Fight against inflation: 5 ways DBS/POSB is cushioning cost-of-living pressures

Amid rising food prices and housing costs, the effects of inflation are probably no stranger to most by now.

While it may be a long, drawn-out fight against inflation, the Singapore government and businesses have been rolling out various support measures to help ease such inflationary pressures.

One such organisation is local bank DBS/POSB who just announced its $40 million suite of measures last Saturday (Aug 12).

Aimed at helping Singaporeans defray everyday expenses, reduce mortgage payments and bolster savings, these measures come on top of the bank's $1 billion commitment towards easing cost-of-living pressures over the next 10 years.

In support of low-income and underprivileged families, here are five key measures rolled out by the bank.

1. Monthly transport rebates

Singapore may be known for our affordable public transport, but a rebate on transport expenses is always welcomed, right?

To enjoy a monthly transport rebate of up to $20, be one of the first 100,000 people to sign up for the bank's transport rebate scheme, and use your DBS/POSB debit cards for public transport, groceries and shopping.

DBS/POSB debit cardholders will need to sign up for the transport rebate scheme on DBS PayLah! to qualify.

Those with a monthly income below $2,500 will only need to spend $80 every month to offset the cost of their public transport rides.

2. Enhanced home loan package

On the housing front, those with a monthly income of $2,500 and below are eligible for the enhanced POSB HDB home loan package with an all-in interest rate of 2.6 per cent per annum.

Like HDB's current concessionary home loan, this enhanced package is available to new HDB homeowners and those who wish to refinance their HDB mortgages.

In partnership with Chubb Insurance, all successful applicants will receive a one-year complimentary fire mortgage insurance too.

3. Enhanced high-yield savings programme

From this month, low-income and gig workers on the DBS Multiplier savings programme will enjoy a tripled interest rate of 1.8 per cent per annum on higher balances.

4. Weekly allowance subsidy for students

Since June this year, students using POSB Smart Buddy for their daily transactions have been eligible for weekly pocket money of up to $2.

The first 15,000 students who spend a cumulative $2 with Smart Buddy each week will enjoy a 100 per cent reimbursement under this programme. The programme runs till November 30 this year.

5. Cashback at participating hawker stalls on Fridays

Since February this year, DBS/POSB has been making Fridays sweeter with their dining cashback.

Under the bank's Five Million Hawker Meals scheme, diners can score up to $3 cashback when they use the DBS PayLah! mobile app to pay for their meals at participating SG-QR-enabled hawker stalls on Fridays.

Running till January next year, the cashback is limited to the first 100,000 diners every Friday.

[email protected]

No part of this story or photos can be reproduced without permission from AsiaOne.