DBS Introduces Study Abroad Support Program for NRIs and HNIs

DBS Bank India has launched 'DBS Study Abroad Total Assist', which specifically addresses the needs of Non-resident Indians (NRIs) and high-net-worth individuals (HNIs). The new program will enable them to manage their expenses while abroad. This programme is meant for DBS Treasures customers. According to the Ministry of External Affairs, an estimated 1.3 million Indian students will be proceeding for higher education abroad this year in 2024. This program by DBS Bank caters to increasing demands from families to address the issues of unrequited cash flows and unplanned expenses with better financial handling.

It enables parents to transfer funds internationally without any bank fees.

Offers coverage up to 1 million-dollar against unexpected events, such as illness, lost baggage, or accidents, ensuring robust financial protection during their studies abroad.

Provides families access to education loans at competitive rates, starting at 10.25 per cent per annum, through Credila Financial Services Limited.

The DBS Treasures VISA Infinite Debit Card allows students to make transactions abroad without incurring forex markup fees, making international spending more cost-efficient.

Students traveling to Singapore can conveniently open a bank account remotely and receive their debit card before departure, ensuring a hassle-free transition and access to banking services upon arrival.

“Leveraging the bank’s cross-border and digital capabilities, ‘DBS Study Abroad Total Assist’ streamlines the entire process with a fully digital and paperless experience, allowing customers to manage all their financial requirements conveniently through the digibank app”, company said in a statement.

“Navigating the complexities of global education from managing finances to adapting to new cultures can be a challenge. ‘DBS Study Abroad Total Assist’ aims to make this journey smoother and more fulfilling”, said Prashant Joshi, Managing Director and Head of Consumer Banking Group at DBS Bank India.

The 'DBS Study Abroad Total Assist' is a premium offering under DBS Treasures, designed for Non-Resident Indians (NRIs) and High Net-Worth Individuals (HNIs). This enhanced proposition provides exclusive lifestyle privileges and signature benefits across DBS's six key markets: Singapore, Hong Kong, Taiwan, Indonesia, India, and China. Key benefits include preferential foreign exchange (FX) rates for international fund transfers, waived service fees on select banking services, and zero ATM withdrawal fees across all DBS markets.

This enhanced offering ensures that DBS Treasures customers in one market can enjoy the same privileges across all DBS markets.