digibank, powered by DBS, is an entire bank squeezed to fit into your smartphone. DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
Open a savings bank account in 5 minutes with digibank. digibank is a zero balance bank savings account offered by DBS India. Digibank a full-service digital banking system on your mobile. Digibank account is for single users. Joint accounts cannot be opened with Digibank.
Features and Benefits of DigiBank
- Branchless, Signatureless, Paperless – Simply verify your details through an OTP on your Aadhaar linked mobile number and your savings account is instantly activated.Get the maximum out of your digiSavings with biometric verification at any of our partner stores or by calling our agent to visit you at a place and time of your choice! Setting up a digiSavings account is seamless, paperless and happens in seconds.
- Simple process, ample security – While making banking easy, we’ve strengthened your security. digibank is powered by automated authentication, safer than OTPs. That’s just one reason why DBS Bank has been awarded ‘Safest Bank in Asia’ by Global Finance for ten years in a row. Rest assured, your money is in safe hands.
- Say Hello to Tap to Pay – The latest innovation in VISA payments that lets you make cashless, contactless, PIN-less payments. Yep, you simply have to wave your digibank debit card at a Tap to Pay enabled terminal to pay for transactions up to Rs. 2,000. No swiping or dipping is required as your digibank debit card is enabled with VISA Tap to Pay.
- Many happy returns – Enjoy greater returns on your savings. You get up to 7% interest on savings and cashback of up to 10% on shopping from a wide range of online merchants.
Eligibility
You must meet the following eligibility criteria to apply for digibank Savings Account:
- Applicant must be minimum 18 years old or above.
- Applicant must be a citizen of India.
Documentation
Following supporting documents that have to be submitted to apply for digibank Savings Account:
- PAN Card
- Aadhaar Card link with mobile number.
How to Open digibank Savings Account?
- Visit the Android Play Store on your mobile phone.
- Download and install the DigiBank.
- Register using your Aadhaar number, PAN, and other personal details.
- Set up a mobile banking PIN.
- Start using your account immediately.
Account Interest Rates per annum
digiSavings |
---|
Balance up to Rs. 1 lakh will get 4% interest rates* |
Any balances over and above Rs. 1 lakh and up to Rs. 2 lakhs will get 7% on the incremental amount |
Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs will get 5% on the incremental amount* |
Any balances over and above Rs. 5 lakhs will get 4% on the incremental amount |
Deposit Interest Rates
Fixed Deposits | Recurring Deposits | |
---|---|---|
90 days | 5.25% | 5.25% |
91 to 180 days | 5.5% | 5.5% |
181 to 269 days | 6% | 6% |
270 to less than 1 year | 6.25% | 6.25% |
1 year to 375 days | 6.25% | 6.25% |
376 days to less than 2 years | 6% | 6% |
2 years & less than 2 years 6 months | 6% | 6% |
2 years & 6 months | 6% | 6% |
2 years 6 months 1 day & less than 3 years | 6% | 6% |
3 years and less than 4 years | 6.25% | 6.25% |
4 years to less than 5 years | 6.25% | 6.25% |
5 years and above | 6.25% | 6.25% |
Miscellaneous Fees
digiSavings | |
---|---|
Account closure (within 6 months of opening) | 500 |
Debit card replacement (lost, stolen, damaged) | 150 |
Debit card annual fee (second year onwards) | 150 |
International cash withdrawal | 125 |
International balance enquiry/non financial transactions | 25 |
Domestic cash withdrawal on non-DBS ATMs | 20 (chargeable after first 5 free transactions p.m.) |
Domestic balance enquiry/non financial transactions on non-DBS ATMs | 8.5(chargeable after first 5 free transactions p.m.) |
FX Markup | 3.5% |
Ad hoc balance/TDS/interest certificates | 75 |
Ad hoc issuance of miscellaneous certificates | 75 |
Investments in Mutual Fund through digbank – Transaction Fees* | Nil |
Fund Transfers Fees
digiSavings | |
---|---|
Credit to DBS or digibank account from an overseas bank | 25 |
Credit to DBS or digibank account from DBS Singapore | 25 |
Cashier’s order/payment order/payable at par demand draft | 30 |
Revalidation/reissuance of payment order/demand draft | 30 |
Cancellation of DBS payment order/demand draft | 100 |