From January 2018, we will be implementing a service fee of S$1,200 per annum for accounts with Assets Under Management (AUM) that fall below S$1.5 million (average AUM amount derived from the preceding 6 months). The AUM reflects the combined balance of all your accounts held with DBS Treasures Private Client. The service fee will be split and debited semi-annually (S$600 will be debited in January and S$600 in July).
Frequently Asked Questions
How is the DBS Treasures Private Client service fee calculated?
It is calculated based on the average Assets Under Management (AUM) for the preceding 6 months. AUM comprises deposits and investments that fall under all related single/joint/corporate accounts.
Will I be charged the service fee if my account(s) with DBS Treasures Private Client are less than 6 months old?
No. The service fee applies only if the combined balance of all your accounts held with DBS Treasures Private Client fall below S$1.5 million in the preceding 6 months.
How much is the service fee and when is it debited?
The service fee is S$1,200 per annum. The fee will be split and S$600 will be debited semi-annually in January and July.
Which account will the service fee be debited from?
For your convenience, the service fee will be debited from the account which you have opened with DBS Treasures Private Client (single or joint) earliest in time. But do let us know if there is a specific account you prefer to use.
I have a few accounts with you, a joint account with my spouse, a joint account with my daughter, and a joint account with my son. Do I need to maintain S$1.5 million in each of these accounts to enjo
No. The service fee is waived so long as the combined balance of all your accounts held with DBS Treasures Private Client is at least S$1.5 million.
Is Single Premium Universal Life (UL) Policy computed as part of my Assets Under Management (AUM)?
Yes, it will be considered as part of the AUM computation.
How about the other Insurance Policies held with the bank?
Aviva Life and MSIG policies are already part of the AUM computation.
Can I specify an account from which to debit the service fee?
Yes. Please share with your Relationship Manager, the details of your preferred account to debit the service fee.
Who can I contact if I require further clarification on the service fee?
You can contact your Relationship Manager or call our DBS Wealth Management Hotline at 1800 221 1111 (Singapore) or +65 6221 1111 (Overseas) for clarification.
Why are you charging the service fee?
The service fee is closely aligned with the maintenance cost of every DBS Treasures Private Client account. Do reach out to your Relationship Manager should you require further clarification.
What can I do to avoid paying the fee?
To continue to enjoy the benefits and privileges offered by DBS Treasures Private Client, please maintain a combined account balance of S$1.5 million. Please refer to Question 1. Do speak with your Relationship Manager should you need further assistance.
I have an investment account, and a few single-name savings and current accounts. Do you only consider the AUM under my investment account?
No. AUM is calculated by adding up the balances of all your accounts with DBS Treasures Private Client, be it investment or savings account(s) that are held singly or jointly. The service fee is waived so long as the combined balance is S$1.5 million or more.