Terms and Conditions

Terms & Conditions Governing the DBS SME Banking Lunar New Year New Account Promotion (“Promotion”).

  1. The Promotion period shall be from 1 February 2021 to 28 February 2021, both dates inclusive (“Promotion Period”). 
  2. The Promotion is only open to small-to-medium enterprises (“SMEs”) who do not have an existing corporate relationship with DBS Bank Ltd. (the “Bank”).
  3. To participate in the Promotion, an SME must make an online application for, and successfully open, its first Business Account with the Bank during the Promotion Period (such SME, a “Customer”). 

Eligibility

  1. To qualify for the Rewards (as defined below), a Customer must:
    1. make a Fresh Funds Deposit into its DBS SGD Business Account(s);
    2. maintain an Average Account Balance that is at least equal to the amount corresponding to the lowest tier of the Tier Table during the Calculation Period; and
    3. make at least ten (10) transactions on DBS IDEAL using FAST, GIRO or PayNow Corporate (collectively, “Payment Services”) from any of the Customer’s DBS Business Accounts to Third Party Accounts during the Calculation Period, 
    (each such Customer, a “Qualifying Customer”).
  2. “Average Account Balance”, in relation to a Customer, means an amount determined by the Bank which is calculated by:
    1. computing the aggregate sum of all of the day-end account balances during the Calculation Period across all of that Customer’s DBS SGD Business Accounts (the “Aggregate Sum”); and
    2. dividing the Aggregate Sum by the number of calendar days in the Calculation Period.
  3. “Calculation Period” means the period from 1 March 2021 to 31 May 2021 (both dates inclusive).
  4. “Fresh Funds Deposit” means: (i) funds transferred from non-DBS/POSB accounts; or (ii) funds deposited through cheque(s), cashier’s order(s), demand draft(s) or MEPS receipt, provided however that such expression excludes any funds from any DBS/POSB account and any funds deposited via any DBS/POSB cheque(s), DBS/POSB cashier’s order(s), or DBS/POSB demand draft(s).
  5. “Third Party Accounts”, in relation to a Customer, means any bank account that is not held in the name of that Customer or its related entities or corporations.
  6. “Tier Table” means the following table:
    Tier Average Account Balance during Calculation Period Cash Reward
    1 S$18,000 N/A
    2 S$88,000 S$28
    3 S$288,000 S$68
    4 S$508,000 S$108
    5 S$888,000 S$208
    Each tier of the Tier Table corresponds to a minimum Average Account Balance which needs to be achieved in order for a Customer to qualify for that tier. At the end of the Calculation Period, the highest tier that a Customer qualifies for based on its Average Account Balance will be determined by the Bank as the applicable tier for that Customer (“Applicable Tier”).

Rewards

  1. Each Qualifying Customer will receive a one-time fee rebate of up to S$100, based on the total fees charged to that Customer for transactions made on DBS IDEAL using the Payment Services during the period of 1 March 2021 to 31 August 2021 (the “Main Reward”), which will be credited to that Customer’s DBS SGD Business Account by 30 November 2021.
  2. Each Qualifying Customer that fulfils the each of the following additional Conditions stated in the table below will receive the corresponding additional reward (“Additional Reward”) (mentioned in the same row as that Condition):
    S/N Conditions for Additional Reward ("Conditions") Additional reward
    (1) Qualifying Customers must achieve an Applicable Tier of Tier 2 or above. A one-time cash reward as specified in the Tier Table corresponding to the Applicable Tier, which will be credited to that Customer’s DBS SGD Business Account by 31 August 2021.
    (2) Qualifying Customers must successfully complete a first-time sign up for DBS MAX or DBS Credit Card Acceptance before the end of the Calculation Period.  A one-time time S$50 cash reward that will be credited to that Customer’s DBS SGD Business Account by 31 August 2021. This cash reward is applicable only for one first-time sign up, either for DBS MAX or DBS Credit Card Acceptance.
    (3) Qualifying Customers must successfully complete a first-time sign up for DBS InvoiceNow before the end of the Calculation Period.  A one-time time S$50 cash reward that will be credited to that Customer’s DBS SGD Business Account by 31 August 2021.

     

  3. Only Customers that have qualified for the Main Reward or fulfilled the Conditions for an Additional Reward (the Main Reward and Additional Rewards collectively, “Rewards”) will be informed of their eligibility to receive a Reward. If a Customer closes all of its DBS SGD Business Accounts before the relevant Reward is credited, the Bank is entitled to forfeit such Reward for that Customer.
  4. If a Qualifying Customer has multiple DBS SGD Business Accounts, the Bank has the sole discretion to determine which account to credit a Reward to. In addition, if a Qualifying Customer closes each of its DBS Business Accounts prior to the crediting of any Reward, such Reward will be forfeited.
  5. Each Qualifying Customer may only receive the Main Reward and each Additional Reward once.
  6. The Bank reserves the right to withdraw any Reward, or substitute or replace any Reward with another reward of similar value, without giving prior notice.
  7. The Bank may vary the terms and conditions or discontinue the Rewards at any time without any notice or liability to any party.

General Terms and Conditions

  1. The Bank may vary the terms and conditions or discontinue this Promotion at any time without any notice or liability to any party.
  2. In the event of any inconsistency between these terms and conditions and any brochures, marketing or promotional materials relating to this Promotion and the Rewards, these terms and conditions shall prevail.
  3. The Bank’s decision on all matters relating to this Promotion (including the Rewards) shall be final. No correspondence or claims will be entertained.
  4. By participating in this Promotion, each Customer:
    1. (c) confirms that it is lawfully providing its data, or any information as may be requested by the Bank from time to time in relation to the Promotion (including any Personal Data), for the Bank to collect, use, disclose, process and store for the purposes of: (i) promoting, conducting and administering the Promotion, including any communications relating to the Promotion, whether to the Customer or otherwise; (ii) providing digital solutions, products or services to that Customer, whether in connection with this Promotion, the Rewards or its business account with the Bank; (iii) meeting the operational, administrative and risk management requirements of DBS Group Holdings Ltd. and its related corporations (“DBS Group”); and (iv) complying with any requirement, as DBS Group reasonably deems necessary, under any law or of any court, government authority or regulator; and
    2. undertakes, represents and warrants to the Bank that in relation to any Personal Data that the Customer is disclosing to the Bank, the Customer has notified such individual of the purposes for which the Bank may use his/her Personal Data and has obtained such individual’s consent for the collecting, processing, use and disclosure of his/her Personal Data by the Bank in accordance with the terms and conditions of the Promotion.
    For the purposes of this Clause, “Personal Data” means personal data as defined in the Personal Data Protection Act 2012 of the Republic of Singapore and its amendments from time to time.
  5. 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.