DBS becomes first bank to formally recognise CPF LIFE payouts for credit card applications
Starting 11 June, seniors aged 65 and above can apply for any DBS/POSB credit card using CPF LIFE payouts as income proof. At present, banks typically assess income for credit card applications based on salary, rental, and investment earnings (including dividends and interest).[1] While some may accept CPF LIFE payouts as income proof on a discretionary basis, the process remains lacking in transparency and assurance. DBS’ official and clear recognition of CPF LIFE payouts acknowledges these monthly payouts as reliable, lifelong income, giving seniors fairer access to credit options that may have previously been out of reach.
The bank’s move closely follows the Monetary Authority of Singapore’s (MAS) recent confirmation that banks can consider CPF LIFE payouts as a valid source of income for retirees above 65 years old for new unsecured loan facilities such as credit cards, if they pass criteria set by MAS.[2] This means CPF LIFE payouts are on par with other typical income proofs when assessing retirees’ ability to repay loans.
“We have more than 900,000 Singaporean or Permanent Resident customers who are aged 65 and above and know how important CPF payouts are in supporting retirees’ daily needs and aspirations,” said Calvin Ong, Head of Consumer Banking Group, DBS Singapore, “By recognising the payouts as income, we’re making sure seniors continue to have fair access to credit and the cards’ accompanying privileges. This move ensures banking remains accessible and meaningful for our senior customers, so they can enjoy a fulfilling retirement.”
DBS also remains the first and only bank that recognises CPF payouts as part of income in the “Bank & Earn” space via the DBS Multiplier. This helps seniors qualify for higher interest rates for their balances.
With Singapore’s ageing population and an increasing reliance on CPF payouts for retirement income – a recent 2025 DBS report found that median payouts cover more than half of retirees’ expenses[3] – the new policy complements DBS’ efforts to strengthen financial security and ensure dignity and independence for seniors. The latter is also part of the bank’s wider commitment to addressing the needs of ageing societies and supporting all seniors in ageing well.
Seniors interested in using CPF LIFE payouts as income proof for credit card applications can go to any DBS/POSB branch and submit their CPF monthly payouts history or personal bank statements showing CPF LIFE. To learn more, visit go.dbs.com/sg-cardsforlife.
[1] Financial institutions can issue credit cards to individuals above 55 years old if they meet one of these criteria: annual income of at least SGD 15,000, total net personal assets exceeding SGD 750,000, or a guarantor whose annual income is at least SGD 30,000: https://www.mas.gov.sg/regulation/explainers/Issuing-Credit-Cards
[2] https://www.straitstimes.com/business/invest/banks-can-view-cpf-life-payouts-as-retirees-income-for-new-unsecured-loans-mas
[3] DBS Group Research report, “Life After Work”, February 2025. Link
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