Digibank is a online banking service provided by DBS Bank. Before we go into the details, It must be noted that DBS Bank is a Singapore based banking system and is known to be one of the safest digital banking systems in Asia.
Digibank was launched in India in the 2016 claims to be a bank that is shrunk to fit into one’s smartphone. That means the entire banking process from account opening to savings to money transfer, all banking activities can be done from the palm of your hands. No more hectic paperwork, no more long queues! Whats more, the Digibank app uses A.I Assisted technology which means you can simply just open the app and for example tell the built it A.I Assistant, “Transfer Rs. 500 to Rahul” and it will get the job done! Moreover the app also in the background tries to understand your interests and expenditure patterns and shows you only the relevant offers and information of your interest.
Apart from the A.I based App, Digibank also provides several other features as well that is worth mentioning.
First, any bank account opened is a Zero balance account. That means there is no minimum balance amount that needs to be kept at any point of time
Second, the atm card provided workout any extra charge and is said that a fee of Rs. 150 will be charged from the second year. The atm card comes with VISA PayWave technology.
It is to be noted that initially Digibank provided unlimited money withdrawals at all bank ATMs but from 2018, the number of money withdrawals from bank ATMs (other than DBS) is limited to 10 (ten) per month.
Third, and i guess the most important point is regarding the interest rates provided by this bank. Digibank gives and interest rate of 6% per annum which is one of the higest interst rates given by any bank in India.
Here too it must be noted that the intest rate is 6% for an account balance upto Rs. 1 Lakh.
For balances above 1 Lakh and upto 2 Lakhs, the interest rate is 7%. For any balance above 2 Lakhs , the interest drops to 5% and for above 5 Lakhs the interest is 4%.
Some of the hashtags that Digibank promotes are #UnBankIt and #GetALife and rightly so, Digibank offers a very fast, secure and seamless service which is a boon for the common man so that he has to spend less time in a bank and in return get more time for the others things in life!