

Get up to S$50,000 of financing with no documents required and enjoy 60% off processing fee

DBS Heartland Businesses Package Digital Solutions

CDC Voucher

Sign up as a participating merchant to accept CDC vouchers. Link your RedeemSG merchant account to your DBS BMCA and get $60 cash

NETS for Business

6 months free terminal fees to power your business with NETS and offers your customers more ways to pay

How to apply

Get started with the Business 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.

Remember to use the Campaign code: SG60HM to qualify!

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 SG60HM before you confirm and submit your application.

Eligibility

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.

Business 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 free FAST and GIRO payments (capped at 50 each month)

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

Business Multi-Currency Account

Transact in SGD and up to 12 foreign currencies

DBS Business Advance+ Card

Enjoy $0 FX fees, up to 6% cashback, and up to US$1.65M complimentary corporate liability insurance

Save with DBS SG60: 6% cashback for first 3 months (min.$600 monthly spend, total capped at $60)
Learn more here

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
Minimum initial deposit	Waived for 1st year (Usual : S$1,000)
Minimum average balance per month	Waived for 1st year (Usual : S$10,000)
Fall–below fee	Waived for 1st year (Usual : S$40)
Account service fee	Waived for 1st year (Usual : S$50)
Inward Telegraphic Transfers	S$10 per transaction
Outward Telegraphic Transfers	A flat rate of S$30 per transaction (via DBS IDEAL), excluding Agent Bank charges
GIRO & FAST	Via DBS IDEAL: • 50 monthly free GIRO • 50 monthly free FAST
OTC Charges*	OTC transaction @ S$20 per transaction
DBS IDEAL	Free
Business Advance+ Card	Free

*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.

As you onboard as a RedeemSG merchant, DBS is committed to helping you manage your finances efficiently from the outset. We strongly recommend and encourage linking your new RedeemSG merchant account directly to your DBS Business Multi-Currency Account (BMCA). This integration offers immediate benefits by simplifying the reconciliation of your daily CDC Voucher redemptions and other RedeemSG transactions, providing a clear, consolidated view of your earnings.

To facilitate seamless financial operations from day one, we are offering a special incentive of $60 cash upon successfully linking of your RedeemSG merchant account to your DBS BMCA.

Seize this opportunity to streamline your financial processes and provide an immediate boost to your business! Click here to get started.

Working Capital Loan

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

Borrow up to SGD 50,000*

Support your operational expenses or business expansion

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

DBS Working Capital Loan flexible repayment

Flexible loan repayment

Enjoy a flexible repayment period of up to 5 years

Lower processing fees

Enjoy up to 60% off your processing fees

NETS for Business

Save with DBS SG60: 6 months free terminal fees

Unified POS Terminal
Usual Price: $50 / month
All-in-one terminal solution that accepts NETS and international credit card payments.

SGQR Label
$0 / month
A zero-cost solution that allows you to accept QR payments from various bank / digital payment apps.

Special deal for DBS Customers

Product	Subscription Fee		Transaction Fee
Product	First 12 months	Subsequent 6 months	Transaction Fee
NETS Unified POS (NETS +QR+ Credit Cards)	$50/ month	Free	0.8% - 3.5% (T+3 Daily settlement)
simplyNETS Lite (SGQR Label)	Free	Free	0.5% for F&B sector 0.8% for other sectors (T+1 Daily settlement)

Terms and conditions apply.

FAQs

	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 only open to customers who do not have an existing corporate relationship with DBS.

Heartland Merchant Banking Package

Heartland Merchant Banking Package

Save

Earn

Grow

Enjoy these perks

Business Multi-Currency Account​

DBS Business Advance+ Card

Working Capital Loan​

CDC Voucher

NETS for Business

Preferential transaction rates and free FAST and GIRO payments (capped at 50 each month)

Business Multi-Currency Account

DBS Business Advance+ Card

Community Banking

Features and Benefits​

Borrow up to SGD 50,000*

Flexible loan repayment

Lower processing fees

Business Multi-Currency Account

Working Capital Loan

Features and Benefits