Digibank by DBS debit card review

Development Bank of Singapore (DBS) launched mobile only bank called “Digibank by DBS” last year.

Account opening process:

Download the mobile app at Android or Apple Store
Have your PAN card and Aadhaar card ready
Make sure your mobile number is linked to the Aadhaar to receive OTP
Some executive will come to your address to do the bio metric verification

Advantages of Digibank by DBS

Completely paperless
It’s a full-fledge bank account
Highest interest rate of 7 %
Zero balance account, no need to maintain a minimum balance
Brand ambassador is our all time favourite Sachin Tendulkar

Advantages of the debit card

It’s a VISA card, so it will be accepted at all ATMs and also on all the PoS (Point-of-Sale) machines at shops
It does not charge you any fee for cash withdrawal from ANY ATM
No IMPS, NEFT & UPI charges
It can be used internationally

Limits

Cash withdrawal limit is 1,00,000 INR per day
Transfer limit is 5,00,000 INR per day

Disadvantages

No Loyalty reward program
No Insurance cover

How to use the card?

It’s highly recommended to download the Digibank by DBS app from app store and create a bank account with them. It’s a clever decision to transfer all the money into this account and earn 7% interest instead of parking money in SBI or HDFC which gives only 4% for a saving bank accounts.

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