We are now embarking on the digital age and with the dream of Digital India, there are many things going digital. The most important one is banking. What if I tell you that today we are going to explore India’s first Digital Only Bank. Yes we are talking about digibank by DBS. Let us have a look at some of the interesting features.
Installing the App
The app can be easily installed from the Apple Store or from Google Play Store. You can search for “Digibank” in the stores. Then click on Install to install the App. The size of the app is very small and it won’t take much memory on your smartphone.
User Interface & Savings Account Opening Process
In the past, opening an account was a very lengthy process where you needed to fill out a physical traditional form and provide hard copies of all the documents, then go through a verification process and finally open your account.
Later with Internet banking and it still took a decent amount of time to open an account. Enter digibank.
The user interface of the app is fantastic and very easy to use, even for new smartphone users. Let us have a look at how a new Savings Account can be created using the app.
The app welcomes you and tells you the process of how the E-wallet is made.
The app asks you to enter details such as Name and Date of Birth.
Contact details need to be entered which includes Mobile Number & E-mail id. An OTP (One Time Password) SMS is sent to your Mobile Number for verification.
You need to then, set your desired Username and Password. Later on you are welcomed by Digibank with a welcome message.
The app explains its security features and you need to accept the Terms and Conditions.
This is what I liked the most, it displays this like a tutorial help screen. There is a Virtual Assistant where you can get your queries answered. Then you can see your balance and other details.
To convert your e-wallet into a savings account, it asks for your Aadhar and PAN Number.
The app further asks about your profession and source of income.
If you are a salaried person then you need to select your annual salary range. As per KYC regulation, your Mother’s name, Father’s name and Marital status information also needs to be entered.
Nominee selection can be done with ease.
For paperless verification, your Biometric verification needs to be done. To do the same you can visit the partner stores or find an agent near you to complete this process. You will get a reference number and you can wait for a call from DBS bank.
A person from the bank will visit your place for biometric verification if you are not able to visit a store or find an agent. Once the verification is completed, your Saving Account is created.
This is one of the easiest methods to create a Savings Account, for sure. The User Interface is made to focus on the only details shared on the screen. This process of account creation is simple and can be done by anyone sitting anywhere.
User Experience & Features
You can perform all the tasks which a normal savings account does. Let us have a look at some unique an interesting features offered by digibank:
Add/Remove Debit Card
The user can easily add a debit card and transfer their money into their digiwallet. Also if the user wants to remove/detach the card from the account then it can be done with one click. It offers the choice and freedom to the customer.
Unlimited Free ATM Withdrawals
Unlike other banks, especially Kotak 811, there are no charges on ATM withdrawals. So you can easily withdraw from ATM at any number of times without any charges.
Virtual Assistant at your service 24×7
A powerful Virtual Assistant is at your service 24×7 to solve any queries or problems. With the use of Artificial Intelligence the
OTP is not required in transactions.
No Cap on Deposit Amount
There is no restriction or cap on deposit amount unlike other banks. Kotak 811 has a maximum cap of 1 lakh for the account.
This is a lucrative offer for sure. Your money doesn’t just stay in the account but the bank provides a handsome 7% interest when compared to Kotak 811’s offering of just 6%.
There is a Budget Optimizer which helps you to track your expenses, budget, analyze purchasing patterns and also provides you with advice after checking out your preferences and behavior while using the app.
The user can easily create recurring deposit which are goal based.
No Hidden Charges and Fees
A customer is always afraid of any hidden charges and fees which get levied. They don’t need to worry when they have an account at digibank. There will not be any hidden charges and fees unlike other banks. E.g. Kotak 811 charges the customer for cash deposits and ATM withdrawals. Further if you want a physical debit card, you will be charged by Kotak but not by digibank.
This is one of the most easy way of creating a bank account online- it only takes 90 seconds compared to the whole 5 minutes Kotak 811 takes. This digital paperless process will become present and future of Online Banking. Why not create an account now and enjoy these features!