Digibank by DBS review
Benefit from 24/7 banking services and manage all your finances in one app.
Powered by Singapore’s DBS, digibank is a fully online savings account and feature-packed app. Whether you’re looking to transfer funds, pay bills or apply for a loan, you may do so directly from your smartphone anytime, anywhere.
Learn more about DBS digiSavings account, its mobile app, features and more in this review.
Average Monthly Balance (AMB)
Physical Debit Card
How does the digiSavings account works
To provide its customers with an intuitive and hassle-free digital banking experience, DBS offers the digiSavings account that can be opened directly from the digibank mobile app.
From instant onboarding to effortless payments, the digibank app provides 24/7 access to a wide array of banking services. The account lets you benefit from the fact there are no lines to queue nor forms to fill as you can fulfill all your day-to-day banking transactions and more in a single app.
- Banking on-the-go. 24/7 access to a wide range of banking facilities such as personal loans, fixed deposits, insurance, investments and more.
- Attractive interest. Earn up to 4%* p.a. interest rate.
- Contactless payments. Make quick and cashless transactions with Visa Tap to Pay enabled digibank debit cards.
- Fee-free overseas transfer. Benefit from zero fee transfers to selected destinations.
- Multiple payment modes. Transfer funds easily with IMPS, NEFT, RTGS, UPI.
- Convenient bill or credit card payments. Once you’ve added your credit card details in the app, your card payments will be processed conveniently through NEFT in the digibank app.
- Debit card. Receive a virtual debit card upon opening a digiSavings account through OTP-based e-KYC authentication process. Once you’ve completed your biometric authentication, you’ll be issued a physical debit card, and the virtual debit card that was issued earlier will be deactivated.
- Recurring deposits. Achieve your saving goals with automatic, recurring deposit at a higher interest rate.
- Expense tracking. Know where your money is going and make better financial decisions with Spends Optimiser.
- Advanced security. All transactions will be authenticated with a soft token before being processed, without requiring you to enter any OTPs.
- Offers. Enjoy ₹300 cashback upon successful account opening and other ongoing deals.
- Round-the-clock support. Get your queries answered in an instant with DBS online or the in-app chatbot ‘digibot’.
Fees and limits
There’s no cost involved in opening the digiSavings account. However, these are some fees to look out for:
- Fall-below fee. There will be a Rs. 200 penalty fee if you’re unable to meet the required Monthly Average Balance (MAB) of ₹5,000
- Debit card annual fee. After the first year waiver, the digiSavings account debit card will be chargeable at Rs. 150 + 18% GST p.a.
For 12th consecutive years, Singapore-based DBS bank has been named the “Safest Bank in Asia” by New York-based trade publication Global Finance. It is also the largest bank in Southeast Asia by assets.
So if you’re looking for a secure, feature-packed mobile banking app, digibank by DBS is definitely one to consider. Besides offering round-the-clock access and almost all of DBS bank’s services at your fingertips, the digiSavings account is also free-to-use as long as you maintain a nominal MAB of ₹5,000.
But like all financial products, make sure to compare digibank with other similar products before applying.
How to sign up
The DBS digiSavings account can be opened digitally in a couple of minutes. Simply download the digibank mobile app on your smartphone (available for both Android and iOS devices) to get started. Alternatively, you may also open the account by visiting your nearest DBS bank branch.
- At least 18 years of age
- A citizen and resident of India, with an Indian residential address
Make sure you have the following details on hand when applying:
- PAN number
- Aadhaar number
Overview of the digibank app
The digibank app is available on both Google Play and the App Store. Benefit from features such as:
- On-the-go banking. Manage your account, cards, personal details and other services conveniently.
- Personalised insights. Stay on top of your finances with the Spends Optimiser feature.
- Single touch-point for multiple accounts. Integrate all your bank accounts and manage them within a single app.
|Ratings accurate as of March 31, 2021|
|Google Play Store||4.4 out of 5, based on 141,869 customer ratings|
|Apple App Store||4.0 out of 5, 5,600 customer ratings|
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