Ravi Chandran
DBS unveils “DBS Green Solutions” package providing eco-friendly offerings across home, transportation, payments and purchases
- Suite of sustainable living solutions include Singapore’s lowest interest rate for renovation loans at 2.68% p.a.
- Bank aims to make going green the easier, more affordable choice for consumers’ everyday lives
DBS today unveiled their “DBS Green Solutions” package, a holistic suite of sustainable living solutions for consumers’ everyday lives. The package includes a comprehensive range of offerings and privileges so consumers can easily integrate green practices in their daily lives – from within their homes, to their transportation modes, to their payments and purchases.
The offerings include a green renovation loan with Singapore’s lowest interest rate for a renovation loan at 2.68% p.a.; cash incentives to switch to renewable electricity providers and install green energy sources; rewards for eco-friendly and sustainable purchases; and its green car loan. The latter was Singapore’s first green car loan when introduced in February 2020.
Said Jeremy Soo, Head of Consumer Banking Group (Singapore) at DBS Bank, “With the introduction of DBS Green Solutions, we hope that choosing to go green becomes second nature to consumers. The package is designed to be as comprehensive and holistic as possible, to address most aspects of consumers’ everyday lifestyle needs – the offerings are more affordable, better for the environment and transitioning to them is effortless.
“With the United Nation’s recent report on an intensifying climate crisis, we recognise there’s much more to be done, and quickly. This includes further reducing our own environmental footprint and providing sustainable living solutions that enable customers to make a positive impact. Together, we can make sustainable development a reality.”
DBS Green Solutions package
| Offering | Traditional rates/ offers | DBS Green Solutions | Savings for going green |
| Renovation loan & installation of green energy sources | The average market renovation loan rate is currently around 3.88% p.a. | Switch to green electricity retailers such as iSwitch, Geneco, Sunseap, and PacificLight and/or install green energy sources for a preferential renovation loan rate of 2.68% p.a. Up to SGD 100 rebate for installation of green energy sources such as EV chargers, solar panels and more Based on a loan of SGD 30,000, consumer can expect to save some SGD 960 over five years with an interest rate of 2.68% p.a. | Based on a loan of SGD 30,000, consumer can expect to save some SGD 960 over five years with an interest rate of 2.68% p.a. |
| Utilities (Electricity) | For non-renewable electricity retailers, average electricity cost is around SGD 100 per month for 4-5 room HDB households | Up to SGD 30 rebates for switching to green electricity retailers on the DBS Utilities Marketplace | With green electricity providers, consumers can save up to up to SGD 56 per month or some SGD 670 annually |
| Cards | N/A | DBS Live Fresh Card – Singapore’s first eco-friendly credit card made from 85.5% recycled plastic | DBS Live Fresh Additional 5% cashback on selected eco-friendly and sustainable businesses including eateries, retailers, and transport services All DBS/POSB cards First-month subscription fees waived, plus 30-minute of free rental usage with BlueSG, Singapore’s first electric vehicle car sharing platform.Reduce food wastage by buying green labelled products on RedMart for up to SGD 15 off orders |
| Cars | The average market car loan rate is currently around 1.99% p.a. | Preferential car loan rate at 1.68% p.a. for new/used green cars | Based on a loan of SGD 80,000, consumers can expect to save some SGD 250 over five years with an interest rate of 1.68% p.a. |
1) Green renovation loan – Customers who switch to green electricity retailers and/or install green energy sources will have a preferential renovation loan rate of 2.68% – the industry’s lowest for a renovation loan. To qualify for the green renovation loan, customers simply need to fulfil the requirements of the bank’s green renovation checklist, developed in collaboration with the Singapore Green Building Council (SGBC). In addition, customers will receive rebates of up to SGD 100, should they decide to install green energy infrastructure such as solar panels, electric vehicle chargers, and more with our partners iSwitch and Keppel Electric.
2) Green utilities (Electricity) – Customers who switch to green electricity retailers such as iSwitch, Geneco, Sunseap, and PacificLight now using DBS Utilities Marketplace, qualify for up to SGD 30 in rebates. They will also be able to enjoy the preferential renovation loan rate of 2.68%.
3) Card rewards for going green – Earlier this month, DBS announced the launch of Singapore’s first eco-friendly credit card – DBS Live Fresh – made from 85.5% recycled plastic. Starting 1 May, the card will reward cardholders with an additional 5% cashback when they patronise selected eco-friendly and sustainable businesses across everyday categories such as dining, grocery shopping, and transport, as well as social enterprises supported by DBS Foundation. All DBS/POSB cardholders get their first-month subscription fees waived, plus 30 minutes of free rental usage with BlueSG, Singapore’s first electric vehicle car sharing platform. Cardholders are also rewarded for reducing food wastage by buying green labelled products on RedMart, with up to SGD 15 off orders.
4) Green car loan – The DBS Green Car Loan provides a 1.68% p.a. car loan to all customers purchasing new and used electric and hybrid vehicles. The rate is one of the lowest in the industry. In addition, DBS will donate a tree planting towards NParks’ “OneMillionTrees” movement for each customer who takes up the loan. The bank is also Tesla’s preferred financing partner in Singapore.
Mr Paul Ho, chief officer at iCompareLoan said, “DBS has been advancing its sustainability agenda over the years.”
DBS bank has set targets for its operational carbon footprint to ensure net zero operational carbon by 2022.
