3 Local Banks to Accept CPF Life Payouts as Proof of Income in Credit Card Applications

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.

- Sheila Chiang

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.