DBS, OCBC and UOB to recognise CPF Life payouts as proof of income in credit card applications

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11-06-2025

Applicants for DBS, OCBC and UOB credit cards will be able to use their CPF Life payouts as proof of income under policy updates by the banks.
Individuals aged 65 and above can do so when they apply for a DBS or OCBC credit card from June 11, while UOB plans to implement the policy in the near future.
CPF Life, or CPF Lifelong Income For the Elderly, is an annuity that provides monthly payouts to people based on their savings in their CPF Retirement Account. They can choose to start their payouts from age 65 at the earliest.
In formalising the process, DBS said in a statement on June 10 that while some banks do accept CPF Life payouts as income proof on a discretionary basis, the process remains lacking in transparency and assurance.
Mr Calvin Ong, DBS' Singapore consumer banking head, said the bank has over 900,000 Singaporean or permanent resident customers aged 65 and above and knows how important CPF payouts are in supporting retirees' daily needs and aspirations.
"By recognising the payouts as income, we're making sure seniors continue to have fair access to credit and the cards' accompanying privileges. This move ensures banking remains accessible and meaningful for our senior customers, so they can enjoy a fulfilling retirement," he said.
OCBC Bank said in response to The Straits Times' queries that it will allow those aged 65 and above to apply for any OCBC credit card using CPF Life payouts as proof of income from June 11.
Mr Joseph Wong, managing director of consumer credit risk management at OCBC, said the number of seniors applying for credit cards is generally low, as most retirees typically already have credit cards.
"However, we hope this announcement puts to ease any concerns seniors may have about getting access to credit even after they have stopped working," he said.
Ms Jacquelyn Tan, UOB's head of group personal financial services, told ST that the new policy will be implemented in the "near future", without specifying a timeline.
More retirees will be able to benefit from the perks offered by UOB credit cards as they enjoy the fruits of their labour following retirement, she said.
The banks' push comes as the Monetary Authority of Singapore (MAS) confirmed that CPF Life payouts can be considered by banks as an income source.
MAS rules state that people over 55 must have an annual income of at least $15,000 when applying for unsecured loan facilities such as credit cards, even if they do not have a salary or traditional income.
While MAS does not prescribe what income banks must consider when assessing a retiree's eligibility, it says regular payout streams such as rent, interest, dividends or annuity payments from CPF Life or similar products can be considered. Borrowers must prove that they are earning such income in order to qualify.
For instance, those who hit the age of 65 in 2025 will receive monthly payouts of up to $1,300, or $15,600 a year, if they had set aside at least $161,000 as their full retirement sum a decade ago.
Besides income, individuals over 55 can also qualify for credit cards if they have total net personal assets exceeding $750,000 or if they have a guarantor with an annual income of at least $30,000.
The eligibility of older folk for credit cards was highlighted in The Straits Times Forum recently when a 64-year-old retiree wrote about having an existing card cancelled when he tried to increase its credit limit for an overseas holiday.