Digital banking has become quite popular nowadays as almost every bank and financial institution offers digital banking solutions. Now, you do not have to visit your bank or even ATM to check account balance. Even passbooks are becoming a thing of the past as you can have your passbook in your mobile phone. Such operations are only possible because of advanced digital banking features adopted by the banks. This not only offers convenience for the customers but also reduces paperwork and repetition of processes on the bank’s part as well. DBS is one of the few banks responsible for spreading the digital banking revolution across Asia.
The bank offers more than just consumer banking as it has a number of products and services to offer.
Such products and services include personalized research products and services, Global Indian banking services, investments, loans, insurance, and research with Asian insights.
DBS launched a newer version of the DBS IB Secure Device in 2012 that offered better protection than the previous version. This was an industry-wide initiative that provided a safer online banking experience. It had stronger authentication capabilities and offered an extra layer of security against online frauds and threats.
- Mobile Banking-DBS launched mobile banking service in 2010 and named it mBanking. The service available to both DBS and POSB customers. Customers can view and manage their savings/current bank account along with credit card accounts with this service. They can pay bills or transfer funds seamlessly. The customers only need to download the mobile app (DBS mBanking/POSB mBanking) for their respective smartphones (Android/iOS) and they are good to go.
- DBS Digibank Savings Account-This is a digital savings account scheme launched by DBS in India which is getting popular among the masses. The scheme has proven to be quite successful and is giving tough competition to competitor banks. The Digibank savings account is a paperless savings account that does not include any paperwork at all. The bank does not offer any cheque book or passbook with this account. The customers do not have to submit any documents at all. They just need to provide their Aadhaar number and thumbprint for biometric verification.
Digibank Savings account was started as mobile wallet designed mainly for making payments but later it was integrated with the Digibank Savings scheme. Your first step towards opening a Digibank Savings account should be to download the Digibank mobile app for your Android/iOS smartphone. You can choose the option of opening a savings bank account on the app or use it for making payments for utility bills or shopping. Once you choose the account opening option, the app will ask for your Aadhaar Number and ask for the time and date you prefer for meeting the Digibank executive. The executive will come at your place and perform a biometric verification (thumbprint). You will receive a confirmation as soon as your Aadhaar and biometric verification is completed. You can also apply for a Visa debit card from the mobile app itself.
The bank is currently offering a free debit card with no annual charges at all. The ATM transactions are also unlimited whether you use your own bank ATM or any other bank ATMs. The ATM cum debit card is equipped with Visas Pay feature that allows you to simply wave your card above specific POS machines and complete the payment immediately.
The bank offers 7% interest rate on Digibank savings accounts on a monthly basis. You will also get the mPassbook feature on the mobile app that will act as a digital passbook. The Digibank app is fully loaded with other banking operations such as mobile banking, IMPS, NEFT, RTGS and UPI. This can be one solution for all your day-to-day banking needs. It can be used for fund transfers, bill payments, scanning QR codes, etc. To check the complete details about the Digibank app, the customers can refer to the terms and conditions page in the mobile app.
All the customers using DBS mobile app whether in the country or outside the country are protected by the DBS Money-Safe guarantee. In the case of any unauthorised transaction, the bank guarantees the reimbursement of funds regardless of the amount.
- DBS Investments-DBS Bank specializes in asset allocation as all the model portfolios are developed in consultation with Morningstar Associates. These are designed to benefit each consumer class with its full potential. DBS Bank offers several investment options that include fixed income/bonds, equities, structured notes, and various types of funds. The fixed income/bonds section includes investment grade bonds, money market instruments, and short dated investment grade bonds.
On the other hand, the equity option includes direct equities and structured notes that contain specific yield enhancement notes. The last but highly diversified section i.e. funds includes fixed income funds, equity funds, alternative funds, money market funds, capital protection oriented funds, and fixed maturity plans. All these investment instruments are created for individual needs and returns.
- DBS Loans- The bank offers loans for various needs that occur in the lifetime of almost every individual at different phases. The loans are offered for buying a house, refinance, and also against property. Another popular option is flexi loan that allows you to save interest by making advance payments and reducing the tenure.