DBS rolls out new package to set consumers on the path of sustainable living

DBS is enhancing its efforts to push consumers towards green living with its new DBS Green Solutions package.

Unveiled on Sunday, the package comprises offerings to aid customers in integrating green practices into their lives. These include a green renovation loan, rebates for switching to green utilities, green car loan and rewards for eco-friendly purchases.

When a consumer taking the green renovation loan switches to green electricity retailers such as iSwitch or Sunseap, they will receive a preferential renovation loan rate of 2.68 per cent per annum. This is lower than current average market loan rate of around 3.88 per cent per annum. Additionally, customers who decide to instal green energy infrastructure such as solar panels will receive rebates of up to S$100.

Opting for green utilities will entitle customers to S$30 rebates if they sign up on the DBS Utilities Marketplace. For non-renewable electricity retailers, the average electricity cost is approximately S$100 monthly for a four or five-room HDB flat.

In February this year, DBS rolled out its green car loan scheme that offers customers purchasing new or used electric or hybrid vehicles an interest of 1.68 per cent per annum, a move that aims to encourage car owners to reduce their carbon footprint. This preferential rate was first offered to Tesla car buyers, DBS said in February.

DBS also launched its first eco-friendly credit card, DBS Live Fresh. From May 1 onwards, cardholders will get rewards when they patronise selected eco-friendly and sustainable businesses. Other rewards include first-month subscription fee waiver and free rental usage with BlueSG, Singapore's electric car sharing platform.

Said Jeremy Soo, head of consumer banking group (Singapore) at DBS: "With the introduction of DBS Green Solutions, we hope that choosing to go green becomes second nature to consumers . . . With the United Nations recent report on an intensifying climate crisis, we recognise there's much more to be done, and quickly."

"This includes further reducing our own environmental footprint and providing sustainable living solutions that enable customers to make a positive impact," he added.