Digi Bank is part of DBS group, a leading financial services group based in Singapore. It has recently launched a branchless, paperless bank within India with an online only model, calling it out Digi Bank. The bank has a number of features including zero balance requirements, unlimited access to ATM’s, 7% interest rate and can be open by a person with a valid Aadhar Card and PAN card.
To open a Digibank account, all you need is a smartphone, download the app, provide the answer to some basic questions and link the account with Aadhar Card and PAN card. Once these steps are followed, a Digi wallet is created. This Digi e-wallet can be then converted into a fully-fledged savings bank account upon opting the option for a biometric authentication at home or visit any one of designated 500 Café Coffee Day outlets across the country. Once the biometric is successful your savings account is opened and you open a paperless, hassle free quick bank account.
Digibank is providing a uniquely differentiated way of customer experience. The bank is in the era of technology, it is not only saving on the cost incurred to maintain branches and people but also cutting a lot on spending by providing 24X7 virtual assistants to resolve your queries. The cognitive technology is deployed by Kasisto, Stanford Research Institute, the creator if Siri and provided a uniquely differentiated customer experience.
Digibank e-wallet, let us see what all we get from a 90-second effort of downloading and setting up the app:
- Pay phone, electricity, and other utility bills.
- Make recharges.
- Shop at over 1,00,000 online merchants
- Get entitled to discounts, cash backs, and great deals.
- Up to- 7% of interest
- Zero minimum Balance, zero-maintenance account
- Free Unlimited ATM withdrawals
- Countless offers and discounts on travels, entertainment, and shopping, including Flipkart, Bookmyshow and lots more.
Digibank savings account, once the account is setup in additional to above features, below is listed what Digi savings account offers.
- Stronger security by eliminating OTP’s and enabling automated authentication
- Better returns by having 7% interest from first rupee and cashback of up to 10% from a wide range of listed online merchants.
- Introducing Paywave that enables users to make cashless, contactless and even pin-less fully secured transactions of up to Rs. 2500. With VISA Payware enabled there is no need of swiping the debit card
- Get rid of unnecessary transaction charges as Digibank enables users to get unlimited free withdrawals at over 200,000 ATM’s and makes you free of paying any fee to transact your own money.
We also tried similar digital bank offering from Kotak 811, however, the process of account creation was not as fast, smooth and hassle-free as DigiBank.
Below are few other shortcomings we identified:
- 811 account has a max limit of 1 lakh only whereas there is no such restriction on the DigiBank account.
- There is a requirement of additional paperwork after the account is opened on Kotak 811 while DigiBank is completely paperless.
- Hidden charges and fees exist for Kotak 811.
Below is a quick comparison between Digibank and Kotak 811:
|Up to 7%* interest rate||Up to 6%* interest rate|
|Open an account in 90 seconds||Open an account in 5 minutes|
|Virtual debit card + free physical VISA debit card||Virtual debit card + pay to get a physical debit card|
|Unlimited Free deposits and withdrawals at ATMs and branches||Charges on cash deposits and withdrawals at branches and ATMs|
|No account limitation||Max limit of 1 lakh only|
|No paperwork required||Requirement of additional Paper work after the account is opened|
We also did a detailed video review of the Digibank app from DBS bank, covering ease of creating an account, app usability, features which e-wallet and saving’s bank account provide, benefits and concept review. We also compare Digibank with other competitors in the market and infer if it stands out.
So, Live more, bank less and save efforts and money with Asia’s safest and Asia’s best bank!