DBS digibank Review!

DBS- Not many of us have heard of this bank as we live in India. The only names that come to our minds when we hear about banks are SBI, HDFC Bank, etc. But in this time of economic slowdowns and global recessions, we should not only diversify our investments but also know more about different banks.

DBS stands for Development Bank of Singapore. It was founded on 16 July 1968 by the Government of Singapore. The primary objective of this was to take over the industrial financing activities from the Economic Development Board.

In 1994 DBS set up a representative office in India and opened its first bank branch in 1995. Headquartered in the commercial capital of Mumbai, DBS now operates via a network of 33 bank branches across 22 cities in India such as Bangalore, Chennai, Cuddalore, Hyderabad, Kolhapur, Kolkata, Coimbatore, Moradabad, Indore, Mumbai (Andheri, Nariman Point), Nashik, New Delhi, Noida, Gurugram, Pune, Salem, Surat and Vadodara.

On 26 April 2016, DBS finally launched India’s first mobile-only bank- DIGIBANK. It was a revolutionary offering, as digibank brought together an entire suite of ground-breaking technology – from biometrics to artificial intelligence (AI) – to enable customers to enjoy a whole new way of banking. After being a customer of digibank for about 3 years now, I am going to share my thoughts on it.

 First of all, this bank stands on its commitments and is truly digital that means no physical paperwork is to be done for opening an account in digibank. But a customer needs to have a valid PAN Card and Aadhaar Card to open an account and after opening the account the customer needs to verify his/her physical fingerprint by visiting any DBS branch or by a doorstep visit from the bank. This is a one-time process.

It can be told that digibank is a bank in your smartphone because it is an app-based bank which is available in both Play Store and App Store. Although it is not a physical bank, it gives full benefits of a real bank like providing a Debit Card, supporting Internet Banking, and having a good customer support service.

The benefits of this bank are truly amazing because without being a physical bank, it offers a better service than most other banks in India. For example, it has excellent customer support, has no hidden charges, has no charge for SMS, etc.

All digibank accounts are zero balance accounts hence there is no criteria for any minimum balance. The debit card issued by digibank is in partnership with VISA and there is no charge for the debit card. The card issued can be made ready for international usage with just a toggle in the app. There is also an option to add nominee for digibank accounts. The app in comparison with other mobile banking apps is much superior because through the app, customers can directly do a fixed deposit and also invest in mutual funds and pay for health insurances. The app also offers to link other bank accounts through UPI and add money from them. Through this app, users can pay billers and merchants directly through a bank account or by UPI. The different rates and charges of the bank can be found out from this link https://www.dbs.com/digibank/in/rates-and-fees.page.

However, there are some disadvantages of this bank such as there is no way to deposit amount directly into the account. The only way to fund the account is through requesting money through UPI or by account transfer. So, this account can be a very good Salary account but not a Savings account. Cheque book facility is also missing from this bank. The Android app of the bank is slow and buggy even after several updates.


What is a Digibank account?

A Digibank account is a regular bank account that is provided by DBS. The difference is that it is a digital account and you do not need to visit any branch to open this account. Digibank is an app-based bank that offers all the benefits of a regular bank account like providing an account number, a physical VISA Debit Card, etc.

Here the bank is always in your pocket and you can interact with it anytime. The benefit of having a totally digital solution is that the company invests more and makes the service better unlike other banks in India which heavily relies on physical document verification and branch visits. The digital experience in Digibank is totally seamless and you can open a bank account in just a few minutes.

Is DBS Bank legal in India?

DBS bank is totally legal in India. There are more than 25 branches of DBS in India as of now operating in more than 12 cities. The most popular product of DBS is its digital banking solution – Digibank which is a full-fledged app-based digital bank that do no require you to visit a branch at all. However, you can click here to get all the locations of DBS branches and ATMs.

Is Digibank approved by RBI?

Yes, Digibank by DBS is approved by RBI. DBS stands for Development Bank of Singapore and in September 2017, DBS Bank received in-principal approval by the RBI to set up a Wholly-Owned Subsidiary (WOS) in India. After the State Bank of Mauritius, it is the second bank to get this approval. Now Digibank is the digital banking solution offered by DBS. Digibank is a full-fledged bank account that is present in your smartphone as an app. You get all the features of a bank account and other facilities as well like a physical Debit Card.

Is Digibank by DBS safe?

Yes, Digibank is totally safe. In India no bank can function without following the strict guidelines given by RBI and Digibank by DBS is really a great bank. It is specially recommended for millennials and youngsters who always want to make everything digital and avoid going to physical bank branches as Digibank is totally an app-based bank.

DBS has been recognised as Asia’s safest bank for the tenth consecutive year by Global Finance, a New York-based trade publication. DBS is also the fourth-safest among the world’s commercial banks and it is 14thon Global Finance’s list of the World’s 50 Safest Banks. So, you can totally rely on Digibank by DBS.

All in all, this is a very good bank specially for youngsters and millennials as the bank offers banking and all facilities like other physical banks.

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