First proposition
from DBS curated for the emerging affluent segment
Brings the
best of the bank’s global standards to customers in 350+ locations across India
Zero forex
mark-up on DBS Aspire debit card caters to globalised lifestyles
DBS Bank India announced its new DBS Aspire banking
proposition, along with the signature Aspire debit card, designed for the
country’s fast-growing, well-travelled, emerging affluent segment. DBS Aspire extends
premium banking access to clients with a total relationship value of Rs. 10
lakh or a minimum monthly savings account average balance of Rs. 2 lakh, positioning
the bank as a long-term banking partner to these customers as they grow their
wealth.
As international
mobility, overseas education and work opportunities abroad increase, it has fuelled
a preference for the higher-tier aspects of service-led banking such as a dedicated
relationship manager and benefits that align with their multi-location
lifestyles. India’s emerging affluent are also at a nascent stage of wealth accumulation
and are still predominantly value driven.
DBS Aspire has been crafted to address the
needs of this upwardly mobile, digitally savvy set of customers that have grown
beyond mass banking. The proposition includes high returns
on savings account balances, zero charges on banking services, coupled with the
seamless digital access of digiportfolio, the bank’s cutting-edge investment
platform.
Speaking on
the new offering, Ambuj
Chandna, Managing Director & Head of Consumer Banking Group, DBS Bank India,
said, “We identified a clear gap
in the market where a majority of existing banking propositions cater to either
a mass audience or at the other end - the premium wealth segment of High
Net-Worth Individuals (HNIs) and Ultra-HNIs. The emerging affluent segment has
remained structurally underserved, and we believe that DBS Aspire speaks to this sizeable
audience by bringing together both value added and aspirational benefits,
delivered through a relationship-led model that is reinforced by the bank’s
advanced digital capabilities.
Aspire is the
first DBS offering that has been tailored expressly for an emerging affluent base,
to support them as their financial goals evolve, reflecting our belief that a
bank can be a trusted partner to customers as they move up the wealth continuum.”
Key benefits for customers of the DBS Aspire
program include:
·
Zero forex mark-up on international spends on the DBS
Aspire debit card & zero charges on all banking transactions &
services, as part of the DBS Aspire program.
·
Access to a Relationship Manager* - an
offering typically associated with higher-end banking propositions.
·
A competitive interest rate of 5% per
annum on savings account balances between Rs. 2 lakh and Rs. 50 lakh,
significantly higher than the rate being offered by most major banks.
DBS Aspire complements the bank’s existing
wealth proposition, DBS Treasures, which serves wealth customers
with a total relationship value of Rs. 30 lakh and above. DBS Treasures clients
can access a full suite of customised wealth management solutions, experienced
relationship managers, exclusive privileges, backed by the trusted advantage of
the DBS platform.