When I opened the Privileged Savers account with SCB, I immediately bought a Insurance Savings plan worth about RM 1K monthly and use the SCB CC to auto-debit monthly the premiums.
Settle 2 conditions at one go.

HNWI? Not in my books!

Anyways, I usually do not prefer "short term" 6-months FD rates then reverting back to board rates. Also the 70:30 ratio effectively lowers the advertised 4.7% FD rates.

If i read correctly using the assumption of 100K

70K @ 4.7%
30K @ 0.5%

After 6 months total Interests earned is 1,720/100,000 = 3.44%, no?

Yes, which is why I am not much of this kind of promo. Last I took advantage was the OCBC 4.2% FD for 12-months with no other conditions except fresh funds.

If one is diligent/discipline enough, saving 15-20% of one's income is doable. When I auto-debit it using my CC it is also a form of "forced savings/commitment".
I can assure you that I am not a HNWI!

INM should be a 5Y plan. Not expecting much from this plan though, maybe slightly above FD rates will do for me.
Main objective is to utilize the Spend 1K element of PSA. Instead of "spending" on wants, might as well "invest" it.

No, I am getting 6% on my PSA DAB. What I was referring was the Insurance Savings Plan that I took up with SCB (under Prudential) as their 3rd element, invest and insure/cover. That also will have a return (as usual projected at 8%, their favorite number ).

Transferring to another bank account does not fulfill either the Bill Payment or Spend with DC/CC.
Make use of SI in order to qualify all the 2 criteria except the DC/CC spend.