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