A New World of Digital Banking

Digital banking is the trend nowadays, thanks to an increase of consumers who literally have no time to visit banks and deal with offline processes. However, just because the consumer is always in a rush, it does not mean that they care any less. Today, people are definitely more aware of their finances as well as market trends, with a constant tab on the ideal ways to grow one’s money and yet experience it all without any hassles.

 

Another thing to note is the increased use of e-wallets over cash transactions, leading to many banks trying to cash in on the phenomenon. Modelled on the concept of Payments Banks, brands such as PayTM, Airtel and India Post have recently joined this new market.

 

One player that stands out is digibank by DBS mobile application is nothing short of a hassle-free and rewarding banking system. But how does digibank really win over other popular payments banks? We reviewed the features of digibank by DBS in comparison with an array of services in the market and this is where digibank stands:

Digibank vs PayTM Payments vs Airtel Payments vs India Post

 

Digibank PayTM Payments Bank Airtel Payments Bank India Post
Anyone can open an e-wallet and convert it into a savings account. Banking and wallet features are separate. One can open a savings account only by invitation. The banking system has just been launched. No concept of e-wallet.
Online KYC submission with biometric scanning from the comfort of your home, at your own convenient time. Online KYC submission with biometric scanning.
7% p.a. interest rate on savings account. 4% p.a. interest rate on savings account. 7.25% p.a. interest rate on savings account. 5.5% p.a. interest rate on savings account.
No Maximum Balance Limit Up to 1 lakh  balance Up to 1 lakh  balance Up to 1 lakh  balance
Free VISA debit card RuPay debit card with only first year free. Virtual debit card only. Physical debit card free for 1st year only with an annual fee of Rs.100 from 2nd year.
Unlimited and free ATM withdrawals. 3 free withdrawals then Rs.20 charged per withdrawal in metros.

5 free withdrawals then Rs.5 charged per withdrawal in non-metros.

Uses banking points for cash withdrawal with 0.65% charge of the withdrawn amount charged. They have ATMs at a number of post offices and have tied up with Punjab National Bank for free cash withdrawals.

3 free withdrawals then Rs.20 charged per withdrawal in metros.

5 free withdrawals then Rs.5 charged per withdrawal in non-metros.

No fees and charges on fund transfers. No fees and charges on fund transfers. No charges for transfers to other Airtel payments bank users.
For transfers to other bank via internet banking, mobile app or USSD, 0.5% of the transferred amount is charged up to a maximum of Rs.50.
IMPS charged at Rs.5 per transaction.

NEFT charged at Rs.2.5 per transaction for up to Rs.10,000 and Rs.5 per transaction for Rs.10,000 – Rs.100,000.

 

Besides these, digibank also offers some great benefits with their ‘downloadable bank’ which makes it easier to bank on-the-go, like:

  • The ability to enable or your disable debit card instantly, this debit card can be used internationally
  • Robust security features removing the need for OTPs
  • A 24×7 virtual assistant with a powerful AI to help you with most of your banking concerns
  • The ability to track and analyses your expenses, as well as manage them basis intelligent suggestions from the app
  • Goal-based savings and recurring deposit plans to help you achieve financial aims

 

It definitely stands true by its tagline of being a downloadable bank – with every feature available on your phone. Consumers, who are open to the idea of a complete banking assistant at their fingertips, will clearly find a helpful solution in digibank by DBS. It has also enabled UPI on its platform which by far has the most seamless experience with easy to understand interface.digibank has no limitation of a regular Payment bank. I would highly recommend this bank.

 

 

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