DBS changed its Mutiplier plan

[finale1]

For my DBS multiplier, I opened by mistake and they charge me $5 for not maintaining $3000 daily balance and $20 for “INT”z

Any idea what is this int charge of $20 for?

 

[Trazora]

For my DBS multiplier, I opened by mistake and they charge me $5 for not maintaining $3000 daily balance and $20 for “INT”z

Any idea what is this int charge of $20 for?

INT usually is transction code for interest code. Not sure what it means here. You can call to enquire

 

[maple96]

For my DBS multiplier, I opened by mistake and they charge me $5 for not maintaining $3000 daily balance and $20 for “INT”z

Any idea what is this int charge of $20 for?

they charge u $5, so account went -ve and they charge u overdraft interest 20

 

[finale1]

I called them already. Apparently, first time your daily balance falls below $3000, they charged u $5.

Second time it happens (next month), they charge u $5 plus $20 extra.

But I managed to get it all waived.

they charge u $5, so account went -ve and they charge u overdraft interest 20

 

[misstt]

Not every 6 months. One type per 12 months. Stop the RSP for first type of etf and change to the other type when 13th month. U have time frame of from 13th to 18th month to fully redeem the first etf to prepare for re-entry again after 6 month later.

If im understanding correctly, it means the investment interest component is valid for 12 mths/ each type of etf?? eg. Jan 2018 buy Nikko, 2019 sell all Nikko and buy ABF?

i find it strange to keep changing/ selling etf every year because the whole point of etf is to keep for long term (>5-10years) right?

if thats the case i'd prefer to cancel my multiplier account already

 

[vegavega25]

If im understanding correctly, it means the investment interest component is valid for 12 mths/ each type of etf?? eg. Jan 2018 buy Nikko, 2019 sell all Nikko and buy ABF?

i find it strange to keep changing/ selling etf every year because the whole point of etf is to keep for long term (>5-10years) right?

if thats the case i'd prefer to cancel my multiplier account already

I know what you mean. The *whole* point of investing in stocks - for most non-speculating non-day-trading sensible people at least - is to invest for the long term, or time horizion which is usually 3-5 years or more.

But what I'd bring to you attention is that DBS is not saying that you should change your RSP, sell your existing units, and then start again. This is a strategy that people have devised, in order to maximize the bonus interest while also wanting to continue to use RSPs to fufill the investment criterion.

DBS is only saying that they will give you additional bonus interest for the first 12 months of a new RSP. From their perspective, they offer other means of getting that second or third category of bonus interest and aren't limiting us to the RSPs.

A significantly better strategy that people have devised is to create an SSB ladder. Purchase some SSBs every month for 6 months. Starting month 7, the dividend credits each month from each subsequent lot of the SSBs will then fulfill the investment criterion.

My own strategy is going to be to add other monthly investment plans starting month 13, while continuing to invest in the first one that I started, or at least hold on it without making fresh purchases but most definitely without selling.

 

[zumaba]

Bonus interest is yet to be credited?

 

[tiertime]

Bonus interest is yet to be credited?

no... usually its on 7th of the month... just wait maybe later today...

 

[kurt111494]

no... usually its on 7th of the month... just wait maybe later today...

Actually according to the FAQ it's "7th working day"...that may not refer to the date leh

https://www.dbs.com.sg/iwov-resourc...er-programme/DBS Multiplier Programme_FAQ.pdf

 

[vddgnd]

Actually according to the FAQ it's "7th working day"...that may not refer to the date leh

https://www.dbs.com.sg/iwov-resourc...er-programme/DBS Multiplier Programme_FAQ.pdf

Tnc is 7th working day, but so far every month same date on 7th even on Sunday.

 

[ixoral]

Second this. It usually comes in after midnight (ie 8th early hours) and the date stamp shows 7th

Tnc is 7th working day, but so far every month same date on 7th even on Sunday.

 

[shine88]

My salary code is GR
And she mention only sal code or pay code are eligible, anyone experience?
She ask me to go ask the HR to change the code, how is this possible and she saying helping me
To appeal.

 

[blue_denim24]

I have the same case. My Salary code is GR. This is the first month and I am yet to receive any bonus . Will it be a issue ?

PS: I do have PAY as one of the keywords mentioned in the description.

My salary code is GR
And she mention only sal code or pay code are eligible, anyone experience?
She ask me to go ask the HR to change the code, how is this possible and she saying helping me
To appeal.

 

[kurt111494]

Tnc is 7th working day, but so far every month same date on 7th even on Sunday.

Second this. It usually comes in after midnight (ie 8th early hours) and the date stamp shows 7th

Thanks bros

 

[fun4life]

Bonus interest just came in.

 

[blue_denim24]

Received my first month interest with this description

 

[LuckyPockets]

The interest is based on total monthly transaction (Salary + Invest/card), and not what's in the account?

Thought was the latter. But this does make more sense anyway

 

[Trazora]

The interest is based on total monthly transaction (Salary + Invest/card), and not whats in the account?

Thought was the latter

The interest% is based on total monthly transaction across your posb/ dbs accounts. The actual interest receive is based on the interest%, multiply by the balance in the dbs multiplier account.

 

[LuckyPockets]

Only thing I can think of is that I bought RSP on 16 Jul. would it count for this month? Since it hasn't been a full month since

I definitely bought the RSP after opening the account, so I should at least have salary + 1 category

 

[shine88]

I have the same case. My Salary code is GR. This is the first month and I am yet to receive any bonus . Will it be a issue ?

PS: I do have PAY as one of the keywords mentioned in the description.

The GR code is fine as the bonus interest is in