A zero balance saving account is exactly what the term suggests. A savings account, firstly, is an account wherein you can deposit your savings. Savings accounts exist in order to encourage individuals to be more financially stable and self-sufficient. There are of course, more tips that can help one accumulate more savings and these can be accessed here. Most banks always require the customer to have a set minimum balance in their savings account. Failure to do usually results in a penalty fee.
The primary difference between a zero balance saving account and just any other savings account is the absence of a compulsory set minimum balance in the account. As a 0 balance saving account holder, you will not be required to maintain some amount of cash in the account at all times and can nevertheless avail of the usual facilities that a savings account provides.
The zero balance saving account of the DBS DigiBank is called digiSavings account.
DigiBank, powered by DBS (Development bank of Singapore Ltd.), is an entire bank squeezed to fit into your smartphone. Objective is to change the way banking is done. Not only does it let you deposit, withdraw and transfer money with lightning speed, it also lets you set goals and draw out a plan to achieve them. It’s a bank with your interest in mind. So, save your time, energy and money with DigiBank and go about doing what matters most. Live more, Bank less.
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.
Recognised for its global leadership, DBS has been named “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 26,000 staff, representing over 40 nationalities.
Opening a digiSavings account does not require being bogged down by tedious paperwork that seems to go on forever. In order to create a 0 balance account, all that’s needed is a steady internet connection. The process of zero balance account opening online can be done by simply verifying details through an OTP on an Aadhar linked mobile number and then, zero balance bank account open.
With the DBS 0 balance account opening online, biometric verification is easier than ever. The DBS provides its customers with the option of calling up the agent and requesting them to meet the customer and the time and place of the customer’s choice to verify biometrics. The customer could also alternatively get it verified at the closest local partner store.
Although the process of online bank account opening with zero balance is followed, DBS ensures that the security and safety of the customer’s data is uncompromised. The zero balance saving account of the DigiBank by DBS is powered by automatic authentication, a security feature that is much safer than basic OTPs.
DigiBank by DBS gives its customers maximum privileges and great returns on savings. A customer using the digiSavings account which is the zero balance account of the DBS DigiBank can earn up to 7% interest on savings account and a cashback of up to 10% on shopping with a wide range of online merchants.
In order to pay from the zero balance saving account through a debit card, all the customer has to do is wave a DigiBank debit card at a Tap to Pay enabled terminal in order to pay for transactions below Rs. 2000. Since the DigiBank cards are enabled with the payWave feature, no swiping or dipping or remembering any PIN is required, simply Wave and Pay.
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