- 1 What is DBS Digibank Mobile Banking?
- 2 Digibank Wallet 🆚 Digisavings Account
- 3 Getting Started with DigiBank Mobile Bank Account in India 🇮🇳
- 4 Deposit Schemes in DigiSavings Account
- 5 Digibank Review
- 6 Final Words
What is DBS Digibank Mobile Banking?
Digibank mobile banking app is a product of DBS (Development Bank of Singapore 🐬). If you have already used Airtel Bank and Payment Bank you have known that it is a mobile based banking app.
But, other than Patym Bank, DBS Bank offer fully functional banking system with an option to open Reccuring and Fixed deposit.
Digibank offers two type of accounts: Digiwallet and DigiSavings. Let’s learn what are they and which one you need.
Official Website – https://www.dbs.com/digibank/in/index.html
Official Mascot – Digor
Brand Ambassador – Sachin Tendulkar
Digibank Wallet 🆚 Digisavings Account
Just like Paytm wallet, digibank wallet offers storing money to it and allow you to do unlimited transfer via UPI. Though, unlike Paytm, it does not charge transaction charge of 4%.
Other than transactions, they also offer ->
- Shopping online with your VISA virtual Debit Card
- Cashback while you shop
- Great offers across travel, entertainment & more
To open a Digiwallet you do not need any KYC fingerprint scan. You need to sign up and load up cash.
Digibank Savings Account : DigiSavings
Digiwallet comes with limitations, such as, it won’t let you get saving interest on your money. No physical debit card or deposit features.
With DigiSavings account. You can avail above listed features plus more. In order to get these features, you need to request 🙏😊 for KYC biometrics.
Now, in the next section you will know how to open Digibank saving account step by step.
Digibank Interest Rates
Digibank offers very attractive interest rates over other private banks.
|digiSavings Account||digibank e-wallet|
|Balance up to Rs. 1 lakh = 6%||No interest rates|
|Balance above Rs. 1 lakh & up to Rs. 2 lakhs = 7% on incremental amount|
|Balances over and above Rs. 2 lakhs & up to Rs. 5 lakhs = 5% on incremental amount|
|Balances over and above Rs. 5 lakhs = 4% on incremental amount|
Getting Started with DigiBank Mobile Bank Account in India 🇮🇳
Before I starts, I will let you know that I am in no way affiliated with DBS Bank or earning commision by opening account. This article or Digibank review is only to help you with account opening.
First open play store and search for digibank. Make sure to install the first app as in screenshot. Published by DBS Bank India.
I strictly recommend you to download this app straight from Play Store. Do not try to download APK or from your OEM powered stores like Mi Apps or V Apps.
The second one is for Singapore 👍.
DBS Bank Account Opening India at Zero Balance
Open the app and click on Sign up. A new splash screen 💻 will open, click on LET’S GO to get started.
The further steps for digibank account opening is simple. You need to enter your personal details and Aadhar & PAN Number. No need to make a video of yourself with PAN or Aadhar Card 😄😃😁.
During signup, you can choose your own *username* and *password* which will help you login to their app or netbanking.
Digibank KYC Fingerprint Verification & Debit Card
The app header display options to get your physical Debit Card and and perform KYC.
You can do fingerprint verification via DBS Bank Branch, CCD (Cafe Coffee Day), or Agent Appointment.
Please note that KYC facilities via Bank and CCD is available only on selected cities. Below is the list of all available cities.
Once you will book agent appointment DBS gives you a reference number which is used while KYC verification.
You will receive a call after booking agent. In my case, it took 3 day for them to call. Their representative ask me for desired day and date.
And as decided, their KYC agent visited me on that day.
He came and ask me for reference number. Ask me to put my finger 👆 on their biometrics and its done. That does not requires any kind of form filling at all.
I kill the DBS app from drawer and re-open it. My account is activated and it also send me notification.
That’s how your account will be opened too.
Now, start using your account once it done. Their is no minimum balance requirement so you can load any amount you wish.
Please Note – DBS only support cash loading via UPI. Credit Card, Debit Card, Netbanking or PayTm does not help you to load money. Keep this in Mind.
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Deposit Schemes in DigiSavings Account
Like any traditional bank, Digibank allow Recurring Deposit and Fixed Deposit scheme for their full KYC users. Though, they have slightly changed the way you save.
First, they call the Recurring Deposit as,.. I have some money I need to save.
In Recurring Deposit, you can save via the term of once (like FD), monthly or quarterly basis. The frequency term for their deposit is upto 5 years.
Fixed Deposit is, I want to save towards a goal.
FD is simple like any FD plan. Though they also offer frequency term upto 5 years for FD.
Thanks to Digibank, you can also start the RD on quarterly basis. You can read about this in our later post which will cover best RD and FD plan for Digibank.
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I have no question on the authenticity of Development Bank of Singapore. We are already using many International (Overseas) Banks like Citi and American Express without any second though.
I feel the Digibank offer flexible services. They offer Debit Card, Saving interest, Mutual Fund, and they have also tied up with Royal Sundaram to provide cheap health insurance services.
Although, their app is buggy or slow for me.
Whenever I have to login to my app. I go to password input box. That first start fetching or preloading for twice and then it allow me to input password. That is common and occurs always. And its annoying.
Also, the Digisavings section, sometime does not display any data at all.
In the upcoming posts you will learn –
- Best FD/RD plan for Digibank saving account
- How to get Digibank Digibucks cashback
- How to do Credit Card Payment and earn cashback on Digibank
DigiBank Debit Card Review
Digibank offer to provide a free to use domestic ATM card for their customers. The ATM Card can only be used for Digital transaction only in India.
The Digibank Debit card allow, domestic daily limit of Rs.1,00,000 on purchase and Rs.25,000 on withdraw.
DigiBank offer you a very stylish card, but that is of no use. I only use their banking for RD.
So, that’s all about opening account in snap with DBS Digibank DigiSavings Account. All you will be needed your Aadhar and PAN number to create mobile bank account in under a minute. DBS offers you the freedom to login to Netbanking using your credentials, which other mobile bank does not. So, if you have any other stream of income which you don’t want to put in your same bank. You can open DBS bank account in India and put a sum of income there.
If you’re already using it and has review on it. Please use the comment section.
Thanks.!! and keep reading. Envytechblog.