If you are looking for a truly digital bank account…we have found exactly that…it’s Digibank by DBS. It is a mobile only bank that enables you open to an account without any paperwork or signatures; all it requires is an Aadhar and PAN number and biometric verification for the purpose of authentication. Digibank, which is India’s first “Digital only Bank” aims to enable a system where all your banking needs can be catered to on a smartphone.
Eligibility for digi Savings Opening:
- You should have a valid Aadhar number.
- You should have a valid Permanent Account Number.
- You have well completed e-KYC via biometric verification by business enablers and have fulfilled with all other necessities comprising KYC requirements as may be identified for digi Savings.
- Your acknowledgement that only one Account has been activated from one Device.
Important Features of digibank:
- You can enable or disable a debit card straightaway from the App
- No requirement of OTP, digibank has intrinsic vigorous in built safety features
- 24×7 Virtual Assistant, driven by artificial intelligence
- Budget optimiser lets you plan, track expenditures, evaluate buying patterns and even offers actionable information by understanding your conduct and preferences
- It has a capability of linking objective based repetitive deposits from the app
- Zero balance account (no charges for quarterly balance maintenance)
How DigiBank is better than competitors like Kotak 811:
- Digibank offers up to 7% interest on per annum basis whereas Kotak 811 offer 6% interest only
- It facilitates the account opening process in just 90 seconds while the other eWallets like Kotak 811 take about 5 minutes or so to do this
- Although the facility of virtual debit cards is provided by both digital accounts, a physical debit card is free on digibank while it is charged by Kotak 811
- Digibank enables free unlimited ATM withdrawals whereas Kotak 811 levies some charges on cash deposits as well as withdrawal at branches and ATMs
Download the App now:
If you find the features interesting, you can download the digibank app from Google Play or AppStore. Once the App is installed, you need to hit the Start button and select “Open E-Wallet”. Now enter your basic data such as name, date of birth, phone number and email address. An OTP is received on your registered mobile number after which you need to set a username and password. That’s it! Your digibank e-wallet is ready to be operational now which you can be exalted to Savings account at whatever time you want.
In case you wish to convert eWallet to digiSavings:
You need to click on “Open DigiSavings”. Then you need to enter your 12-digit Aadhar number trailed by PAN number. Then you’ll be asked to choose your occupation, income basis, salary, and nomination (optional). Subsequently, a reference number will be given for biometric authentication that you can get done at any outlet or some of the partner stores (CCD) in towns with DBS outlets. 
It’s just that simple to open your very first digital bank account!
