facebookThe regular savings plan option to fulfil the category of investment for DBS multiplier last for only 12months. What should I do after if I want to continue with an RSP? - Seedly
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Anonymous

Asked on 06 Sep 2020

The regular savings plan option to fulfil the category of investment for DBS multiplier last for only 12months. What should I do after if I want to continue with an RSP?

What should I do after if I want to continue with an RSP if I want to fulfil the investment category to earn higher interest on DBS multiplier after?

Does it work if I terminate the RSP amount and add a new amount? Or must I sell off the RSP and set it up again? Or does it have to be a new fund etc.?

Also, must the amount be directly deducted from the DBS multiplier account or can it be deducted from another DBS account under the same name?

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T

Tennett

Level 4. Prodigy

Answered on 07 Sep 2020

Hi there,

1) What to do after the 1 year has lapse? You’d have to RSP onto another fund to “restart” the 1 year limitation. E.g After 1 year of RSP in fund A, you’d have to RSP in fund B to restart the 1 year period. Another thing to note is, there’s a “cool down” period of 6 months before fund A can requalify for multiplier investment category.

2) Do I have to terminate current RSP after 1 year?

The answer is no. But, you’d have to RSP into another fund as mentioned above. You can still continue RSP-ing into the first fund but will not fulfil the investment requirement.

3) Deductions from any DBS account under your name can contribute towards the multiplier requirements.

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Question Poster

11 Sep 2020

Let's say I DCA from January to December 2020 into NIKKO AM SINGAPORE STI ETF. I halt my DCA from January to June 2021 (6 months). And then continue to DCA from July 2021 onwards into the same ETF. Does this qualify for multiplier investment category?

Tennett

12 Sep 2020

Yes it sure will! And your 1 year “countdown” will then start in July! Hope that helps. You may also consider the cancercare head start ($9/mth, though pice may have changed) to fulfil the insurance option as well!

Thank You!
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