DigiBank by DBS – Zero Balance Online Bank Account with upto 7% Savings Bank Interest – Details and Review

 

Digibank is India’s first mobile-only bank – paperless, signatureless, branchless bank. It is completely online.   Digibank is part of DBS Bank – DBS Bank is a leading financial services group in Asia, with over 280 branches across 18 markets. It is headquartered in Singapore with presence  in Greater China, Southeast Asia and South Asia.

 

What are features of Digibank by DBS

  • No Minimum Balance
  • Savings Bank Interest upto 7%
  • Debit Card
    • With DigiSavings Bank  you will get physical debit card – that can be used anywhere including online and point of sale transactions, as well as overseas.
    • You also get free unlimited cash withdrawals at nearly 2,00,000 ATMs across India.
  • Exclusive Deals and Cashback
  • Pay Credit Card bills of other banks by adding them as Biller
  • DigiBank UPI to connect your other bank accounts – UPI on digibank enables you to manage all your bank accounts from one single app, you send and receive money using a virtual payment address (VPA – yourname@dbs ) without any other account information. No need to disclose or remember account details, passwords anymore. As always it’s simpler and safer with digibank.
  • Invest in Mutual funds through DigiBank App – With digibank, you can now get started instantly with Mutual Fund investments. Purchase, track & redeem Mutual Funds on the go along with starting of SIPs seamlessly
  • You can make payment by scanning Bharat QR Code –  Make payments using your digibank app at all Bharat QR enabled stores and websites. Just log in to digibank, select pay using QR code and scan the Bharat QR code.
  • Budget Optimizer – helps to use budgets, track expenses etc.
  • Samsung Pay:  Now, use your digibank debit card to make purchases, almost everywhere, using your Samsung phone! Simply register your digibank debit card and swipe up the home screen to launch Samsung Pay app, authenticate via IRIS/finger print/PIN and tap to pay at various stores.
  • payWave  Contactless payments:  The latest innovation in VISA payments that let’s you make cashless, contactless, PINless payments. Yep, you just have to wave your digibank debit card at a payWave enabled terminal to pay for transactions up to Rs. 2,000. No swiping or dipping is required as your digibank debit card is enabled with VISA payWave.

 

How much is the Interest on Savings Bank Account

You can earn up to 7% interest on your savings account (also known as digiSavings).  However, in practice it’s a little more complicated. You will earn:

Balance upto Rs 1 lakh 6% Interest
Any balances over and above Rs. 1 lakh and up to Rs. 2 lakhs  7% interest
Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs 5% Interest
Any balances over and above Rs. 5 lakhs  4% interest

Note that no interest is payable for digibank e-wallet.

 

How much is the Interest on FD and Recurring Deposits

Tenure FD / RD
<1 year 5.5% – 6.1% 
1 year to 15 months 7.5%
15 months 1 day to less than 2 years and 6 months 7%
2 years & 6 months 7.5%
2 years 6 months 1 day & less than 5 years 7%
5 years 7.5%

 

How to Open the DigiBank Savings Account?

When you first signup with Digibank,  you will get Digibank e-wallet. It comes with a virtual debit card, bill payments, budgeting, expense tracking, and powerful customer support. Opening a digibank e-wallet takes less than 90 seconds.

DigiSavings is full-featured savings account that comes with everything you’d expect: deposits, interest, a debit card, fund transfer, UPI and no minimums or maximums. digiSavings also comes with everything in digibank e-wallet. You can convert to a digiSavings account by completing your biometric authentication at any of the partner stores. . You can visit any DBS branch or Cafe Coffee Day store or call an agent (See details).

Simply verify your details through an OTP on your Aadhaar linked mobile number and your savings account is instantly activated. Get the maximum out of your digiSavings with biometric verification at any of our partner stores or by calling our agent to visit you at a place and time of your choice! Setting up a digiSavings account is seamless, paperless and happens in seconds.

Link to details to open account :  https://www.dbs.com/digibank/in/index.html

Fingerprint verification : at DBS branch, Cafe Coffee Day stores, or book an agent –  https://www.dbs.com/digibank/in/cities.html

Cashback offers for monthly transactions – Loyalty Program

Digibank gives you cashback for following transactions and the cashback amount is credited to your account every month. You get the points (digi  Buck) and each digi Buck = 0.50 paisa  (source)

  • Classic: Collect 500 digi Bucks and get Rs.250 cashback 
  • Premium: Collect 1000 digi Bucks and get Rs.500 cashback 
  • Elite: Collect 2000 digi Bucks and get Rs.1000 cashback

 

Transactions for the month (digi Bucks will be credited only for the month in which the transactions have been done)

Activity Transaction Digi Bucks Digi Bucks
    for customers with monthly average balance of Rs. 10,000 to Rs. 49,999 for customers with monthly average balance of Rs. 50,000 & above
Funds transfer (Credit) Minimum Rs.25,000 using UPI / IMPS / NEFT / RTGS 100 150 Cumulative credit of Rs.25,000 or more will be rewarded with digi Bucks.
Debit Card spend (Domestic) Rs 2000 – 5000 100 150 All purchase transactions on POS / e-POS (i.e. transactions at merchant outlets and online transactions) made using digibank VISA Debit Card for that particular *month only.
Rs 5001 – Rs 1000 200 300
Rs 10K – 20K 300 450
  >20K 400 600
Auto BillPay Per active biller 100 150 Only registered bills such as telecom, internet, DTH, electricity, gas, power, mutual fund, insurance premium paid using digibank app via auto pay will be rewarded with digi Bucks. Donation payment will not be considered for digi Bucks. Minimum biller value should be Rs.250 or more.
Other Bank Credit Card Outstanding Payment Min. Credit Card bill payment in a month via digibank app should be Rs.500 100 150 Any Credit Card bill payment done using digibank app (Max. 1 Credit Card payment in a month only) will be eligible for digi Bucks. Minimum Credit Card bill should be Rs. 500. Maximum digi Bucks that can be earned on a Credit Card bill payment per month is 100 or 150.
Internet banking Min 1 login in a month 50 75 digi Bucks will be awarded only on the 1st login of the month.

 

One time transaction – Transact once, Earn digi Bucks every month!

 

Activity Transaction DigiBucks INR Equivalent
Fixed Deposit Rs.25,000 to Rs.50,000 100 150 Tenure of the FD should be 6 months or more.Cumulative fixed deposit holding by customer will be considered for calculating digi Bucks 
  >50 – 200K 200 300  
  >200k-500k 300 450  
  >500k 400 600  
Recurring Deposit Rs.5,000 to Rs.10,000 100 150
>Rs.10,000 200 300  
Mutual Fund (SIP) Rs.1,500 to Rs.5,000 100 150 Cumulative SIP value for each customer. 
  >Rs.5,000 200 300  
Personal Loan Any amount 400 200
Home Loan (1stdisbursement) Any amount 900  

 

So, you can get upto Rs 12000 in an year for using this account. You need to earn 2000 points every month

Keep Balance of Rs 50K Points
Fixed Deposit 25000 150
Recurring Deposit 5000 150
Mutual Fund (SIP) 5000 300
Internet banking logon 1 75
Auto BillPay 2 300
Cr Card payment 1 150
Funds transfer (Credit) 4X 25000 600
Debit Card spend (Domestic) 5000 300
TOTAL 2025

 

 

 

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