Business For Impact Banking Package​

Business For Impact Banking Package​

Solutions to help you grow your cause, not the cost.

Business For Impact Banking Package​

Solutions to help you grow your cause, not the cost.

At a Glance

Specifically designed to address the needs of businesses that drive social and environmental impact, the Business for Impact Banking Package consists of preferential banking solutions so you can focus on your cause, not the cost.​

Multi-Currency Account​

Multi-Currency Account​

Transact in SGD and up to 12 foreign currencies with preferential transaction rates and no account fees, initial deposit or minimum monthly balance.

Working Capital Loan​

Working Capital Loan​

Kickstart your business with unsecured loans at preferential interest rates, with no processing fees.

Select+​

Select+​

Enjoy office content and public liability coverage at a low cost with Select+, underwritten by Chubb. ​

Impact Programmes​

Impact Programmes​

ESG Ready Programme - Launched by DBS Bank and Enterprise Singapore, is a comprehensive programme designed to help local businesses, focusing on SMEs and mid-size corporations, to build sustainability capabilities and prepare for the green economy. Through this programme, SMEs can gain access to training and upskilling courses, platforms for carbon accounting, and a suite of sustainability specialists and resources that will guide companies through their sustainability journeys.

Skill Booster Programme – Future-proof your workforce with resources from SkillsFuture Singapore and DBS BusinessClass Academy to create a learning and development plan aligned with your business aspirations. Through the programme, SME employees can hone their skills and capabilities in areas such as digital transformation, sustainability and cyberwellness. ​

Eligibility​

To qualify for the Business for Impact Banking Package, your company must be classified as a social enterprise or a small and medium enterprise that drives social and environmental impact.

If your company is a social enterprise, you have to fulfil one of the following criteria:​

  • Be a raiSE member; OR​
  • Be a certified B Corporation; OR​
  • Be a DBS Foundation grantee (past or present); OR​
  • Supported by DBS Foundation

If your company is a small and medium enterprise with social and environmental impact, you have to fulfil the following criteria:​

  • Be a certified B Corporation; OR​
  • Supported by DBS Foundation; AND​
  • Be registered and incorporated in Singapore with at least 30% local shareholding (Singaporeans or Permanent Residents); AND​
  • Have an annual sales turnover (at group level) of not more than S$100 million or employment size not exceeding 200 employees

​For the various banking solutions in the Business for Impact Banking Package, additional criteria may apply.​

Multi-Currency Account​

Specifically designed to address the needs of businesses creating impact, this low-cost banking solution leaves you free to focus on your cause.​

Preferential transaction rates and no account fees

Preferential transaction rates and no account fees

Get preferential transaction rates via DBS IDEAL. There is also no initial deposit or minimum monthly balance.

Multi-currency account

Multi-currency account

Transact in SGD and up to 12 foreign currencies

Responsible Banking

Responsible Banking

We are the first and only bank in Singapore to offer solutions tailored for businesses that are creating impact as part of DBS Foundation.
 

Features and Benefits​
 

Package details

Business for Impact Multi-Currency Account​Business Multi-Currency Account
Min initial deposit

Nil

S$1,000

Min average balance per monthNilS$10,000

Fall–below fee

Waived

S$40

Account service fee

Waived

S$50 per year

Inward Telegraphic Transfers

Waived

S$10 per transaction

Outward Telegraphic Transfers

A flat rate of S$18 per transaction (via DBS IDEAL)

A flat rate of S$30 per transaction (via DBS IDEAL), excluding Agent Bank charges

MAS Electronic Payment System (MEPS)

S$10 per transaction (via DBS IDEAL)

S$18 per transaction (via DBS IDEAL)

GIRO & FAST

GIRO: Waived (via DBS IDEAL)

FAST: S$0.50 per transaction

Via DBS IDEAL: 
• 50 mthly free FAST 
• 50 mthly free GIRO

OTC Charges*-OTC transaction @ S$20 per transaction

DBS IDEAL

Free

Free

Business Advance+ Card

Free

Free

*Over-The-Counter (OTC) charges are applicable to cheque encashments, cash deposits and cash withdrawals done over the branch counter only and is subject to the banks review.

Note: Fees are inclusive of GST where applicable. View the Pricing Guide for details.

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Click here to read more.



How it works

1
Submit your interest in the Business for Impact Banking Package​

Click on How to Apply for more information​.

2
Complete your application for a new Business Multi-Currency account here

Have your company’s UEN and the contact details of all account users on hand to apply in as fast as 5 minutes.​
Already have an existing account? You can skip this step to convert an existing account in step 3. ​

3
Submit the Business for Impact Multi-Currency Account Conversion Form​

Download the conversion form here and submit the completed form to any DBS/POSB branches​.
Please ensure that you have an existing DBS account for conversion or have successfully opened a Business Multi-Currency account in step 2 before submission of the form​.

4
Your account will be ready once your application is processed successfully

Additional Information on a DBS Multi-Currency Account​
In addition to SGD, the Multi-Currency Account can hold the following currencies: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NOK, NZD, SEK, USD and (if applicable) CNH.​

If you open a Multi-Currency Account, a Singapore dollar wallet will be automatically added under this account. Unless you instruct us in advance that you do not wish to add a particular foreign currency wallet to your Multi-Currency Account, we may add a new foreign currency wallet under this account when:​

(a) you receive funds in that foreign currency;​
(b) you apply for and we grant you an overdraft limit in that foreign currency;​
(c) you indicate your choice of charge currency as a currency other than Singapore dollar; or​
(d) we make available to you certain facility or service or in any other case where we deem is necessary or desirable for that foreign currency wallet to be added.​

Once added to the Multi-Currency Account, a wallet cannot be closed unless the entire Multi-Currency Account is closed. Charges and fees (including fall-below and account service fees) are payable in relation to your account at the rates which apply at the relevant time or as you and we agree. Where you elect a charge currency in a currency other than SGD, the applicable charges and fees will be calculated based on the fees specified in SGD as converted to the charge currency at our currency exchange rate in force at the relevant time, and will be deducted from the charge currency wallet. Interest payments and charges will be independently calculated for each currency wallet under a Multi-Currency Account based on our prevailing interest rates applicable to each relevant currency.​
 

Working Capital Loan​

Helping businesses that are creating impact to kickstart their journey with unsecured loans with preferential interest.

cash in hand

Borrow up to SGD 500,000

Support your operational expenses or business expansion

Loan amount is approved based on the bank's assessment.

calendar

Take up to 5 years to repay

Enjoy a flexible repayment period of 1 to 5 years.

Enjoy attractive interest rates

Enjoy attractive interest rates
 

Waiver of processing fees

Waiver of processing fees

 

Features & Benefits
 

     Business Loan
Loan AmountUp to S$500,000
Loan TenorUp to 5 years


 

How it works

1
Submit your interest in the Business for Impact Banking Package​

Click on How to Apply for more information​

2
Open a new account or convert your existing account to a Business for Impact Multi-Currency Account​

It is mandatory to open this Multi-Currency Account before we process your application​

3
Submit your application online for a SME Working Capital Loan

Enter promo code SELOAN before you confirm and submit​

4
Review the offer

Once your loan is approved, you can accept the letter of offer digitally. In the event that this is not possible, a relationship manager will be in touch to assist you manually.​

5
Look out for our notification​

We’ll notify you when we disburse the funds into your Business for Impact Multi-Currency Account​

Select+​

Select+ is a package insurance, underwritten by Chubb Insurance Singapore Limited, that provides office content and public liability coverage. ​

Benefits​

Office Content​

Office Content​

Up to S$25,000 coverage for destruction and/or damage to your office content. This includes damage to stock and contents, arising from leaking pipes, fire or smoke damage, water damage, and sprinkler leakage. ​

Public Liability ​

Public Liability ​

Up to S$250,000 coverage for legal liability arising from injury or property damage to your customers, visitors, or landlords, that arises from your business’ negligence. ​

All benefits are subject to the terms and conditions of the Policy. Please refer to the Policy Wording for the full insuring clauses, definitions, schedule, extensions, terms, conditions, exclusions and limits of liability of the Policy.​

Promotion

Enjoy Free Cover for the 1st Year! ​

Enjoy Free Cover for the 1st Year! ​

For a limited time only, the first 100 successful applicants will enjoy free cover for Select+ for the first year.* ​

The free cover for successful applicants is supported by DBS Foundation.

*Applicable on a first come, first served basis only. The Bank may vary the terms and conditions or discontinue this promotion at any time without any notice or liability to any party. The Bank’s decision on all matters relating to the promotion shall be final.​

Impact Programmes
ESG Ready Programme

ESG Ready Programme

Adopting sustainability is no longer an option but rather a must for companies hoping to prosper in the rapidly changing green economy. Together with Enterprise Singapore (EnterpriseSG), DBS has launched the ESG Ready Programme, an end-to-end programme which aims to help local businesses – from small and medium enterprises (SMEs) to mid-size corporations – become future-ready by building capability and capacity in sustainability. Participating companies will be able to access a panel of sustainability specialists to guide them on their respective sustainability journeys. Registration for the first cohort of up to 100 companies is now open and all sectors are welcome. 

Eligibility
Local SME & Mid-Sized Enterprises with strong interest in embarking sustainable business

  • Local SME or Mid-Sized Enterprises: Registered and locally incorporated in Singapore 
  • At least 30% local equity (ordinary shares) held by Singaporeans and/or PRs 
  • For SMEs - Annual revenue (sales turnover) of under $100 million or employment less than 200 
  • For Mid-Sized Enterprises - Annual revenue (sales turnover) of under $1billion

Features & Benefits
 

 DBS ESG Ready Programme
Tailored RoadmapsSMEs will receive tailored sustainability roadmaps that will frame the requirements and goals of their journey through the programme.
Account management & MentorshipESG specialists will be available to provide dedicated advice, to SMEs more comprehensively, beyond and outside of their participation in the individual modules and be responsible for seeing through the delivery of the roadmap.
Access to DBS resources & Business ClassComplimentary Sustainability Training on carbon accounting & access to the carbon accounting tool for carbon emission measurement.
Regulatory Insights and ComplianceRegular information sharing will be done on the latest ESG regulations, helping SMEs to remain compliant and avoid potential risks.
Investor and Stakeholder EngagementSMEs will be prepared to engage effectively with stakeholders and respond to investor interest in ESG performance.
Sustainable InnovationThe program encourages SMEs to explore innovative sustainable & decarbonisation solutions that can enhance efficiency, reduce costs, and open new markets.


 

DBS SME Skills Booster Programme​

DBS SME Skills Booster Programme​

To help SMEs future-proof their workforce, DBS has partnered SkillsFuture Singapore (SSG) to launch the DBS SME Skills Booster Programme. With resources from SSG and DBS BusinessClass Academy, DBS aims to help SMEs improve productivity and efficiency by creating a learning and development (L&D) plan that is aligned with their business aspirations.

Through the programme, SME employees can hone their skills and capabilities in areas such as digital and transformation, sustainability, banking and finance, and cyberwellness.​

Features & Benefits
 

     DBS SME Skills Booster Programme
Free Learning and Development Advisory and Services​Through focus group discussions and one-on-one interviews, we will work with you to identify business challenges and provide recommendations on training.
Development of Training Needs Analysis​Understand your organisation’s skills gaps and how you can better manage your human capital.
Easy Access to SSG-Accredited Training Programmes​Based on your business aspirations and goals, we will match you and your employees with SSG-accredited training programmes. SMEs can also enjoy preferential rates and training incentives.
Exclusive Access to DBS Masterclasses​Get first dibs to DBS Masterclasses led by DBS and industry experts.​


​For more information on DBS SME Skills Booster Programme, click here​.

How to Apply​

Start with the Business for Impact Multi-Currency Account and add on what you need.

Step 1: Register your interest for Business for Impact Banking Package. ​
You will need to prepare the following documents/information: ​

  • Select the solutions that you’re interested in. Note that Business for Impact Multi-Currency Account is mandatory. ​

​Step 2a: Open a new account online, which will subsequently be converted to a Business for Impact Multi-Currency Account. 
If you wish to convert an existing account, you may skip this step.

Step 2b: Convert your existing account to a Business for Impact Multi-Currency Account​
Submit the Business for Impact Multi-Currency Account Conversion Form to any DBS/POSB branch to complete the conversion of your account. 

​Step 3: Once your Business for Impact Multi-Currency Account has been opened successfully, a DBS representative will contact you to guide you through the application process for the remaining solutions you have applied for.​

For Working Capital Loan, you will be required to submit an online application here​.

FAQs
What is a social enterprise?​

Social enterprises are businesses that have a social mission at their core and use sustainable commercial models to achieve this social mission. Their primary objective is to achieve positive social, cultural, community, economic and/or environmental outcomes. They sustain themselves with earned revenue, with no reliance on philanthropic giving for their operations.​

Traditional commercial models focus on delivering profits to shareholders and may contribute a portion of excess profits for social good; social enterprises focus on centering their operating models around achieving their social mission. Profits generated are committed towards strengthening their ability to create positive social impact and to clearly demonstrate such impact with measurement and reporting.​
What is the DBS Foundation Grant Award?​

Click here for more information.
What is a B Corporation?​

B Corporations are for-profit companies that have received certification from B Lab, a non-profit organization that certifies businesses that meet certain social and environmental standards.​
Can I apply for the Business for Impact Banking solutions without applying for a Business for Impact Multi-Currency Account?​

No, it is mandatory to apply for a Business for Impact Multi-Currency Account. ​
Are deposits under the Business for Impact Multi-Currency Account insured?​

Business for Impact Multi-Currency Account is eligible for deposit insurance coverage. Learn more with our Deposit Insurance Scheme.​
What are the excluded trades and business operations for Select+?​

Select+ does not cover any loss or damage from the operation of any of the following businesses or trades at the Insured Location:​

  • Manufacture of petrochemical primary products (e.g. olefins, aromatics)​
  • Wholesale of petrochemical products​
  • Petroleum refineries​
  • Manufacture of petroleum lubricating oil​
  • Manufacture of refined petroleum products n.e.c.​
  • Wholesale of crude petroleum​
  • Retail sale of liquefied petroleum gas (LPG)​
  • Crude petroleum and natural gas production​
  • Manufacture of chemicals​
  • Building and repairing of ships, tankers and other ocean-going vessels (including conversion of ships into off-shore structures)​
  • Manufacture of water treatment, waste treatment and oilfield chemicals​
  • Treatment and disposal of waste (including remediation activities)​
  • Recycling of metal waste and scrap​
  • Recycling of non-metal waste (e.g. marine clay and oil sludge)​
  • Wholesale of scrap, junk and waste dealers ​
  • Wholesale of other intermediate products, waste and scrap​
  • Amusement theme parks​
  • Other amusement and recreation activities (including recreation parks/beaches and recreational fishing) ​