DBS Bank has unveiled a comprehensive and enriched wealth proposition tailored for High Net Worth Individuals (HNIs) and Non-Resident Indians (NRIs) in India, leveraging its extensive Asian network and digital expertise. The announcement coincides with the inauguration of the bank’s third flagship branch in Indiranagar, Bengaluru, underscoring its strategic focus on the country’s technology hub.
The new branch joins DBS Bank’s 26 existing branches in Bengaluru, offering a full suite of bespoke solutions, including cross-border banking capabilities, wealth management services, and exclusive privileges for affluent clients. This expansion reflects the city’s importance to DBS Bank’s operations in India and aligns with the surging demand for customised financial solutions.
India witnessed a record $588 billion in new financial wealth in 2023, with an annual increase of $730 billion projected until 2028. This rise in affluence has created unique demands for tailored financial solutions, particularly for globally mobile Indians.
DBS Treasures customers, with a Total Relationship Value exceeding ₹30 lakh, now benefit from an array of wealth management services, preferential foreign exchange rates, waived service fees, and global ATM fee waivers. These offerings extend across six key DBS markets: Singapore, Hong Kong, Taiwan, Indonesia, India, and China.
Further enriching its premium services, DBS launched the invite-only DBS Vantage Card in India, designed for high-net-worth customers and international travellers. Cardholders enjoy benefits such as zero forex markup on transactions in Singapore, an ultra-low forex rate of 1.75% for other locations, and 8 Vantage Points for every ₹200 spent internationally.
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.
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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 has also launched “DBS Golden Circle,” a unique proposition catering to the financial and lifestyle needs of elderly resident customers, ensuring they can ‘Live More, Bank Less.’
With its latest initiatives, DBS Bank aims to capitalise on Asia’s emergence as a global wealth hub, bringing the advantages of its regional connectivity and digital leadership to Indian and NRI clients alike.
