Banking in Singapore Made Easy

DBS Expatriate Programme

DBS. Living, Breathing Asia

Dear Customer,

Welcome to Singapore! With the DBS Expatriate Programme, our goal is to make your

transition here as smooth as possible. That’s why we’ve designed a comprehensive suite of

products and services to meet your banking and financial needs.

Singapore is an exciting city with its own unique way of doing things – and banking is

no exception. This guide gives you a summary of the benefits of the DBS Expatriate

Programme. It also provides useful information regarding your salary, taxes, billing

arrangements as well as a quick guide to common financial terms used locally.

With this information, we hope to help you settle in more easily, and that you will have a

more pleasant experience living and working in Singapore.

Yours sincerely,

Answers to your Basic Banking Needs

Linda LeeExecutive Director & Deputy HeadDBS Branch BankingConsumer Banking Group, SingaporeDBS Bank Ltd

Highlights of the DBS Expatriate Programme

PAGE 4

PRODUCT HIGHLIGHTS

Savings in multiple currencies – DBS Multiplier Account

Your local and foreign currency transactions – all in one account.

Deposit Insurance SchemeSingapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Conversions between currencies involve fluctuations and are subject to exchange controls. If you are converting from another currency to place the deposit and intend to convert it to the original currency, exchange rate fluctuations could cause the converted amount to be less than your original amount.

Better manage your exposure to foreign exchange fluctuations

•Save on fees when you send money overseas via online transfers

•Convert currencies when you think exchange rates are moving in your favour

•Send or receive foreign currency directly into your account

Enjoy the convenience of the widest network in Singapore

•Easy access to our ATMs, Cash Deposit Machines, Quick Cheque Deposit Boxes and numerous DBS/POSB branches in Singapore

Earn higher interest of up to 2.08% p.a.

•Enjoy higher interest on the SGD balance in this account, if you do any of these with us:My salary goes to a DBS or POSB personal deposit accountMy shopping is with DBS or POSB credit cardsMy home loan is from DBS or POSBMy investment dividends go to a DBS or POSB personal deposit account

What else you need to know

Fees•Nomonthlyaccountfees•FallbelowfeeofS$5willbechargedifaveragedailybalancefallsbelowS$3,000 (based on total SGD equivalent of SGD & foreign currency balances)•EarlyclosurefeesofS$30(ifaccountisclosedwithin6months)

Eligibility•Atleast18yearsofage•Noinitialdepositrequired

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Benefits

• BlackList:Enjoy1-for-1offersandexclusivediningprivilegesatSingapore’smostpopularnightspotsandrestaurants

• Black Refuel: Enjoy fuel savings at Esso from 7pm – 7am daily

• Black Bazaar: Get the coolest gadgets and lifestyle products from our mobile store

• BlackLimo:ReceiveacomplimentarylimousineridehomeeveryFriday(withmin.$800spentinasinglereceipt)

• Convenientaccesstocashatover1,000DBS/POSBATMsislandwide

• Enjoy3-yearannualfeewaiver-exclusivelyforDBSExpatriateProgrammecustomers!

IfyouhaveyettoapplyforaDBSBlackCreditCard,SMS<CALLEPBLACK>to76060andwewillcontactyoutoassistinyourcardapplication.

Terms and Conditions apply. Visit www.dbs.com.sg/blackvisa or www.dbs.com.sg/blackamex to find out more.

American Express is a trademark of American Express. This card is issued by DBS Bank Ltd pursuant to a license from American Express.

or

DBS Black American Express® Card

DBS Black Card

More Purchasing Power, Wherever You GoPRODUCT HIGHLIGHTS

DBS Black Visa Card

PAGE 6

PRODUCT HIGHLIGHTS

We Care Insurance Plan

Personal Accident Protection For You

NOTESAllthebenefitslisted(1)to(6)arepayableoverandaboveanyotherinsurancecoveragethatyoumayalreadyhave,exceptforBenefit(4)whichispayableonlyifyoudonotrecovertheexpensefromanyothersource.

We Care is underwritten by MSIG Insurance (Singapore) Pte. Ltd. (“MSIG”) and distributed by DBS Bank Ltd (“DBS”). It is not an obligation of, deposit in or guaranteed by DBS. This is not a contract of insurance. Full details of the terms, conditions and exclusions of the insurance are provided in the policy wordings and will be sent to you upon acceptance of your application by MSIG. All the benefits of We Care (except “Special Daily Hospitalisation Benefit”) are only payable subject to the occurrence of an Accident during the policy period. You should consider carefully if you are intending to switch personal accident policies, as this might be detrimental to your current and/or future needs.

This policy is protected under the Policy Owner’s Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (“SDIC”). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact MSIG or visit the General Insurance Association or SDIC websites (www.gia.org.sg or www.sdic.org.sg).

Enjoy comprehensive personal accident protection with total coverage of more than S$200,000, for just S$0.95 a day for Premier Plan.

If you have yet to apply for We Care insurance plan, visit us at any DBS branch to find out more.

WE CAREBENEFITS AT A GLANCE

1. Accidental Death (AD)

2. Total & Permanent Disablement (TPD) Lump sum payment subject to the compensation scale for Total & Permanent Disablement

3. Income Protector Pays for your loss of monthly salary / income if: • 100%ofTotal&PermanentDisablementBenefitispayable,and • PermanentemploymentisterminatedbyanInsuredPerson’semployer; or registered business is terminated

4. Medical Expenses due to Accident Reimbursement of medical expenses and treatment charges by a Physician (Including Treatment by registered TCM Practitioner in Singapore)

5. Special Daily Hospitalisation Benefit Daily hospitalisation benefit as a result of the following illness certified by a Physician: •InfluenzaA(H1N1) •DengueFever •FoodPoisoning •AvianInfluenza(BirdFlu)

6. Automatic Increase in Benefit An increase in the original sum insured for AD and TPD upon renewal of the Policy

Monthly Premium(Premiumisinclusiveof7%GST)

CHOICE OF PLAN

Sum InsuredCLASSIC

S$100,000

UptoS$100,000

S$19.50

Upto6months’basicsalary;

maximum S$20,000per Injury

MaximumS$1,500per Injury

TCM: Up to S$50pervisit;

maximum S$500per Injury

S$150perday;Up to 90 days per occurrence

10%increaseinAD&TPD;up to 5 consecutive years

PREMIER

S$200,000

Up to S$200,000

S$28.50

Upto6months’basicsalary;

maximumS$30,000per Injury

MaximumS$3,000per Injury

TCM: Up to S$50pervisit;

maximum S$500per Injury

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OTHER HIGHLIGHTS

DBS Remittances

Speedy And Secure Funds Transfers

Be In The Know

Stay Constantly Engaged

DBS remittance services allow you to wire funds – in various foreign currencies – swiftly and securely to many destinations, enabling you to

stay connected back home. You can also add standing instructions for a hassle-free way to transfer a fixed amount regularly to the same party

overseas. In addition, you have the convenient option to remit funds online via iBanking.

To keep you abreast of the local scene, you can look forward to receiving regular emails with investment insights that will update you on

market trends. Stay clued in on your latest card privileges and receive exclusive invites to our lifestyle events and financial seminars.

Useful information on Banking in Singapore

PAGE 9

BASICBANKINGMATTERS

Banking At Your Convenience

Making Daily Banking Simpler

Receiving Your Salary

At your request, your company can credit your salary into your bank account. To credit it into your DBS Multiplier Account, please provide the

following information to your HR or Finance Manager:

• YourAccountNumber:A10-digitnumber

• DBSBankCode:7171

• BranchCode:Thefirst3digitsofyouraccountnumber

Day-To-Day Payment Needs

The chart below illustrates common ways to pay for purchases or bills in Singapore.

AtDBS,youwillhaveaccesstoallthesemodesofpayment.TomakepaymentsatanAXSstation,youwillneedyourdebitcardandPIN.Both

GIRO and standing instructions can be easily set up via DBS iBanking.

Applying for GIRO via DBS iBanking is fast and easy:

1.Goto:https://internet-banking.dbs.com.sgandlogin

2. Select “Payments” > GIRO: Manage GIRO Arrangements > Add GIRO Arrangement

3.Under“BillingOrganisation”,selecttheserviceprovidere.g.“IRAS–IncomeTax”

4.Under“BillReferenceNo.”,pleasekeyinyourbillreferencenumberfortheBillingOrganisation.Fortheexplanatoryguideon “BillReferenceNo.”,pleaseclick“ViewMoreInfo”

5. Under “Payment Limit”, please key in “0” unless you would like to set a limit

6.Click“Submit”

7. Check your information again before you click “Confirm” and your application is completed

GIRO can also be set up through the service provider, usually by completing a simple form and providing account details such as your account

number, the bank code and branch code.

AXS GIRO Internet Banking Standing Instruction Cheque Rental Payments • • • •

(via funds transfer)

Utility, Telco, or Income Tax Bills • • • • •

School Education and Childcare Fees • • Housing Loans • Car Loans • •

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Banking On-The-Go

Internet, Mobile And Phone Banking

Enjoy the freedomofbankingon-the-gowithmore than110onlineservices, includingbalanceenquiry, transactionhistory,overseas funds

transfer,billpaymenttomorethan165participatingorganisations,andmuchmore.

DBS iBanking24/7OnlineAccess–Anytime,Anywhere

DBS iBanking and DBS mBanking are protected with a 2FA (2-factor authentication)

protocol, and our Money Safe Guarantee – the first in Singapore that guarantees

your money is secure when you bank online. In the unlikely event of an unauthorised

transaction, we will repay the money taken from your account subject to terms of

the DBS iBanking Money Safe Guarantee.

DBS mBankingBanking At Your Fingertips

DBS mBanking, or Mobile Banking, lets you perform numerous transactions via your smartphone – from checking your account balance, to

making bill payments and funds transfers.

Available to DBS iBanking customers. Download the DBS mBanking application from the Apple App Store or Google Play.

DBS Phone BankingBanking Services Are Just A Phone Call Away

Performaccountenquiries,fundstransfers,billpaymentsandmoreinaphonecallto18001111111or(65)63272265foroverseascalls.

AllyouneedisyourphonebankingPIN.

BASIC BANKING MATTERS

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Tax Payment In Singapore

Basic Information for Expatriates

Singapore income tax is administered by the Inland Revenue Authority of Singapore (IRAS). Singapore income tax is imposed on a territorial

basis whereby an individual is generally taxed on all income accruing in or derived from Singapore (i.e. source of income is in Singapore). For

employment income, it is generally regarded as sourced in Singapore if the employment is exercised in Singapore.

The Singapore income tax liability of an individual is determined by his/her tax residency status.

Chargeable income of a tax resident is taxed at a progressive tax rate, whilst a non-tax resident is generally taxed at a flat rate (depending on

thetypeofincome).Anon-taxresidentworkinginSingaporeforlessthan61daysinayearmaybeexemptfromtax.Asanindividual,youare

consideredataxresidentifyouhavestayedorworkedinSingaporefor183daysormoreduringthetaxyear(i.e.calendaryear).

Key points of Singapore income tax for individuals include:

• Individuals are taxed only on income earned in Singapore

•With a few exceptions, income earned by individuals while working overseas is not subject to taxation

• Theprogressivetaxratestartsat0%andendsat20%forchargeableincome,dependingonthetaxableincomebracket

• There is no capital gain or inheritance tax

• ThetaxfilingduedateforindividualsisApril15ofeachyear

• Incometaxisassessedbasedonaprecedingyearbasis(e.g.taxchargedforyearofassessment2011isbasedonincomeaccrued/derived

inthecalendaryear2010)

Chargeable income, as illustrated in the table below, is the adjusted income after deductions of expenses, donations and personal reliefs from

the total income.

Total Income Less: Expenses

Statutory Income Less: Donations

Assessable Income Less: Personal Reliefs

Chargeable Income

TAXMATTERS

PAGE 12

Tax Payment In Singapore

Basic Information For ExpatriatesTAXMATTERS

‘Total Income’ includes:

• Gains or profits from carrying on any business, trade, profession or vocation either as a sole proprietor or a partnership within a partnership

• Gains or profits from any employment

• Dividends, interest and investment income

• Rent, royalties, premiums and other profits arising from properties

• Excludes qualified income earned overseas

‘Expenses’ are defined as:

• Qualified employment-related expenses

• Qualified rental related-expenses

‘Donations’ means:

• Donations to qualified charitable organisations

‘Personal Reliefs’ means:

• Special personal reliefs such as eligible course fees, earned income relief, and parent relief

Paying Taxes Via GIRO

ThroughyourDBSMultiplierAccount,youmaypayyourincometaxesviaGIRO,andenjoy12-monthinterest-freeinstalments.

DBS iBanking and islandwide AXS stations let you set-up the GIRO arrangement easily.

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TheNotOrdinarilyResident(NOR)schemeextendsfavourabletaxtreatmenttoqualifyingindividualsforaperiodof5yearsofassessment.

ANORtaxpayerwillenjoythebenefitoftimeapportionmentofemploymentincome–thatis,hepaysincometaxonlyonthatpartofhis

employment income that corresponds with the number of days he spends in Singapore (subject to certain conditions).

Inaddition,theNORtaxpayergetstoenjoytaxexemptiononcontributionsmadebyhisemployertoanoverseaspensionfundwhichwould

otherwise be taxable in his hands.

Toenjoythetaxconcessions,youneedtoapplyforNORstatus.Toqualify,youmustbeanon-Singaporetaxresident(NR)inthepast3years

ofassessment(YA);andinthatYAinwhichyoufirstqualifyfortheNORstatus,youmustbeaSingaporetaxresident(R).

ToretainyourstatusasaNORtaxpayer,youareonlyrequiredtobeataxresidentinthefirstYA.Youarenotrequiredtobeataxresident

throughout the 5-year qualifying period.

FindoutmorefromIRAS(http://www.iras.gov.sg/irasHome/page03_ektid338.aspx).

Special Expatriate Tax Regime

TheNORSchemeTAXMATTERS

PAGE 14

The following guide includes some of the common financial terms you will encounter while banking in Singapore.

ATMs

Automated Teller Machines, or ATMs, let you perform banking transactions including cash withdrawals and other services, regardless of

branchoperatinghours.YoucanalsouseyourdebitcardatanyofourATMs.Allyouneedisyour6-digitPIN.

AXS Stations

An AXS Station is a one-stop multi-application terminal that lets you pay bills and fines, book movie tickets, and top-up prepaid

cards including prepaid mobile SIM, ez-link and others. Payments are made using your debit card, with the amount deducted directly from

yourbankaccount.Over900AXSStationsareavailable24hoursaday.

CPF

The Central Provident Fund (CPF) is a mandatory benefit account set up to provide Singaporeans with a healthy retirement plan. CPF is not

required for foreigners, unless they later become permanent residents.

Debit Cards

In addition to the functions of an ATM card, a debit card can be used to sign for purchases at points-of-sale or online, both locally and

overseas. The purchase amount is deducted directly from a deposit account, so there are no outstanding bills to pay.

EZ - link card

The EZ-link card, issued by EZ-Link Pte Ltd, is the very first contactless stored value card introduced in Singapore in April 2002, for

public transit use on the MRT, LRT and buses. You can also use it to pay for small purchases at selected retail outlets, taxis, ERP

(Electronic Road Pricing) gantries and electronic carparking charges. To use the EZ-link card, simply tap it on the card reader and your exact

fare or payment will be deducted.

For convenience, EZ-Link has a wide selection of top-up channels which include the General Ticketing Machines, Added Value Machines in

MRT stations, DBS/POSB ATMs, AXS Stations, 7-Eleven Stores and SingPost Outlets islandwide. For hassle-free usage, you may also sign up

for EZ-Reload (auto-topup) or use EZ-Online (online topup) in the convenience of your home. For more information on EZ-link card and its

services, please refer to www.ezlink.com.sg.

Quick Guide to Common Financial Terms

Know As Much As A LocalUSEFUL INFORMATION

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Quick Guide to Common Financial Terms

Know As Much As A LocalUSEFUL INFORMATION

Fall-Below Fee

A ‘fall-below fee’ is a common fee chargeable on a deposit account when the average daily balance falls below a stipulated amount in the

month. The average daily balance is computed by taking an average of each day’s ending balance in the account for the entire calendar month.

GIRO

A GIRO transfer is an automatic payment transfer from your bank account to another organsation – usually a service provider that bills

you regularly. To set-up a GIRO account, a one-time instruction needs to be issued to the service provider via DBS iBanking or an AXS

Station. GIRO is commonly used to pay for school fees, income tax, utility bills, housing rental and other recurring monthly bills.

NETS

NETS allows you tomake cashless payments atmore than 18,000merchants across 34,000 locations islandwide. Tomake

payment,simplypresentyourATM/DebitCard(withtheNETSlogoprintedonthebackofthecard),keyinyourPIN,andyourtransactionwill

be debited directly from your bank account.

NETS CashCards And NETS FlashPay CEPAS Cards

TheNETSCashCardsarecontactless,multi-purposestoredvaluecardsthatarewidelyaccepted,andmaybeusedforsmallvaluepurchases

atover34,000locationsislandwide,includingcarparkchargesandERP(ElectronicRoadPricing)gantries.

TheNETSFlashPayCEPASCardisthenewgenerationcontactless,storedvaluecardthatcanbeusedontheMRT,publicbusesandatover

14,000acceptancepointsforyourdailysmallvaluepurchases.AsthesearestoredvaluecardsandnoPINisrequiredtoaccessthefunds,

should the card be lost, the stored value is accessible to the holder of the card.

Standing Order/Standing Instruction

This special arrangement can be made via a one-time set-up. It lets you transfer a fixed amount, at a fixed frequency, from your account to

another specified bank account. Unlike GIRO, Singaporeans commonly use this service for payments to individuals such as domestic helpers,

the landlord and private tutors.

DBS may vary the content herein. References made to websites or content not belonging to DBS are for information only and are not to be taken in any way as endorsements or recommendations by DBS. Information is accurate as at time of print.

Living, Breathing AsiaDB

S B

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Ltd

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Sep

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