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Digibank by DBS debit card review

Development Bank of Singapore (DBS) launched mobile only bank called “Digibank by DBS” last year.


Account opening process:

  • Download the mobile app at Android or Apple Store
  • Have your PAN card and Aadhaar card ready
  • Make sure your mobile number is linked to the Aadhaar to receive OTP
  • Some executive will come to your address to do the bio metric verification

Advantages of Digibank by DBS

  • Completely paperless
  • It’s a full-fledge bank account
  • Highest interest rate of 7 %
  • Zero balance account, no need to maintain a minimum balance
  • Brand ambassador is our all time favourite Sachin Tendulkar

Advantages of the debit card

  • It’s a VISA card, so it will be accepted at all ATMs and also on all the PoS (Point-of-Sale) machines at shops
  • It does not charge you any fee for cash withdrawal from ANY ATM
  • No IMPS, NEFT & UPI charges
  • It can be used internationally

Limits

  • Cash withdrawal limit is 1,00,000 INR per day
  • Transfer limit is 5,00,000 INR per day

Disadvantages

  • No Loyalty reward program
  • No Insurance cover

How to use the card?

It’s highly recommended to download the Digibank by DBS app from app store and create a bank account with them. It’s a clever decision to transfer all the money into this account and earn 7% interest instead of parking money in SBI or HDFC which gives only 4% for a saving bank accounts.

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