Did you know that a bank can exist without physical branches? Digibank is a digital bank that fits in your phone. Digibank savings account is the zero balance digital savings account from digibank. Individuals can open the savings bank account instantly by downloading the digibank on their phone.
The interest rate is calculated on the daily closing balance and is credited to the account quarterly.
Digibank savings account offers attractive interest rate of up to 6%. Interest rate on digibank savings account starts at 3.5%.
|Balance up to Rs. 1 lakh||3.5%|
|Balances over and above Rs. 1 lakh and up to Rs. 2 lakhs||6%|
|Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs||4%|
|Any balances over and above Rs. 5 lakhs (on the incremental amount)||4%|
You can open a digibank e-wallet instantly and upgrade it to digisavings account by completing the KYC process.
Download the Digibank by DBS from Google Playstore or the App store.
Open the app and click on ‘Open Digisaving account’.
Enter your complete postal address with a correct PIN code.
Add your personal details
Create your username and password
You can complete the KYC through the Aadhaar OTP method, in-person verification or by visiting nearby DBS KYC centre.
Instant account opening
The online savings account can be opened instantly by downloading the mobile app. Just fill the online account form, complete your KYC and activate the digibank savings account.
Zero balance account
Digibank savings account is a zero balance savings account. This means that you don’t have to worry about maintaining the minimum average balance.
Freedom from PINs through PayWave
To pay from your account through a debit card, all you need to do is wave a DigiBank debit card at a Tap to Pay enabled terminal. Since the DigiBank cards are enabled with the payWave feature, no swiping or dipping or remembering any PIN is required, simply Wave and Pay. The facility is available for transactions worth less than Rs.2,000.
Integrate all your savings account
If you have multiple bank account apps, you can integrate all your savings account through digibank.
No need to enter OTPs
While making a transaction, you have to add the OTP sent to your mobile number. It helps to make secure payments and transactions. Soft Token authenticates all transactions without any OTPs.
Track your spending
If you want to have a clear picture of your spending without using any other app, digibank with its Spends Optimiser feature makes it easy to track your spending pattern and make better financial decisions.
Share account details instantly
Whether you want to share your account details with family members, friends, you can do that instantly in a click. You don’t need to manually type or copy-paste your bank account details.
Save for your goals
Digibank savings account can add their financial goals on digibank and save money towards it.
Scan and Pay feature
Savings account customer can make payment instantly by using the Scan and Pay option and scanning the QR code.
Streamline your bill payments
After you pay your utility bills once through the app, you will receive alerts for your future payments so that you don’t miss any date or end up paying late fees.
Saving and investment facilities
Saving and investing money is easy with digibank. Open a recurring deposit(RD) or set up a Systematic Investment Plan (SIP) in mutual funds to fulfil your financial goals. Save money in a fixed deposit for any emergency situations.
An adequate insurance cover is one of the most essential aspects of a carefree life. Get health insurance plans, automobile insurance and travel insurance through the digibank app.
Instant personal loan
Digibank savings account customers can avail instant paperless personal loans of up to Rs.15 lakhs.
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.
Digisavings account is the online zero balance savings account offered by 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.
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.
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.
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.
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.
Digibank is not a payment bank. It is an online bank introduced by DBS.
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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