India’s First Digital Only Bank digibank offers more than Kotak 811

With the whole idea of going cashless, the banking sector has completely revamped the way transactions are made. Several banks have come up with digital wallets, efficient banking apps and services. However, DBS has taken it to a next level with a revolutionary way to bank with digibank, India’s first downloadable bank account. It is an app that allows you to open a savings account without physically visiting the bank and helps you do transactions on the go. The digibank app provides a trusted, hassle free way to update the KYC information post which an executive visits you for the biometric information. The app lets you shop, pay utility bills, do mobile recharges and make online payments and also enjoy cash back offers at the same time.

When compared to the Kotak’s 811 app that claims to provide similar features to the DigiBank app offers an interest rate of up to 7% as compared to its counterpart providing 6% p.a. However, the 7% interest is applicable only till Rs. 1 lakh post which it is reduced to 6% and 4% up to Rs. 1 crore and higher respectively.

The e-wallet can be opened in as less than 90 seconds on the DigiBank app as compared to the 811 that takes at least 5 minutes of account creation time.

It provides a virtual debit card instantly that can be utilized for online purchases along with the physical debit card. It further has an unlimited free ATM withdrawal and no cap on deposits that is chargeable for withdrawals and deposits at branches and ATMs or the counterpart. Further, the counterpart Kotak 811 has a maximum limit of just 1 lakh and several hidden charges and fees such as fees for a physical card, cash deposits and ATM withdrawals that are not there in DigiBank.

The DigiBank comes loaded with several cool features that enhance the overall experience:

  1. Instant enabling/disabling of the debit card from the App preventing any damage in case of theft. One has both a physical and a virtual debit card.
  2. The DigiBank payments bypass the need of an OTP enabling their customers to make payments on the go a lot easier and faster. They have their inbuilt robust security feature that takes care of the concerns.
  3. The app provides a 24X7 Virtual Assistant to guide you through in case of any queries and is powered by intelligent systems in the background by means of artificial intelligence approaches eliminating the need and hassle of contacting the customer care and long calls on hold.
  4. Not only this, the DigiBank app also keeps check on your expenses with its Budget Optimizer that lets you track your expenses, analyses your purchasing patterns and also provides advice based on your behavior and preferences in the past. No more splurging!
  5. Not to forget the goal based recurring deposits that can be linked from the app directly.
  6. Last but not the least, the rate of interest is 7% per annum which is quite high as compared to market rates. Of course higher rates mean differential risk exposure, but given the market conditions in current times, this appears pretty attractive.

The Kotak’s 811 and the DigiBank provide almost similar banking functionalities. However, the added features may make DigiBank a popular choice among the working professionals they always stay on the go. It will attract the younger generation in terms of reduced hassles in account creation, budget optimization and the virtual debit card options. And what’s more, it takes only 90 seconds to open an account.

You can download it here: App Store and Play Store.

Author: Kar

Dr. Kar is in the Information Systems & Management area in one of the top QS Ranked universities of Asia/world. He has extensive experience in teaching, training, consultancy and research in Indian Institutes. He has published over 75 high impact research papers with hundreds of citations as per Google Scholar. He has also authored/edited a number of books. He is the Editor and Founder of Business Fundas.
Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.