DBS Bank India has unveiled a comprehensive initiative, ‘DBS Study Abroad Total Assist,’ designed to streamline the study abroad experience for Indian students. This innovative offering addresses key challenges faced by students and their families, including financial management, protection against unforeseen expenses, and banking requirements. By combining travel insurance, education loans, zero-fee international remittances, and more, the initiative aims to ease the transition for students pursuing education overseas.
Understanding the Need
The launch of ‘DBS Study Abroad Total Assist’ comes in response to the significant rise in the number of Indian students opting for international education. Data from the Ministry of External Affairs highlights this trend, revealing that over 1.3 million Indian students studied abroad in 2024—a figure that has nearly doubled over the last six years. Recognizing these growing numbers and the complexities of studying overseas, DBS Bank India aims to offer a one-stop solution to address the concerns of students and their parents.
A Holistic Solution
Prashant Joshi, Managing Director and Head of Consumer Banking Group at DBS Bank India, shared the vision behind this initiative. He stated, “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. We understand that our customers need the right support, and we empower them to pursue opportunities for their children with confidence. For 30 years, we have been a trusted partner for our customers in India, and we will continue to design solutions that enable them to live more fully, bank more efficiently, and focus on what truly matters to them.”
Key Features and Benefits
1. Same-Day, Zero-Fee International Remittances: Parents can transfer funds abroad without incurring bank fees or hidden charges. This ensures that students receive financial support promptly and cost-effectively.
2. Student Travel Insurance: Comprehensive coverage includes protection for lost baggage, unexpected illnesses, and accidents, with benefits of up to USD 1 million.
3. Education Loans: To ease the financial burden, the bank offers education loans through Credila Financial Services Limited at competitive rates of approximately 10.25% per annum.
4. Zero Forex Markup: The DBS Treasures VISA Infinite Debit Card allows for cost-effective overseas transactions without foreign exchange markups.
5. Remote Overseas Bank Account Opening: Students can conveniently open overseas bank accounts remotely, ensuring they receive a debit card before their departure for seamless transactions abroad.
6. Digital and Paperless Processes: All services will be accessible through the digibank app, ensuring a hassle-free and environmentally friendly banking experience.
Premium Banking Benefits
DBS Bank extends its premium banking services under the ‘DBS Treasures’ proposition. Tailored for Non-Resident Indians (NRIs) and High Net-Worth Individuals (HNIs), DBS Treasures offers exclusive privileges such as preferential foreign exchange rates for international fund transfers, waived service fees, and zero ATM withdrawal charges. Customers in any of DBS’s six key markets—India, Singapore, Hong Kong, Taiwan, Indonesia, and China—can enjoy these benefits seamlessly.
Driving Confidence for Students and Parents
By addressing critical concerns like financial security and accessibility, ‘DBS Study Abroad Total Assist’ empowers Indian families to embrace international education opportunities with confidence. The bank’s efforts reflect its commitment to providing meaningful solutions that enable students to focus on their academic aspirations while ensuring peace of mind for their parents.
As Indian students increasingly pursue global education, initiatives like ‘DBS Study Abroad Total Assist’ play a crucial role in simplifying the journey. By combining innovative financial solutions with robust support services, DBS Bank India continues to strengthen its position as a trusted partner for students and families navigating the complexities of studying abroad.
Customers can visit branches or explore the bank’s website for more details.
