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Updated: 07-10-2020 06:25:42 AM

Savings account is a favourite investment option for most of the people living in India as it provides them safety of their hard-earned money and abundance of returns on their funds as well. It allows them to build-up a corpus for the future. Nowadays, the culture of digital payments is booming in India since the launch of Digital India campaign by the Government of India. The campaign was initiated to provide the people of India with an enhanced digital infrastructure and enable them to use several services digitally.

Taking advantage of the opportunity, the Development Bank of Singapore or DBS Bank, which is Singapore’s largest bank and a leading bank in Asia, launched the first mobile only bank account “Digibank” in India. Digibank powered by DBS, is an entire bank compressed to fit into your smartphone with only one objective in mind to change the traditional banking and make it digital for the people of India. It not only makes deposit, withdrawal and transfer of your funds hassle free and easy, but it also provides you with high interest on your savings and assists you to set goals and draw out a plan to achieve them. Let us look at the various types of DBS Bank savings accounts and the features provided by each of them.

Types of DBS Bank Savings Account

DBS Bank enables its customers to open a savings bank account through two modes – online and offline. We have classified the savings account offered by DBS or Development Bank of Singapore into online and offline channels.

DBS Bank Online Savings Account
DBS Bank Offline Savings Account
DBS Bank Saving Account Interest Rates
Documents Required for Opening a Savings Account with DBS Bank

DBS Bank Online 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

Miscellaneous FeesdigiSavings
Account closure (within 6 months of opening)Rs 500
Debit card replacement (lost, stolen, damaged)Rs 150
Debit card annual fee (second year onwards)Rs 150
International cash withdrawalRs 125
International balance enquiryRs 50
FX Mark up3.5%
Ad hoc balance/TDS/interest certificatesRs 75
Ad hoc issuance of miscellaneous certificatesRs 75
Investments in Mutual Fund through digibank – Transaction Fees*NIL

How to open digibank by DBS Savings Account Online

Applying for a Savings Account at Paisabazaar.com involves two simple steps:

Step 1: In the first step, fill a Savings Account form on Paisabazaar with required personal data like annual income range, name, email id, contact number and city. Once submitted, the Savings Account tool will automatically furnish personalized Savings Account options.

Step 2: In the second step, the applicant can compare various Savings Account options offered by the tool interface and apply for the digibank by DBS (digiSavings Account). You will be provided with a link to digibank app on your mobile number. There you will be required to provide your basic and personal details to open your bank account in no time.

DBS Bank Offline Savings Account

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.

DBS Bank Saving Account Interest Rates

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.

 Savings Account Balance Slab Interest Rate (%)
Up to Rs. 1 Lakh3.5%
Above Rs.1 Lakh and Up to 2 Lakh*6%*
Above Rs. 2 Lakh and Up to 5 Lakh4%
Above Rs. 5 lakh4%

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

Documents Required for Opening a Savings Account with DBS Bank

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
  1. 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)
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