DBS Bank Savings Account

DigiSavings

Digibank makes banking hassle-free and a lot easier for you. DBS is a zero balance savings account, which brings a complete digital banking ecosystem to your mobile and allows you to open your bank account without any paperwork or signatures. You can set up an e-wallet in just 90 seconds and can instantly convert to digiSavings with Aadhaar OTP to earn interest on your funds and enjoy various features on your savings as well. You will also get answers to all your banking queries instantly with the 24 x 7 virtual assistant.

For a digiSavings account, all you need is your Aadhaar card and PAN card details. You can verify your details using an OTP on your Aadhaar linked registered mobile number and your digiSavings account will be opened instantly. You can enjoy all the features and benefits of digiSavings with biometric verification at any of their partner stores or by calling their agent to visit you within one year. You can upgrade to digiSavings instantly without any paperwork at all.

Features & Benefits of DBS digiSavings Account

Listed below are the several features and benefits of digibank by DBS:-

• Opt for a digiSavings account and earn interest up to 6% p.a.* on your savings
• Enjoy cashback of up to 10% on shopping from a wide range of online merchants
• Enjoy a no strings attached zero balance savings account
• Get unlimited free withdrawals at over 2 lakhs ATMs only with digibank
• With digibank, you can purchase, track and redeem mutual fund investments
• Mutual Funds on the go along with starting of SIPs seamlessly
• UPI on digibank enables you to manage all your bank accounts from one single app, you can send and receive money using a virtual payment address
• Make payments using your digibank application at all Bharat QR enabled stores and websites
• Budget optimiser lets you make budget, track expenses, analyse purchasing patterns and provides advice by looking at your behaviour and preferences
• Enjoy discounts and offers with your digibank VISA debit card at partner restaurants
• Enjoy cashless, contactless, PINless payments with your digibank debit card. Now just wave your digibank debit card at a payWave enabled machine to pay for transactions up to Rs 2000.

*This interest percentage carries according to the account balance. For example, there is 3.5% interest p.a. on balance up to Rs 1 lakh, 6% interest p.a. on your savings account balance above Rs 1 lakh and up to Rs 2 lakh.

Eligibility Criteria

• Individual of age 18 years and above
• Resident Indian

Documents Required

To apply for digibank by DBS savings account you should have:

• Aadhaar card
• PAN card

Fees & Charges

Check the fees and charges of the digibank savings account by DBS

How to Open DBS Bank Savings Account Online

Applicants interested in opening DBS account online can do so in just a few simple steps:

Step 1: Install digibank by DBS application in your phone or visit the bank’s website

Step 2: Click on open an instant bank account and the preferred account type you want to open

Step 3: Now, the customer needs to fill in the online application form with their personal and contact details

Step 4: In this step, the applicant is expected to upload scanned copies of his/her ID and address proof along with the savings account application form in order to complete the KYC process

Step 5: Upon verification, the bank will activate your account instantly and you can start using mobile and internet banking facilities till the time your welcome kit arrives at your residential address

Note: Since KYC process is online, applicants are requested to keep their scanned ID proofs handy to speed up the account opening process instantly.

How to Open DBS Bank Savings Account Offline

Applicants interested in opening a DBS savings account offline will have to visit the nearest branch of the bank.

Step 1: Visit the nearest branch of DBS Bank and fill out the savings account application form

Step 2: To open the account, the bank official will ask you to share basic details and ask you to choose the type of savings account you want to open

Step 3: Share the self-attested copies of your Aadhaar and PAN card

Step 4: At this step, you need to submit the application form along with the cash deposit slip or demand draft and proof of your identity, income, and residence

Step 5: Your account will be opened upon successful verification by the bank

DBS Bank will provide you with the welcome kit of the type of savings account you have opened with DBS debit card, chequebook, and other documents for your future reference.

Basic Savings Bank Deposit Account

Going by its name, Basic Savings Bank Deposit Account from DBS is a simple, basic account to carry out day to day banking transactions. Basic Savings Bank Deposit Account is offered under the Pradhan Mantri Jan Dhan Yojana.

Features & Benefits of DBS Basic Savings Bank Deposit Account

Listed below are the several features and benefits of Basic Savings Bank Deposit Account:-

• Opt for a Basic Savings Bank Deposit Account and earn interest up to 6%* p.a. on your savings
• No minimum balance requirement
• Maximum of four withdrawals allowed in a month across all channels, including ATM withdrawals
• Basic banking services and cheque books will be made available
• No limit on the number of deposits that can be made in a month
• Free Debit Card
• Free Passbook
• The account can be used for day to day needs like deposit, withdrawal, remittances, etc.

*This interest percentage carries according to the account balance. For example, there is 3.5% interest p.a. on balance up to Rs 1 lakh, 6% interest p.a. on your savings account balance above Rs 1 lakh and up to Rs 2 lakh.

Applying for an Offline Savings Account from DBS Bank

If you want to open Basic Savings Deposit Account from DBS Bank which is listed above, then you can do so by visiting the nearest DBS Bank branch.

Development Bank of Singapore savings accounts interest rate for offline accounts is 3.5% per annum on balance up to Rs. 1 lakh. For savings account balance above Rs. 1 lakh and up to Rs. 2 lakh, you can earn a 6% interest per annum. Development Bank of Singapore savings account interest rates and charges are subject to renewal on the basis of bank’s policy.

Note: The above-mentioned interest rates are effective from 30th June 2020 

The documentation for DBS Bank savings account is listed below. You might have to carry photocopy of all the documents (with their originals) and are required to be presented at the time of submitting the account opening form.

Individuals:

1. Proof of identity:

• Aadhaar card / letter issued by unique identification authority of India (UIDAI) containing details of address, name and father’s name (Mandatory)
• PAN card or Form No. 60 / 61 (as applicable) (Mandatory)
• Voter’s identity card
• Passport
• Driving license

2. Proof of address: Any one or two of the following as mandated by the bank

• Electricity bill / telephone bill
• Bank account statement
• Letter from any recognised public authority
• Rent agreement indicating the address of the customer accordingly registered with state government or similar registration authority
• Letter issued from employer (satisfaction of the bank)