In its largest increase in history, new financial wealth of US$588 billion was generated in India in 2023 and the country is expected to add wealth of ~US$730 billion annually until 2028[1]. This increase in affluence has led to the emergence of new customer needs, and coupled with the rising phenomenon of the globally mobile Indian, there is a requirement for customised solutions that factor in personal, business and lifestyle preferences.
DBS Bank has leveraged its presence across Asia, and its advanced digital capabilities to design a differentiated offering, that gives DBS Treasures customers, with a Total Relationship Value of more than INR 30 Lakh, total access to a full suite of customised wealth management solutions, experienced relationship managers, exclusive privileges, and the trusted advantage of the DBS network. The full proposition, including preferential FX rates for international fund transfers, waived service fees, and zero ATM withdrawal fees, is available to customers across the six key DBS markets of Singapore, Hong Kong, Taiwan, Indonesia, India and China. In 2023, DBS Bank launched its super-premium, invite-only credit card in India, the DBS Vantage Card, offering exclusive benefits for high-net-worth customers and international travellers. These benefits include 8 Vantage Points for every ₹200 of international spends (1 VP = ₹1), zero forex mark-up on international transactions in Singapore, and a low forex mark-up of 1.75% for transactions elsewhere.[2]
The bank has pioneered an online account opening experience for its new NRI customers which lets them complete the account opening process (prior to document submission), within an hour, setting the standard for seamless onboarding. In line with the needs of a multi-location lifestyle, global Indians can open a DBS savings account with view-access and can track their application through the DBS Mobile Application Platform. View-access gives customers the functionalities of a savings account, except for fund withdrawal. Once all mandatory documents are submitted, customers can transact and withdraw funds with full account functionality. The new streamlined DBS process is a major step forward in accessibility and convenience for NRI banking, reducing the time and effort of paper documentation and follow-ups and ensuring a smooth and efficient customer experience end-to-end.
Richa Tripathi, Head - Wealth Management and Treasures, DBS Bank India, said, “Having been in India for over 30 years, DBS has developed a robust understanding of the preferences of high-net-worth Indians, both in the country and abroad. The pattern of wealth creation in India has become more decentralised, demanding stronger regional presence. DBS Bank India’s large branch network, coupled with advanced digital expertise, supports its ‘phygital’ strategy, which can comprehensively serve the rapidly growing new wealth in India. At the same time, Bengaluru’s entrepreneurial ecosystem and rise in investable wealth make it an ideal market for piloting our premium banking products and propositions.
The new signature DBS branch in Bengaluru will offer more exclusive and personalised services for the complex and evolving needs of our affluent and NRI customers as well as business owners. Our online account opening solution for NRIs enables them to unlock more value through a seamless, location-agnostic experience.
Asia, with India at the heart, is the rising epicentre of wealth and, as the largest bank in Southeast Asia, we look forward to bringing all the advantages of our Asian connectivity to our Indian and NRI clients.”
The bank in India has also tailored its wealth management approach for resident elderly customers with a proposition known as “DBS Golden Circle”, designed to not only address this demographic’s financial needs, but also to enhance their overall quality of life through a suite of specialised services, enabling them to ‘Live more, Bank Less’.
[1](BCG, Global Wealth Report 2024: The GenAI Era Unfolds).
[2] All benefits related to Vantage Points are linked to card spends
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia, and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. In 2024, CRISIL Ratings reaffirmed its ‘CRISIL AAA/Stable’ rating on the corporate credit facility of DBS Bank India Ltd (DBIL). The rating on the certificate of deposits programme was also reaffirmed at ‘CRISIL A1+’.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024. In line with its focus on responsible banking, DBS was named the Best Bank for Sustainable Finance – India by Global Finance in 2024. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.
DBS Bank has been present in India for 30 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. As a trusted partner, DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India, focusing on a seamless customer experience that helps them ‘Live more, Bank less’. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. DBS Bank India now has a network of ~500 branches in 19 Indian states.
DBS is committed to building lasting relationships with customers as it banks the Asian way and understands the intricacies of doing business in the region’s most dynamic markets. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Media Contacts:
DBS Bank India
Rohini Rego
rohinirego@dbs.com
99305 49207
Adfactors PR
Kashni Kadakia
kashni.kadakia@adfactorspr.com
9820562269
