How a zero balance online savings account can be beneficial to you

If you have AADHAAR Card, you can now easily open a zero balance account online while sitting at home. Yes, digiSavings account of Digibank, powered by DBS Bank Ltd has made this possible.

Digibank, powered by DBS, aims to changing banking the way you know it by bringing an entire bank squeezed to fit into your smartphone. It lets you deposit, withdraw and transfer money with lightning speed. Breaking away from conventional banking norms with their onerous form-filling, physical document submission and cumbersome processes, digibank is a completely paperless, signature-less and branchless banking.

To open zero balance savings accounts, Digibank leverages biometrics-enabled ID and Aadhaar card to ensure that there is no paperwork involved for opening the account. It also provides customer service via a 24×7 artificial intelligence-driven virtual assistant, which understands natural language and has learning ability, so that it is able to respond in real-time.

Being a zero balance account, the account-holders will have no minimum balance requirements and can earn 7 per cent interest (Balance upto Rs 100,000) – this is one the highest interest rates – offered for accounts opened on digibank. You can avail free cash withdrawals at over 200,000 ATMs nationwide. The account will also provide a physical debit card which can be used across all Visa-enabled online and point-of-sale (POS) transactions. Digibank also offers cash-back of up to 10% on shopping from a wide range of online merchants.

Digibank helps you pay your utility bills without missing out on deadlines. It also helps manage your expenses with an intuitive budget optimizer.

The physical debit card with unique VISA payments feature lets you make cashless, contactless, PINless payments. You just have to wave your digibank debit card at a payWave enabled terminal to pay for transactions up to Rs. 2,000. No swiping is required as your digibank debit card is enabled with VISA payWave. Visa payWave is a new contactless method of payment – the latest evolution in Visa payments. It is a simple, secure and quick payment method. Visa payWave enabled cards have a tiny antenna embedded into the chip which securely transmits payment instructions to and from a specially adapted card terminal.

As per RBI guidelines, you can make transactions up to Rs 2,000 on a payWave enabled terminal without entering the PIN number. You have to simply wave the card at the reader. The transaction limit on your Visa Debit Card is Rs 100,000 which includes PayWave transaction upto Rs. 2000 and transactions that are not payWave enabled i.e. POS transactions. The limit for cash withdrawals at ATMs is Rs 25,000 per day.

Digibank App is available on Google Play Store and App Store. You can download the App and experience a completely paperless & signature-less experience to open zero balance savings accounts. For the initial authentication of a new customer, digibank has tied up with Cafe Coffee Day outlets. A customer will be required to carry an Aadhaar or a PAN card to a Cafe Coffee Day outlet and, using a biometric system, will be allowed to open an account.

If you ever need answers to your banking queries, turn to Digibank 24×7 Virtual assistance run by artificial intelligence, anytime and from anywhere!

DBS Bank is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered in Singapore, it has played an integral role in the rapid development of the country. DBS – Asia’s Safest, Asia’s Best – is recognized as the ‘Bank of the Year, Asia’ by The Banker, a member of the Financial Times Group, ‘Best Bank in Asia-Pacific’ by Global Finance, ‘Asian Bank of the Year’ by IFR Asia, and also ‘Best Retail Bank in Asia-Pacific’ by The Asian Banker. The bank has also been named ‘Safest Bank in Asia’ by Global Finance for seven consecutive years from 2009 to 2015.

Author: Chakraborty

Dr Chakrabarty is faculty member of Delhi University, a QS ranked university in India. She holds a patent and multiple publications in her name. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.