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DigiSavings Account by Digibank

digisavings by digibank DBS

Digisaving is the zero balance account of Digibank. Digibank is the online bank by DBS. 

DigiSavings account is the zero balance savings account of the DBS DigiBank. A zero balance saving account is a savings account without any minimum balance. A savings account  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. 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 a regular savings account is the absence of a compulsory 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.

zero-balance-account-digibank

DigiBank, powered by DBS (Development bank of Singapore Ltd.), is an entire bank squeezed to fit into your smartphone. The 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.

Steps to Open DigiSavings Account

You can open a digibank e-wallet instantly and upgrade it to digisavings account by completing the KYC process.

  1. Download the Digibank by DBS from Google Playstore or the App store.

  2. Open the app and click on ‘Open Digisaving account’.

  3. Enter your complete postal address with a correct PIN code.

  4. Add your personal details

  5. Create your username and password

  6. You can complete the KYC through the Aadhaar OTP method, in-person verification or by visiting nearby DBS KYC centre.

Features of DigiBank Zero Balance Savings Account

1. Paperless Transactions

Opening a DigiSavings account is extremely easy as it is completely paperless. In order to create a 0 balance account, a steady internet connection, PAN card and Aadhaar card are all that is needed. The process of zero balance account opening online can be done by simply verifying details through an OTP on your Aadhaar linked mobile number. Your zero balance savings account is now open.

2. Biometric Verification at your doorstep 

With the Digibank 0 balance account opening online, biometric verification is easier than ever. The bank provides its customers with the option of calling up the agent and requesting them to meet them at a 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.

3. Maximum Security of DigiBank 

Although the process of bank account opening is completely online, the bank ensures that the security and safety of the customer’s data is uncompromised. The zero balance saving account of the DigiBank is powered by automatic authentication, a security feature that is much safer than basic OTPs.

4. Higher Interest Rate

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 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.

Read: Top Banks that offer High Interest on Savings Accounts

5. Freedom from PINs through PayWave

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.

Overview of DigiBank 

DigiBank is a part of DBS. DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. With its headquarter in Singapore, it has an extensive network of operations in Asia. The parent bank has over 26,000 staff across 40 countries.


Frequently Asked Questions on Digibank

What is digisavings account?

Digisavings account is the online zero balance savings account offered by digibank.

How can I use digibank?

Any Indian citizen above 18 years can use digibank. You can download the digibank app on your phone and open a digibank e-wallet instantly. You can convert the wallet into a digiSavings account by completing the KYC process through your Aadhaar number or by visiting the nearest centre.

Can I open a digisavings account from the bank’s website?

Currently, you can only open a digibank savings account by downloading the digibank app. However, you can carry out banking transactions from your desktop with ibanking.

Are there any differences between digibank e-wallet and digiSavings?

When you first sign up with digibank, a digibank e-wallet is offered to you. You get a virtual debit card and can carry out other online transactions.

After completing the KYC process by providing your fingerprint, your digibank e-wallet will be upgraded into digisavings account, a full-fledged savings account. You can avail all the different features of a savings account such as interest on your deposits, a debit card, transfer funds through NEFT, UPI etc.

What documents are required to open a digibank savings account?

To open a digibank e-wallet, you need to include your personal details such as your name, date of birth etc.

However, to avail all the benefits of digisavings account, you have to provide your Aadhaar number, PAN and fingerprint for biometric authentication.

Also, you need to be an Indian resident above 18 years of age to open the bank account.

Will I get a debit card after opening digisavings account?

You can apply for a debit card during the account opening journey from the app. You can opt for a physical debit card after adding your PAN and Aadhaar number.

Add your delivery address and your card will be delivered within seven working days.

Is Digibank a payment bank?

Digibank is not a payment bank. It is an online bank introduced by DBS.

Can I withdraw or deposit cash into my Digibank’s digisavings account?

As digibank is an online bank with no branches, you cannot deposit cash in your digisavings account. You can deposit money online such as through UPI payment, NEFT etc.

However, you can use your physical debit card to withdraw money from an ATM.

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