WebTrickz
TRENDING
  • How to See Your Liked Posts on Instagram 2022
No Result
View All Result
  • News
  • Reviews
  • Social Media
    • Facebook
    • Twitter
    • YouTube
    • Messenger
    • Instagram
    • Snapchat
    • WhatsApp
    • TikTok
  • Apps
  • How To’s
  • Apple
  • iPhone
  • Google
  • Android
  • Mac
SUBSCRIBE
  • News
  • Reviews
  • Social Media
    • Facebook
    • Twitter
    • YouTube
    • Messenger
    • Instagram
    • Snapchat
    • WhatsApp
    • TikTok
  • Apps
  • How To’s
  • Apple
  • iPhone
  • Google
  • Android
  • Mac
No Result
View All Result
WebTrickz
No Result
View All Result
Home Mobile

DigiBank Review – India’s first “Digital only bank” wins over Kotak’s 811

Mayur Agarwal by Mayur Agarwal
May 19, 2017
in Mobile, Reviews

The culture of digital payments is booming in India since the launch of Digital India campaign by the government of India, led by our prime minister Mr Narendra Modi in July 2015. The campaign was created to empower Indians with an improved digital infrastructure and Internet connectivity to facilitate the use of services digitally on multiple fronts. Leveraging the opportunity, DBS Bank, Singapore’s largest bank and a leading bank in Asia launched the first mobile-only bank “DigiBank” in India. DBS wanted to change the ongoing trend of conventional banking with this revolutionary approach.

Digibank

Talking of digiBank by DBS, it offers a hassle-free and is the fastest way to remotely open a bank account without the need of filing any forms or visiting the bank branch to get the cumbersome job done. digibank is India’s first “Digital only bank” that provides a completely paperless and signature-less solution to get an account opened in just 90 seconds, right from the comfort of your iPhone or Android phone. digibank has a handful of competitors such as Kotak 811, ICICI pockets and Federal bank’s Fedbook but some of them either come with certain limitations or doesn’t offer the exact same service.

digibank offers a 2-way solution with the digibank e-wallet and digiSavings. The digibank e-wallet can be used to pay phone bills, electricity bills and make recharges. Moreover, users can shop online with a VISA virtual debit card. Cashback offers and discounts can also be availed while shopping. However, converting from digibank e-Wallet to digiSavings offers additional benefits such as 7% interest, no minimum balance requirement, zero maintenance fees, unlimited free ATM cash withdrawals, and a physical VISA debit card is also provided. Upgrading to digiSavings account is easier than you can imagine without requiring any physical documents or going to a bank branch. digibank makes use of your Aadhaar card, PAN, and fingerprints for verification which can be done simply at any DBS branch, Cafe Coffee Day or by requesting an agent’s visit at your location.

Other interesting features by DigiBank include:

  • The app integrates a 24×7 Virtual Assistant, powered by artificial intelligence that understands natural language and has learning ability, that makes it able to respond in real-time. This smart service holds answers to 10,000+ banking-related questions, like “What is my account balance?”.

Digibank 24x7 virtual assistant

  • Option to enable or disable debit card instantly the from the app

digibank_block debit card

  • Inbuilt dynamic security which is convenient and safer than OTP. digibank has an embedded soft token for security, which avoids the need to wait for SMSs to arrive with an OTP.

Digibank OTP

  • The intelligent inbuilt budget optimiser offers an intuitive way to manage your budget, track expenses, and analyse purchasing patterns. It even provides recommendations by understanding your behaviour and preferences.

Digibank budget optimiser

  • Ability to link goal based recurring deposits from the app

Getting Started with Digibank – Interested users can download the digibank app from Google Play or AppStore. Once installed, just hit the Start button and select “Open E-Wallet”. Now you need to enter your basic information such as name, date of birth, phone no. and email address. An OTP will be sent after which the user just need to set a username and password. Voila! Your digibank e-wallet account will instantly open which you can upgrade to Savings account whenever you want.

Digibank e-wallet
Add fund to account
App menu
Deals and Offers

Users can then add funds to their digibank e-wallet using net-banking, debit card or account transfer. One can also view the details of virtual VISA debit card that comes with a limit of Rs. 10,000 per month. There is an option to temporarily block the card for up to 60 days. The e-wallet also lets you recharge your DTH or mobile, transfer funds, make various type of bill payments and scan BharatQR code to pay instantly.

Converting eWallet to digiSavings – To do so, tap on “Open DigiSavings” while you’re logged into e-wallet. Then enter your 12-digit Aadhar number followed by PAN number. Then you’ll be asked to choose your profession, income source, salary range, and nominee (optional). After that, a reference number will be provided for biometric verification that you can get done at any branch or partner store (CCD) in cities with DBS branches.

When compared to Kotak’s 811 digital banking, digibank offers more value and benefits. For instance, digibank has an interest rate of 7% as compared to 6% provided by Kotak 811. It takes relatively lesser time of around 90 seconds to open a digibank account than a 811 which takes 5 minutes. Though, virtual debit card is offered free by both but Kotak charges for a physical debit card. Furthermore, digibank offers unlimited free ATM withdrawals whereas Kotak 811 charges for cash deposits and withdrawals at branches and ATMs. Unlike 811, with digibank there is no requirement of additional paperwork after the account is opened. It should also be noted that Kotak’s 811 account has a maximum limit of Rs. 1 lac only while digibank doesn’t have any such restriction.

Try out DigiBank and don’t forget to share your views!

Tags: AndroidiOSReview
ShareTweetSend
Previous Post

LG G6 Vs OnePlus 3T: Overall Comparison Of The Two Recent Booming Androids

Next Post

Asus Zenfone Live with real-time beautification technology launched at Rs. 9,999

Mayur Agarwal

Mayur Agarwal

Mayur Agarwal is the founder and editor-in-chief of WebTrickz. As a Technology enthusiast and an Internet addict, he loves sharing useful How To’s and Tips & Tricks.

Next Post

Asus Zenfone Live with real-time beautification technology launched at Rs. 9,999

Comments 1

  1. Shahrukh Abdullah says:
    5 years ago

    I\’m using since 3 months. I\’m truly satisfied with the facilities provided by digibank. Only the drawbacks is the app, it\’s heavy slow.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Stories

amazon logo

How to Change Language on Amazon from Spanish to English

May 29, 2023

5 Online Tools to Save You a Lot of Time

May 23, 2023
Photo by Pixabay on Pexels

How to Convert MKV Videos to MP4 using VideoProc Converter

May 22, 2023
Image by starline on Freepik

3 Proven Methods to Repair Corrupted AVI Files

May 18, 2023
Photo by Vlada Karpovich on Pexels

Top 5 Remote Access Solutions to Consider in 2023

May 16, 2023
MS Outlook logo

How to Switch from Mozilla Thunderbird to MS Outlook?

May 15, 2023
how to get the spotify widget on iPhone Lock Screen

iOS 16: How to Add Spotify Widget to iPhone Lock Screen

May 11, 2023

TRENDING

  • messenger icon at the top of Instagram app

    How to Reply to a Specific Message on Instagram 2022

  • How to See Memories on Instagram and Post as Story

  • How to Mute the Original Sound on Instagram Reels

  • 4 Ways to Remove the Floating Home Button on iPhone

  • How to Play Floating Cloud Game in Google Mobile Search

Popular Tags

Google Android Chrome

Twitter Dark Mode OnePlus

iPhone Apple Apps Mac

Facebook Messenger Security

Instagram Tutorials Photos

  • About
  • Advertise
  • Contact
  • Privacy Policy

© 2023 WebTrickz. All Rights Reserved.

No Result
View All Result
  • News
  • Reviews
  • Apps
  • How To’s
  • Android
  • Google
  • iPhone
  • Mac
  • Contact Us

© 2023 WebTrickz. All Rights Reserved.