Digibank Savings Account is a fully digital account that your mobile can open, manage, and operate. You can open Digibank Savings Account instantly by downloading Digi Bank app on your mobile. It is not a zero-balance account. You need to maintain an Average Minimum Balance (MAB) of just ₹5000. Here is everything you should know about DigiBank.
Overview of DigiBank
DBS Bank Ltd is originally Singaporeans multinational company (MNC) banking and financial corporation headquarter situated in Singapore, formerly known as The Development Bank of Singapore Limited, before the change of name in 2003.
DBS Bank Ltd operates all over the world but mainly in Asia, its largest bank of Asia. In India, DBS has 33 bank branches expanded into 22 cities such as Chennai, Bangalore, New Delhi, Chennai, Mumbai, Cuddalore, Hyderabad, Kolhapur, Kolkata, Coimbatore, Moradabad, Indore, Mumbai Nashik, Noida, Gurugram, Pune, Salem, Surat, and Vadodara. In 2009, Lakshmi Vilas Bank Limited was merged into DBS Ban.
Table of Contents
- Overview of DigiBank
- Features of digibank savings account
- What is Interest rate on digibank savings account ?
- Interest rate on Fixed Deposit of Digibank
- Different types of Charges of Digibank Saving account
- Documents needed to open Digibank savings account
- How to Open Digibank Savings Account online with Digibank App
Features of digibank savings account
Instant account opening
You can open Digibank saving account instantly, Just download , their app, fill the required information and submit. After the KYC verification the account is activated instantly. Digibank Bank completes kYC verification through your fingerprint.
Minimum balance account
Digibank do not offer, Zero Balance account now, after October 2020, you need to maintain at least Rs.5,000 minimum saving balance in a account to avoid charges. Rs.5,000 balance is not more if you compared to other banks.
Integrate all your savings account
If you have more than one saving account, you can integrate all your saving account through their mobile banking app.
No need to enter OTPs
DigiBank Mobile app uses, Soft Token authentication for all the transaction, you do not need to have mobile OTP generated at time of doing transaction. This Soft Token authentication makes transaction fast and secure.
Instant Sharing of Account Details
There are no need of manual typing or copy-pasting for sharing account details, you can share account details in one click.
You can make a goal in app, like Any Trip, The latest iPhone?, save and plan.
As per RBI rule, you can make Contactless Payments of Rs.5,000 or below Rs.5,000.You just need to Scan & Pay and Tap to Pay features that ensure instant payment.
Track Your Spends Across Categories
You all the saving, expenses will be categorized into types of expanse. Digi Bank app have Spends Optimizer feature, that tell you where you have spends in last month and take decisions effortlessly.
Easy Saving and investment options.
Through Digibank app, you can open RD (Recurring Deposit), SIP (Systematic investment Plan) very easily. This SIP can be in mutual fund or Fixed Deposit.
Get Insurance easily
Through Digibank app, you can take health insurance plans for the family, automobile insurance and travel insurance.
You can transfer money to your loved ones, instant international transfers at no extra cost.
Pre-approved personal Loan
Digibank bank offres, Pre-approved personal Loan up to Rs. 5 Lakhs with instant paperless application.
What is Interest rate on digibank savings account ?
Digibank calculate interest rate on daily available balance, Interest will be paid at quarterly rests or on any other rests as the Bank may decide from time to time.
Here is the Interest rate on saving account.
|Balance up to Rs. 1 lakh||3.25%|
|Balances over and above Rs. 1 lakh and up to Rs. 2 lakhs||3.5%|
|Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs||4%|
|Any balances over and above Rs. 5 lakhs up to Rs.5 crore (on the incremental amount)||3%|
|Any balances over and above Rs. 5 Cr||3.75%|
Interest rate on Fixed Deposit of Digibank
|Period||Fixed Deposits||Recurring Deposits|
|91 to 180 days||2.75%||2.75%|
|181 to 269 days||3.00%||3.00%|
|270 to less than 1 year||3.50%||3.50%|
|1 year to 375 days||4.25%||4.25%|
|376 days to less than 2 years||4.50%||4.50%|
|2 years & less than 2 years 6 months||4.55%||4.55%|
|2 years & 6 months||4.55%||4.55%|
|2 years 6 months 1 day & less than 3 years||4.55%||4.55%|
|3 years and less than 4 years||5.50%||5.50%|
|4 years to less than 5 years||5.50%||5.50%|
|5 years and above||5.50%||5.50%|
Different types of Charges of Digibank Saving account
Account Maintenance charges of Digibank
|Charges Details||Charges ( In Rs.)|
|Monthly Average Balance (MAB)||INR 5,000|
|Monthly charges for non-maintenance of balance||INR 200|
|Account closure (within 6 months of opening)||Free|
Debit Card and ATM charges of Digibank saving account
|Debit card replacement (lost, stolen, damaged)||INR 150|
|Debit card annual fee (second year onwards)||INR 150|
|International cash withdrawal||INR 125|
|International balance enquiry/non financial||INR 25|
|DBS Bank ATM – Cash Withdrawal||Free|
|DBS Bank ATM – Domestic balance enquiry /non-financial transactions||Free|
|Non-DBS Bank ATM – Cash Withdrawal||Bal < INR 2 lacs: Metro – First 3 txns / Non-Metro – First 5 txns (Free)
Bal > INR 2 lacs: Metro / Non-Metro – First 10 txns (Free)
INR 20 (beyond free limit)
|Non-DBS Bank ATM – Domestic balance enquiry / non-financial transactions||Bal < INR 2 lacs: Metro / Non-Metro – First 7 txns (Free)
Bal > INR 2 lacs: Metro / Non-Metro – First 10 txns (Free)
INR 8.5 (beyond free limit)
|FX Markup||3.5% for Classic Card
2.5% for Signature Card
Payment Services and Fund Transfer
digiSavings transfer charges
|Credit to account from an overseas bank / International credit||Rs. 25|
|Cashier’s order / payment order / payable at par demand draft||Rs. 30|
|Revalidation / reissuance of payment order / demand draft||Rs. 30|
|Cancellation of DBS payment order / demand draft||Rs.100|
|Cheque return charges||Rs. 200|
|ECS / NACH / eNACH return charges||Rs.200|
|Standing Instruction creation||Free|
|Amendment of Standing Instruction||Free|
For other charges, you can visit the offical webiste,
Documents needed to open Digibank savings account
- PAN card
- Aadhar Card Number or Virtual Aadhaar Number
- Mobile no.
How to Open Digibank Savings Account online with Digibank App
The account opening process is very simple with Digibank app. You can open this account in just few minutes.
- Download Digibank App from Google Plays tore or the App store.
- Open the App and click on open saving account.
- Enter the required details like PAN card no, Personal Details.
- Your personal address as written in address proof( Aadhar Card)
- Create your username and password
- You can complete the KYC through the Aadhaar OTP method, in-person verification or by visiting nearby DBS KYC center.
Do you have Digibank Savings Account ?, share your experience in the comment box below.