DBS raises stake in banks' cashback war

Singapore

DBS Bank wants to wrest deposits from competitors with a new programme that attaches cashback to the base value of the transactions, rather than the savings account.

Through POSB, DBS on Monday said DBS and POSB customers can earn up to S$130 per month on cashback by transacting in at least three in five ways with the bank. Two of these ways - crediting a monthly salary of at least S$2,500, and spending any amount on a POSB or DBS credit card - will each earn a cashback of 0.3 per cent per year on the salary and spending, capped at S$20 monthly.