Digibank By DBS Review

Digibank By DBS Review

Digibank by DBS is a milestone toward altering the traditional banking system, beginning with an entirely digital sign-up process. With Digibank, depositing, withdrawing, and transferring money is made easy.

Digibank is powered by Development Bank Singapore (DBS), a Singapore-based financial institution. DBS has played a pivotal role in restructuring old-school banking, earning the “Safest Bank in Asia” award for 12 succeeding years from 2009 to 2020. With 250 branches and over 1,100 ATMs in 50 cities, the company operates in 15 markets.

Here is our review of Digibank by DBS, where we delve deep into the pros, cons, rewards, cashback, and more. We attempt to answer the question of whether you should get one for yourself or not.

Digibank by DBS Review 2022

Pros

  • An interest rate of up to 4% per annum.
  • Free overseas transactions.
  • Free virtual debit card, option to avail the physical card
  • Expense tracker, so customers can understand their spending patterns and do more savings.
  • Transactions will be authorised securely without the use of OTPs. 
  • The company provides instant chatbot support on its website for the customers.

Cons

  • Customers have complained about below par customer service. 
  • Customers have experienced app issues for login and signup.

Rewards and Cashback

  • You can save up to Rs 25,000 every year with exclusive debit card offers.
  • A gift card from Amazon worth up to Rs 250 is available for completing milestones.
  • Times Prime Lite membership comes bundled with the account.

Fees and Charges

  • Monthly Average Balance: Rs 5,000 (Rs 200 penalty on dishonour)
  • Debit card charges: Rs. 150 + GST per annum (first year free).
  • Account activation charges: Nil

Who should use Digibank services?

Digibank is working to make banking setup easy and seamless for their customers; If you are looking to stay away from the hassle of the third-party OTP and for a safer and well-protected alternative for a traditional savings account, then you can go with Digibank.

Eligibility criteria

Age

At least 18 years of age.

Location

Indian Resident.

Documents required

Make sure to have the following details/ documents with you when applying:

  • PAN number
  • Aadhaar number

Conclusion

Through Digibank, the Development Bank of Singapore is bringing a digital savings account to Indian customers. DBS is working towards making banking a minimal daily activity and not a task for its customers.

It launched Digibank, India’s first mobile-only bank, in 2016 and has already accumulated 1 million savings accounts. You get a 100% digital onboarding process, exclusive offers and cashback, and expense tracking.

Ratings and Reviews

Cashback and Rewards 3/5 – Customers get a gift card for Amazon.in worth up to Rs 250. Times Prime Lite Membership with benefits worth Rs 25,000 (term & conditions applied)

Security–  4/5 – To mention a few, Digibank has massively crucial security and new-age technology-driven features, such as contactless payments that can be processed with a single tap. Customers can switch to international mode in seconds and spend anywhere worldwide, temporarily freeze their cards in case of emergency, and lastly, customers can update their PIN anytime, anywhere through their phone.

Overall-   3.5/5- Digibank has many options for customers who are looking for a way to support themselves or their family financially; personal loan of 15 lakhs without any paperwork, Customers can maintain a fixed deposit with high-interest rates, International transfers at zero extra cost, health insurance plans for the family, automobile insurance and travel insurance are available. Digibank also has a team of experts to guide their customers on where and when to make investments.

FAQs

Is DBS Digibank good?

Many customers have claimed that Digibank can be a fantastic choice because the process is simplified/ paperless and the application has a user-friendly interface.

Is Digibank approved by the RBI?

The Reserve Bank of India has approved the Scheme of Amalgamation of DBS Bank, it has been granted a licence by the Reserve Bank to operate as a wholly-owned subsidiary (WOS) in India under section 22(1) of the Banking Regulation Act, 1949.

Is it safe to use Digibank?

Yes, Digibank is paperless and branchless, with transactions available 24 hours a day, seven days a week. It lets you use over 100 distinct features from the comfort of your home to pay, save, invest, borrow, shop, and insure with Digibank.

Is DBS Bank trustworthy?

Yes, DBS has been named Asia’s safest bank for the 12th year in a row and one of the world’s safest banks.

What is the minimum balance for Digibank?

You must maintain a monthly average balance of at least INR 5000, according to Digibank’s terms and conditions. Failure to do so could result in penalties of Rs 200 per month.

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