Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
3 Local Banks to Accept CPF Life Payouts as Proof of Income in Credit Card Applications
The Straits Times
|June 11, 2025
Applicants for DBS, OCBC, and UOB credit cards will be able to use their CPF Life payouts as proof of income under policy updates by the banks.
Individuals aged 65 and above can do so when they apply for a DBS or OCBC credit card from June 11, while UOB plans to implement the policy in the near future.
CPF Life, or CPF Lifelong Income For the Elderly, is an annuity that provides monthly payouts to people based on their savings in their CPF Retirement Account. They can choose to start their payouts from age 65 at the earliest.
In formalizing the process, DBS said on June 10 that while some banks do accept CPF Life payouts as income proof on a discretionary basis, the process remains lacking in transparency and assurance.
Mr. Calvin Ong, DBS' Singapore consumer banking head, said the bank has over 900,000 Singaporean or permanent resident customers aged 65 and above and knows how important CPF payouts are in supporting retirees' daily needs and aspirations.
This story is from the June 11, 2025 edition of The Straits Times.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The Straits Times
The Straits Times
Back to The Grind on screen
Actors Chantalle Ng and Richie Koh reunite to play a couple working in the same company in the corporate drama
3 mins
December 20, 2025
The Straits Times
MAX HAS GOAL AFTER GOLD
S'pore kitefoiler ready for 2026 challenges, which includes reclaiming world c'ship title
3 mins
December 20, 2025
The Straits Times
3 doors, 4 wheels, many personalities
The Mini JCW Cooper 3Dr offers fun and finesse with style and substance
3 mins
December 20, 2025
The Straits Times
Cavaliers wary of Bulls' Giddey in 'rematch'
The Bulls held serve in Chicago, winning the first half of their back-to-back against the Cleveland Cavaliers behind a triple-double from Josh Giddey on Dec 17.
2 mins
December 20, 2025
The Straits Times
Suspected gunman in Brown University mass shooting found dead
The suspect in last weekend’s mass shooting at Brown University is dead from a self-inflicted gunshot wound, with investigators certain that he also killed a Massachusetts Institute of Technology (MIT) professor two days later, officials said on Dec 18.
2 mins
December 20, 2025
The Straits Times
Baht rallies to 3-year high against Singdollar
But Thailand's slowing growth, fiscal policies and political uncertainty may curb currency's rise: Experts
3 mins
December 20, 2025
The Straits Times
Co-op doctors and social workers join forces for more seamless care
Three-month pilot will see them collaborate through referrals, co-management of cases
3 mins
December 20, 2025
The Straits Times
Indonesian pro-government parties open to scrapping direct regional elections
Political parties behind President Prabowo Subianto's administration are open to his suggestion of scrapping the current system of direct elections for regional heads.
3 mins
December 20, 2025
The Straits Times
Knife-wielding attacker kills three in Taipei, dies during police chase
Three people were killed and five injured when a knife-wielding attacker went on a rampage in central Taipei on Dec 19, before dying during a police chase after falling from a building, the Premier said.
1 min
December 20, 2025
The Straits Times
Police probing case of man injured near Tampines MRT station
The police are investigating an incident that left a man injured near Tampines MRT station on the evening of Dec 19.
1 mins
December 20, 2025
Listen
Translate
Change font size