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EMI Calculator - Know to Calculate Your Loan EMI

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EMI Calculator - Know to Calculate Your Loan EMI

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Calculate your Equated Monthly Installments that are due monthly to the bank with our Online EMI Calculator. Know more about EMI Calculator on this website

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To invest in our dreams, we often get a loan from a financial institution. It can be an education loan to pursue your desired course, or a home loan to buy your dream house by the beach. The payment for these loans is in the form of Equated Monthly Instalments (EMIs). We use an EMI Calculator online to understand what we need to pay each month, to be able to lead each day of our lives in the best way possible.

Let's say Kiara took a business loan. While she is building her empire, she will repay the borrowed amount and interest to the bank. She will either repay the amount in a lump sum or pay a particular amount every month for a predetermined time. This outstanding amount which is paid over some time is called an EMI or equated monthly installment.

Kiara agrees with loan tenure, interest rates and terms and conditions before signing the dotted line.

To get an idea of how much EMI to pay, she will use an EMI Calculator.

Here is the formula that Kiara will use to calculate the EMI on her business loan:

E = P * r * (1+r)^n / [(1+r)^n-1]

Here E stands for EMI, P is the principal loan amount, r is the interest rate calculated monthly, and n is the loan's tenure/duration.

You needn't worry about remembering this because the online EMI calculator will calculate the EMI for you.

You have to follow two simple steps to calculate the EMI on any loan:

Enter the amount of loan you seek, rate of interest, and tenure.

Hit 'calculate.'

Your EMI will be displayed sooner than you can blink your eyes!

Just as you can calculate your loan EMI in a few seconds, you can also apply for a Personal Loan in minutes! Click here to apply online with digibank by DBS.

The digibank EMI Calculator is designed to make your life easier. Let's take a look at the EMI Calculator Key Features:

Accuracy

The EMI Calculator's accuracy can be unparallel. You do not have to verify, corroborate, or second-guess.

Free usage

You do not have to shell out even a paisa to use the EMI Calculator. It is entirely free to use, without any hidden terms or conditions.

Now that you know how awesome an EMI Calculator is, let's look at how it benefits you.

Saves time

No messy calculations, no need to get a book or a pen. You can head to the EMI Calculator page and insert the values to know the EMI amount. It is instantaneous and can be accessed anytime, from anywhere in the universe with decent internet connectivity.

Helps with financial planning

You need to know the realistic EMI that you can pay to plan an effective monthly budget. With dozen other expenditures a month, you will need to arrive at an affordable EMI. An EMI Calculator helps with just that. You can play around with the principal amount, tenure and interest rates to find an EMI suitable to you.

If there is a loan that can help fulfil your dreams, there is an EMI Calculator for it.

Housing Loan EMI Calculator

Got your eye on that stunning duplex apartment with the sea view? Use the online EMI Calculator to figure out what EMI agrees the most with your savings account. You will need to know the principal amount you wish to borrow, the home loan's tenure, and the interest rate that feels most agreeable to you. The amount you can borrow will depend on your eligibility and repayment capacity.

Personal Loan EMI Calculator

Want to attend an expensive but brilliant course abroad? Or want to feed the tech bug in you by buying the latest tech? Or want to check-off 'See the Northern Lights' from your Bucket List but falling short of funds? Well, a personal loan will get you to Iceland in no time, and an EMI Calculator will help you figure out what EMI amount you can pay for that memorable trip. Plan your next adventure with a little help from the Personal Loan EMI Calculator.

Loan Against Property EMI Calculator

There is a reason why owning property is such a goal for most people. It can be used to secure a loan from a financial institution. Whether you need money to plan that lavish dream wedding or pay your medical bills, you can get a loan against property. Use an EMI Calculator online to understand the different combinations of the loan amount, tenure, and interest rate possible. Adjust the values till you come to an EMI amount about which you feel confident. Go ahead, leverage your property to fund yet another dream of yours.

Apply for a Personal Loan online in minutes! Click here to get started.

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EMI Calculator - Calculate Your Loan EMI Online in India

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To invest in our dreams, we often get a loan from a financial institution. It can be an education loan to pursue your desired course, or a home loan to buy your dream house by the beach. The payment for these loans is in the form of Equated Monthly Instalments (EMIs).

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Check Home Loan EMI Calculator | Digibank by DBS

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Check Home Loan EMI Calculator | Digibank by DBS

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The home loan EMI calculator is the perfect tool to help you easily calculate your home loan EMI. Know more about Home Loan Calculator on this website

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When fulfilling your dreams and ambitions, nothing should stand in your way, least of all - a lack of money. That is why digibank's online personal loan EMI calculator makes it simple for you to calculate your monthly loan installments. So next time, when you want to travel to that exotic location or renovate your home or want to upgrade to the next big gadget, our Personal Loan EMI Calculator helps you figure out the right amount and duration.

With our Personal Loan EMI Calculator, enter the loan amount, rate of interest, and tenure of the loan - post which your EMI will be displayed immediately. Depending on your requirements, you can enter any loan amount between INR 20,000 to INR 15,00,000 with a repayment period of one to five years.

Our calculator is intuitive and straightforward - try it out now.

Calculate your Personal Loan EMI Instantly

Get instant & paperless Personal Loans up to Rs. 15 lakhs

Apply for digibank Personal Loan Now

Frequently Asked Questions

Disclaimer

Interest Rate applied on the loan will depend on the prevailing rates at the time of Loan Booking.

Results generated by the calculator are indicative in nature. The Calculator is not intended to provide its user with results that are either certified by the Bank or are an obligation, assurance, warranty, undertaking or commitment of the Bank, under any circumstances. The Calculator is only a tool that assists the user arrive at results of various illustrative scenarios generated from data input by the user. The Bank is not responsible for any reason, for any errors in any outcome resulting from the use of calculator. The use of the calculator is entirely at the risks of the user. Results from the use of the calculator are not intended to be a substitute for financial statements and certificates and/or professional advice.

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When fulfilling your dreams and ambitions, nothing should stand in your way, least of all - a lack of money. That is why digibank's online personal loan EMI calculator makes it simple for you to calculate your monthly loan installments.

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Know about SIP Calculator: Systematic Investment Plan Calculator

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Know about SIP Calculator: Systematic Investment Plan Calculator

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A SIP calculator is an easy-to-use application that enables people to estimate the returns on their SIP contributions in mutual funds. Know more about SIP Calculator on this website

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Simply put, an SIP Calculator gives you an idea on what returns you can expect on your mutual fund investments. The maturity amount is based on your SIP, the expected annual rate of return, and SIP tenure.

However, it doesn't consider any fee you need to pay to maintain your investment or exit a mutual fund before maturity. Also, remember that an SIP Calculator gives you 'estimated' returns. It cannot predict or take into account any external factors such as market volatilities or regulatory changes.

All it takes is a few keystrokes to know how much you will gain from your SIP. Head to our online SIP calculator and then:

Enter the periodic investment amount

Enter the expected rate of returns

Tenure of the SIP in years

You will be able to view your invested amount, the estimated returns, and the total value of your investment.

An SIP Calculator is more than just a tool to know the estimated returns on your mutual fund investments.

Financial Planning

An SIP Calculator helps you to avoid false starts. You don't want to start investing in a SIP only to realise after 10 years that your monthly investments weren't enough to reach your financial goal. An SIP Calculator helps the investor determine the combination of the amount they need to invest periodically, estimated rate of returns, and tenure that will fetch them the maturity amount they envision.

Ease of use

Who even knows where they keep the physical calculator anymore? You can use an SIP Calculator without needing to remember the formula or carry any stationery and paraphernalia. With only a few clicks or taps, you can know the SIP plan that works best for your pocket and goals.

The digibank by DBS app is easy to use, download it now and start investing!

You can invest a minimum of Rs. 500 per month as part of your SIP investment. There is no upper limit.

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Simply put, an SIP Calculator gives you an idea on what returns you can expect on your mutual fund investments. The maturity amount is based on your SIP, the expected annual rate of return, and SIP tenure. However, it doesn't consider any fee you need to pay to maintain your investment or exit a mutual fund before maturity.

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SIP - Systematic Investments Plan in India | Digibank by DBS

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SIP - Systematic Investments Plan in India | Digibank by DBS

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The Systematic Investment Plan, or SIP, is a method for gradually investing in mutual funds instead of all at once. Know more about SIP plans on this website

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Systematic Investment Plan (SIP)

SIP or Systematic Investment Plan refers to the practice of investing a constant amount regularly in a Mutual Fund, generally on a fixed date every month. By investing on a fixed schedule, you avoid the complex or even impossible duty of trying to figure out the exact best time to invest.

Key benefits of investing via SIP

How to Apply for Mutual Funds

For digibank users

Using the digibank mobile app

Launch the app on your smartphone

Log in and tap "Mutual Funds" in the navigation menu

Follow instructions to complete verification

Start investing!

Login Now
Using the digibank ibanking website

Log in and select "Mutual Funds" in the navigation menu

Follow instructions to complete verification

Start investing!

Download the digibank mobile app on your smartphone

Launch the app and sign up for a full digiSavings account

Log in and tap "Mutual Funds" in the navigation menu

Follow instructions to complete verification

Start investing!

New to digibank?

Frequently Asked Questions

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SIP - Invest Online in SIP Mutual Funds Plans in India

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Systematic Investment Plan (SIP) SIP or Systematic Investment Plan refers to the practice of investing a constant amount regularly in a Mutual Fund, generally on a fixed date every month. By investing on a fixed schedule, you avoid the complex or even impossible duty of trying to figure out the exact best time to invest.

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Know about Mutual Fund Investment in India | Digibank by DBS

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Know about Mutual Fund Investment in India | Digibank by DBS

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A mutual fund is a type of investment plan that pools the money of numerous investors for later investment by a qualified fund manager. Know more about Mutual Fund investment here

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Mutual Fund

Get the Home Advantage With World-Class Features

Adjust to the Playing Conditions With Expert Insights

Don't think you're an expert to ace at this game? We'll turn you into one. digibank brings to you Expert Connect - a wealth of curated resources from our experts, to coach you at every step.

Be the Coach's Favourite With the Unbank's Special Picks!

We let you in on all the aces up our sleeves. Get insights into our favourite funds, handpicked just for you!

DBS Focus Funds

Top Morningstar
Rated Funds

Whatever Your Style, There's A Match For You

Not sure where to invest? Too many choices, and even more doubts? If you think mutual fund investments are something made only for a few, it's time to think again. Become your own investment expert with digibank.

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Mutual Fund Investment:Invest in Mutual Fund Online in India

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Mutual Fund Get the Home Advantage With World-Class Features Don't think you're an expert to ace at this game? We'll turn you into one. digibank brings to you Expert Connect - a wealth of curated resources from our experts, to coach you at every step.

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Know about Neft Transfer at Digibank by DBS

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Know about Neft Transfer at Digibank by DBS

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NEFT makes it possible to send money electronically from any national bank branch to any person with an account with another bank branch. Know more about NEFT Transfer at this website

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At a Glance

Do you wish to send money to a loved one or make a high-value payment? Do you have a short deadline to make the payment? Now you can transfer funds to any bank account in India via NEFT money transfer services. Initiate online NEFT transfers via digibank internet banking or mobile app in minutes, with no restrictions on the NEFT transaction time.

Furthermore, digibank by DBS allows fund transfer to any beneficiary NEFT-enabled bank account.
Download digibank Now

NEFT Timings for Fund Transfer - How it works

National Electronic Fund Transfer (NEFT) is a nationwide payment system backed and operated by the Reserve Bank of India (RBI). When you initiate an NEFT transfer, digibank by DBS sends a message to the NEFT Service Centre. The message gets forwarded to the RBI-operated NEFT Clearing Centre. The NEFT Clearing Centre then sorts the fund transfer and passes it on to the beneficiary bank. After receiving inward remittance messages from the Clearing Centre, the beneficiary bank passes the credit to the beneficiary bank account. All of this takes place in under 30 minutes.
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NEFT Payment Timings and Charges

You can initiate funds transfers via the NEFT system 24x7x365. The online NEFT service is available round-the-clock, including on government, national, and bank holidays. Presently, NEFT payments are credited in half-hour interval batches, irrespective of the time or day of the week. The RBI also notifies digibank by DBS in case of temporary non-availability of NEFT facilities, and we inform you of the same at the earliest. Per the NEFT-timings set by the RBI, beneficiary accounts are credited within 30 minutes of you initiating the transaction.

At digibank by DBS, we do not levy any charges for online NEFT transactions. You may also visit the bank to conduct an offline NEFT transaction by filling the NEFT form. The charges for offline NEFT transactions range from INR 2.50 + GST to INR 25.00 + GST.
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Frequently Asked Questions

1. Log in to the mobile banking or internet banking portal of digibank by DBS.

2. Select the 'Fund Transfer' option and choose your Savings Account.

3. Add the beneficiary if not already added. Provide the beneficiary's name, bank account number, bank branch and IFSC code to add a beneficiary.

4. Select the desired beneficiary from the beneficiary list.

5. Provide a contact number and email to complete the NEFT payment process.

1. Log in to the mobile banking or internet banking portal of digibank by DBS.

2. Select the 'Fund Transfer' option and choose your Savings Account.

3. Add the beneficiary if not already added. Provide the beneficiary's name, bank account number, bank branch and IFSC code to add a beneficiary.

4. Select the desired beneficiary from the beneficiary list.

5. Provide a contact number and email to complete the NEFT payment process.

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NEFT Transfer - Money Transfer via NEFT Transaction in India

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Do you wish to send money to a loved one or make a high-value payment? Do you have a short deadline to make the payment? Now you can transfer funds to any bank account in India via NEFT money transfer services.

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All you need to know about IFSC Code at Digibank by DBS

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All you need to know about IFSC Code at Digibank by DBS

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IFSC (Indian Financial System Code) is an 11-digit alphanumeric code to identify your account's bank branch. Know more about Ifsc code at this website

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At a Glance

Over the years, the way we bank has changed drastically. One such aspect of banking is money transfer. Electronic payment systems like the National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), or Immediate Payment Service (IMPS) have made fund transfers a breeze. To make such transfers, you need an IFSC Code.
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IFSC Code and its importance in Fund Transfer

The Indian Financial System Code (IFSC) is an 11-digit alphanumeric code used for online means of fund transfers. The Reserve Bank of India (RBI) assigns an IFSC code to branch each bank. It assigns a unique alphanumeric code to each bank branch to recognize the bank branches and direct the transfer of funds without any errors.

You need the IFSC code while conducting fund transfers electronically through facilities like National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). The format of a typical IFSC code is as follows:

The first 5 characters indicate the bank code

The 5th character is a zero

The last 6 characters indicate the branch code

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MICR Code

The Magnetic Ink Character Recognition (MICR) code is a 9-digit numeric code that acts as an identifier for Electronic Clearing Services (ECS). You can find the MICR code on the cheque leaf issued by the bank. The format for MICR is as under:

The first 3 digits denote the pin code of the city

The following 3 digits indicate the code of the bank

The last 3 digits indicate the code of the branch

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Frequently Asked Questions

IFSC code is an 11-digit alphanumeric code that allows bank-to-bank fund transfers via NEFT, RTGS or IMPS, while MICR is a 9-digit code that facilitates cheque clearances. IFSC code indicates the bank and branch code. On the other hand, MICR code denotes the bank's pin code, bank code and branch code. IFSC code is used nationwide, but MICR is used universally.

IFSC code is an 11-digit alphanumeric code that allows bank-to-bank fund transfers via NEFT, RTGS or IMPS, while MICR is a 9-digit code that facilitates cheque clearances. IFSC code indicates the bank and branch code. On the other hand, MICR code denotes the bank's pin code, bank code and branch code. IFSC code is used nationwide, but MICR is used universally.

Download the digibank by DBS app from your phone's app store or scan the QR code from the digibank by DBS website. Activate your account by completing the KYC. Add your beneficiary details, i.e., the bank name and branch, bank account number, IFSC Code, etc. Select your preferred fund transfer method from IMPS, NEFT and RTGS, enter the transfer amount and initiate the transfer.

Download the digibank by DBS app from your phone's app store or scan the QR code from the digibank by DBS website. Activate your account by completing the KYC. Add your beneficiary details, i.e., the bank name and branch, bank account number, IFSC Code, etc. Select your preferred fund transfer method from IMPS, NEFT and RTGS, enter the transfer amount and initiate the transfer.

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DBS digibank IFSC Code Search - Find IFSC Code to Branch

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Over the years, the way we bank has changed drastically. One such aspect of banking is money transfer. Electronic payment systems like the National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), or Immediate Payment Service (IMPS) have made fund transfers a breeze. To make such transfers, you need an IFSC Code.

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Best Online Personal Banking in India at Digibank by DBS

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Best Online Personal Banking in India at Digibank by DBS

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Personal Banking comprises various services and products that banks and other financial institutions offer. Know more about Personal Online banking at this website

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Personal Banking - Get Personal Banking Services Online

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Personal Banking - digibank offers Personal banking services with a smooth experience to customers. Download the digibank app & get started with personal banking!

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Know about Mobile Banking its Features & Benefits

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Know about Mobile Banking its Features & Benefits

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Mobile banking is carrying out financial transactions using your cell phone device. Visit our website to learn about mobile banking apps for mobile banking.

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Mobile Banking - Features & Benefits of Mobile Net Banking

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Mobile Banking - Do basic transactions such as fund transfers & many more from the convenience of your home with mobile net banking. Download the digibank app & get started now.

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All you need to know about net banking, internet banking & online banking

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All you need to know about net banking, internet banking & online banking

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Net banking, also referred to as internet or online banking, is a digital method of conducting banking transactions via the internet. Visit our website to know more

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Internet Banking - Manage Your Accounts Anytime, Anywhere

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Online DBS Internet Banking: Experience the ultimate peace of mind and efficiency with DBS Bank’s internet banking. Safely manage your finances, transfer money and pay bills all on-the-go.

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Check out Personal Loan Interest Rates at Digibank by DBS

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Check out Personal Loan Interest Rates at Digibank by DBS

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Personal loan interest depends on Various factors like your loan amount, tenure, and the interest rate. Visit our website now to learn the personal loan latest rates

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Want cash in a hurry? A personal loan from digibank by DBS may just be the thing you need. You can use it for that family vacation you've always wanted, the latest gadget, renovating your home, or for a loved one's wedding. We offer the most competitive personal loan interest rates in India, starting as low as 10.99% p.a. You can avail a personal loan up to Rs. 15 lakh with digibank in no time without bearing the burden of substantial interest payments. What's more, the process of obtaining it is 100% paperless. Calculate your eligibility instantly and apply online using your digibank by DBS app in just three simple steps.

Personal Loan Interest Rates Table

digibank by DBS offers attractive personal loan interest rates and charges. A fixed processing charge is applicable irrespective of the loan amount or tenure. Refer to this table to know more about the applicable rates and fees.

Personal Loan Fees & Charges

You can make partial pre-payment or foreclosure any time after 12 EMIs on personal loans by digibank by DBS. Detailed below are applicable personal loan charges.

Foreclosure charges: Permitted only after 12 months from the date of disbursement

Prepayment charges: You are allowed to make a partial prepayment of loans after paying 12 EMIs or 12 months from the disbursement date. However, this is subject to a maximum of two prepayments a year.

You can also cancel the loan during the free look period, two days within the disbursal of the personal loan. There are no cancellation fees, but processing charges paid earlier will not be refunded.

Things to Know While Taking a Personal Loan

Your personal loan interest depends on three factors - your loan amount, the tenure, and the interest rate. You must remember that personal loan rates vary from individual to individual.

Before you take a personal loan, find out how much you can realistically pay back each month. The amount you pay each month will also depend on the tenure of the personal loan. A shorter tenure will mean larger instalments, while a longer one will involve smaller payments. Your total interest payments on a personal loan will be lower with a shorter tenure. A longer tenure will mean more interest payments.

Personal loan rates are calculated using the reducing balance method. Your interest obligation for the month will depend on the principal outstanding after previous repayments. With every payment, the principal outstanding goes down, and so does your interest burden. You can use the digibank by DBS EMI calculator to estimate your monthly EMI obligations.

How to Apply for Personal Loan

For digibank users

Using the digibank mobile app
Launch the app on your smartphone
Log in and tap "Loans" in the navigation menu

New to digibank?

Download the digibank mobile app on your smartphone
Launch the app and click on the "Get Personal Loan" link on the login page

Frequently Asked Questions

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Personal Loan Interest Rates | digibank by DBS

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Want cash in a hurry? A personal loan from digibank by DBS may just be the thing you need. You can use it for that family vacation you've always wanted, the latest gadget, renovating your home, or for a loved one's wedding.

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Find out about Personal loan Emi Calculator

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Find out about Personal loan Emi Calculator

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Calculate your loan EMI online based on the amount, interest rates, and tenure. Know more about personal loan EMI calculator at our website. Visit now

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In simple terms, the principal amount is the total desired loan amount. It excludes interest rate figures, so this calculator is also known as a Personal Loan interest calculator. Here is an example to help you understand it better.

If you take a Personal Loan of INR 10 lakh for a tenure of 36 months at an interest rate of 13.25%, the principal amount will be INR 10 lakh. But you will need to pay an EMI, which will also consist of the payable rate of interest.

Hence, the loan EMI will be INR 33,814 per month. The total amount payable over the tenure will be INR 12,17,327.

Thus, even though you availed of a loan amount of INR 10 lakh, you will need to repay INR 12,17,327 (Principal + interest).

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Personal Loan EMI Calculator | digibank by DBS

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In simple terms, the principal amount is the total desired loan amount. It excludes interest rate figures, so this calculator is also known as a Personal Loan interest calculator. Here is an example to help you understand it better.

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Check Personal Loan Eligibility Calculator at Digibank by DBS

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Check Personal Loan Eligibility Calculator at Digibank by DBS

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The personal loan Eligibility calculator helps to calculate the Eligibility for your personal loan. Check out to learn more about Personal Loan Eligibility Calculator

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Are you always waiting to accumulate funds to finance your aspirations? Well, your wait is over. Personal loans from digibank by DBS are there to help fund your desires and needs, irrespective of whether it's the latest smartphone you had your eyes on for a while, the perfect wedding, or a family vacation. You can avail of a personal loan through your digibank by DBS app to make your dreams come true today.

We have designed our customisable personal loan eligibility calculator keeping your convenience in mind. You can quickly identify and check your eligibility for personal loans instantly. The calculator helps you find out your eligibility for a personal loan and considers factors such as age, net income, other loan obligations, and years of experience. The personal loan eligibility calculator will help you find out the amount of personal loan you can apply for so that you can plan accordingly.

Personal Loan Eligibility Criteria

Personal loan eligibility criteria vary for salaried individuals and self-employed individuals. The eligibility is computed based on a multiplier of net income earned. That is, the loan you get will be a multiple of the net income available after meeting other loan obligations.

The following are the broad parameters considered before calculating eligibility for personal loans.

Personal loan eligibility criteria for salaried individuals

Personal loan eligibility criteria for salaried individuals include parameters like monthly fixed income and years of experience in the profession. The table below details the requirements

Personal loan eligibility criteria for self-employed individuals

The eligibility criteria for self-employed individuals is similar to salaried professionals and considers parameters of their average monthly income, professional or non-professional income, and years of experience in the current profession. The table below has some of the criteria considered

Using our personal loan eligibility calculator, you can calculate the amount of personal loans you are eligible to apply for instantly. Input your birth date, net salary, extent of other EMIs or monthly loan obligations, and monthly credit card payments. The personal loan eligibility calculator will show the amount you are eligible to apply for immediately.

How to Apply for Personal Loan

For digibank users

Using the digibank mobile app
Launch the app on your smartphone
Log in and tap "Loans" in the navigation menu

New to digibank?

Download the digibank mobile app on your smartphone
Launch the app and click on the "Get Personal Loan" link on the login page

Frequently Asked Questions

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eligibility calculator for personal loan

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Personal Loan Eligibility Calculator | digibank by DBS

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Are you always waiting to accumulate funds to finance your aspirations? Well, your wait is over. Personal loans from digibank by DBS are there to help fund your desires and needs, irrespective of whether it's the latest smartphone you had your eyes on for a while, the perfect wedding, or a family vacation.

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A personal loan is a loan that is provided with little to no documentation and without the need for security or collateral. Know about Instant Personal Loans on the Website.

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Personal Loan

noun/ˈpəːs(ə)n(ə)l ləʊn/

Turn Wish Lists into To-Do Lists

Live every dream with digibank's personal loans of up to Rs. 15 lakhs. It's effortlessly easy to avail, giving you more time for life. Whatever your goal or requirement, we're here to give you just what you need.
Apply Now Calculate Your EMI

Make More Room for Life with Hassle-Free Paperless Loans

How amazing would it be, if you could spend less time chasing loan approvals and endless processes, and more time ACTUALLY living your best life?
Apply Now

Are We A Match?

Instantly find out your eligibility for an instant digibank personal loan!
Calculate Your EMI

Every Need, Every Dream: Fulfilled

Through every major moment, every need, every goal - we've got your back!

Wedding Loan digibank's 100% digital process ensures you spend more time preparing for your happily ever after, less time with paperwork.

Travel Loan Satisfy your wanderlust with more trips around the world and fewer trips to the bank, with our instant personal loans.

Gadget Loan Our flexible loan management & repayment systems ensure you stay a cut above the rest, without cutting your budget.

Renovation Loan Enjoy better interest rates that help you make your home look like a dream.

Get on The Fast Track with Loans Availed in 4 Quick Steps

Now that you know how easy, efficient and actually enjoyable it is to get a personal loan, why don't we get started?
Apply Now

Think That's All?
There's More Where That Came From!

Whether it's smarter savings, better investments, easy personal loans, international fund transfers - your digibank is designed to help you live better. It's so easy, it feels like magic!

Frequently Asked Questions

Here's some important information on the charges & fees connected to a Personal Loan:
A one-time processing fee will be charged along with applicable taxes when you avail of a Personal Loan. You will also have to pay monthly EMI during the repayment tenor to repay your Personal Loan. The rate of interest and processing fee will depend on your eligibility. It will be displayed on your screen when you check your eligibility. Other charges may include late payment charges, part payment charges and foreclosure charges. Click here to view fees and charges for Personal Loan.

Here's some important information on the charges & fees connected to a Personal Loan:
A one-time processing fee will be charged along with applicable taxes when you avail of a Personal Loan. You will also have to pay monthly EMI during the repayment tenor to repay your Personal Loan. The rate of interest and processing fee will depend on your eligibility. It will be displayed on your screen when you check your eligibility. Other charges may include late payment charges, part payment charges and foreclosure charges. Click here to view fees and charges for Personal Loan.

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Personal Loan - Apply for Instant Personal Loan Online

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Personal Loan - digibank Personal Loans comes with an array of attractive features & benefits. It's easy, instant & paperless and you can avail a loan up to Rs. 15 lakhs. Apply for personal loan using digibank mobile app & get an instant approval.

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Know about Currency Converter | Digibank by DBS

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Know about Currency Converter | Digibank by DBS

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A currency converter permits currency value comparisons across different currencies for traders, investors, and speculators. Know more about Currency Converter at the Website

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Currency Converter – Get Online Currency Exchange Calculator

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Convert Foreign Currencies<br> to INR in Seconds

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Understand What is Remittance in Detail | Digibank by DBS

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Understand What is Remittance in Detail | Digibank by DBS

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Remittance refers to the process of transferring or sending money from one party to the other. Visit the website to also know about inward remittance

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Remittance: Money Remittance Services with DBS Bank

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Outward Remittance / Foreign Remittance: DBS Bank offers remittance services for remitting / sending money to your loved ones abroad. ✓ Quick & paperless ✓ Same day transfers ✓Zero fees. Download digibank app now!

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All you need to know about Online Money Transfer | Digibank by DBS

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All you need to know about Online Money Transfer | Digibank by DBS

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You can opt for online bank transfer methods through net banking such as NEFT, RTFS and IMPS. Know more about Online Money Transfer at the websiste

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Online Money Transfer-International Money Transfer from India

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Online Money Transfer: International Money Transfer made easy with DBS Bank Remit. Download the digibank app to send money abroad with same-day transfers.

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Learn about RD Calculator | Digibank by DBS

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Learn about RD Calculator | Digibank by DBS

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The Recurring Deposit Calculator assists you in calculating the maturity amount and interest rate on your recurring deposit. Visit the website for more information.

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Investing in a Recurring Deposit (RD) is like running a marathon, and an RD Calculator is the coach. Just like a marathon requires consistent effort, your RD requires disciplined monthly deposits. An RD Calculator shows you how much you need to set aside to help you get your hands on that top-end smartphone or a designer outfit. It guides you on working best with your resources to reach your goal, the finishing line. All this without worrying about running out of funds at the end of each month.

A Recurrent Deposit is versatile. It can be used as a financial safety net in case of emergencies. It can also be used to save money to make a dream purchase. An RD Calculator shows you the interest you will accrue over your RD tenure.

The interest on your RD is compounded quarterly. However, if you start your RD in the middle of an ongoing financial quarter, then the recurring deposit will earn a simple interest until the end of that financial quarter. Following that, it will begin to accrue quarterly compounded interest.

The formula to calculate the RD maturity amount is:

M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )

'M' stands for the maturity amount; 'R' is the RD amount you deposit each month; 'N' is the number of quarters in the tenure; 'i' is the interest rate; 't' is the tenure of the RD in months.

Are you keen to get started with your Recurring Deposit? Download the digibank by DBS app to get started.

Unless you are an algebra fan, we need to tell you that there is an easy-to-use online RD calculator that you can use. All you need to do is the following:

Type in the monthly deposit amount

Type in the expected rate of interest and the tenure

Tap 'calculate.'

You will get your maturity amount so quickly that even making instant noodles will appear slow!

An RD Calculator is your true friend in this fast-paced life where you need speedy and accurate tools to help you get tasks done.

RD Calculator Key Features

An RD Calculator is accurate.

It takes only a few seconds to calculate the maturity amount.

It is free to use as many times as you want.

It only requires you to input three variables- recurring deposit amount, tenure, rate of interest.

It allows you to use any permutation or combination of variables.

RD Calculator Key Benefits

Saves you the hassle of doing tedious calculations.

Helps to plan your financial investments.

Eligibility Criteria of RD Calculator

It's simple to understand who can open a recurring deposit. Any Indian citizen, HUF (Hindu Undivided Family) can open an RD.

Anyone with an RD or anyone considering opening an RD can use the RD Calculator to plan their finances. To start your recurring deposit, download the digibank app.

The penalty will be levied as per the bank's existing policy. You may check the terms and conditions with your nearest bank branch, visit the website, or download the digibank by DBS app for further details.

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RD Calculator - Online RD Interest Rates Calculator

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Investing in a Recurring Deposit (RD) is like running a marathon, and an RD Calculator is the coach. Just like a marathon requires consistent effort, your RD requires disciplined monthly deposits. An RD Calculator shows you how much you need to set aside to help you get your hands on that top-end smartphone or a designer outfit.

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Know about RD Interest Rates | Digibank by DBS

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Know about RD Interest Rates | Digibank by DBS

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The R.O.I offered on RDs is at least as high as that of FDs. Recurring deposit interest rates vary from 3.00% to 6.50%. Visit now to learn more about RD Interest Rates

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At a Glance

Create a digibank Recurring Deposit Account and invest a fixed sum each month. Choose RDs lasting from 6 months to 10 years and above and earn attractive RD interest rates on your investment.
Download digibank Now

digibank Recurring Deposit

The digibank Recurring Deposit is a unique term deposit that enables you to invest a fixed sum each month. It is a safe investment tool on which you can earn an attractive interest income. digibank RDs are flexible and easy to invest in. You can open the RD online on the digibank app or internet banking portal.
Download digibank Now

Important Points

You can create digibank Recurring Deposits with monthly investments as low as INR 100.

You may open multiple RD accounts. digibank has not set any upper limits or restrictions on the number of RD accounts you can hold.

Senior citizens must provide their identity and age proof documents to earn 0.50% higher Recurring Deposit interest rates.

You may choose from daily, monthly, or quarterly RD periods.

Your chosen deposit amount will be automatically debited from your digibank Savings account at your chosen periodic interval.

Open digibank RD

Frequently Asked Questions

You can calculate the interest income on your Recurring Deposit with the digibank RD calculator. Just type in the monthly RD amount you wish to invest and your preferred investment tenure. The calculator applies the applicable interest rate and computes the total interest you stand to earn based on your chosen investment tenure. Click here to access the RD calculator.

You can calculate the interest income on your Recurring Deposit with the digibank RD calculator. Just type in the monthly RD amount you wish to invest and your preferred investment tenure. The calculator applies the applicable interest rate and computes the total interest you stand to earn based on your chosen investment tenure. Click here to access the RD calculator.

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RD Interest Rates - Know Recurring Deposit Interest Rates

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Create a digibank Recurring Deposit Account and invest a fixed sum each month. Choose RDs lasting from 6 months to 10 years and above and earn attractive RD interest rates on your investment. Download digibank Now The digibank Recurring Deposit is a unique term deposit that enables you to invest a fixed sum each month.

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Fixed Deposit Calculator Online in India | Digibank by DBS

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Fixed Deposit Calculator Online in India | Digibank by DBS

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A fixed deposit calculator helps an investor estimate the rate of interest & maturity amount for a fixed tenure. Visit Digibank by DBS to Calculate fixed deposit interest rates.

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FD Calculator: Online Fixed Deposit Interest Rate Calculator

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Fixed Deposit (FD) Calculator: Calculate your fixed deposit maturity value & interest amount you can earn on your FD investment. Open fixed deposit with digibank now!

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Best Fixed Deposit Interest Rates | Digibank by DBS

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Best Fixed Deposit Interest Rates | Digibank by DBS

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Best FD interest rates in India are provided by DBS Bank. Receive higher returns of up to 7.27% per year, while seniors receive 7.95% per year.

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FD: Open Fixed Deposit Account Online in India | digibank by DBS

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Fixed Deposit (FD) - Open Fixed Deposit Account online instantly with digibank by DBS & enjoy higher interest rates with other benefits on longer period of deposits. Instant, hassle-free & paperless. Invest in FD on-the-go.

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What is Recurring Deposit (RD) - Meaning & Features

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What is Recurring Deposit (RD) - Meaning & Features

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Recurring deposits are a popular investment choice that helps in building your savings. To discover more about Recurring deposits, visit Digibank by DBS.

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A Goal-Digger's Best Friend

A little bit of planning is all it takes to turn your aspirations into reality. Whether it's that dream Euro trip or the latest cutting-edge tech or those designer shoes that are just so "YOU" - digibank's Recurring Deposits will turn you into your own genie!

Instant
Opening

Paperless

7.27%* Annualized Yield
on Fixed Deposits

Open digibank RD
* Click here to view Interest Rates.

*Annualized Yield for 5 years at 6.25% simple interest p.a., compounded quarterly. T&Cs apply.
Download digibank Now

Small Steps, Big Moves

Turn dreams into goals and goals into plans one step at a time with digibank's recurring deposits that start as low as Rs. 100. Plan like a pro, without any stress or financial strain.
Download digibank Now

Never Run Out of Options

Take Your Pick:

Recurring Deposit

Smaller sums of money invested over a period of time to meet a specific goal.
Ideal if you're looking to:

Save to spend on a new gadget, travels or other goals.

Ideal to meet all your purchase goals without breaking your budget.

Enjoy interest rate similar to fixed deposit.

Fixed Deposit

A lumpsum amount invested in one go.
Ideal if you're looking to:

Save for unexpected rainy days.

Ideal to curb your spendthrift tendencies and save for emergencies instead.

Earn a fixed interest rate.

Learn more about Fixed Deposits Download digibank Now

Think That's All?
There's More Where That Came From!

Whether it's smarter savings, better investments, easy personal loans, international fund transfers - your digibank is designed to help you live better. It's so easy, it feels like magic!
Download digibank Now

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RD - Open Recurring Deposit Account Online | digibank by DBS

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A little bit of planning is all it takes to turn your aspirations into reality. Whether it's that dream Euro trip or the latest cutting-edge tech or those designer shoes that are just so "YOU" - digibank's Recurring Deposits will turn you into your own genie!

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Know about FD In India | Digibank by DBS

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Know about FD In India | Digibank by DBS

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A fixed deposit (FD) is a type of investment product that enables you to make a single, lump-sum investment for the duration of your choice and receive interest at a set rate.

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Fixed Deposit

(noun. /fɪkst/ dɪˈpɒzɪt/)

A Fixed Deposit That'll Shield You from Uncertainties

You don't need a crystal ball to stay ready for the future. All it takes is a click on digibank.

Instant
Opening

Paperless

Up to 5.2%* p.a.
interest rates

Open digibank FD

Set Up a Fixed Deposit Before Life Hands You Lemons

No matter what plot twists life springs up, you're empowered to overcome it calmer, smarter, better prepared. Your fixed deposit will act as a contingency fund i.e. a fund created to tackle emergencies and unforeseen developments, and should be equal to 3 to 6 months' worth of your expenses.
Why Are digibank FDs the Best Contingency Funds?
Risk-Free:
Your fixed deposit remains safe and unaffected by volatile markets.

Assured Returns:
Liquidate your fixed deposit instantly right when you need it. T&C apply.

You can effortlessly set digibank FDs for situations like:

Medical
Emergencies

Job
Uncertainties

Economic
Ups and Downs

Last Minute
Plans and more

Here's Your Umbrella for Rainy Days

Setting up a contingency fund is one of the first and most important steps you take towards financial freedom. digibank does it all for you, so that whenever the going gets tough, you're unstoppable.
Open digibank FD

Never Run Out of Options

Take Your Pick:

Fixed Deposit

A lumpsum amount invested in one go.
Ideal if you're looking to:

Save for unexpected rainy days.

Ideal to curb your spendthrift tendencies and save for emergencies instead.

Earn a fixed interest rate.

Recurring Deposit

Smaller sums of money invested over a period of time to meet a specific goal.
Ideal if you're looking to:

Save to spend on a new gadget, travels or other goals.

Ideal to meet all your purchase goals without breaking your budget.

Enjoy interest rate similar to fixed deposit.

Learn more about Recurring Deposit

Think That's All?
There's More Where That Came From!

Whether it's smarter savings, better investments, easy personal loans, international fund transfers - your digibank is designed to help you live better. It's so easy, it feels like magic!

Frequently Asked Questions

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FD - Open Fixed Deposit Account Online in India | digibank

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Fixed Deposit You don't need a crystal ball to stay ready for the future. All it takes is a click on digibank. Instant Opening Paperless Up to 5.2%* p.a. interest rates Open digibank FD No matter what plot twists life springs up, you're empowered to overcome it calmer, smarter, better prepared.

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Know about Savings Account Interest Calculator at Digibank by DBS

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Know about Savings Account Interest Calculator at Digibank by DBS

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Using Savings Account Interest Calculator by digibank helps to calculate monthly & yearly interest rates online. Explore more about Saving account Interest Calculator here

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Savings Account Interest Calculator – Calculate Interest Online | digibank by DBS

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Use Savings Account Interest Calculator by digibank to calculate monthly and yearly interest rates online. Download the digibank app & open a savings account today!

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Know Savings Accounts Interest Rates in India | Digibank by DBS

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Know Savings Accounts Interest Rates in India | Digibank by DBS

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Find out about the bank interest rates on savings accounts offered in India. Check now about Saving account interest rates in India on the website at digibank by DBS

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Savings Accounts Interest Rates in India | digibank by DBS

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Know About Opening a Digital Savings Account | Digibank by DBS

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Know About Opening a Digital Savings Account | Digibank by DBS

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Visiting a bank to open a bank account is no longer necessary. Check to know in detail about opening a digital Savings account online at the website

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At a Glance

Opening a bank account by visiting the bank is now a thing of the past. Thanks to the digibank by DBS Savings Account, you can now open your account from any corner of the world. Just download the digibank by DBS app and get started.
Download digibank Now

What is a Digital Savings Account?

digibank by DBS' Digital Savings Account bank account is a unique bank account that you can open online. The account is entirely digital, akin to carrying your bank in your pocket. You can access this account on your internet-enabled smartphone and conduct a wide range of banking transactions.
Download digibank Now

Features and Benefits

Access your Digital Savings Account, any place, any time, with digibank internet and mobile banking.

Earn attractive interest rates on your digital Savings Account deposits.

Get a free international ATM-cum-debit card and cheque book.

Choose from individual or joint accounts and assign nominees.

Make Hassle-free remittances to foreign accounts with minimum to no paperwork.

Enjoy exclusive privileges and benefits on the debit card linked to your digital Savings Account.

Download digibank Now

How to Open a Digital Savings Account?

1. Download the digibank by DBS mobile application on your smartphone or visit the digibank by DBS website and scan the QR Code on your phone to download the app.

2. Provide the relevant personal details in the digital Savings Account opening form.

3. Attach scanned copies of your ID and address proof, e.g., PAN Card, Aadhaar Number etc., for completion of KYC process.

digibank by DBS will get in touch with you for the completion of KYC (Know Your Customer) process.
Download digibank Now

Frequently Asked Questions

The international debit card allows free ATM withdrawals at DBS ATMs. You can also withdraw funds from non-DBS ATMs up to a prescribed number of times. Avail offers on shopping, travel, dining, utilities, wellness brands etc., with your digibank debit card.

The international debit card allows free ATM withdrawals at DBS ATMs. You can also withdraw funds from non-DBS ATMs up to a prescribed number of times. Avail offers on shopping, travel, dining, utilities, wellness brands etc., with your digibank debit card.

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Digital Savings Account-Open Instant Digital Savings Account

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Opening a bank account by visiting the bank is now a thing of the past. Thanks to the digibank by DBS Savings Account, you can now open your account from any corner of the world. Just download the digibank by DBS app and get started.

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Savings Account: Know about Opening bank account online | Digibank by DBS

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Savings Account: Know about Opening bank account online | Digibank by DBS

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Go completely digital with online savings accounts from digibank & discover advanced intelligent banking options. Explore how to open a bank account Online on the website

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Savings Account

noun/ˈseɪvɪŋs əˈkaʊnt/

4%* P.A. Interest Rate...
And That's Just the Tip of the Iceberg!

With us, you're set a cut above the rest. Enjoy instant onboarding, effortless payments and processes, better safety and delightful rewards at every step of the way with digibank's fully online savings account.

Get Maximum Benefits on a Minimum Average Balance (MAB) of just ₹5000.

Higher
Interest Rates

Instant Account
Opening

Intuitive
Platform

digibank
delights

Live More, Easier and Better!

To help you live more and simplify every aspect of your life - Just a savings account for all of it.
Open Savings Account
*Note w.e.f. 1 st October 2020: Monthly Average Balance (MAB) for digibank Savings Account is ₹5000.

Experience the Warmest Welcome

Feel instantly at home with an array of digibank Delights!

Spoil Yourself Silly with A Debit Card Full of digibank Delights!

Explore More Delights

Do More, Live More with the Unbank

Open your digibank savings account in just a few minutes.
Open Savings Account

Think That's All?
There's More Where That Came From!

Whether it's smarter savings, better investments, easy personal loans, international fund transfers - your digibank is designed to help you live better. It's so easy, it feels like magic!

Ready to live the Unbank Life?

Open Savings Account

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Savings Account - Open Savings Account Online | DBS digibank

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Savings Account With us, you're set a cut above the rest. Enjoy instant onboarding, effortless payments and processes, better safety and delightful rewards at every step of the way with digibank's fully online savings account. Get Maximum Benefits on a Minimum Average Balance (MAB) of just ₹5000.

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Complete Guide on How to File Income Tax Returns

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Complete Guide on How to File Income Tax Returns

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ITR is a form to provide information about your income sources and taxes to the Income Tax Department. Refer to this article to know more about ITR

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Key Takeaways

Filing your Income Tax Returns (ITR) is paying your income tax before a specific date.

In India, it is mandatory to pay your taxes unless you are subject to certain exemptions.

You are required to fill certain ITR forms and file ITR according to your tax slabs.

You can file ITR online through e-filing.

Ensure you check for eligible tax deductions before filing ITR.

As an income-earning Indian citizen, you must pay taxes to the Government of India. Whether you are a resident Indian with investments abroad or an NRI with investments in India, you must pay taxes on your global income. The process of paying your taxes is called the filing of Income Tax Returns (ITRs). Read on to understand what is ITR and online ITR filing.
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What is ITR?

ITR is essentially a form used to provide information about your income sources and taxes to the Income Tax Department. This information is used to determine your tax liability based on your annual income. You have to file income tax returns at specific durations during a financial year, every year, based on your tax slabs.

Besides your general income source, your ITR File must also include capital gains earned from market investments. You can also enjoy exemptions up to certain limits based on your investments. You must remember to file the returns before a specified date. If you fail to submit your ITR file before the date of filing, you might have to pay a penalty. Conversely, if you pay more than the tax you are liable to in a year, you become eligible for an income tax refund.

Which ITR Form Should You Fill?

The Income Tax Department lists several forms on their website that you must fill according to your income and tax slabs. Here is a breakdown of the returns forms available:

ITR-1/Sahaj

This form is for resident Indian taxpayers with a total income up to INR 50,00,000 p.a., from salaries, one house property, other investment avenues, and agricultural income up to INR 50,000.

ITR-2 and ITR-3

These forms are for individuals and Hindu Undivided Families (HUFs) that do not have income from profits and gains from business or similar professions.

ITR-4/Sugam

This form is for individuals whose business attracts presumptive income. You must be an individual, HUF, Firm (other than a Limited Liability Partnership), or a resident Indian earning a total income of up to INR 5,000,000 per annum. Your income must come from businesses or professions that fall under sections 44AD, 44ADA, 44AE of the Income Tax Act, 1961. If you fit these criteria, then you must fill this form.

What Is E-Filing Of ITR?

Electronic filing, or e-filing, is the process of filing your tax returns over the internet. You can use the tax preparation software approved by the Income Tax Department to pay your taxes electronically. E-filing has become quite popular since it allows taxpayers to file their ITR online from the comfort of their home, at a time convenient to them, by using a filing portal.

Final Note

Filing ITR online or offline is not only convenient, but it also helps you get access to loans and credit cards. You can also enjoy tax exemptions. Ensure you check the various investments that qualify for income tax deductions under different sections of the Income Tax Act of India.
Download digibank by DBS on your smartphone, register and choose any tax-saving options from the menu. Also, open your savings account with us. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Income Tax Returns - What is ITR in India Explained Here | digibank by DBS

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Filing your Income Tax Returns (ITR) is paying your income tax before a specific date. In India, it is mandatory to pay your taxes unless you are subject to certain exemptions. You are required to fill certain ITR forms and file ITR according to your tax slabs.

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Understand the various income tax saving investment options here. Refer to this article to know more about 80c Investment Options.

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Best Tax Saving Investments You Can go for | digibank by DBS

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Best Tax Saving Investments - Understand the various income tax saving investment options here. Download the digibank app & choose the best tax saving option.

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Know how to download e-aadhaar step by step. Refer to this article to learn the steps on how to download an aadhar card in simple steps

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How to Download Aadhaar Card Online | digibank by DBS

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How to Download Aadhaar Card - Know how to download e aadhaar step by step with digibank. Download the digibank app & open a savings account now.

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Know in detail about steps to check the aadhar card linking status with the bank through online & offline ways. Refer now to check the aadhar linking status with the bank

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How To Check Aadhaar Linking Status With Bank? | digibank by DBS

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You can link your Aadhaar card with your bank account to complete KYC. You can receive scheme-related benefits from the Indian Government if your bank account is linked with your Aadhaar card. You can check the Aadhaar linking status with the bank online.

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Know Everything about UAN | Digibank by DBS

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Know Everything about UAN | Digibank by DBS

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Find out what the UAN number is & its functionalities in detail crafted in this article. Refer now to learn more about what is uan number

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Key Takeaways

Universal Account Number (UAN) is a 12-digit unique identification number.

The Employee Provident Fund Organisation (EPFO) allots the UAN.

The EPFO assigns every registered employer and employee a unique UAN number.

You can access your Provident Fund (PF) accounts with the UAN.

You can find your UAN on your salary slip or the UAN online portal.

As a salaried individual, it is imperative that you know the structure of your salary. The Employee Provident Fund (EPF) is a critical aspect of your salary structure. Your EPF is a long-term saving plan, which comprises your and your employer's contribution. Like your bank account number, your EPF account, too, comes with an account number. Let us understand what is UAN number and its benefits in this article.

What is Universal Account Number?

The Universal Account Number (UAN) is an identifier that the Ministry of Labour and Employment assigns to you and your employer to contribute to an Employee Provident Fund (EPF). The Employee's Provident Fund Organization (EPFO) allots this 12-digit identification number. In 2014, the government made UAN issuance mandatory to create a single platform to access all Provident Fund (PF) accounts conveniently.

The EPFO issues two separate UANs to you and your employer. Regardless of the number of times you change your job, your UAN remains unchanged throughout your employment years. Similarly, the employer's UAN number stays constant throughout the business years of the company. If you change jobs, the EPFO issues a new member ID which gets linked to your existing UAN. You must intimate the EPFO or the new employer and raise a request for the new PF number member ID to be linked to your UAN.
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Importance of UAN

A Universal Account Number means a direct link between you and the EPFO. Hence, you can withdraw or transfer funds from your EPF account without depending on your employer for PF transfers.

You can view your PF account balance at any time by logging into the EPFO portal.

Your employer cannot access your EPF account, nor can they withhold the PF money at any given time.

UAN makes it easy for the EPFO to verify employees and gather the employee details on a single online platform.

The UAN is linked to your PAN Card and Aadhaar number at the time of application, making it easier to make tax deduction claims at the time of Income Tax filing.

Know Your UAN

From the Employer

Upon starting a new job, the employer will ask you to submit your bank details, ID and address proof, date of birth, mobile number, email ID, etc., to generate a UAN. The UAN is usually printed on your salary slip.

From the UAN Portal

You can also visit the UAN portal and click on 'Know Your UAN Status'. Fill in the relevant details and click on 'Get Authorization'. You will receive a one-time password on your Registered Mobile Number. After you enter the OTP, you will receive your UAN via SMS.

Final Note

As long as you are an employee, the Universal Account Number will not change regardless of the number of times you change jobs and employers. With UAN, you can conveniently manage your PF Account with no interference from our employer and steadily grow your corpus from the mandatory monthly contributions.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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UAN benefits and features that you need to know as an employee | digibank by DBS

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Universal Account Number (UAN) is a 12-digit unique identification number. The Employee Provident Fund Organisation (EPFO) allots the UAN. The EPFO assigns every registered employer and employee a unique UAN number. You can access your Provident Fund (PF) accounts with the UAN. You can find your UAN on your salary slip or the UAN online portal.

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CVV: All you Need to Know About CVV Full Form

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CVV: All you Need to Know About CVV Full Form

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CVV stands for Card Verification Value. When using your debit card to pay for things online, you especially need to input a code. Refer to this article to know more about CVV

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Key Takeaways

CVV stands for Card Verification Value.

All debit and credit cards come with a CVV to protect your account from online scams.

The CVV is a 3-digit code printed on the flip side of the debit card.

The CVV number is different from the PIN.

Each debit card has a single, unique CVV.

Bank frauds are becoming increasingly common today. To mitigate the risks of increasing fraudulent activities, banks have come up with a way to ensure that their customers can conduct secure online transactions while using their debit cards. To this end, they assign a unique 16-digit card number along with a CVV code. You may have seen this CVV number embossed on the flip side of your credit or debit card, right along the magnetic signature strip. Let us find out what CVV is in this article and understand its importance.

What Is CVV Number In Debit Card?

CVV stands for Card Verification Value. You need to enter a code, especially when you make online payments using your debit card. Generally, the CVV is a 3-digit code embossed on the flip or reverse side of most debit cards powered by Visa, Master or Rupay. There are also exceptions like the American Express powered-debit card, which comprises a 4-digit CVV code printed on the front side of the debit card, just above the card number.
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Importance Of CVV Number In Debit Card

You may be surprised to know that every debit card has two CVVs - one hidden under the magnetic stripe, and the ch is visible to us. The hidden CVV is used for physical transactions. In contrast, the visible debit card security code is the one you need to input, along with your card number and card expiration date, while conducting an online debit card transaction.

Debit card CVV protects your money against scams and provides an additional layer of security to all your banking transactions.

The debit card CVV number also serves to verify that the person authorising the online transaction physically possesses the card.

A crucial thing that makes the CVV no on debit cards unique and secure is that online payment portals are not authorised to save the CVV number linked to a debit card. Thus, even if the card number is saved, they cannot make any payments unless the cardholder inputs the CVV number.

Difference Between CVV Number In Debit Card And Debit Card PIN

The CVV number is not the same as the Personal Identification Number or PIN. The fundamental differences are as follows:

You can set the PIN, but the bank assigns the card-provider assigns the CVV number.

You can change the PIN while the CVV remains static.

You must provide the PIN for physical transactions, while you need CVV and PIN for online payments.

You may assign the same PIN to your debit cards, but each CVV is unique, even if the bank gives you a new debit card with the old 16-digit card number.

The CVV code on debit cards protects you from online fraud. You need this card to authenticate your online transactions. CVV is a means to verify your identity, which is why each debit card has a unique CVV number.
With DBS digibank, existing or new users can access debit cards in a hassle-free and quick way. Get started here. Download digibank Now
*Disclaimer: This article is for information purposes only. All information provided is generic and basic. Contact us at DBS to know more.

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CVV Number: Full Form, Meaning & Importance of CVV in Debit Card | digibank by DBS

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CVV stands for Card Verification Value. All debit and credit cards come with a CVV to protect your account from online scams. The CVV is a 3-digit code printed on the flip side of the debit card. The CVV number is different from the PIN. Each debit card has a single, unique CVV.

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Learn More About Debit Cards | Digibank by DBS

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Learn More About Debit Cards | Digibank by DBS

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A debit card is similar to having your bank with you at all times. You can swipe it anytime you need to pay for something. Refer this article to know more about Debit Cards

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Key Takeaways

A Debit Card is an EMV chip-based payment card.

It is linked to your bank account and helps you make cashless payments.

You can use it to make both offline and online payments.

When you swipe your debit card, funds are debited from the linked account in real-time.

You must not share your debit card PIN or write it down anywhere as a security measure.

Modern banking has evolved to a whole new level today. But the credit for revolutionising the banking industry undoubtedly belongs to Credit or Debit Cards. By swiping your card, you can make all kinds of offline and online purchases, make bill payments, and do so much more. Let us decode what is debit card in this article.

Debit Card Meaning and Explanation

ATM-cum-Debit Cards are plastic payment cards that your bank issues when you open an account with them. It is linked to your Savings, Current, or Checking Account. When you swipe your debit card, funds are directly debited from the linked account and transferred into the payees' accounts. These cards typically come with a Europay, MasterCard and Visa (EMV) chip embossed on them. Also known as an ATM card, you can use it to withdraw cash at ATM kiosks and vestibules.
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Debit Card Usage

Having explained What is Debit Card, here are its many uses:

Banks offer Debit Cards in partnership with major Credit Card brands such as VISA, MasterCard, etc. Due to the partnership, you can use your Debit Card wherever these branded cards are accepted.

You can use the debit card to pay for your purchases at brick-and-mortar stores. You have to enter your Personal Identification Number (PIN) or security code to authenticate such transactions.

You can also use your Debit Card to pay bills or shop online. Simply enter your Debit Card information such as your name, card number, card expiration date, and CVV (Card Verification Value) code. You must authenticate such transactions by entering the One Time Password (OTP) the bank sends on your registered mobile number and/or email id.

Features and Benefits of Debit Cards

Besides knowing Debit card meaning, you should be aware of its unique features and benefits such as:

Debit Cards are quick, contactless, and convenient payments tools.

They enable you to make real-time payments from your linked account.

Banks offer discounts, offers, and cashback on certain Debit Cards

You can use Visa and MasterCard Debit Cards abroad by enabling international usage.

You can load digital wallets using your Debit Card.

Debit Card Security Measures

Banks take the necessary consumer protection measures like PINs and OTPs to ensure your funds are protected. As the cardholder, you must ensure that you do not share your debit card information, such as your PIN, Card Number, CVV, etc., with anyone. Do not write down these details on your phone, computers, or rough pieces of paper in your wallet. If your Debit Card is stolen or misplaced, contact the card issuer to block your card or freeze your account.

Final Note

A Debit Card is like carrying your bank in your pockets. You can swipe it anytime you need to pay for something. Ensure you check the daily transaction and withdrawal limits prescribed by your bank. You can enjoy a world of benefits with your Debit Card.
Happy shopping with the digibank by DBS debit card! Download the app to open your digiSavings account instantly and get your debit card! Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is Debit Card? - Debit Card Meaning Explained Here | digibank by DBS

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A Debit Card is an EMV chip-based payment card. It is linked to your bank account and helps you make cashless payments. You can use it to make both offline and online payments. When you swipe your debit card, funds are debited from the linked account in real-time.

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Understand in detail what mutual fund nav is and the role of nav in a fund’s performance. Refer this article on this website to know more about Nav

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What does a mutual fund's NAV or Net Asset Value mean and what goes into it? We have the answers
TLDR Points

The Net Asset Value (NAV) represents the price you will get for a single unit of your mutual fund scheme

The NAV is the total value of the scheme's assets (minus liabilities) divided by the number of units issued

The NAV fluctuates based on changes in the value of the scheme's underlying portfolio

What is a Mutual Fund's NAV?

A Mutual Fund (MF) holds a portfolio of securities in different proportions based on the fund manager's judgment. The amount invested in these securities is collected from investors, who are issued units in return for their money.

To understand mutual fund NAV, let's assume a mutual fund scheme has three stocks in its portfolio:

Stock A, of which it has a 1000 shares worth Rs 100 each

Stock B, of which it has 200 shares of Rs 200 each

Stock C, of which it has 800 shares of Rs 50 each.

The value of its portfolio is Rs 180,000.

Now, the mutual fund also has expenses (fund manager's salary, administrative expenses etc.). Let's assume, the mutual fund has expenses worth Rs 30,000.

The mutual fund has issued 15000 units of its scheme to investors.

How much is each unit worth? The calculation is simple: the value of its assets minus expenses divided by units issued - that is 180,000-30,000 / 15000. The value of each unit is Rs 10.

That is its net asset value.

Since net asset value is based on a mutual fund's underlying portfolio, it is liable to change as the value of the portfolio changes. So, if the market does well, and prices of the stocks rise, the NAV will increase. If the market tanks and the prices of the stocks fall, the NAV will decrease.
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Why is NAV important?

NAV is important because that's the price at which you can buy or redeem mutual fund units.

Fund houses announce the mutual fund NAV every day. They have to do that because the price of the underlying securities in each portfolio changes every day. For example, if you buy an equity mutual fund that invests in stocks of mid-cap companies. Stock prices change every day, so the NAV will also fluctuate daily.

So far, we have told you about the meaning of NAV in a mutual fund. Let us now find out how relevant it is in evaluating a mutual fund for investment.

Role of NAV in a Fund's Performance

NAV is largely used to buy or redeem units of a mutual fund. It's never used, like a share's price, to evaluate the investment potential of a fund. The NAV of a fund is not affected by demand and supply but is impacted by changes in the value of its underlying portfolio. Investors can use a share's price to analyse if it's under- or over-valued, but not so in the case of mutual fund NAV.

MF NAV, however, allows investors to track the performance of a fund over time by looking at changes in the NAV. If a mutual fund with an NAV of Rs 10 moves to Rs 12 in a year that means it has delivered a return of 20%.

Factors that affect mutual fund NAV

We have already talked about how changes in the underlying portfolio will affect a fund's NAV. Another factor that will impact NAV is the expense ratio. Higher expenses will bring down the NAV; lower expenses will improve NAV. Also, in dividend payout options, the NAV of a mutual fund will reduce to the extent of the dividend payout.

Conclusion

Knowing what is NAV is important to calculate how many units of a fund, you will be allotted for a fixed amount of money. Do remember, however, that a low NAV does not necessarily mean a good fund and neither does a high NAV mean an expensive scheme. When you are evaluating a mutual fund, consider whether it fits your long-term goals and risk appetite.

If you are interested in buying or evaluating mutual funds, the digibank by DBS app offers an intuitive way to do that. It helps you assess mutual funds based on your risk appetite and also recommends schemes that may suit you. The app makes choosing the best mutual funds easy. Download the digibank app to get started.
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*Disclaimer: digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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what is the meaning of nav in mutual fund

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What is Mutual Fund NAV? Role in Fund's Performance Explained | digibank by DBS

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What does a mutual fund's NAV or Net Asset Value mean and what goes into it?

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Know Everything about XIRR & XIRR Formula | Digibank by DBS

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Know Everything about XIRR & XIRR Formula | Digibank by DBS

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XIRR (extended internal rate of return) is the measure of recovery that has to be a unit of measurement that must be applied to reflect the growth of your investment accurately.

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Key Takeaways

You can calculate your Mutual Fund returns via measures like CAGR, IRR, and XIRR

CAGR and IRR help you compute the returns on lump sum and regular multi-cash-flow investments, respectively.

You can use XIRR to calculate returns comprising multiple cash flows at irregular intervals.

XIRR is especially useful for calculating returns on Mutual Fund SIP investments.

You can easily use the XIRR function in Excel to calculate Mutual Fund returns.

When you invest in Mutual Fund schemes, you typically do so with the intention of earning returns and capital appreciation. You can use several different measures to calculate your returns, but the most commonly used measures include Compound Annual Growth Rate (CAGR), Internal Rate of Return (IRR) and Extended Internal Rate of Return (XIRR). Let us decode what is XIRR in Mutual Funds in this article.

What is XIRR?

Extended Internal Rate of Return or XIRR is defined as a single rate of return that can be applied to each instalment and possible redemption. Such application of XIRR allows you to determine the current value of the total investment.

For instance, when you invest in Mutual Fund Systematic Investment Plan (SIPs) - whether they are Equity or Debt Funds, you typically conduct multiple transactions at varying purchase prices and at different times. As such, you can use XIRR to calculate your SIP investment returns.
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How XIRR in Mutual Funds Works

Unlike lumpsum Mutual Fund investments which comprise a single cash inflow and outflow, SIP investments require you to invest your money in multiple instalments. While you can compute the returns using the Internal Rate of Return (IRR), you must ensure that the time periods between consecutive cash flows are always the same if you use the IRR formula.

On the other hand, XIRR simplifies the process of calculating returns, even if the investments are conducted at irregular investments. You can calculate the returns using an excel sheet wherein the XIRR function modifies the IRR and allows the flexibility to allot specific dates to individual cash flows.

How to Calculate XIRR in Excel?

To calculate XIRR in Mutual Funds, and your returns on investment, you must apply the XIRR formula in excel and follow the below steps.

1. Enter all your investment transactions in one column, marking outflows like investments and acquisitions as negative and inflows like redemptions as positive.

2. Enter the date on which the investment was made in the next column.

3. Enter the current market value of your investments and the current date in the next column.

4. Use the XIRR function, which in Excel looks is represented as XIRR (values, date, Guess).

5. Lastly, choose values for a series of cash flows corresponding to the payment schedule in the date column. Ensure you mention the investment dates in the date column, along with when you obtained the cash flows. The Guess parameter is optional, and if you put no value, excel uses a default value of 0.1.

Final Note

XIRR simplifies Mutual Funds returns calculation. It allows you to compute your potential Mutual Fund Investment returns, especially for irregular SIP investments. If you have just begun investing in Mutual Funds, you must consider your investment objectives, risk appetite and preferred investment horizons before investing. You can select from a wide range of Equity, Hybrid, and Debt Funds to begin your investment journey.
Download the digibank by DBS app to choose a Mutual Fund that meets your financial and investment goals! Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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XIRR - XIRR Full Form, Meaning and Formula Explained | digibank by DBS

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You can calculate your Mutual Fund returns via measures like CAGR, IRR, and XIRR CAGR and IRR help you compute the returns on lump sum and regular multi-cash-flow investments, respectively. You can use XIRR to calculate returns comprising multiple cash flows at irregular intervals. XIRR is especially useful for calculating returns on Mutual Fund SIP investments.

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Learn What are Bonds in India | Digibank by DBS

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Learn What are Bonds in India | Digibank by DBS

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Understand what are bonds & the various types of bonds before making a safe addition to your investment portfolio. Refer to this article to know more.

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Key Takeaways

Bonds are fixed-income debt securities where investors loan money to an entity to raise capital.

The coupon rate or interest rate for bonds can be fixed or floating.

Indexed bonds are linked to inflation-beating indices.

Investors can buy electronic gold through Sovereign Gold Bonds.

Most bonds come with longer investment horizons, lasting 5 or more years.

Stock market investments assist with capital appreciation and corpus creation. However, investing in the stock market entails bearing risks and losses. As an investor, you must attempt to mitigate your risks by diversifying your investment portfolios. You can use low-risk Bonds as a buffer to such volatile stock investments. Read on to know more about what are bonds and types of bonds.

What Are Bonds?

Public and private companies always need capital to expand their business. Typically, the required capital exceeds the loan amount a bank can lend. These companies then issue Bonds to public investors and raise money for the company. So, when you buy Bonds from a company, you lend money to them. Like any other loan, the borrower (i.e., the public or private company) pays interest on the loan amount. The bond-issuer also informs you about the interest rates or returns you can expect from your investment upon maturity. Therefore, by definition, bonds are fixed-income debt securities.
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Bond Terminology

Besides knowing what is the meaning of bonds, you should familiarise yourself with some bond-specific terms. The commonly used ones are as under:

Issuer: Company selling the bonds

Coupon Rate: Rate of Interest for holding the bonds.

Face Value: The price of the Bond on its maturity day.

Maturity Date: The day when the issuer pays back the amount.

Debt holder/creditor: Investors who own the bonds.

Types of Bonds

The different types of bonds to invest in India include:

Fixed Coupon Rate Bonds

These bonds come with a fixed interest or coupon rate since the day the company issues the bonds. Corporate Bonds and Government Bonds are usually of the fixed coupon rate type where the company pays interest yearly, half-yearly, quarterly or monthly until maturity or redemption.

Floating Coupon Rate Bonds (FRB)

Here, the coupon rates are not fixed and fluctuate until maturity. The variable coupon rate is re-set at pre-announced half-yearly or yearly intervals.

Capital Indexed Bonds

The principal amount is invested in an index to protect the principal amount of the investors from inflation.

Inflation-Indexed Bonds (IIB)

In IIBs, both the principal amount and coupon rate are protected against inflation.

Zero-Coupon Bonds

Zero-Coupon Bonds pay zero interest. Instead, these bonds get issued at a discounted price, and you can redeem them at face value at maturity. The return is the difference between the discounted price and the Bond's face value.

Sovereign Gold Bonds (SGB)

SGB investments entail buying gold in electronic or digital form. The interest rate is fixed at 2.5% per annum with 8-year tenure. You can redeem the Bond prematurely after the 5th year.

7.75% Savings Taxable Bonds

Issued in 2018, these bonds are high-yield and pay interest of 7.75% per annum. Coupons on such bonds are taxable, per Income Tax Act, 1961.

Final Note

Bonds are a safe addition to your investment portfolio. These investment instruments are regulated by the government and offer lower but guaranteed returns. With different types of bonds to choose from, you can select those that complement your investment goals.
Download digibank to open your savings account and begin your journey to making successful investments. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What are Bonds & What are the Different Types of Bonds | digibank by DBS

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Bonds are fixed-income debt securities where investors loan money to an entity to raise capital. The coupon rate or interest rate for bonds can be fixed or floating. Indexed bonds are linked to inflation-beating indices. Investors can buy electronic gold through Sovereign Gold Bonds. Most bonds come with longer investment horizons, lasting 5 or more years.

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Know Everything About Index Funds | Digibank by DBS

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Know Everything About Index Funds | Digibank by DBS

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An index fund is a stock or bond portfolio that seeks to mimic the makeup and performance of an industry. Know everything about Index Funds in this article

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Key Takeaways

Index Fund is a type of Equity Fund.

It mimics the stock market index, i.e., NSE Nifty and BSE Sensex.

The fund is passively managed and has a lower expense ratio.

It is a relatively low-risk equity fund.

You can reap higher returns from index funds by staying invested for longer durations.

Introduction

Mutual Funds are of various types, allowing you to fulfil your different investment objectives per your risk appetite. A rule of thumb that many investors follow is diversifying their portfolios to minimise risks. One of the best mechanisms for risk minimisation is an index fund, a type of equity fund. Let us find out more about Index funds - their properties, factors, and who should invest in them.

What is an Index Fund?

An index fund is a type of equity fund that mimics the stock market indices, the NSE Nifty or the BSE Sensex. Unlike other funds where the fund manager actively and strategically invests in securities, in index funds, the fund manager buys and sells stocks according to the composition of the underlying benchmark of the indices. Since an index fund is passively managed, it generates lower expense ratios.

Why Invest in Index Funds?

You might find yourself asking the question, 'If Index Fund mimics the Stock market, why invest in Index Funds and not the Stock Market?' To put it in simple words, when you invest in stocks of an individual company, you become a shareholder or part-owner in that company. You share the profit as well as the losses.

Assuming you invest in an Index Fund that tracks Nifty 50, the fund manager invests in the same 50 stocks trading on the NSE Nifty in the same proportion. Here, even if few companies perform poorly, there will be companies that will perform well. This leaves you with an average chance to earn returns with careful risk mitigation, which is always preferable to incurring losses by investing in just one company.
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Factors to Consider Before Investing in Index Funds

Risk

The nature of equity funds is dynamic and volatile. Hence, it involves a high-risk factor. However, index funds track an index and are less likely to face such risks. During a market slump, there are possibilities that the equity funds could lose their value. Therefore, it is advisable to have a good mix of index funds and actively managed funds.

Returns

Generally, the returns you earn typically mirror the returns of the underlying indices being mimicked. However, you should be aware of the term 'Tracking Error'. It is the difference between the return on the index fund and the return on the stock market index. For example, if the index mutual fund gives you a return of 5 per cent and Nifty gives you a return of 7per cent the Tracking Error here would be 2 per cent. In theory, to make the most out of index funds, the Tracking Error should be zero, but it typically has a 1- 2 per cent range.

Investment Cost

Since index funds mimic an existing stock index, they are known as passively managed mutual funds, in that the fund manager does not have to choose stocks and create a unique portfolio carefully. Due to this passive management, the expense ratio is relatively low compared to what is charged on actively managed funds. A lower expense ratio means more savings in the investors' pockets, and the excellent performance of the funds also translates to higher returns.

Taxation

Index Fund is a type of Equity Fund and is thus taxed similarly to equity funds. The rate of taxation depends on the holding period. Short-term capital gains (redeemed within a holding period of one year) attract 15 per cent tax. Long term Capital gains (redeemed after a holding period of one year) up to INR 1,00,000 is tax-exempted. Any gains above INR 1 Lakh will attract a 10 per cent tax.

Who Should Invest in Index Funds?

Index funds perform better if held for longer durations, i.e., minimum of 5 to 10 years. This makes it an ideal investment for those looking for corpus creation or lump sum funds for retirement. Due to its substantially low-risk nature, investors who are sceptics of the stock market or actively managed equity funds can invest in Index Funds, too.

Conclusion

Index funds are perhaps a unique type of mutual fund investment. They are what one may call safe equity investments. These funds mirror a stock index with the best-performing companies while attempting to replicate their returns. These attributes make index funds a low-risk investment that offers higher returns, primarily when held for longer durations.
If you want to invest in mutual funds, download the digibank by DBS app today and choose from over 200 schemes! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Index funds - Meaning, Why to Invest & Factors to Consider Before Investing | digibank by DBS

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Index Fund is a type of Equity Fund. It mimics the stock market index, i.e., NSE Nifty and BSE Sensex. The fund is passively managed and has a lower expense ratio. It is a relatively low-risk equity fund. You can reap higher returns from index funds by staying invested for longer durations.

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SIP or Systematic Investment Plan in India | Digibank by DBS

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SIP or Systematic Investment Plan in India | Digibank by DBS

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A Systematic Investment Plan (SIP) calculator is a financial calculator that you may use to determine the returns on your SIP investments. Refer to this article now

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Key Takeaways

A Systematic Investment Plan is one of two methods of mutual fund investments.

With SIP, you can invest small amounts at frequent intervals.

SIP benefits include Rupee cost averaging and Power of Compounding.

SIP promotes portfolio diversification.

You can choose ultra-short to long-duration investment horizons with SIP.

Introduction

Mutual Funds continue to remain the most popular investment instruments among conservative and aggressive investors alike. The traditional method is to invest in Mutual Funds is via a lump sum. Today, you can also invest via Systematic Investment Plans or SIP. Let us understand what is SIP in Mutual Funds.

What Is SIP?

A Systematic Investment Plan (SIP) is an investment method to buy Mutual Funds units in instalments at regular intervals. Through SIP, you can invest a fixed amount per your preferred investment tenure - fortnightly, monthly, quarterly, etc. You just need to select your preferred funds and set up standing instructions for your bank to deduct the fixed amount on a specified date.
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SIP - Features And Benefits

Having explained SIP meaning, let us look at its features and benefits.

Discipline

SIP investments help you become a habitual investor. Since you need to invest a fixed sum at a fixed interval, it makes you more conscious of your investment, inculcating the discipline of saving money regularly.

Flexibility

SIPs are relatively flexible as you can increase or decrease the amount of your monthly investment. During a financial crunch, you can pause the SIP investment for a specific time. Also, you can invest in multiple SIPs at any given time.

Rupee Cost Averaging

With SIP, you do not have to worry about market volatility or fluctuations, nor do you have to time the market. You end up buying more units when the market is low and fewer units when the market is high, thus averaging your investment.

Compounding

With SIP, you can reinvest your profits to generate better profits instead of redeeming them. This is known as the power of compounding. By staying invested for longer terms and reinvesting your earnings, you can earn better, inflation-adjusted returns.

Low Cost of Investment

Depending on the Asset Management Company, you can begin your SIP investments with instalments as low as INR 100 to INR 500. Moreover, the expense ratios associated with the transactions are also significantly low.

Investment Horizon

You can choose from various types of mutual funds with varying investment durations. For instance, you can invest in overnight funds or funds with 10-years investment durations. You can also exit most mutual funds anytime, except ELSS tax-saving funds with 3-year lock-in periods.

The SIP Investment Process

Now that you know what a systematic investment plan is let us learn how to invest via SIP.

1. Visit the website of the AMC and create an account.

2. Complete your KYC by providing your PAN, ID, and address proof documents.

3. Provide the necessary details - your name, bank name and branch, IFSC code, and account number to debit the SIP amount.

4. Select the preferred mutual fund scheme, SIP amount and investment date.

Conclusion

The SIP method of investment is ideal for all kinds of investors. You can use SIP to begin your investment journey or if you wish to diversify your investment into various mutual fund schemes. With small, regular investments, you can build a significant corpus over the years.
The time to invest is now, and you can start your first or next SIP investment with digibank by DBS. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is SIP in Mutual Fund | digibank by DBS

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A Systematic Investment Plan is one of two methods of mutual fund investments. With SIP, you can invest small amounts at frequent intervals. SIP benefits include Rupee cost averaging and Power of Compounding. SIP promotes portfolio diversification. You can choose ultra-short to long-duration investment horizons with SIP.

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Know About What is an ETF | Digibank by DBS

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Know About What is an ETF | Digibank by DBS

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Understand what an ETF is, the types of ETF & how it works in detail in this Article. Visit now to learn more about what is an ETF

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What is An ETF Explained in Detail | digibank by DBS

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Understand what is an ETF, types of ETF & how it works in detail in this blog. Download the digibank app & start investing your investment journey with us!

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Know about UPI ID and & Meaning at Digibank by DBS

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Know about UPI ID and & Meaning at Digibank by DBS

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A UPI ID is a virtual payment address for every UPI user. Refer to this article to know more about what is UPI ID

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Key Takeaways

Unified Payment Interface (UPI) allows secure digital payments.

It is a convenient way of receiving and sending money without sharing bank account details.

You can easily download UPI-enabled apps onto your smartphone from the Google Play and iOS app store.

You can use UPI to make payments at retail outlets or initiate fund transfers.

The official mobile banking apps of most banks offer UPI as a choice of fund transfer.

Introduction

Unified Payment Interface, or UPI, is a convenient, secure and safe mode of initiating digital payments. UPI has emerged as a popular mode for receiving and sending money as it allows instant fund transfer between two parties' bank accounts. Although they existed long before, UPI payments have gained wider acceptance and popularity in India since the 2016 demonetisation of banknotes.

What is UPI ID?

To transfer funds from one account to another through traditional ways, you will require details including the bank account number, branch address, bank name and IFSC of the beneficiary. Providing these details each time you want to initiate a transfer can be quite a cumbersome affair. UPI means that you can streamline the fund transfer process without these details. You can initiate a transaction with a UPI ID, also called a Virtual Payment Address (VPA).

In India, you can find a wide range of UPI-enabled apps that allow you to send and receive money instantly. Apps like Google Pay, PhonePe, PayTM etc., are some of the most common UPI-enabled apps in India. Then there is BHIM, the official app developed by The National Payments Corporation of India. All these apps allow you to transfer funds via a unified payment interface.

Furthermore, many banks also provide mobile applications through which you can transfer funds quickly. These apps are also UPI-enabled. For instance, digibank by DBS has its eponymous app that enables instant fund transfers.

How can I find or create my UPI ID?

Besides knowing what UPI payment is, you should know how to find or create your UPI ID. Irrespective of the UPI app you choose, you typically have to follow the same steps or the same variation of steps to make or find your UPI ID. They are as under:

1. Download your preferred UPI-enabled app. On opening, it will prompt you to set a four-digit app code.

2. If your smartphone has dual SIMs, select the number which is registered with your bank. The app, on its own, will verify your number.

3. The next step is to select your bank. Once your mobile number and bank accounts are identified, your phone screen will display your UPI ID; your mobile number registered with the bank. Suppose your mobile number is 1234567890; your UPI ID will be 1234567890@upi.

It is that simple.

Finding UPI ID in mobile banking applications

In bank apps, the process of finding and creating a UPI ID is somewhat different.

1. You will first have to verify your registered mobile number.

2. Once you have verified it, the app will prompt you to set a 4-digit PIN.

3. You can find your UPI ID under the 'My Profile' section of the UPI app.

4. The typical nomenclature for UPI IDs for bank apps is yourname@bankname.

Here, you have the convenience of changing your UPI ID to your liking.
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How is UPI ID used?

For a successful transaction, you need to know the UPI ID of the beneficiary. On confirmation of the ID of your beneficiary and other details such as the amount to be transferred, you need to key in the PIN, which you can create or change using your bank debit card. You can change or create a PIN by clicking on your UPI ID, displayed on the top left corner of the UPI app.

In some UPI-enabled bank apps, this second PIN is not necessary to complete the transaction.

Can I create my UPI ID?

You can easily create your UPI ID in five simple steps. They are as under:

1. Download the UPI enabled app on the phone.

2. Log in to the application

3. Click on the main menu and select 'create UPI ID'

4. You will see a new screen where you will have to enter the prefix for the ID.

5. Lastly, link this payment address with your bank account.

How to Solve the "UPI Registration Failed" Issue?

There are different methods to solve the registration issue. Here are the most effective ways to solve the problem.

1. Change the slot of your SIM card:

You should insert the SIM card registered with the bank account in the 1st SIM slot. If it is inserted into the 2nd SIM slot, then you need to take it out and change the slot. After you change the slot, it is essential to clear the data of the app.

2. Use mobile internet data instead of Wi-Fi to create your account

Whenever you register your account in your preferred UPI app, it is better that you create the account using your mobile internet data instead of Wi-Fi. If possible, try to use the internet from the same SIM number you use to create your account. In case of a slow internet connection, you may face errors, or the OTP may get delayed. Hence, use a stable internet connection to register conveniently.

3. Disable the VoLTE option on the phone

With mobile data, you usually get the VoLTE option, which is displayed next to the Wi-Fi and mobile data symbols on the top right of your phone screen. Go into the internet settings application in your mobile phone and disable the VoLTE option.

4. Provide necessary permissions

When you open your app the first time, it will seek your permission to enable contacts, etc. If you do not give the necessary permissions, you may run into issues later. It is best to provide all permissions asked by the app.

5. Check your mobile number

When trying to create your UPI account, you need to check that the mobile number you are using is linked with the bank account. If not, you will face registration issues. Check the number first, and then create your account on the app.

Conclusion

UPI has made life easier. Money transfer is literally on your fingertips now. Sending or receiving money is not only quick but safe from data theft as well. You do not need to remember or share bank account details while initiating a transaction. All these attributes make UPI-enabled payments the most secure, seamless, and hassle-free transactions.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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UPI ID - What Does UPI ID Means & How to Find UPI ID in App? | digibank by DBS

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Unified Payment Interface (UPI) allows secure digital payments. It is a convenient way of receiving and sending money without sharing bank account details. You can easily download UPI-enabled apps onto your smartphone from the Google Play and iOS app store. You can use UPI to make payments at retail outlets or initiate fund transfers.

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All About What UPI Means at Digibank by DBS

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All About What UPI Means at Digibank by DBS

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A unified Payment Interface is known as UPI. It is an application that works on mobile devices with an internet connection. Refer to this article to learn more about what UPI is

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Key Takeaways

UPI stands for Unified Payment Interface.

It is a mode of instant money transfer.

You do not need to share or collect sensitive information about bank accounts.

UPI is safe as it eliminates the risk of carrying cash.

You can use UPI for multiple purposes, such as paying merchants and utility bills.

Introduction

The emergence of fintech has made banking much more accessible and convenient. Bank cash counters are no longer crowded as cash withdrawal, and deposit is now just a few clicks away. The adoption of tech for banking and payment through apps has made real-time fund transfer quick and hassle-free. One such application is UPI. According to a report, around 2.3 billion transactions were recorded in February 2021 using UPI in India. Since it was first launched in 2016, UPI transactions have grown over 70% on a year-on-year basis. All this information is evidence of the ever-growing popularity of UPI. Let us find out what is UPI in this article.

What is UPI Payment?

UPI means Unified Payment Interface. It is an application that runs on internet-enabled smartphones. Developed by the National Payments Corporation of India, UPI is a real-time, single-window payment application. In simple words, UPI means a payment interface that allows you to transfer funds from one bank account to another bank account in real-time. With UPI, you do not need to collect or share your sensitive bank information such as your account number, IFSC, bank branch and bank name every time you wish to transfer money. At present, almost all banks in the country are a part of the UPI network.

You can use the UPI platform to transfer money to your family members, friends, colleagues, acquaintances, or practically anyone with a UPI ID. The system directly transfers money to their bank account. Similarly, you can receive funds in your bank account by simply sharing your UPI ID. UPI essentially allows you to transfer funds safely, securely, and seamlessly without revealing any bank-specific information.

Benefits of Using UPI

Having explained what UPI payment is, let us examine its benefits. Using UPI for your everyday transactions can prove to be incredibly useful if you consider the below advantages.

UPI means simplified e-banking and online payment systems.

It allows you to transfer funds instantly via your mobile phone.

You can use it for multiple purposes, including paying your utility bills or paying at the local grocery shop.

You do not need to carry cash as the UPI system doubles like your digital wallet.

UPI also eliminates the risk associated with having cash all the time.

You do not need to enter the bank details of the recipient while sending money.

You can also receive money by sharing your UPI ID, which is usually your mobile phone number registered with your bank.

How can I use UPI?

You can use the UPI application for payments and receipts of funds. Find out how below:

1. Download your preferred UPI-enabled app on your internet-enabled smartphone from the Google Play or iOS App Store.

2. Next, you need to set up your account by entering your details, like your mobile phone number and linking it to your bank account.

3. To send money, you need to click on 'Pay to Contact' under the UPI Payments tab.

4. You should then enter your beneficiary's mobile number, select their UPI ID, click on the submit button, and enter your 4-digit UPI PIN.

5. Your fund transfer will be completed, and both you and your beneficiary will receive an SMS notification of the transaction.

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Things to remember about making UPI payments

For UPI transactions, both senders and beneficiaries should have downloaded the same UPI app on their phones.

You will need the UPI ID of the beneficiary, along with yours, to initiate a fund transfer.

You will be able to see the UPI ID of the receiver in your UPI application.

You simply need to enter the UPI ID and transfer amount and click on the 'Pay' option, and the funds will be transferred instantly.

You can also enter the recipient's phone number, which should be linked to their bank account. This is another simple way of directly transferring funds in the bank account of the beneficiary.

You can use UPI to pay grocers, merchants, and other retailers. For such payments, you can scan their QR codes and enter the amount you wish to transfer.

While making online payments using food delivery apps and similar other apps, you can select the UPI payment option. Doing this will take you to the UPI application on your phone. You need to enter your UPI PIN, and the money gets debited from your bank account.

You can also receive money using UPI simply by sharing your UPI ID or the phone number linked to your UPI application and bank account with the sender.

Where to register for UPI?

Before you can start using it, you need to register as a UPI user by following these easy steps.

1. You need to download a UPI application - it can be a bank UPI app or a third-party UPI application.

2. Enter your registered mobile number and bank account details.

3. Create your unique ID (as prompted by the system), which will be your UPI ID. This is also known as virtual payment address (VPA).

4. Link your bank account using the UPI ID/ VPA.

5. Set an mPIN for validating every transaction.

That is all you need to do. You can now use your UPI application

Conclusion

Now that you know what is UPI payment and how useful it can be, you should consider downloading a UPI-enabled app on your mobile phone. UPI is changing the way payments are made, thereby reducing the dependence on bank systems for all kinds of fund transfers. It has streamlined transactions easy, making them both easy and secure. If you often use your online banking facility and send or receive money online, UPI application suits can help you.
Get started with seamless money transfer with digibank. Download the app now and send money to your family from anywhere! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is UPI? - Benefits of Using UPI & Where to register for UPI? | digibank by DBS

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UPI stands for Unified Payment Interface. It is a mode of instant money transfer. You do not need to share or collect sensitive information about bank accounts. UPI is safe as it eliminates the risk of carrying cash. You can use UPI for multiple purposes, such as paying merchants and utility bills.

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Know about MMID Full Form & MMID Meaning

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Know about MMID Full Form & MMID Meaning

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MMID full form is Mobile Money Identifier. It is a 7 digit, special number that is often a combination of your bank account number & mobile number. Refer now to know more about MMID

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Key Takeaways

MMID stands for Mobile Money Identifier

With MMID, you can transfer money instantly using only your mobile phone and the beneficiary'.

You can link your bank account to only one single MMID Code.

Both the sender and the beneficiary should have an MMID to transfer funds through this facility.

You need to enrol for mobile banking services with your bank to avail of this facility.

Introduction - MMID Meaning

MMID full form is Mobile Money Identifier. It is a 7-digit unique number, typically a combination of your mobile number and bank account number. MMID is a code that allows for interbank transfers via the mobile banking platform. The MMID service was first launched in India in 2010 as a successor to two commonly used transfer methods - the Real Time Gross Settlement or RTGS fund transfers and the National Electronic Fund Transfer or NEFT service.

When users attempt to transfer money via IMPS through their mobile banking platforms, they need to verify and secure their transactions with the help of their unique MMID code. For a successful fund transfer to occur, both the sender/remitter and the beneficiary/payee must have an MMID. You can initiate a fund transfer using only your mobile phone and the MMID code. Also, every bank account you own will have a different MMID number, and you can link all the MMID numbers to one mobile phone number. To initiate transfers using MMID, you need only the mobile and account numbers and the IFSC details of the payee.

How do I get the MMID number?

Having explained MMID meaning, let us find out how to get MMID number. To use IMPS, you should have a valid bank account with activated mobile banking services offered by your bank. You also need to provide the bank with your mobile number, which stays registered in their records and is known as the registered mobile number or RMN. You can visit your bank and submit an application form to activate this service. Once you register your mobile number with your bank, it will issue you a 7-digit unique MMID code that you can use to initiate instant fund transfers.

Why is MMID required?

Many people in various parts of the country do not have access to net banking facilities like RTGS and NEFT that enable quick money transfers. However, most people have mobile phones. Keeping this in mind, MMID was introduced to extend instant fund transfer facilities even to those who do not have internet banking. Senders and receivers do not even need bank account numbers or IFSC codes. As long as you have a phone number linked to your bank account, you can receive fund transfers via MMID. MMID thus helps in preventing financial fraud. It is easy to use and helps facilitate quick digital transfers. This highly valuable proposition has transformed banking.
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How to generate MMID?

Besides knowing what MMID is, you should be aware of how you can generate your MMID code. Typically, you can create the code in several different ways. They are as under:

You can generate an MMID with the welcome kit that you get upon registering for mobile banking.

You can visit your bank and fill out a form for generating your MMID. Once you register your mobile number with your bank, the bank will issue you a 7-digit unique MMID code.

Via SMS request if your bank offers this facility.

Via phone banking. You need to call the phone banking number. A customer care representative will assist you in generating your MMID. You will receive your MMID on your registered mobile number within 24-hours.

Via net banking by logging into your account and locating the 'Generate MMID' section. Enter all the necessary details and verify the same. Your MMID will be generated for the respective account.

Via mobile banking application under the IMPS fund transfer option. A 7-digit MMID code will be sent to your registered mobile number after successfully registering.

How to use MMID for funds transfer?

Follow these steps to use MMID for fund transfers.

1. Log in to the mobile banking app.

2. Go to the fund transfer section and click on the IMPS tab.

3. Enter the mobile number and MMID code of the beneficiary and initiate the transfer.

4. Verify the transaction using an OTP or PIN.

Upon verifying the transaction, the money will be debited from your account and credited to the beneficiary account within seconds. Both you and the beneficiary will receive SMS notifications once the transaction is completed.

As mentioned earlier, you can add beneficiaries and initiate instant money transfers using IMPS via your bank's official website. Transferring funds via IMPS is incredibly convenient if you have the beneficiary's MMID code and mobile number.

Conclusion

Now that you know MMID meaning and uses, you can avail of this facility conveniently. With MMID, the government has made money transfers even more convenient. The MMID code has revolutionised the country's digital banking sector, making fund transfers accessible to everyone in every corner of the country. It has facilitated easy banking for bank account holders and has changed how traditional banking is conducted.
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What is MMID? - Full Form, Meaning, Uses & Benefits | digibank by DBS

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MMID stands for Mobile Money Identifier With MMID, you can transfer money instantly using only your mobile phone and the beneficiary'. You can link your bank account to only one single MMID Code. Both the sender and the beneficiary should have an MMID to transfer funds through this facility.

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Check IMPS Full Form & IMPS meaning at Digibank by DBS

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Check IMPS Full Form & IMPS meaning at Digibank by DBS

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IMPS full form is Immediate Payment Service. This rapid electronic financial transfer service enables transactions between & within banks. Refer to this article to know more about IMPS

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What is IMPS? – IMPS Full Form, IMPS Transfer Meaning | digibank by DBS

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IMPS or Immediate Payment Service - Learn more about the features, benefits, and other details of this fund transfer service. Use digibank remittance services for easy IMPS transfer.

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Know Everything about IBAN Number at Digibank by DBS

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Know Everything about IBAN Number at Digibank by DBS

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Refer in detail to the IBAN full form, its uses & how to transfer money using the IBAN number. Know more about Iban in this article now

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Key Takeaways

An International Bank Account Number (IBAN) is a code used in international money transfers.

IBAN number consists of details like country code, bank code and account number and comprises a maximum of 34 characters.

IBAN identifies the individual bank account to which the transfer is to be made.

It is similar to the IFSC code used for domestic money transfers in India.

IBAN doubles as a unique code that identifies each bank branch across the country.

Introduction

That the banking sector is evolving at a revolutionary speed is no hidden secret. Gone are the days of standing in long queues just to deposit or withdraw money. Today, you can make intra-bank transfers in seconds, and inter-bank transfers in minutes. What's more, you can even send money to your loved ones in different corners of the world through online remittance facilities. For such kind of transfers, you need to provide certain details including bank and beneficiary details. One such critical detail you need to provide is known as the IBAN number. Let us find out what it is and its role in international money transfers.

IBAN number - Full form and meaning

An IBAN, or International Bank Account Number, is a standard system used to identify bank accounts across national borders. It was introduced with the aim of facilitating cross-border electronic bank payments. The IBAN number has maximum strength of 34 characters, and generally consists of the following parts or components:

A two-letter country code of the country where the bank is located

Two check digits

Bank code or ID (4 characters)

Basic Bank Account Number (BBAN)

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The role of IBAN in international money transfers

Having explained what IBAN number means, let us decode why it is critical in international money transfers. IBAN is an internationally recognised code that helps avoid routing errors in international money transfers. The payment can be made in a reliable manner as the IBAN can validate the beneficiary account number. All the details needed to identify the account to which payment has to be made are present in the IBAN. For instance, if A is trying to make an overseas transfer to B, he can transfer money using IBAN number which comprises information like his country code, bank code and account number, among other things. This way, A can correctly identify B's unique bank account and send money into the right account.

Not all countries have adopted IBAN for their international payments systems. While many countries in Europe use IBAN numbers for overseas monetary transfers, India has not adopted the system yet. The length of IBANs varies from country to country, subject to a maximum length of 34 characters. Banks in several countries use alternative methods for international money transfers.

Where to find your IBAN?

While making a money transfer it is critical that you get your IBAN number right. Say you are making a money transfer to an international account, but you get the IBAN wrong. In such a case, the money may be routed to an incorrect location or you may be penalised or charged for an invalid transaction. Finding your IBAN is easy, you can do so by logging into your internet banking or online banking portal or look for it in your account statement. There are also some online tools that you can use to generate your IBAN. Also, you can try and calculate the IBAN yourself. But make sure you crosscheck it with your bank to avoid any errors.

What does India use in place of IBAN number?

In India, we use IFSC (Indian Financial System Code) for domestic money transfers. An IFSC code is a unique identifier for bank branches across the country. When making online money transfers via RTGS, NEFT or IMPS, you need the IFSC code of the bank where the payees or beneficiaries have their account. You would usually find the IFSC code printed on the cheque book that your bank issues to you at the time of account opening or when requested.

For international money transfers, we use a bank identifier code called SWIFT (Society for Worldwide Interbank Financial Telecommunication) code. As stated earlier, SWIFT code helps identify the bank to where the payee has an account.

Conclusion

While IBAN may still not be introduced in India, it is safe to say that you can have great use for it if your family is spread across different parts of the globe. So, if you are an NRI residing in the UK, and say your children are studying in Germany or France, you will need the IBAN numbers to make any money transfers to their accounts in those countries. With IBAN, you can remit money in a more convenient and hassle-fee manner.
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What is an IBAN Number? Transfer Money Using IBAN Number | digibank by DBS

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An International Bank Account Number (IBAN) is a code used in international money transfers. IBAN number consists of details like country code, bank code and account number and comprises a maximum of 34 characters. IBAN identifies the individual bank account to which the transfer is to be made.

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Checkout RTGS Timings in India at Digibank by DBS

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Checkout RTGS Timings in India at Digibank by DBS

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RTGS timing for transactions was permitted between 7.00 a.m. and 6.00 p.m. on all working days. Refer to this article to know more about the RTGS limit per day

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Key Takeaways

RTGS is a popular method of high-value fund transfers.

You can initiate RTGS transactions 24x7.

Instructions for each transaction are processed individually.

The minimum limit of RTGS transfers is INR 200,000, while there is no maximum limit.

RTGS is faster than NEFT.

Introduction

Short for Real-Time Gross Settlement, RTGS is a fund transfer method that enables you to conduct high-value transactions safely and seamlessly. RTGS has become one of India's most preferred modes of transactions, especially among retail and corporate customers, since there is no limit on the maximum amount transferable. Unlike NEFT, where fund transfers are conducted in batches, RTGS transactions are processed in real-time. Banks process transfer instructions as soon as they receive them. As such, the settlement takes place on an instruction-to-instruction basis. Let us find out all about RTGS and initiate a transaction and RTGS limits in this article.

How to do an RTGS transaction?

You can conduct RTGS transactions using the internet banking facility or by visiting your bank branch.

Here is a step-by-step guide on transferring funds online via RTGS:

1. Log into your net banking account and add details of your beneficiary, including their name on the account, account number, bank IFSC code and contact number.

2. Choose RTGS under 'Funds Transfer' options

3. Select the beneficiary in your payee list

4. Enter the amount that you wish to transfer

5. Review all the details and submit the fund transfer request

6. Funds are transferred by the remitting bank and credited to the beneficiary within 30 minutes of an RTGS request.

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What are the minimum and maximum transfer limits for RTGS?

The prescribed minimum limit for RTGS fund transfer is INR 200,000. There is no maximum ceiling for RTGS transactions done through bank branches.

Some banks may set an upper limit for RTGS transfer via Net banking for retail customers.

The absence of an upper fund transfer limit with RTGS makes a preferred mode of payment for business owners and corporate houses. The flexibility of RTGS helps such entities conduct quick and seamless high-value transactions, which prove to be a great boon for their business operations.

What are the timings of RTGS transactions?

Earlier, RTGS transactions were permitted between 7.00 a.m. and 6.00 p.m. on all working days. However, in December 2020, the Reserve Bank of India modified the RTGS time limit policy and made the facility available 24x7, 365 days a year. As such, you can now initiate RTGS transactions at any time of the day without worrying about RTGS time limits.

Conclusion

RTGS is an easy and secure mode of fund transaction. You can use this facility at any time via your internet-banking enabled bank accounts. As there is no RTGS maximum limit, you can transfer funds between accounts swiftly and conveniently.
Are you looking for an intelligent mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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RTGS Limit - Checkout RTGS Transfer Limits and Timings in India | digibank by DBS

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RTGS is a popular method of high-value fund transfers. You can initiate RTGS transactions 24x7. Instructions for each transaction are processed individually. The minimum limit of RTGS transfers is INR 200,000, while there is no maximum limit. RTGS is faster than NEFT.

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Know about Direct Benefit Transfer (DBT)

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Know about Direct Benefit Transfer (DBT)

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DBT full form is Direct Benefit Transfer. Understand the key features of DBT and the objectives of this program in the article. Read Now

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Key Takeaways

DBT full form is Direct Benefit Transfer

DBT is a programme launched by the Government of India.

In DBT, the rightful subsidy for the underprivileged is directly transferred to their Aadhaar-linked bank account.

With DBT, the government aims to increase transparency in distributing funds backed by the Central Government.

Popular Programs covered under DBT include NCLP, student scholarships and LPG subsidies.

The underprivileged citizens of our country face financial hurdles every day. However, the government offers subsidies on various programs to provide them with some much-needed financial relief. Previously, the central government sectors passed this subsidy to government-run agencies that were ideally expected to further pass on the subsidy to the underprivileged. Upon realizing the malpractices that arose, the government launched a program known as DBT. Let us understand the features of DBT and the programs covered under it.

What is DBT?

DBT full form is Direct Benefit Transfer. Introduced by the Government of India on 1st January 2013, the Direct Benefit Transfer (DBT) scheme was initiated with the aim of transferring funds directly into the bank accounts of the underprivileged in need of financial aid. Instead of using intermediaries to process the transfer, the DBT program aims to make direct payments in the bank account of the beneficiary. The beneficiary must link their Aadhaar number to their bank account to qualify for financial aid under DTB.

Objectives of DBT

The Central Government distributes subsidies to citizens below the poverty line, which, more often than not, do not reach the citizens. With the Direct Benefit Transfer facility, the government has taken steps necessary to eliminate malpractices such as diversion of funds and fraudulent payments. It also aims to distinguish genuinely eligible citizens from others looking for a free handout. Since beneficiaries are required to link their bank accounts with Aadhaar Card, the government can ensure that only deserving candidates can avail of DTB.
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Programs under DBT

National Child Labour Project (NCLP)

The NCLP scheme focuses on the rehabilitation of children working in hazardous occupations. Officials conduct surveys of child and adolescent workers who are then admitted to NCLP Special Training Centres. Here, they are provided with formal education. Participating children with a minimum of 75% attendance receive INR 150 as a monthly stipend.

Student Scholarships

Students from economically weaker sections of Indian society have no proper access to education. Their fragile financial circumstances result in them dropping out to earn their daily living. The government offers scholarships to such students. Upon qualifying, eligible students can apply for scholarships under DTB.

LPG Subsidy

Liquid Petroleum Gas, also known as a gas cylinder, is a necessity of every Indian household, but low-income families cannot afford it. To this end, the government launched the Direct Benefit Transfer for LPG (DBTL) scheme. With DBTL, the LPG subsidy is directly credited to the Aadhaar-linked bank accounts of the consumers. When customers book the first subsidized cylinder, they will receive an advance in their bank account before the cylinder is delivered.

Bottom Line

Apart from those mentioned above, several other programs are covered under the Direct Benefit Transfer schemes. The DBT aims to relieve the financial troubles of the underprivileged partly, if not wholly. If the government seeks to provide equal opportunities to the under-privileged, the DTB scheme is a great start.
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Direct Benefit Transfer (DBT) - Important Points | digibank by DBS

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DBT full form is Direct Benefit Transfer DBT is a programme launched by the Government of India. In DBT, the rightful subsidy for the underprivileged is directly transferred to their Aadhaar-linked bank account. With DBT, the government aims to increase transparency in distributing funds backed by the Central Government.

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A MICR code is a 9-digit code used to distinguish one bank from another that participates in an electronic clearing system (ECS). Read more about Micr Code

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Key Takeaways

MICR Code full form is Magnetic Ink Character Recognition.

It is a unique nine-digit code to identify a bank and branch participating in the ECS Credit scheme.

The RBI assigns every bank branch a unique MICR Code.

IFSC Code and MICR Code are equally important for making financial transactions through NEFT, IMPS, and RTGS.

MICR Code helps to speed up the cheque clearing process.

Have you ever noticed those magnetic ink code bars located at the bottom of every cheque leaf in your cheque book? The is a unique ink code - a special language that only bankers can decode. That ink code is not a mere thing of decoration. Instead, it plays a vital role in banking transactions and is known as the MICR code. Let us understand what is MICR code of bank in this article.
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What is MICR Code?

MICR Code full form is Magnetic Ink Character Recognition. Back in the 1980s, the Reserve Bank of India introduced this 9-digit code for safe and effective payments. The RBI assigns each bank a distinctive MICR Code. It comprises a character-recognition technology that allows bankers to identify bank branches and speed up the cheque clearing process.

The MICR Code is used to identify a bank and branch participating in the ECS Credit scheme. This nine-digit code is unique and ensures that all banks using cheques for financial transactions are recognised by the RBI. The MICR Code is generally located at the bottom of each cheque leaf in your cheque book, representing a thin strip. You can also search for the MICR Code of your bank branch online.

MICR Code in Cheque - Role and Functions

You generally need a MICR Code while filing application documents on financial instruments like investment portfolios, lumpsum mutual funds, and SIPs.

This code performs the functions of a barcode for banks involved in any transaction under the Electronic Clearing System (ECS) credit. ECS Credit is used to authenticate the originality and legality of paper-based documents in the banking system.

Decoding the MICR Code

The MICR Code comprises three parts:

1. The first three digits represent the pin code of the city.

2. The next three digits represent the bank code.

3. The last three digits represent the branch code.

MICR Code - Example

the MICR Code for the Fort Branch of DBS Bank is 400641002 where

The first three digits (400) represents Mumbai - the city code

The next three digits (641) represents DBS Bank

The last three digits (002) represents the branch code for the Fort branch.

How Different is MICR Code From IFSC?

Simply put, the Indian Financial System Code (IFSC Code) is used to initiate online or electronic money transfers from one bank to another within India. On the other hand, you can use the MICR Code for global fund transfers. IFSC Code represents only the bank code and the branch code. But MICR denotes the pin code, bank code, and branch code.

Final Note

As someone who needs to conduct regular banking transactions, knowing what is MICR can prove helpful. IFSC Code and MICR Code are equally important for making financial transactions through payment systems like NEFT, RTGS, and IMPS. While most people have embraced online fund transfers, MICR continues to remain relevant and crucial, especially for high-value fund transfers via cheques.
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MICR Code - Check MICR Code Full Form, Meaning, Features | digibank by DBS

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MICR Code full form is Magnetic Ink Character Recognition. It is a unique nine-digit code to identify a bank and branch participating in the ECS Credit scheme. The RBI assigns every bank branch a unique MICR Code. IFSC Code and MICR Code are equally important for making financial transactions through NEFT, IMPS, and RTGS.

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All you Need to Know about IFSC Code at Digibank by DBS

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All you Need to Know about IFSC Code at Digibank by DBS

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The Indian Financial System Code (IFSC), an exclusive 11-digit alphanumeric code, is used for NEFT, RTGS, and IMPS online fund transfers. Know more about ifsc code in this article

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Key Takeaways

An IFSC Code is an 11-digit alpha-numeric code assigned to all bank branches by the Reserve Bank of India.

The IFSC Code is mandatory for any online fund transfer through RTGS, IMPS or NEFT.

An IFSC Code is unique, and no two branches of any bank can have the same code.

Transferring funds with IFSC Code is secure, convenient and hassle-free.

The RBI can track all electronic transactions in the financial and banking system with the IFSC Code.

When you initiate online fund transfers, you have to provide the basic details of beneficiaries such as their name, bank and branch names, bank account number and IFSC code. While the former credentials are self-explanatory and easy to obtain from beneficiaries, the latter is a unique code that plays a crucial role in online fund transfer transactions. Let us understand what is IFSC code of bank.
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What is an IFSC Code?

The Reserve Bank of India allocates an 11-digit alpha-numeric code to all bank branches, referred to as the Indian Financial System Code (IFSC Code).

The IFSC Code is mandatory for making an online fund transfer through Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS) and the National Electronic Fund Transfer (NEFT).

Each code is unique, and no two branches will ever have the same code. Banks also rely on a 9-digit unique code called Magnetic Ink Character Recognition (MICR Code) to identify bank and bank branches in the ECS for fund transfer via cheque.

Decoding the IFSC Code

In an IFSC Code, the first four digits represent the bank, while the last six characters represent the branch. The 5th character is zero.

For instance, the 11-digit IFSC Code for the Nariman Point branch of DBS Bank is DBSS0IN0811. The first four letters (DBSS) represent the bank, and the last six digits (IN0811) represents a specific branch code.

Benefits of IFSC Code

IFSC Code helps to facilitate the electronic transfer of funds, making it secure, convenient and hassle-free.

It facilitates paperless money transactions.

It allows quick validation and reconciliation.

IFSC Code plays a crucial role in maintaining communication between the sender and the recipient.

With the IFSC Code, the RBI can manage and track all electronic transactions in the financial and banking system.

IFSC Code Search

There are several ways to find out the IFSC Code of your bank branch:

The 11-digit alpha-numeric IFSC code on the first page of your cheque book, featuring your name and bank account details. It is typically printed on the lower middle side of every cheque leaf.

You can also find the IFSC Code for your branch on your bank passbook and bank statement.

If you do not have your cheque book or passbook while making the transfer, you can directly look up the IFSC Code on the official website of your bank.

If your beneficiary has an account in a different bank account, you can find the IFSC code of such account holders by running a quick internet search, mentioning their bank and branch name.

Final Note

ISFC codes are crucial to electronic funds transfers, and so you must ensure you enter the correct code during the fund transfer process. Entering the wrong code may result in your funds getting credited into the wrong account, or the transaction may fail to go through.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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IFSC Code - IFSC Code Search in 4 Easy Ways | digibank by DBS

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An IFSC Code is an 11-digit alpha-numeric code assigned to all bank branches by the Reserve Bank of India. The IFSC Code is mandatory for any online fund transfer through RTGS, IMPS or NEFT. An IFSC Code is unique, and no two branches of any bank can have the same code.

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Know Everything about OTP Number at Digibank by DBS

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Know Everything about OTP Number at Digibank by DBS

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A one-time password or OTP number is a unique security feature for online transactions. Refer to this article to know more about what is OTP

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Key Takeaways

OTP is a banking-industry term for One-Time Password.

An OTP number is a unique security code used for online transactions.

An OTP uses an auto-generated algorithm to help users authenticate their online transactions.

It provides an extra layer of authentication as compared to a static password.

An OTP is valid only for a few minutes and cannot be reused.

In the 1990s, financial scams and phishing became increasingly common in India. This forced the banking industry to review the security features for various kinds of transactions. As banking moved to a more digital phase, banks realised the need to add a security measure for online transactions. Thus, was born the OTP authentication method. Let us understand what is OTP in this article.
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What is OTP?

A one-time password or OTP number is a unique security feature for online transactions. It is an automatically generated numeric string of characters, which acts as a PIN to authenticate various banking transactions. Valid only for a single transaction or login session, an OTP provides an extra layer of authentication than a user-created static password.

When is OTP generated?

Once you fill in your account details to pay for an online transaction, you get redirected to a page where you have to click on get 'My OTP number'. At this stage, your bank sends you the instant OTP number via SMS on your registered mobile number. An OTP is valid for a few minutes, and you must enter it to complete the authentication process. If you do not receive the OTP instantly, you can click on resend OTP two more times.

How do banks send OTP Numbers?

Banks typically send OTP numbers via text message on your mobile device and your registered email address.

They may make a voice IVR call on your registered mobile number, wherein you will receive the OTP as a spoken password.

Some OTPs come as security tokens, which are microprocessor-based server smart cards or pocket-size key fobs. These cards produce a numeric or alphanumeric code to gain access to a transaction. This secret code changes every 30 or 60 seconds based on the configuration of the token.

With push notification authentication, you do not have to enter the OTP manually. The code is auto filled in the corresponding tab, and you can approve it with the click of a button.

Benefits of OTP Number

OTP authenticates the account holder and prevents theft attempts.

It is far more secure than static passwords.

Since you can use it only once, you cannot enter the same OTP twice.

The OTP number helps block robots generating automatic profiles to dodge the validation tests, such as the 'Completely Automated Public Turing test to tell Computers and Humans Apart' (CAPTCHA).

Some formats allow two-factor authentication, which involves a user-created password and an auto-generated OTP, further adding an extra level of authentication.

Even if your credit or debit card is lost or stolen, fraudulent payments cannot be made with it without OTP validation. As such, OTP protects your credit card from potential fraud.

Final Note

The world is turning increasingly digital. Several websites and stores allow you to use conduct all kinds of online transactions. For such transactions, the OTP number plays a vital role in ensuring the authenticity and security of your financial transactions.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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OTP Number - What is OTP & How it Works | digibank by DBS

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OTP is a banking-industry term for One-Time Password. An OTP number is a unique security code used for online transactions. An OTP uses an auto-generated algorithm to help users authenticate their online transactions. It provides an extra layer of authentication as compared to a static password.

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RTGS full form: Real-Time Gross Settlement is the payment system that enables instantaneous fund transfers. Know more about RTGS in this article

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Key Takeaways

RTGS stands for Real-Time Gross Settlement

With RTGS, you can transfer funds 24x7 irrespective of bank or national holidays.

Funds transferred through RTGS are deposited into beneficiary accounts within 30 minutes.

RTGS enables high-value transactions with a minimum transaction limit of INR 2 Lakhs.

You can conduct online and offline RTGS transactions, and there is no fixed upper limit.

The modern era has allowed us to enjoy newer, more convenient methods of conducting payments and settlements. However, with so many new methods of transferring funds, it can be confusing to pick one that meets your needs. This article focuses on one such payment method that has become incredibly popular in India - RTGS. Continue reading to know more.

What is RTGS?

RTGS full form is Real-Time Gross Settlement. This fund transfer facility was first introduced by the Reserve Bank of India (RBI) in 2004. It is a system that allows continuous real-time transfer of funds. The word 'real-time' highlights the nature of the transfer wherein the instructions are processed at the time they are received as opposed to after a delay or waiting period. Subsequently, the term 'gross settlement' means that the instructions for the transfer of funds are handled on an instruction-by-instruction basis. This transfer method is generally designed for high-value transactions, and you can use it for online and offline transactions.
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Features and benefits of RTGS transactions

Having explained RTGS meaning, let us now analyse its features and benefits.

RTGS is a secure way of transferring funds.

There is no maximum limit on your transfer amount when you opt for RTGS through a bank branch.

With RTGS, you can initiate and complete real-time fund transfers into the bank accounts of your intended beneficiaries.

The beneficiary receives the fund credits within 30 minutes.

You do not need to submit any cheque or demand draft to conduct RTGS transactions.

Your funds are protected from loss or theft or even fraudulent encashment from beneficiaries.

You can initiate the transfer from anywhere with internet and mobile banking.

The Reserve Bank of India legally sanctions RTGS transactions.

Things to Consider While Initiating RTGS Transactions

Timings

RTGS Transactions are available on all days, at all times. It is a 24 x 7 x 365 service. You can transfer funds anytime, irrespective of bank or national holidays.

Transaction Limits

While the RBI has not placed an upper limit on RTGS transfer, the lower limit is INR 2 lakh per transaction. Also, if you choose to conduct an RTGS transfer via internet banking, you should verify the upper limits on RTGS transactions set by the bank, as it can differ from bank to bank.

Fees and Charges

The RBI has set a limit on the charges banks may levy for RTGS transfers. While there is no charge on inward transactions, you have to pay nominal fees on outward transactions as under:

Final Note

Now that you know what is RTGS, you can leverage this fund transfer method for high-value transactions. To successfully conduct an RTGS transfer, you must ensure that both the sending and receiving banks are RTGS enabled bank branches. Also, note that RTGS transfers take place in the books of the RBI, and the payments are final and irrevocable.
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RTGS - What is RTGS & What are its Benefits | digibank by DBS

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RTGS stands for Real-Time Gross Settlement With RTGS, you can transfer funds 24x7 irrespective of bank or national holidays. Funds transferred through RTGS are deposited into beneficiary accounts within 30 minutes. RTGS enables high-value transactions with a minimum transaction limit of INR 2 Lakhs.

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All you Need to Know About NEFT | Digibank by DBS

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All you Need to Know About NEFT | Digibank by DBS

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The National Electronic Fund Transfer (NEFT) is a platform for payments that many institutions utilise nationally. Refer to this article on the website to know more about NEFT

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Key Takeaways

Through NEFT, you can initiate domestic fund transfers at any time.

You can conduct NEFT transactions online as well as offline.

There is no transaction limit; however, banks may impose a limit.

You can also pay your credit card bill, loans, EMI, etc., via NEFT.

You do not have to pay any charges for online NEFT transactions.

Gone are the days when people had to spend at least half a day in long queues at banks, just to transfer money. Thanks to the development in banking technologies, we can now finish most of our banking requirements from the comfort of our homes. With technological advancement, it is also essential that you have a basic knowledge of internet banking. So today, we will discuss what is NEFT - one of the most used means of transferring money in India.

What is NEFT?

NEFT means National Electronic Funds Transfer. It is a mode of money transfer that enables one-to-one payments within India. NEFT is owned and operated by the Reserve Bank of India, and through this facility, you can transfer money from one account to another. You may initiate transfers between two bank accounts you own or from your account to others' accounts in different banks. However, you can make this type of transaction only if your bank is NEFT-enabled.

Is There a Timing for NEFT Transactions?

Earlier, when RBI introduced NEFT, there were timeslots for clearance. However, the RBI changed the rules in December 2019, and you can now transfer money using NEFT 24/7, throughout the year and even on bank and public holidays.

Banks clear funds transferred through NEFT on a half-hour basis, which means the receiver will get the funds after half an hour from the time you initiate the transaction.

Is There a Limit on Fund Transfers?

RBI has not imposed any upper or lower limit for fund transfer through NEFT. However, banks could set their own upper limits on per day transactions. Hence, you should check with your bank about NEFT fund transfer limits.

Are There Any Charges for NEFT Transactions?

There are no charges for NEFT transactions done via internet banking or mobile banking apps. However, if you choose to conduct NEFT transactions at bank branches, your bank may levy a nominal charge based on the transfer amount. Here is the schedule of charges levied for online transactions
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Are There Provisions for International NEFT Transactions?

NEFT transactions are permitted only with Indian borders, with the rare exception of Nepal. If you have family, friends, or business associates in NEPAL, you can transfer money via NEFT. Nepalese beneficiaries can receive the fund transfer even if they do not have a bank account with a bank in Nepal.

Advantages of NEFT

Now that it is clear what NEFT means let us look at some of its advantages.

You can transfer funds from any account of another account of any NEFT-enabled bank within India.

This facility is available 24/7, throughout the year, including holidays.

Money is transferred within half an hour in a secured manner.

Confirmation of transaction is sent to the remitter by SMS and email.

You do not have to pay any charges for online NEFT transactions.

You do not need cheques or demand drafts for these transactions.

You need not visit your bank branch to send money via NEFT.

You can also pay your credit card bill, loans, EMIs, and utility bills via NEFT.

How to Initiate NEFT Transactions?

Use the steps below to transfer funds via NEFT.

1. Log in to your internet banking account on your laptop or mobile app.

2. Go to the 'Fund Transfer' tab and select 'NEFT'.

3. Choose your beneficiary or add a new one by clicking on the 'Add Beneficiary' tab. Enter their details, such as their account number, bank name, branch and IFSC code, their name, and mobile number. Once you add a new beneficiary, you can initiate the transaction after another 30 minutes.

4. Confirm beneficiary details - name, account number, and mobile number (for SMS notifications).

5. Complete the transaction by entering the OTP sent on your Registered Mobile Number (RMN).

Your bank will send both you and your beneficiary an SMS confirming the transaction.

Conclusion

Now that we have discussed NEFT meaning, how it works, its advantages, and how to initiate NEFT transactions, you can use it anytime. It is a convenient, easy, quick online method of fund transfer that eliminates the need to visit a bank.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT Meaning - All You Need to Know about National Electronic Funds Transfer | digibank by DBS

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Through NEFT, you can initiate domestic fund transfers at any time. You can conduct NEFT transactions online as well as offline. There is no transaction limit; however, banks may impose a limit. You can also pay your credit card bill, loans, EMI, etc., via NEFT.

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Know the Difference Between NEFT & RTGS | Digibank by DBS

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Know the Difference Between NEFT & RTGS | Digibank by DBS

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Check out the difference between NEFT and RTGS regarding transaction timing, restrictions, fees, and other factors. Know more about neft vs rtgs in this article

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Key Takeaways

NEFT stands for National Electronic Funds Transfer whereas RTGS is short for Real-Time Gross Settlement.

NEFT is a payment system where the settlement of funds takes place in half-hourly batches.

RTGS a payment system of continuous and real-time settlement of fund transfers.

RTGS is preferred for urgent transfer of large amounts.

NEFT is preferred for transfers that are not time-sensitive.

Introduction

Mrs Lohia runs a home-based bakery and believes that inter-bank transfer can be an extremely useful and convenient service. It would enable her to pay for her supplies as well as receive payments from her clients. But Mrs Lohia has not been able to avail of these services because she often gets confused by the acronyms like NEFT, RTGS, and IMPS while attempting to transfer funds. While she has some ideas, she is unsure of the difference between NEFT and RTGS and IMPS. This article is for Mrs Lohia and others like her. It is to designed to help the likes of her become well-informed bank customers and take optimum advantage of their banking services.

Different ways of transferring money

In India, there are three different ways in which you can transfer money online. These include the National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Services (IMPS). All of these are electronic payment systems that allow you to transfer funds from one bank to another within the country. Of these payment systems, NEFT and RTGS are extremely popular, especially among business owners who need to make large amounts of transactions. It is, therefore, crucial to understand the difference between NEFT and RTGS. Let us begin with the meaning of two types of fund transfers.

What is NEFT?

The acronym 'NEFT' stands for National Electronic Funds Transfer. It is a 24*7 available service of funds transfer wherein the transaction gets processed in batches of half an hour. The RBI has not specified any minimum or maximum limit on the transfer amount. All you need to provide is a few details of the beneficiary to initiate an NEFT transfer. The details required for a typical NEFT transfer are the name of the beneficiary, account number and account type, name of the bank, and the Indian Financial System Code (IFSC) of the bank.
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What is RTGS?

The acronym 'RTGS' stands for Real-Time Gross Settlement. RTGS is a funds transfer system based on a gross settlement concept where money is moved from one bank to another in real-time. RTGS is primarily designed for high transaction amounts. As such, while there is no maximum limit on the transfer amount, you need to transfer a minimum of INR 2 lakhs at a time. RTGS is especially useful when the transaction amount is high, and payment needs to be processed immediately. Like with NEFT, the details required for a typical RTGS transfer are the name of the beneficiary, account number and account type, name of the bank, and Indian Financial System Code (IFSC) of the bank.

NEFT vs RTGS

The RTGS and NEFT difference can be best understood by the way each payment system processes its transactions. While NEFT processes the transactions in half-hourly batches, the transfers via RTGS are processed in real-time on a transaction-by-transaction basis. One can say that the fundamental difference between NEFT and RTGS is that while RTGS payments are based on gross settlement, NEFT payments are based on net settlement.

Let us now understand the NEFT and RTGS difference through different points of comparison. They are as under:

Transaction Charges

In NEFT transactions, no charges are levied if the transfer is done online. However, charges may apply on offline NEFT transactions availed via a bank branch initiating the service. As far as RTGS transactions are concerned, there are no charges levied on this type of fund transfer.

Transaction Timings

When it comes to online RTGS and NEFT transactions, you can transfer funds at any time of the day. Both the services are available and accessible 24×7, 365 days a year. That said, the offline NEFT facility is subject to the rules and timings of specific banks and their branches, responsible for initiating the transfers.

Transaction Limit

As mentioned earlier, no minimum or maximum limit of transfer exists in NEFT transactions. You can transfer anything from INR 10 to INR 1,000,000 per transaction easily and conveniently. However, when it comes to RTGS, there is a minimum limit of INR 2 lakhs per transaction. Once again, there is no maximum limit of transaction with RTGS, and you can transfer any sum of money as needed. It should, however, be noted that banks may place maximum limits based on their own risk perception.
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RTGS vs NEFT - Which is the Better Method of Transferring Funds

Understanding the difference between NEFT and RTGS is crucial in choosing which method of transaction suits you best. In case you need to initiate transactions of large sums of money in real-time, RTGS is the better option for you. Conversely, if you have to transfer small amounts without any urgency of clearance, NEFT is the better option.

Both the methods are safe and secure systems of funds transfers and are also monitored by the RBI. Both the services are easily accessible and available 24×7×365 via bank websites, internet banking portals, and mobile applications, downloadable from the Google Play and iOS App Store, on your internet-enabled phones.

Do you need a Bank Account for RTGS and NEFT?

A savings account or current bank account is required for online transactions of both RTGS and NEFT. However, a person having no bank account can also send funds through NEFT. Such a person will have to deposit cash at the nearest NEFT enabled branch of any bank. The transfer can be done to a beneficiary having a bank account with another NEFT enabled bank. There is a maximum limit of INR 50,000 for such transactions.

Conclusion

Online transfer of funds is a vital and essential service in the global banking industry. For India, these payment systems have revolutionised the banking sector of the country and given momentum to the growth of a digital and cashless economy. After understanding different methods of transferring funds online and figuring out the NEFT and RTGS difference, Mrs Lohia has also started sending and receiving payments online. In fact, she believes that this push for digitalisation has made her financials more transparent and secure.
With the digibank by DBS app, you can easily and conveniently initiate RTGS and NEFT transactions. All transactions done via the digibank by DBS mobile app are safe and secure. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT VS RTGS: Difference Between NEFT and RTGS | digibank by DBS

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NEFT stands for National Electronic Funds Transfer whereas RTGS is short for Real-Time Gross Settlement. NEFT is a payment system where the settlement of funds takes place in half-hourly batches. RTGS a payment system of continuous and real-time settlement of fund transfers. RTGS is preferred for urgent transfer of large amounts.

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Check out the Difference Between IMPS vs NEFT | Digibank by DBS

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Check out the Difference Between IMPS vs NEFT | Digibank by DBS

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Know the difference between NEFT and IMPS in terms of transaction timing, limits, charges, and more. Visit now to know more about the difference between imps & neft

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Key Takeaways

There are multiple methods of transferring money online like NEFT, IMPS, and RTGS.

IMPS and NEFT are both 24x7 services to transfer funds electronically from one bank to another.

The key difference between NEFT and IMPS is the way in which each transaction is processed.

The payment option that is most suitable for you completely depends on your need and the purpose of the transfer.

Introduction

The technological advancement in the Banking Industry has allowed banks to provide various payment systems in India. Today, the process of sending money from one bank account to another is easier and faster than ever, thanks to facilities like IMPS, NEFT, and RTGS. You can choose any of these methods of fund transfers based on the amount you wish to transfer. Of the three methods of fund transfers, NEFT and IMPS are used significantly by account holders in India. Let us understand what they are and the difference between NEFT and IMPS.

NEFT vs IMPS - The differences

The National Electronic Funds Transfer or NEFT and Immediate Payment Service or IMPS are both 24x7 services that enable you to transfer funds electronically from one bank to another. NEFT is a centralised payment system operated by the Reserve Bank of India (RBI), whereas IMPS is a money transfer service managed by the National Payments Corporation of India (NPCI). Both methods of fund transfer are safe and fall under the purview of the Reserve Bank of India. While there are some fundamental differences between NEFT and IMPS, your purpose or need of sending the money will determine which option is better for you.
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Differences between NEFT and IMPS

IMPS and NEFT transactions primarily differ based on four factors, as mentioned below.

Transaction Charges

NEFT transactions demand no charges for the money transfer as long as it is done online. However, the charges may apply if the transfer is initiated at the branch of the bank. IMPS transactions, on the other hand, are chargeable, and the per-transaction rate is decided by the respective bank, but is typically low, ranging from INR 2.5 to INR 25+GST.

Transaction Timings

IMPS and NEFT payment modes are both available 24x7. However, as mentioned earlier, both services process the transactions differently. Thus, there is a difference between NEFT and IMPS when it comes to the time it takes to complete the transfer. Unlike NEFT, IMPS is a real-time fund transfer service. The transactions get processed immediately. On the other hand, the time taken in NEFT is subject to cut-off timings and batches of the banks. It usually gets completed within 2 hours.

Maximum Fund Transfer Limit

While there is no specific minimum transaction amount for both the services, IMPS transactions have a maximum limit, but NEFT transactions do not. There is no minimum transaction amount for both services. The maximum limit per IMPS transaction is capped at INR 200,00, whereas with NEFT, there is no specific maximum transaction limit.

Service Availability

Another critical difference between NEFT and IMPS is that NEFT service can be availed both online and offline. However, the IMPS service is only available online.

Which Money Transfer option is better for you?

Every money transfer method fulfils some specific needs and requirements of the customers and their beneficiaries. The payment option that best suits you ultimately depends on your need and the purpose of the transfer. For instance, let us say you are responsible for the financial upkeep of your parents residing in a different city. You wish to send them money each month. You can use both NEFT and IMPS. Now, if your parents need money urgently, you can utilise the IMPS fund transfer method due to the instant transfer facility. However, if they can wait for the fund transfer, and if you do not wish to bear the transaction charges associated with IMPS, you can opt for the NEFT fund transfer method.
With the digibank by DBS app, you get access to all the money transfer options at your fingertips. Download the app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT VS IMPS: Know the Difference Between IMPS and NEFT| digibank by DBS

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There are multiple methods of transferring money online like NEFT, IMPS, and RTGS. IMPS and NEFT are both 24x7 services to transfer funds electronically from one bank to another. The key difference between NEFT and IMPS is the way in which each transaction is processed.

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Check NEFT Transfer Limit Per Day | Digibank by DBS

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Check NEFT Transfer Limit Per Day | Digibank by DBS

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Find out the NEFT transfer limit & charges per day along with its benefits in this article. Visit now to know more about NEFT limit per day

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Key Takeaways

NEFT is short for National Electronic Funds Transfer - a popular fund transfer method.

Over 1.5 lakh Indian bank branches are NEFT-enabled.

Different banks may have different NEFT limits based on retail or third-party transactions.

You can transfer a maximum amount of INR 50,000 for cash transactions at bank branches.

The RBI has not specified a limit on the number of cash transactions you can make.

The National Electronic Funds Transfer (NEFT) is a fund transfer method launched by the Reserve Bank of India (RBI). With most banks being NEFT-enabled, NEFT has established itself as the preferred mode of money transfer in India. Such transfers are time-saving, economical, and available across the country. Let us understand more about NEFT and NEFT transaction limits.
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NEFT Transfer Limit

A factor that makes NEFT Transfers a popular choice of transferring money is that it has no specific upper limit on the fund transfer amount. The Reserve Bank of India (RBI) has not prescribed a minimum amount (which can be as low as INR 1) nor specified a maximum amount for NEFT transfer of funds. It permits banks to determine their preferred NEFT maximum limit. Cash Transactions, however, come with an INR 50,000 limit per transfer. However, you can make as many cash transfers of INR 50,000 as you please as there is no NEFT limit per day.

NEFT Limits and Charges

The RBI levies zero charges for online NEFT Transfers. Per RBI guidelines, banks too are not permitted to levy a charge for online NEFT Transfers. As such, you do not have to pay anything for NEFT transactions made via internet banking or mobile banking. Moreover, no charges are levied on the amount credited to the beneficiary for inward transactions.

That said, if you opt for offline NEFT transfers, for which you have to depend on the bank, you need to pay a nominal fee based on your chosen NEFT amount limit. Here is a schedule of charges:

For transactions up to INR 10,000

NEFT charges should not exceed INR 2.50 + GST

For transactions above INR 10,000 up to INR 1 lakh

NEFT charges should not exceed INR 5.00 + GST

For transactions above INR 1 lakh up to INR 2 lakh

NEFT charges should not exceed INR 15.00 + GST

For transactions above INR 2 lakh

NEFT charges should not exceed INR 25.00 + GST

You can make an NEFT cash transfer without holding an account. Simply visit the NEFT-enabled bank branch and fill an NEFT transfer form. Since this too is a cash transfer, the NEFT amount limit is INR 50,000 per transaction.

Features & Benefits

You can make NEFT transfers all year round.

NEFT operates in batches at intervals of 30-minutes, throughout the day.

The RBI notifies you when the NEFT provision is non-operational.

NEFT can be used to pay credit card bills, loan EMIs, make inward foreign exchange remittances, etc.

With over 1.5 lakh NEFT-enabled banks in India, this fund transfer method comes with PAN India coverage

Final Note

The primary benefit of NEFT is the absence of charges for online transfer with no maximum NEFT transfer limit. It is ideal for high-value, convenient transactions, crediting beneficiary accounts in 30 minutes. With NEFT, you can initiate online fund transfers of any amount of money at zero costs, whereas the NEFT charges for offline transfers are minimal.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT Limit - Check NEFT Transfer Limit Per Day | digibank by DBS

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NEFT is short for National Electronic Funds Transfer - a popular fund transfer method. Over 1.5 lakh Indian bank branches are NEFT-enabled. Different banks may have different NEFT limits based on retail or third-party transactions. You can transfer a maximum amount of INR 50,000 for cash transactions at bank branches.

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All you need to Know About NEFT Charges | Digibank by DBS

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All you need to Know About NEFT Charges | Digibank by DBS

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The Reserve Bank of India manages the National Electronic Fund Transfer (NEFT) payment system. Refer to this article to learn more about NEFT charges on this website

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Key Takeaways

The RBI owns and operates the National Electronic Funds Transfer (NEFT) system in India.

NEFT enables electronic fund transfers within 30 minutes.

NEFT money transfers are immensely popular thanks to its PAN-Indian presence.

You can make online and offline NEFT transfers.

There are no NEFT charges for online transfers, whereas offline transfer charges are nominal.

In this digital age of online shopping and same-day deliveries, Indian banks have kept up with the times. Today, banks offer several methods of same-day, inter and intra-bank fund transfers. You can transfer funds into beneficiary accounts via methods like NEFT, IMPS, RTGS, etc. Let us talk about NEFT and NEFT transaction charges.

What is NEFT?

National Electronic Fund Transfer (NEFT) is a payment system operated by the Reserve Bank of India. A PAN-India facility, NEFT allows the speedy transfer of funds between bank accounts across India. Funds are typically credited into beneficiary accounts within 30 minutes. NEFT aims to facilitate efficient, reliable, and secure online and offline fund transfers.

NEFT Transaction Charges

If you are wondering, 'is there any charge for NEFT', you should know that charges apply based on whether you choose the online or offline fund transfer method.

Online

The RBI levies no charges from member banks for NEFT Transactions. Effective January 2020, the RBI has advised banks not to impose any charges for online NEFT Transactions made from a Savings Account. Therefore, NEFT Transactions made via internet banking and mobile banking with digibank by DBS Savings Account are free of charge. Additionally, there is no upper limit on the fund transfer amount for online NEFT transactions.

Offline

You can transfer funds via NEFT by visiting your nearest DBS Branch and filling the NEFT form. The maximum NEFT bank charges levied on NEFT Transactions made at bank branches are as follows:

The above NEFT charges are as per RBI guidelines. Note that you can make an NEFT cash transfer without holding a bank account. Simply visit the NEFT-enabled bank branch and fill an NEFT transfer form. You can transfer a maximum amount of INR 50,000 per transaction through this method.
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Features & Benefits

Besides knowing NEFT bank charges, you should be aware of its unique features. Until 2019, the RBI processed NEFT transactions at specific hours. However, today, you can electronically transfer funds all year round. Presently, NEFT operates in half-hourly batches at intervals throughout the day.

Besides fund transfers, you can use NEFT to pay off your credit card dues, loans EMI, make inward foreign exchange remittances, etc.

At present, there are over 1.5 lakh NEFT-enabled banks in India. The PAN India coverage makes NEFT transfers extremely convenient.

The most apparent benefit of NEFT is the absence of charges for online fund transfers. With digibank by DBS, Savings Account holders can make online NEFT charges free of cost.

Conclusion

NEFT transfer is one of the most cost-effective means to transfer money online. You have to pay nominal NEFT charges for offline transactions, while online charges are non-existent. The PAN India presence makes NEFT transactions extremely convenient.
Download digibank by DBS to effortlessly send money to your loved one with 100% confidence. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT Charges - Know NEFT Transaction Charges | digibank by DBS

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The RBI owns and operates the National Electronic Funds Transfer (NEFT) system in India. NEFT enables electronic fund transfers within 30 minutes. NEFT money transfers are immensely popular thanks to its PAN-Indian presence. You can make online and offline NEFT transfers. There are no NEFT charges for online transfers, whereas offline transfer charges are nominal.

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Know the Difference Between Debt & Equity | Digibank by DBS

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Know the Difference Between Debt & Equity | Digibank by DBS

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Debt is the direct borrowing of money, whereas equity is the sale of stock in your company to raise money. Refer to this article to know more about debt vs equity

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Key Takeaways

Equity funds are investments in shares.

Debt funds essentially invest in fixed income securities.

Equity funds offer higher returns, although they are more volatile characteristically.

Debt funds are secure investments; however, they yield lower returns.

Equity funds are better for long-term investments, and debt funds are great for both long and short-term investments.

While planning a mutual fund investment, you should keep your personal investment goals in mind. With different kinds of mutual fund investment options available, it does help to understand the two most important types of mutual fund investment options: debt fund and equity fund. A look into debt funds vs equity funds can help you decide which mutual fund investment will suit you better.

What Is A Debt Fund?

Debt funds are those mutual fund schemes which invest in fixed income securities like bonds and treasury bills. Almost like fixed deposits, a debt fund would be an investment in debts and other securities which generate a fixed income. These securities include government securities, certificates of deposits, treasury bills, and corporate bonds, among other financial market instruments. Debt funds have a fixed period of maturity based upon the time of the debts.

What Is An Equity Fund?

Equity funds are investments in company shares and related securities which have the potential for rapid growth. Investors receive dividends based on the performance of the shares in the market. According to SEBI Mutual Fund Regulations, an equity mutual fund scheme in India must invest at least 65% of its assets in equities and equity-related instruments. Equity funds are categorised with respect to the size of the companies and the investment style of the holdings.
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Equity Fund Vs. Debt Fund - The Major Differences

Here are some of the primary differences between debt and equity funds:

Returns

A comparison of equity vs debt funds shows that equity funds tend to generate higher return rates than its counterpart. Return rates for equity funds can reach anywhere between 8-25% on average, based upon the size of the fund.

Equity funds are volatile initially but yield higher returns if you stay invested for a more extended period. Conversely, returns accrued from debt funds may be stable but slightly lower. Once again, you get higher returns by staying invested for a longer duration.

Investment Portfolio

Equity funds invest in stocks with a high chance of growing and are also likely to deliver lucrative returns. Generally, equity funds invest across a range of market caps - large, medium, small.

Debt funds invest in bonds and other debt instruments that generate comparatively lower returns but maintain stability and assurance of the returns.

Risk Factor

Comparing equity mutual funds vs debt mutual funds, the risk factor in the former is much higher. The performance of an equity fund essentially depends on the stock market, which is volatile. The volatility and fluctuations increase the risk factor compared to debt funds that have stable returns due to a fixed period of maturity.

Investments in both equity and debt funds are beneficial. Between equity vs debt mutual funds, you should invest based upon your investment objectives, risk profile and preferred investment tenure.

Download the digibank by DBS app today and choose from over 200 schemes! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Know the Difference Between Debt and Equity Funds - Which is Better? | digibank by DBS

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Equity funds are investments in shares. Debt funds essentially invest in fixed income securities. Equity funds offer higher returns, although they are more volatile characteristically. Debt funds are secure investments; however, they yield lower returns. Equity funds are better for long-term investments, and debt funds are great for both long and short-term investments.

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Know about NEFT Transfer Timings at Digibank by DBS

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Know about NEFT Transfer Timings at Digibank by DBS

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Banks only processed NEFT transactions between 8:00 & 6:30 on weekdays & 8:00 to 12:00 on weekends, when the bank is open. Refer to this article now

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Key Takeaways

National Electronic Funds Transfer (NEFT) is a convenient way to transfer funds, online and offline.

You can initiate NEFT transactions using the bank account details and IFSC Code of beneficiaries.

Per RBI guidelines, you may conduct online NEFT transfers 24x7 on all days of the year.

Banks may set specific NEFT timings and days for offline NEFT.

The RBI clears NEFT transfers within half an hour and does not levy any charges for online transfers.

With new technological advances in the banking sector, fund transfers have become easier than ever. Today, you can transfer money by clicking a few buttons or tapping a few tabs on the internet and mobile banking platforms, respectively. One of the most popular methods of fund transfers launched by the RBI is NEFT. Let us decode NEFT and NEFT timings in this article.
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Decoding NEFT

Operated by the Reserve Bank of India, the National Electronic Funds Transfer, usually referred to by its abbreviation, NEFT, is a method of online fund transfer. NEFT enables bank account holders to conduct one-on-one payments and inter and intra-bank fund transfers within India. To transfer funds via NEFT, you typically need the beneficiary bank accounts details along with the 11-digit alphanumeric IFSC Code of the recipient bank. You also have to pay some nominal charges and be aware of NEFT transfer times during the day.

NEFT Timings to Transfer Funds

When NEFT was initially introduced in 2005, the RBI had issued timeslots for the clearance of NEFT transactions. Banks only processed NEFT transactions during the bank hours of 8:00 AM and 6:30 from Monday to Friday and 8:00 AM to 12:00 PM on Saturdays.

However, in December 2019, RBI amended the NEFT timings, allowing banks and senders to conduct NEFT transactions 24x7 throughout the year. You can now conduct NEFT transfers every day of the year. You do not have to bother with bank, public, or national holidays anymore. Not only is the fund transfer processed on the same day, but also the beneficiary receives the transferred sums within 30 minutes of initiating the transaction.

Offline NEFT Transfer Times and Charges

While the online NEFT fund transfer facility is available 24x7, banks may set specific cut-off timings and days when they do not offer fund settlement services. Also, per RBI guidelines, banks may not levy any additional charges for online NEFT transactions through internet banking. However, the RBI permits banks to impose a nominal charge on the transfer amount for NEFT transactions conducted at a bank branch. The following table displays the charges levied in such a case:

Final Note

NEFT is one of the best methods of fund transfers as it guarantees delivery in half-hourly batches, every 30 minutes. Even if you initiate NEFT transactions after working hours or on non-working day hours, your beneficiary receives funds on the same day due to automated transactions initiated using the Straight Through Process (STP) fund transfer mode. With digibank, you can transfer funds using NEFT securely and speedily. Just log in to your digibank mobile app or internet banking portal to initiate NEFT fund transfers without worrying about NEFT timings.
Download the digibank by DBS app to get started. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT Timings - Decoding Online & Offline NEFT Transfer Time | digibank by DBS

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National Electronic Funds Transfer (NEFT) is a convenient way to transfer funds, online and offline. You can initiate NEFT transactions using the bank account details and IFSC Code of beneficiaries. Per RBI guidelines, you may conduct online NEFT transfers 24x7 on all days of the year.

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All you need to Know about SLR Full Form & CRR Full Form

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All you need to Know about SLR Full Form & CRR Full Form

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SLR full form is Statutory Liquidity Ratio & and Crr is CRR stands for Cash Reserve Ratio. Know more about SLR & CRR in this article

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Key Takeaways

CRR is a reserve maintained by banks with the RBI.

It is a percentage of the banks' deposits maintained in cash form.

SLR is an obligatory reserve that commercial banks must maintain themselves.

It is a percentage of commercial banks' net demand and time liabilities, maintained as approved securities.

While CRR maintains cash flow in the economy, SLR keep banks solvent.

A crucial sector of any economy is its banking sector. It often serves as a mirror to the overall economy, with banking activity enabling investment decisions. Along with repo rate, reverse repo rate, etc., Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) are crucial components of banking operations. The two ratios help determine the liquidity in the banking system and indicate national inflation and growth fluctuations. So let us understand what CRR and SLR rate means and how are they different.

CRR - Meaning

As mentioned above, CRR stands for Cash Reserve Ratio. It is a compulsory reserve that the central bank of the country - The Reserve Bank of India (RBI), must maintain. Every commercial bank is obligated to maintain CRR, which is a specified percentage of their net demand and time liabilities.

Commercial banks must maintain the CRR in the form of cash balances with the RBI. These banks are not allowed to use the money for economic or commercial purposes.

Essentially, CRR represents the minimum percentage of deposits that a commercial bank must keep as a cash reserve with the RBI. The RBI uses CRR to maintain liquidity and cash flow in the economy.

SLR - Meaning

SLR stands for Statutory Liquidity Ratio. It is an obligatory reserve that commercial banks must maintain. Commercial banks may maintain this reserve requirement in the form of approved securities per a specific percentage of the net demand and time liabilities.

SLR can also be defined as a tool used to maintain the stability of the banks by restricting the credit facility they offer to their customers. Banks usually hold more than the required SLR, per RBI norms stating that they must maintain a certain amount of money as liquid assets. This helps banks fulfil their depositors' demands as and when they arise.
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What is the difference between CRR and SLR?

The following are the key differences between CRR and SLR:

Final Note

Both CRR and SLR are crucial to the economy as they maintain cash flow and regulate liquidity in the country. These financial rates have an undeniable impact on the loan market of the country. The rates also change as per the changes in the economic climate of the country. You can always check the current CRR rate and SLR rates on the RBI website or reach out to your bank for more information.
Download the digibank by DBS app to virtually apply for a loan and enjoy reasonable interest rates and easy EMI options. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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CRR and SLR's Full Form, Meaning & Differences Explained | digibank by DBS

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CRR is a reserve maintained by banks with the RBI. It is a percentage of the banks' deposits maintained in cash form. SLR is an obligatory reserve that commercial banks must maintain themselves. It is a percentage of commercial banks' net demand and time liabilities, maintained as approved securities.

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Know Everything about Retail Banking at Digibank by DBS

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Know Everything about Retail Banking at Digibank by DBS

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Retail banking is everyday banking that happens between consumers and their personal banks. Know more about what is retail banking in this article

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Key Takeaways

Retail banking encompasses the basic financial services banks offer their customers.

It is also known as personal banking or consumer banking.

It includes facilities like bank accounts and deposits, debit and credit cards, loan services, etc.

Commercial banks, co-operatives and credit unions are types of retail banking service providers.

You can open retail banking accounts online or visit bank branches.

Most banks worldwide offer a gamut of services encompassing the various needs of their customers. Today, you can invest in various market securities, open pension accounts, get investment advisory services, etc. However, one aspect of banking sticks to providing traditional banking facilities and is known as retail banking. Let us understand the various features and functions of retail banking in this article.

What is Retail Banking?

Retail banking is the branch of banking that concentrates on offering elementary financial services to its customer base. Also referred to as personal or consumer banking, it is designed for individual customers rather than large organisations or institutions. Essentially, retail banking gives you access to the necessary provisions to manage your money through bank accounts.
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Features of Retail Banking

A retail bank is one that provides everyday banking services. Typically, it includes the following.

General bank accounts

You can open Savings, Current, Salary accounts. Each account is further categorised into various types. For instance, a Savings Account can be a regular or premium account designed for women, children, or senior citizens, with broadly similar benefits.

Deposits

Retail banking services also include provisions to open fixed and recurring deposits. Fixed deposits are primarily of two types - cumulative and non-cumulative, whereas recurring deposits allow you to park a fixed sum of money each month and create savings with discipline.

Bank cards

Bank cards are an essential feature of retail banking services. Your bank generally gives you an ATM-cum-debit card to aid cash withdrawal and online and PoS payments. You can also apply for credit cards based on your account usage.

Loans

A loan is yet another retail banking provision you enjoy. You can increase your chances of getting approvals for various kinds of loans - home loans, personal loans, and automobile loans if you have an existing relationship with a retail bank.

Types of Retail Banking Entities

Retailing banking institutions are broadly classified into two types:

1. Commercial and Co-operative Banks

Commercial banks are the most common and easily accessible retail banks. These are for-profit organisations that earn money through interest rate spreads and transaction charges. Co-operative banks, also known as community banks, are also commercial banks. However, these banks function on a smaller level.

2. Credit Unions

Credit unions are smaller, non-profit organisations. They charge lower interest rates and provide higher return rates on savings account deposits. As non-profit organisations, credit unions do not have the physical presence of large banks and primarily sell their products and services online.

Final Note

There is no doubt that all of us need retail banking services in our daily lives. Retail banks are the stepping stones that pave the path for creating savings and building wealth. digibank by DBS is an excellent retail banking example. As a digibank customer, you can enjoy a bouquet of retail banking services. We also offer an array of investment facilities to help you reach your various time-bound financial goals.
With the digibank by DBS app, you can open a new savings account in a few minutes! Download the app to get started. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Retail Banking - What is Retail Banking | digibank by DBS

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Retail banking encompasses the basic financial services banks offer their customers. It is also known as personal banking or consumer banking. It includes facilities like bank accounts and deposits, debit and credit cards, loan services, etc. Commercial banks, co-operatives and credit unions are types of retail banking service providers.

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Understand how to deposit cheque in bank at Digibank by DBS

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Understand how to deposit cheque in bank at Digibank by DBS

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The most common way to deposit a cheque is at a bank branch. Here are the steps. Refer to this article now on this website to know more

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Key Takeaways

You need cheques to deposit money, withdraw it, and make payments.

You can deposit cheques at your bank ATM by filling deposit slips.

You can also deposit cheques in Cash Deposit Machines

You need your debit card if you opt for CDM cheque deposits

Some banks provide drop-box facilities for cheque deposits

Long before ATMs and online money transfer services were available, we conducted most banking transactions via cheques. We needed cheques to withdraw money, deposit it, and make third party payments. Even today, cheques are not rendered redundant. Granted, its usage has reduced compared to, say, two decades ago, but they continue to remain in circulation. If you are taking baby steps in the banking world and wish to know how to deposit cheque in bank, read on.
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How to deposit a cheque at bank branches

The most common way how to a deposit cheque is at a bank branch. Here are the steps.

1. Visit your bank branch

Visit your bank and ask a bank representative to provide you with the cheque deposit slip. In most cases, the deposit slips are available in the lobby area, and you can directly take one or more slips as needed.

2. Fill out a deposit slip

Fill the deposit slip by providing the necessary information asked in it. You need to enter your name as on the cheque, your bank account number, cheque amount in words and numbers, the name and branch of the bank from where the cheque is drawn and the cheque number. You need to provide the cheque details in duplicate in two separate, perforated sections of the same slip.

3. Review the deposit slip

Review the details provided in the deposit slip, ensuring you have entered the current or savings account number properly for the funds to be deposited in your account. Banks may be unable to credit funds if the account details are incorrect.

4. Deposit the cheque and collect the receipt

Attach the cheque to the deposit slip, hand it over to the bank representative in charge of cheque collection and collect the cheque deposit receipt. The receipt is nothing but the second, perforated section of the deposit slip, with the bank's stamp.

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How To Deposit Cheque In Bank ATMs?

If you cannot visit your bank branch, you can also deposit cheques at select ATM kiosks with cheque depositing facilities. Here are the steps.

1. Visit the nearest CDM of the bank where you wish to deposit your cheque.

2. Insert your ATM-cum-debit card and enter the card PIN.

3. Insert the cheque per the instructions in the image of the CDM screen.

4. Press the confirm button after ensuring the cheque is scanned correctly.

5. Collect the cheque deposit receipt.

The bank credits the funds into your account within the shortest time possible.

Final Note

Unlike with cash withdrawal, where you can use other bank ATM, you cannot deposit cheques at other bank ATMs. Also, some ATM kiosks also have a drop box facility, to deposit cheques in an envelope akin to a deposit slip. Here, you will not get the cheque deposit receipt. As a DBS Savings Account holder, you can consult your relationship manager if you wish to know how to deposit cheques in DBS bank branches or ATMs and get the necessary information about your nearest DBS branch and ATM kiosks.
Download digibank today to experience the benefits of digital savings account. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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How to Deposit Cheque in Bank | digibank by DBS

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You need cheques to deposit money, withdraw it, and make payments. You can deposit cheques at your bank ATM by filling deposit slips. You can also deposit cheques in Cash Deposit Machines You need your debit card if you opt for CDM cheque deposits Some banks provide drop-box facilities for cheque deposits Long before ATMs and online money transfer services were available, we conducted most banking transactions via cheques.

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Learn how to withdraw money from ATM, whether it's with card or without card along with the ATM cash withdrawals. Refer to this article now

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How to Withdraw Money from ATM | digibank by DBS

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Learn how to withdraw money from ATM, whether it’s with card or without card along with the ATM cash withdrawals - Dos & Don’ts. Download the digibank app to get started.

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Know about Mobile Banking in India at Digibank by DBS

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Know about Mobile Banking in India at Digibank by DBS

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Mobile banking refers to using a mobile device to carry out financial transactions. Refer to this article on the website to know more about Mobile Banking

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Key Takeaways

Mobile banking enables you to view and track your bank account online, 24*7.

You can conduct online transactions securely via your internet-enabled smartphone.

Mobile Banking saves you the trouble of visiting banks or logging onto desktop computers.

You can transfer funds through your smartphone in seconds through NEFT, RTGS, IMPS methods with Mobile Banking.

You can also pay your utility bill, credit card debt, EMI and insurance premiums and more with Mobile Banking.

As a privileged member of the digital age, you may not have visited your bank branch in years. This, once inconceivable thought, has now become a reality, thanks to internet banking. With the advent of the 4G era, faster internet speeds, and internet-enabled smartphones, you can now carry your bank in your wrist, pocket, or any other portable device. We are, of course, talking about Mobile Banking. Let us understand what is Mobile Banking, its relevance in the digital era, and the safety precautions you should observe.

What Is Mobile Banking?

Mobile Banking is defined as any financial transaction you conduct with the help of your internet-enabled smartphone or tablet. It is one of the most convenient modes of banking in the digital era as it gives you instant access to your bank accounts on the go. Mobile Banking allows you to avail of banking services from any location, at any time. It is a very cost-effective and time-saving innovation, which allows all kinds of bank account holders - be it business owners, shoppers, investors, etc., to receive and make payments within a few taps on their mobile screen.

Precautions To Ensure A Safe And Secure Mobile Banking Experience

App Verification

After having downloaded a verified banking app, set up either a biometric lock (facial recognition or fingerprint) or a Personal identification number (PIN) to access your account.

Strong Security Settings

After having downloaded a verified banking app, set up either a biometric lock (facial recognition or fingerprint) or a Personal identification number (PIN) to access your account.

Confidentiality

Avoid storing your username, password, account number, or debit or credit card pin on your mobile handset. It could prove dangerous if your mobile is stolen or misplaced. Inform your bank immediately upon losing or misplacing your phone.

Avail Personal Network Services

Use only your home or trusted internet and Wi-Fi sources to access your account or conduct transactions. Avoid using the Mobile Banking app on Public Wi-Fi to prevent account hacking, phishing, and misappropriation.
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Mobile Banking Services

Mobile Banking can be best understood by a host of services that you can utilise through the application. Typically, you can avail of the below services:

Access to account information at any given time.

Access to mini statements, loan statements, equity, insurance and mutual funds statements account history.

Inter and intra-bank fund transfer facilities.

Notification alerts on sending or receiving funds in your account.

Check clearance and account balance information following fund transfers.

Customer support services.

Facility to place online requests for cheque book, credit card, debit card.

Facility to locate the nearest ATMs.

Conclusion

Now that you know Mobile Banking, you can download your bank app on your phone. Mobile Banking opens you up to a world of benefits. From the ease of banking from any corner in the world or access to several services 24*7, Mobile Banking has proven to be a godsend technological innovation. It indeed makes our lives easy in this fast-paced world.
Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What Is Mobile Banking & What Are The Various Services It Offers | digibank by DBS

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Mobile banking enables you to view and track your bank account online, 24*7. You can conduct online transactions securely via your internet-enabled smartphone. Mobile Banking saves you the trouble of visiting banks or logging onto desktop computers. You can transfer funds through your smartphone in seconds through NEFT, RTGS, IMPS methods with Mobile Banking.

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Learn How to Link Pan with Aadhar at Digibank by DBS

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Learn How to Link Pan with Aadhar at Digibank by DBS

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Know the procedure of linking an Aadhaar card to a pan card. Save yourself from paying the penalty and understand how to link your Aadhaar with your PAN card in this blog.

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How To Link Pan With Aadhaar
Link Aadhaar to PAN Card on the e-filing portal.
If you have an active e-filing portal account, you can follow these steps to link PAN with Aadhaar.

1. 'Login' on the Income Tax e-filing website.

2. Enter your User ID, i.e., PAN, Aadhaar Number or other relevant ID and password.

3. Click on 'My Profile' on the top right corner and select 'Link Aadhaar'.

4. Enter the relevant details, select the appropriate checkboxes and click on 'Link Aadhaar'.

Your PAN and Aadhaar Link request will be sent to the UIDAI for validation.

You may link PAN with Aadhaar even if you do not have an active account on the e-filing portal by following these steps.

1. Visit the Income Tax e-filing portal and click on 'Link Aadhaar' in the 'Quick Links' menu.

2. Enter your PAN, Aadhaar Number, name, and mobile number in the designated slots.

3. If only the birth year is mentioned on your Aadhaar Card, tick the check box 'I have only year of birth in Aadhaar Card'.

4. Tick the 'I agree to validate my Aadhaar details' box and click on 'Link Aadhaar'.

5. Enter the one-time password (OTP) sent to your registered mobile number and click on 'Validate'.

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Pan Aadhar Link - How to Link Pan Card with Aadhar Card | digibank by DBS

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Pan Aadhar Link - digibank explains how to link pan card with aadhar card in easy steps. Download the digibank app to open a savings account with your Pan Card! Pan Aadhar Link - digibank explains how to link pan card with aadhar card in easy steps.

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Know Types of Banking at Digibank by DBS

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Know Types of Banking at Digibank by DBS

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The different types of banks in India are – Scheduled and Non-Scheduled Banks, commercial banks etc. Refer this article to know the types of banking in India

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Types of Banking in India | digibank by DBS

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Types of Banking - digibank discusses the common types of banks prevalent in India in detail. Download the digibank app & open a savings account now.

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Ways to check bank balance Online at Digibank by DBS

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Ways to check bank balance Online at Digibank by DBS

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Bank balance check lets you view your bank account balance, mini statement & customer care number with just a single tap. Visit our website to check your bank balance now.

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Key Takeaways

You can access your bank balance without visiting the bank

You can check your balance via internet or mobile banking platforms.

You can download your bank's mobile application on your internet-enabled smartphone.

You can just as easily view your past transactions, mini statements, etc.

You should log out from the online banking applications after every use.

Introduction

Before the age of digitalisation, to merely check your bank balance, you would have to run to the bank, stand in queues and wait until a bank executive updated your passbook. Now, however, you can check your bank balance from any part of the world via the internet. Read more to know how you can check your bank balance without visiting the bank.

Checking Account Balances Via the Internet with Bank Mobile Apps

Most banks today provide their eponymous mobile bank applications. You need to download the application on your internet-enabled smartphone. Let us say that you have a digibank account. In this case, you must follow these steps.

1. Download the digibank by DBS app on your mobile device. You can do this in two ways - by scanning the QR code displayed on the digibank website, or you can also download the app from your phone's app store.

2. Enter your bank-specific personal details as prompted by the app and create your user ID and password

3. Complete the KYC verification using Aadhaar OTP and PAN card.

4. You can now start banking!

The process of downloading mobile banking apps and setting up online accounts is more or less the same for all banks. A few banks also allow you to log in to your mobile banking app through Fingerprint Login/Touch ID.
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Different Ways To Check Bank Balance Online

You can check your account balance by using any of the following:

Via Mobile Application.

1. Log in to the mobile app by entering your user id and password or with the fingerprint id technology.

2. Tap on 'Deposits'

3. You can now view your account balance.

Via Internet Banking.

1. Log in to the internet banking platform of your bank by entering your username and password.

2. Click on the account or account balance tab on the home page

3. You will be able to see your account balance

If you have multiple accounts with the same bank, you can select the appropriate account and check its balances on both internet and mobile banking platforms.

Conclusion

As is apparent, checking account balances is easier than ever. You just need to log in on the mobile application or the internet banking website. Along with the bank balance, you can also view the transaction history, thus enabling you to monitor your expenses at all times. Ensure that you log out from the website each time to avoid any fraudulent online activities. Also, you cannot access the mobile app and internet banking website simultaneously for security reasons.
With the digibank by DBS app, you can open a new savings account in a few minutes! Download the app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Bank Balance Check App - How to Check Your Bank Balance Online? | digibank by DBS

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You can access your bank balance without visiting the bank You can check your balance via internet or mobile banking platforms. You can download your bank's mobile application on your internet-enabled smartphone. You can just as easily view your past transactions, mini statements, etc. You should log out from the online banking applications after every use.

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Atm Withdrawal limit in India 2022 at Digibank by DBS

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Atm Withdrawal limit in India 2022 at Digibank by DBS

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The Cash Withdrawal Limit is subject to different withdrawal restrictions. The restriction varies from branch to branch. Visit now to learn more about the atm withdrawal limit

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Know Cash Withdrawal Limit from Bank at Digibank by DBS

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Know Cash Withdrawal Limit from Bank at Digibank by DBS

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Cash withdrawal limit varies from bank to bank & also depends on the card used. Check out this website to know more about cash withdrawal limits from bank per day

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Cash Withdrawal Limit from Bank Per Day | digibank by DBS

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Cash Withdrawal Limit from Bank - On certain withdrawal provisions, a cash withdrawal limit is imposed. Read on to know more & download the digibank app to open a savings account.

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Learn about what is the personal loan at Digibank by DBS

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Learn about what is the personal loan at Digibank by DBS

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A personal loan is a short-term, unsecured loan product that banks provide to people to cover their personal needs. Visit our website to learn more about personal loan meaning

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Key Takeaways

A personal loan is an unsecured loan, which means banks do not ask for collateral

You can apply for this loan online, and it is usually disbursed within a few hours if you are eligible

Loans are disbursed with minimal to no documentation

You can use the loan for many reasons like funding a wedding or vacation, home renovation, buying latest high-ticket products

You can repay the loan in pocket-friendly EMIs, over tenures of 1-5 years.

Introduction

Experimental, innovative, dynamic- these are three words that can very well be used to describe millennials. A common feature that can be spotted in the lifestyle choices of most millennials, also called the 'Gen Y', is the need for instant gratification. From the latest gadget to overseas vacation, millennials like to have all this and more in the present. They do not wish to wait another 6 months or a year to save up and make such big-ticket purchases or spends. Thus, a personal loan is a convenient option for such individuals. This article explains what a personal loan is, and how you can utilise it to fulfill your dreams.

What is a Personal Loan?

A Personal Loan is a loan offered by most banks to help individuals meet their personal needs. These are usually unsecured loan products that are sanctioned based on the financial credentials and creditworthiness of the applicant. Some of the factors that most banks and lenders take into account when evaluating your eligibility for a Personal Loan are your credit scores, monthly income, existing debt obligations and credit history, as well as your employment status. Basically, by evaluating these factors, the bank tries to assess your repayment capacity.

What can you use a Personal Loan for?

Besides knowing what a personal loan is, you should also see how you can use it. A Personal Loan is an incredibly flexible loan option that can fund several financial needs. You can use a Personal Loan to satiate your wanderlust, fund your dream wedding, or buy the latest gadgets using the money. You can also utilise the funds from a Personal Loan to undertake a home decoration or renovation project.

How to avail of a personal loan?

Having explained personal loan meaning and uses, let us understand how you can apply for it. These days, most banks allow you to apply for a Personal Loan online. Moreover, the loan is processed almost instantly and involves minimal to no documentation, making it a paperless and digital process. This makes the loan option more suitable to the needs of millennials who are tech-savvy and prefer the digital option.
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What is the maximum amount you can borrow under a Personal Loan?

We have already answered the question of what can you use a personal loan for, depending on your requirement. However, it is just as critical to understanding the maximum loan amount you can get. This amount varies from lender to lender and largely depends on your eligibility, credit repayment history, and credit behaviour. At digibank, you can get a Personal Loan of anywhere between Rs.20,000 to Rs.1,500,000. The loan amount sanctioned depends on your eligibility.

What are the documents required to apply for a Personal Loan?

Most banks have a list of documents that you need to furnish when applying for a Personal Loan. Some of the standard documents asked for include identity proof, proof of income, and residence, among other things. However, at digibank, you only need to provide specific personal details when applying for a Personal Loan online. No other documents are required as the process is entirely paperless. Only in the case of a loan request where the amount needed is above the approved limit does digibank require bank details or statements of an applicant to be uploaded.

Conclusion

Now that you know what a personal loan is and how it works, why wait? Login to your digibank Savings Account and apply for a Personal Loan right away. If you do not already have one, apply here to open a Savings Account with digibank and start your banking journey with us.
Get low-interest, instant personal loans in seconds with digibank by DBS. Download digibank Now

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What is a Personal Loan? Everything You Need to Know | digibank by DBS

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A personal loan is an unsecured loan, which means banks do not ask for collateral You can apply for this loan online, and it is usually disbursed within a few hours if you are eligible Loans are disbursed with minimal to no documentation You can use the loan for many reasons like funding a wedding or vacation, home renovation, buying latest high-ticket products You can repay the loan in pocket-friendly EMIs, over tenures of 1-5 years.

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Learn How to Calculate EMI at Digibank by DBS

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Learn How to Calculate EMI at Digibank by DBS

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To calculate your EMI, enter the loan amount, interest rate, and loan term, and the result is presented right away. Know more on how to calculate EMI on this website

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You can avail of Personal Loans to pay for various types of expenses

You can repay the loan in budget-friendly EMIs

You can utilise Personal Loan EMI calculators to compute the EMI amount

You may also calculate EMIs manually.

Amortisation Schedules provide more information about your EMI payments.

A Personal Loan is a type of financial aid that helps you meet your various financial needs. Whether you need to pay for medical treatments, plan celebrations, or support loved ones financially, a Personal Loan can be helpful. You can repay Personal Loan in Equated Monthly Instalments or EMIs and compute the EMI amount even before applying for the loan. Let us find out how to calculate Personal Loan EMI.

How to Calculate EMI for Personal Loan

Manual Calculation

The formula to manually calculate Personal Loan EMIs is as under:

EMI = P × r × (1 + r)n/((1 + r)n - 1)

Where

'p' is the Loan amount,

'r' is the interest rate,

'n' is the repayment tenure (in months).

The EMI amount of the loan directly proportional to the loan amount and interest rate and inversely proportional to the loan tenure. Thus, the more the loan amount and interest rate, the higher your EMI will be. On the other hand, a longer tenure will lead to lowered EMI.

While you can calculate the EMI for Personal Loans manually, such a calculation can be error-filled. As such, you can also use Personal Loan EMI calculators to compute the EMI payable.

EMI Calculators

Using an online EMI calculator, you can follow the below steps on how to calculate Personal Loan EMI.

1. Enter the required loan amount in the first tab of the EMI calculator after checking the minimum and maximum loan amount sanctioned by your chosen lending bank.

2. Enter your preferred interest rate (per annum) on the loan amount after checking the minimum lending rate of the bank.

3. Enter your preferred loan repayment tenure based on the minimum and maximum repayment term, as determined by the bank. Typically, you can repay personal loans in tenures lasting up to 5 years.

Once you enter these figures, the EMI calculator will automatically compute the payable EMI amount.
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What is an Amortisation Schedule?

To understand the loan and EMIs in greater detail, you can refer to an Amortisation Schedule. This schedule is essentially a tabular representation that comprehensively breaks down your Personal Loan componets i.e.,the principal loan amount and interest payable on each EMI. Plus, you can use it to understand how much of the loan amount has been paid and the outstanding payments. You can refer to it for details like the interest rate, the principal payment, and the outstanding loan in this table. If you want to opt for foreclosure or refinancing, the Amortisation Schedule can be of assistance.

Personal Loan at digibank

Now that you know how to calculate EMI for Personal Loan, you can apply for one. You can also use the digibank Personal Loan EMI calculator by clicking here. digibank offers competitive interest rates, with repayment tenures lasting up to 5 years. You can send your Personal Loan application online to digibank and get faster loan disbursals.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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How to Calculate EMI on Personal Loan | digibank by DBS

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You can avail of Personal Loans to pay for various types of expenses You can repay the loan in budget-friendly EMIs You can utilise Personal Loan EMI calculators to compute the EMI amount You may also calculate EMIs manually. Amortisation Schedules provide more information about your EMI payments.

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Understanding about unsecured Loans & Types of unsecured loans

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Understanding about unsecured Loans & Types of unsecured loans

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An Unsecured Loan is a loan that does not require you to provide any collateral. Visit our website to learn more about Unsecured Loans.

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Key Takeaways

An Unsecured Loan is a type of loan where the lenders do not ask for collateral.

Credit cards and Personal Loans are common examples of unsecured loans.

Unsecured loans come in handy when you need funds instantly.

A high credit score, stable income, and good credit history can help you secure such loans.

Untimely repayment of unsecured loans can impact your credit score significantly.

Introduction

Borrowing money has become easier than ever. Today you can apply for various types of loans to fund your various investments and expenses. Loans are primarily categorised into two kinds - secured and unsecured loans. Secured loans are those where the lender asks you to provide collateral. Then there are collateral-free unsecured loans. Find out more about unsecured loans in this article.

What is an Unsecured Loan?

As mentioned above, unsecured Loans are those where the lender does not ask you to provide collateral. These are loans that your lender sanctions based on certain factors such as your age, income, and credit scores. Lenders typically offer unsecured loans when the loan amount is slightly smaller. They do not ask you to mortgage anything to avail of this loan. Instead, they check your previous credit repayment history to determine if you are creditworthy.

Advantages

Unsecured loans do not require any collateral.

There is no risk of losing assets.

Banks sanction loan amounts for eligible borrowers within shorter timeframes.

Good credit scores result in higher loan amounts and attractive interest rates.

Types of Unsecured Loans and How they Work

There are two types of unsecured loans - collateral-free instalment loans and unsecured revolving lines of credit. A typical example of the former includes unsecured Personal Loans used for vacation, wedding planning, medical and financial emergencies, etc. You can get attractive Personal Loan interest rates on these loans. You may also avail of unsecured Business Loans for business expansion, cash flow management and other purposes. On the other hand, funds borrowed on a credit card is an example of unsecured revolving lines of credit. In this type of unsecured loan, you can keep borrowing money and repaying the credit card bill as per the predetermined credit cycle.
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When should you opt for an Unsecured Loan?

When you need instant cash but cannot provide collateral.

When you need funds for specific expenses like planning trips or celebrations, businesses expansion, home renovation etc.

If you have a steady source of monthly income, that enables you to make timely EMI payments and repay the loan within the stipulated loan tenure.

If you wish to consolidate your various debts and pay off existing loans.

Conclusion

As is apparent, an unsecured loan is the best kind of loan. It is a fast-track loan that guarantees quick disbursals. You can choose your preferred type of unsecured loan to pay for your various leisurely and urgent expenses. Unlike Home Loans and Car Loans, unsecured loans are versatile in that you do not have to inform the lender about how you intend to use the funds from the loan. Just ensure you meet the eligibility criteria set by the lender before applying for the loan. Get a competitive interest rate and flexible repayment tenures with unsecured loans. Apply for the loan today.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Unsecured Loan - All About What is an Unsecured Loan | digibank by DBS

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An Unsecured Loan is a type of loan where the lenders do not ask for collateral. Credit cards and Personal Loans are common examples of unsecured loans. Unsecured loans come in handy when you need funds instantly. A high credit score, stable income, and good credit history can help you secure such loans.

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Know what is Cibil Score & its Significance at Digibank by DBS

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Know what is Cibil Score & its Significance at Digibank by DBS

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The CIBIL Score, which varies from 300 to 900, is a three-digit numerical summary of your credit history, rating, and report. Know more about Cibil Score on this website

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Key Takeaways

A CIBIL score is a three-digit numeric summary displaying your credit behaviour.

Your CIBIL score determines your creditworthiness as a borrower.

Higher the CIBIL score, the more potential you have as a borrower.

Your credit, repayment history, and debt amount have a stronghold over your CIBIL score.

You can improve your CIBIL score by making regular payments.

When you apply for a loan or borrow money from a lending institution, the lender asks you to provide various documents. While the general ones include your identity, address, and income proof document, there is one more document through which the lender decides if you are creditworthy. This document is known as your credit or CIBIL score document. As a borrower, you may have wondered why the CIBIL score is so important. But before we dive into the topic, let us first understand the concept of CIBIL score in detail.

What Is CIBIL Score?

CIBIL score is a three-digit numeric summary of your credit report. It ranges from 300- 900 points. The score reflects your credit repaying capacity. The higher your score, the more readily a bank offer you a loan or credit card. With a high CIBIL score, you can establish yourself as a trustworthy borrower.

The CIBIL score is calculated using a mathematical algorithm that considers several financial factors like your credit history, repayment history, and total debt level. Your payment history depicts how regular you are with your payments, while the full level of debt reflects your credit utilisation.
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Why Does the CIBIL Score Matter?

Your CIBIL score plays an integral role in most of your financial activities. It is the critical decider for a bank when it comes to lending loans. Your CIBIL score influences your loan application processing time, interest rate, repayment tenure, credit offered and even your down payment amount.

If you have a lower CIBIL score, lenders will consider you relatively risky as a borrower. Lenders may charge you a higher interest rate to compensate for the high-risk factor. In some cases, they may provide shorter repayment tenures on loans and ask for a co-signer as a guarantee.

Conversely, when you have a high CIBIL score, lenders offer loans at lower interest rates. This means you end up repaying a lesser amount in comparison to someone having a lower CIBIL score. Furthermore, banks offer to increase your credit card limits if you have a high CIBIL score as you are deemed a risk-free borrower.

What are the Ways to Improve the CIBIL Score?

Here are some ways to improve your CIBIL score and make your profile look stronger.

Be regular with your payments.

Do not default on Loan EMIs.

Utilise only up to 30 per cent of the credit limit on your credit card.

Close credit cards that are not in use.

Avoid reapplying for loans and credit cards that did not get approved in quick succession.

Do not send several loan applications in a short span of time.

Conclusion

Keeping a check on your CIBIL score is a must. You can check your credit score for free for the first time on the CIBIL website. After the free report, you can select various payment options based on how often you want to know your credit score.
Would you like to explore more benefits of digibank by DBS? Download the app and start investing. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is Cibil Score & its Significance | digibank by DBS

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A CIBIL score is a three-digit numeric summary displaying your credit behaviour. Your CIBIL score determines your creditworthiness as a borrower. Higher the CIBIL score, the more potential you have as a borrower. Your credit, repayment history, and debt amount have a stronghold over your CIBIL score.

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Check Personal Loan Elegibility Online at Digibank by DBS

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Check Personal Loan Elegibility Online at Digibank by DBS

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Find out the documents required for a personal loan for salaried employees & self-employed individuals. Visit our website to also know about Personal Loan Eligibility

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Key Takeaways

Personal Loans help you fulfil your various life aspirations.

Banks sanction loans after assessing your eligibility.

You can apply for the loan by providing soft copies of your documents.

Essential documents required include ID, address, and income proof.

Both salaried and self-employed individuals can apply for the loan.

Introduction

Now can get access to funds to fulfil your various life aspirations with the help of a Personal Loan. You no longer need to put your dreams on the back burner and wait until you can save up. Whether you want to buy the latest phone, take off on vacation or plan your dream wedding, you can do it all with a Personal Loan. While you do not have to provide any collateral to avail this loan, you need to check if you are eligible and provide the necessary Personal Loan documents requested by your lender. Here is all you need to know.

Personal Loan Eligibility Criteria

Banks like to ensure that you can repay the loan amount. This is why they measure your eligibility before sanctioning the loan. The essential eligibility criteria for Personal Loans are as under:

You should be an Indian citizen.

You should be a salaried employee with a reputed organisation or a self-employed individual.

You should be in the age group of 22-60 years (at the time of loan maturity).

You should be drawing a minimum monthly income of INR 20,000.

As a salaried individual, you should be employed with the same organisation for a minimum of two consecutive years.

You should have decent credit scores of 700-750 and above.

If you fit into the above eligibility criteria, you can begin the Loan application process, including filling a form and submitting the necessary Personal Loan documents.
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Personal Loan Required Documents

The Personal Loan documents required depend on whether you are a salaried employee or a self-employed individual applying for the loan.

Documents Required From Salaried Employees:

A duly filled loan application form, downloadable from the website of the lender.

A copy of your ID proof document, e.g., PAN card, Aadhaar, passport, voter's ID, driver's license, or employee ID card.

A copy of your address proof document, e.g., Aadhaar, passport, voter's ID, driver's license, or latest utility bills.

A copy of your income proof documents such as bank statements of the last three months, last three salary slips and latest Form 16.

Documents Required From Self-Employed Individuals:

A duly filled loan application form, downloadable from the website of the lender.

A copy of your ID proof document, e.g., PAN card, Aadhaar, passport, voter's ID or driver's license.

A copy of your address proof document, e.g., Aadhaar, passport, voter's ID, driver's license, or latest utility bills.

A copy of your income proof documents such as the last three months' bank statements and proof of the latest ITR filed.

If you have the required documents for a Personal Loan, you can apply for the loan online. With online applications, you can provide scanned copies of your documents. Essentially, the bank asks you to give these documents only to complete the eKYC formality, mandatory for all loans.

Conclusion

With digibank by DBS, you can complete your loan application online by providing the required Personal Loan documents. Once the bank verifies your application, it disburses the loan amount directly into your account. Most loans are disbursed within a few hours of application.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Personal Loan Documents for Salaried Employees & Self-Employed Individuals | digibank by DBS

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Personal Loans help you fulfil your various life aspirations. Banks sanction loans after assessing your eligibility. You can apply for the loan by providing soft copies of your documents. Essential documents required include ID, address, and income proof. Both salaried and self-employed individuals can apply for the loan.

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Learn to Check Cibil Score by Pan Card at Digibank by DBS

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Learn to Check Cibil Score by Pan Card at Digibank by DBS

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Check the cibil score by Pan Card stepwise with the help of this article. Visit this website to know to check the cibil score by pan card.

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Key Takeaways

The Credit Information Bureau India Limited, also known as CIBIL, is one of the most renowned credit companies that determines credit scores.

CIBIL is a part of the American TransUnion.

A good CIBIL Score increases your chances of securing a loan.

You can check CIBIL Score by PAN Card on the CIBIL website.

Your PAN Number is unique and, therefore, cannot be used for duplicate loan applications.

Introduction

Have you finally decided to buy the car or house of your dreams? Do you need huge sums of money to fund the purchase? Now you can take out Personal, Auto and Home Loans and fulfil every life goal. However, to ensure you have the capacity to repay the loan, your lender will be checking your credit history, which they can learn about through your CIBIL score. Keep reading to know how you can check CIBIL score by PAN Card.

What is a CIBIL Score?

Short for Credit Information Bureau India Limited (CIBIL) is a credit information company licensed by the RBI. CIBIL assigns a numeric value ranging from 300 to 900 to measure your credit history. The score assigned is known as the CIBIL or credit score, which is determined by the uniformity of your repayment of loans and credit card debt. CIBIL informs banks and lenders about your score, which, in turn, enables the lender to determine whether you are creditworthy.

How to Check CIBIL Score by Pan Card Online

Follow these steps to check CIBIL Score free by PAN Card

1. Visit the CIBIL website at www.cibil.com and click on 'Get Your Free CIBIL Score'.

2. An online form will pop up where you must fill in details like your email ID and mobile number.

3. Enter your email ID and type in a password.

4. Under 'ID Type', select 'Income Tax ID Number (PAN)'.

5. Type in your PAN Number in the 'ID Number' field.

6. Read the Terms and Conditions before proceeding.

7. Enter the One-Time Password received on your email ID and complete the CIBIL authentication process.

8. Select 'Member Login' and log in using your credentials, i.e., email ID and password.

9. On the Dashboard, you can view your CIBIL score for free.

10. You can also view your credit summary, score history, etc., by subscribing to monthly, half-yearly or yearly paid plans.

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Importance of PAN Card to Check CIBIL Score

Your PAN Card is linked to all your financial and non-financial accounts, and your credit history is mapped to your PAN Card. Therefore, credit bureaus find it easier to access your credit history. Since your PAN Card number is a unique alpha-numeric combination, it prevents fraudulent uses to avail loans.

What is a Good Credit Score?

When applying for a loan, your CIBIL report helps the lender decide whether you have the loan repayment capability based on your previous credit behaviour. Financial institutions may not consider a loan application with a low CIBIL Score, whereas borrowers with high CIBIL scores can get instant loan approvals. Usually, a score above 600 is regarded as a good credit score, whereas a score of 750+ is ideal for loans with low interest rates. Ensure you run an online CIBIL Score check by PAN number and improve your credit scores before applying for a loan.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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cibil score check free online by pan number

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Check CIBIL Score by Pan Card Hassle-Free | digibank by DBS

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The Credit Information Bureau India Limited, also known as CIBIL, is one of the most renowned credit companies that determines credit scores. CIBIL is a part of the American TransUnion. A good CIBIL Score increases your chances of securing a loan. You can check CIBIL Score by PAN Card on the CIBIL website.

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Know about Cibil Score Check at Digibank by DBS

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Know about Cibil Score Check at Digibank by DBS

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The CIBIL Score is a three-digit numerical representation of your credit history. Visit our website to learn how to check cibil score online

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CIBIL Score Check - How to Check CIBIL Score Online | digibank by DBS

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Cibil Score Check - Know how to check cibil score online stepwise in this article. Download the digibank app to learn about cibil score & apply for a personal loan.

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Steps to get instant loan without cibil Score

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Steps to get instant loan without cibil Score

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Even if a CIBIL Score is required, there are still several ways to obtain a personal loan without one, which lenders prefer. Visit now to learn more about an instant loan without cibil Score

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Key Takeaways

A good CIBIL score is an important yardstick to determine your creditworthiness.

Many lenders refrain from giving loans to those with a low credit score.

You can still avail of a Personal Loan without CIBIL Score.

If your credit score is low, then collateral serves as a security deposit for lenders.

You should maintain a credit score of 700+ to avail of a loan at lower interest rates.

Picture this - You are in urgent need of a loan to fund your son's university fees. You consider the option of applying for a Personal Loan. But you realise that your CIBIL score was a dismal 500 because of a credit card default some time ago. Now, your lender insists you should have a better CIBIL score to qualify for a loan. What do you do in such a situation? Are you aware that you can still get an instant loan without CIBIL score? Let us understand what CIBIL score is and how you can obtain that loan you so need.

What is CIBIL score?

CIBIL, one of the top credit bureaus in India, maintains a credit report of customers. Based on the credit report, it assigns a three-digit numeric summary that reflects their credit health. The score, from 300 to 900, identifies the ability of a customer to repay the loan and is known as a CIBIL or credit score.
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Instant Loan Without CIBIL Score

Even though CIBIL Score is mandatory, there are still several options available to get your Personal loan without CIBIL Score required by lenders.

Provide Income Proof

You need to prove to the lender that you will be able to repay the loan. Banks may consider your loan application if you have a stable monthly salary or steady income. Your salary slips or bank statement will give your lender the confidence to grant you the loan without CIBIL score.

Consider Collateral-based Loans

Typically, Personal Loans do not require you to furnish collateral. However, if your credit score is low, collateral serves as a security deposit for lenders. You can pledge your property, jewellery or any other valuable asset in lieu of the loan amount.

Apply with a Co-Applicant or Get a Guarantor

If you apply for a loan with a co-applicant who has a steady source of income and a good CIBIL score, your loan application may be approved. The other option is to get a guarantor for your loan amount.

Get NA/NH on your credit report

The History not Available (NA) or No History (NH) on your credit report means that there has been no previous credit activity or credit in the last 36 months. You can request your lender to issue an NA or NH on your credit report. If the lender is willing, you can get a Personal Loan at a higher rate of interest.

Apply for a lower loan amount

It is best to go for a lower loan amount as the lender may doubt your ability to repay the loan or charge high interest. This ultimately improves your chances of getting the loan approved.

Final Note

Getting an instant loan without CIBIL is possible. However, it is best to ensure you maintain a healthy CIBIL score of 600+ regularly. Pay off your debts and limit credit utilisation to improve your CIBIL score.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Get Instant Loan Without CIBIL Score in 5 Ways | digibank by DBS

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A good CIBIL score is an important yardstick to determine your creditworthiness. Many lenders refrain from giving loans to those with a low credit score. You can still avail of a Personal Loan without CIBIL Score. If your credit score is low, then collateral serves as a security deposit for lenders.

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Know about Personal Loan with low Cibil Score

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Know about Personal Loan with low Cibil Score

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Find out how to get personal loan with a low cibil score in this blog. Visit now to know more about low cibil score personal loan

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Key Takeaways

Personal Loans are unsecured loans that require no collateral.

Lenders verify your credit history when you apply for Personal Loan.

A low credit score reduces your chances of securing a Personal Loan.

You can get a Personal Loan with a low CIBIL score by showing regular income sources.

Your loan application may be considered if your fund requirements are low or if a guarantor co-signs your loan.

A Personal Loan gives you access to large sums of money. Lender offer loans after assessing your repayment abilities and your credit repayment behaviour. Today, lenders can evaluate your creditworthiness through your credit score. While you need to provide security or collateral for secured loans, Personal Loans are unsecured loans. Here, your credit score serves as a source of security for the lender. But what happens when your credit score is low? Keep reading to find out how to get Personal Loan with low CIBIL score.

Personal Loan and CIBIL Score

Ranging from 300 to 900, the CIBIL or credit score is a 3-digit numeric indicator of your credit history. It reflects your credit handling behaviour like loan repayment, repaying credit card dues, etc. A high credit score indicates that you have been repaying debts on time. When you have a higher CIBIL score, the chances of the lender approving your loan increase considerably. However, lower CIBIL scores can impact your loan approval chances significantly.
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Personal Loan with Low CIBIL Score

A low credit score can reduce your Personal Loan or other debt securing chances. A credit score greater than 600 is usually a good credit score. A CIBIL score below 600 puts your loan application in jeopardy. A bad credit score reflects discrepancies in debt repayments, and lenders typically reject urgent loans for bad credit. However, it is not impossible to obtain Personal Loans with low CIBIL score. That said, the Personal Loan interest rates offered on loans with low credit scores, may be higher.

How to Get Personal Loan with Low CIBIL Score?

Besides the CIBIL score, the lender considers your age, employment status, and net monthly income. Here are some ways to obtain a low CIBIL Score Personal Loan.

Show reliable income sources

Lenders essentially want assurance that they will get their money back. Whether you are a salaried professional or a self-employed individual, if you receive a regular income, you may be able to negotiate with lenders to prove your ability to repay the loan. A reliable income source may convince lenders to consider your loan application.

Apply with a guarantor

Lenders are more likely to approve Personal Loans with low CIBIL scores for applicants who can get a guarantor to co-sign the loan. A guarantor with an excellent credit score and a stable income source helps improve your chances of loan approval.

Apply for low-value loans

Some online lenders would consider approving Personal loans of smaller amounts. If your fund requirements are low, you may be deemed eligible despite your low credit score.

Conclusion

Personal Loans are versatile unsecured and collateral-free loans with no restrictions on the end usage of the loan amount. Your CIBIL scores provide lenders assurance of your loan repayment capabilities. Ensure you show a good credit score or take measures to improve your score instead of applying for a Personal Loan with low CIBIL score.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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how to get personal loan with low cibil score

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Personal Loan with Low Cibil Score - A Detailed Guide | digibank by DBS

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Personal Loans are unsecured loans that require no collateral. Lenders verify your credit history when you apply for Personal Loan. A low credit score reduces your chances of securing a Personal Loan. You can get a Personal Loan with a low CIBIL score by showing regular income sources.

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Ways How to Improve Credit Scores Fast | Digibank by DBS

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Ways How to Improve Credit Scores Fast | Digibank by DBS

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One of the best ways to improve your score is by paying your bills on time. Checkout our website to learn more about how to increase your Credit score

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A good credit score is the ticket to fast-track loans. Your credit score directly impacts your loan eligibility and helps you get lower interest rates on loans. You can leverage several simple tricks to improve your credit score before applying for a loan.

If you are in the market for a new car, house, or even a tech gizmo, you may probably consider getting a loan. After all, a loan empowers you to buy big-ticket items, while you can repay the principal sum in pocket-friendly and affordable Equated Monthly Instalments. At digibank, your good credit score can help you get fast track loans within minutes of approval. Wondering what a credit score is and how you can improve it? Read on to find out.

Credit Scores For digibank Loans

The credit score is a 3-digit numeric value, ranging from 300-900 points. It is a number that the lender considers before determining the status of your loan application. In India, entities like the Credit Information Bureau India Limited (CIBIL) and major banks pool together data about every consumer's credit history to access your financial behaviour - the number of bank accounts you have, how you manage your payments and more. Upon crunching these variables, CIBIL assigns each account holder a credit score that reflects your credit repayment behaviour - whether you have repaid your previous and current loans and credit card bills on time. As lenders, it helps us assess your creditworthiness and determine the loan amounts you can get.

The higher the credit score, the better are your chances of getting a high-amount loan at lower interest rates. The credit score ranges from 300-900. While scores above 600 may make you eligible for a loan, those above 750 can help you get an attractive deal that is also budget-friendly. Ensuring you improve your credit scores before applying for a loan improves the chances of it being disbursed successfully.

How to Improve Credit Scores?

If your credit score is not yet up to the mark, worry not. There are some simple tricks you can employ to improve your credit score, and by extension, your loan eligibility. Here are some things you can do.

Mind your utilisation patterns and spending activities

Have you been making too many expensive purchases recently? What about your transactions - have they increased significantly? If yes, you need to keep an eye on them. Your bank might become concerned if your spending patterns begin to change suddenly. This may make them more cautious while extending new lines of credit to you.

Do not be swayed by tempting promotions

Are you tempted by an incredible promotional offer from a bank or lender? Some of them are great, but sending applications to many lenders can affect your credit rating! Banks consider the number of credit facilities available to you as liabilities and may view this behaviour as financially irresponsible if you respond positively to most offers. Focus on not over-extending yourself. This goes a long way in improving your credit score.

Show the lender that you are creditworthy

How often do you miss your credit card payments? If the answer is never, you have already won half the battle. Remember, banks deem you creditworthy for paying off your credit card bills on time. Try and make the total payments of outstanding credit card debt each month instead of partial or late payments. This not only saves you from paying interest on credit card spends but also improves credit scores.

Cultivate a good working relationship with the bank

Have you been a loyal customer with your bank since you first opened your account? Have you paid off your credit card bills in full and on time? Have you maintained the average balances needed in your account? If not, building a better relationship with your bank can be very rewarding. You would also then be considered a reliable customer and borrower.

Review the amount of credit you have

While you may have the 'right card' that helps you avail of discounts, cashback and other perks, you could consider scaling back on two things - the number of credit cards you own and the credit utilisation limit on each card. Your credit score is affected by the number of credit card accounts you have with various banks. If your credit utilisation ratio is over 30% on each card, your credit score could also be impacted. So try limiting your credit utilisation limit to 30% to improve your credit score.

Limit requests for new or hard credit

Applying for a new credit card or loans while repaying existing loans can adversely affect your credit scores for anywhere from 2 months to 2 years. The bank perceives this behaviour as taking on more debt than you can repay. So, avoid making constant, hard enquiries for fresh credit so that your credit score remains unaffected.

Pay off existing debts

An excellent trick to increase credit scores is to pay off your existing debts, including loans. If you pay your loan EMIs on time, without defaulting, you can rest assured that your credit scores will improve.

Frequently Asked Questions

What is the easiest and best way to improve your credit score?

If you repay your bills on time, your creditor proposes an increased credit limit. While you should accept the increased credit limits, avoid utilising more than 30% of the limit. This practice helps improve your credit score.

What is credit report?

When you apply for a loan from digibank, we ask you to provide some basic documents and proof of eligibility. Of these, the credit report is a document that affects the outcome of your loan, helps us determine the loan amount you can get and whether you are creditworthy.

Who assigns credit scores?

Credit scores are assigned by Credit Information Bureau India Limited, or CIBIL, Equifax and Experian in India. CIBIL is the leading credit information bureau in India.

How can I check CIBIL scores, and what are the charges for the same?

You can check CIBIL scores online on the CIBIL website. You can get your first CIBIL report for free. After that, you can opt for a one-time report by paying a nominal charge for the same. You also have the choice of selecting six month or year-long subscription models, the charges of which may vary.

How to build credit score?

The process of building credit scores is gradual. You can build your scores by regularly using your credit card and repaying your dues. Taking on loans and repaying them on time also helps build credit scores.

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what is the best way to improve your credit score

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How to Improve Credit Score Fast | digibank by DBS

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A good credit score is the ticket to fast-track loans. Your credit score directly impacts your loan eligibility and helps you get lower interest rates on loans. You can leverage several simple tricks to improve your credit score before applying for a loan.

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Know How to Increase Cibil Score at Digibank by DBS

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Know How to Increase Cibil Score at Digibank by DBS

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Focus on understanding the factors that impact your credit score and take conscious measures to improve it. Visit our website now to know how to increase your Cibil Score

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Key Takeaways

CIBIL is a 3-digit score that depicts your credit repayment behaviour

It demonstrates how credible you are as a borrower

You can increase your CIBIL score by paying off your outstanding dues on time.

You should also avoid utilising the maximum credit limit on your credit cards

Lenders tend to approve loans if your credit score exceeds 750 points quickly

When you apply for a loan, you need to meet a few prerequisites of the lender. You need to provide a series of documents and show that you have the loan repayment capacity. The Credit or CIBIL score document helps lenders judge your creditworthiness. Before you apply for a loan, ensure you have a high CIBIL score. There are different ways to increase the CIBIL score. Find out how to improve the CIBIL score in this article.
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What Is a Good CIBIL Score?

CIBIL scores range from 300-900 points. However, a good CIBIL score typically exceeds 750 out of 900 possible points. With such a score, you can easily procure lower interest loans. Such a score increases the lenders' beliefs that you will repay your loan on time.

How To Increase CIBIL Score?

You can do several things to amp up your CIBIL score. They are as under

Be regular with your credit payments

Ensure you are regular with your outstanding payments, including loan EMIS, credit card bills, etc. Do not miss out on any due date. Not paying your bills on time significantly impacts your credit score, and it can take you a while to enhance your score again.

Keep a check on your credit utilisation ratio

Another way how to improve your CIBIL score is to monitor your credit utilization ratios. A good rule of thumb is not to utilize your entire credit limit on your credit cards. Ideally, you should avoid using more than 30 per cent of your credit limit to keep your high credit scores. For example, let us say your credit limit is INR 100,000. It is best not to spend more than INR 30,000 on that credit card in such a case. Both underutilization and overutilization can be harmful to your CIBIL score.

Have a clean and reliable record

Maintain records of all your payments and clear debts. One of the primary reasons banks ask for your credit report is to observe your past credit behaviour. If you have removed all your dues within the stipulated time frame, it reflects very well on your credit report. By maintaining your records, you can demonstrate your solid repayment history.

Take up offers for new credit cards or higher credit limits

If a bank offers a new credit card or your existing creditor provides to increase your credit limit, you should take up the offer, as it shows that you are considered creditworthy. However, remember the 30 per cent credit utilisation rule. Do not increase your spending just because you have a higher credit limit. The low credit utilisation keeps your credit score high.

Final note

Now that you know how to increase your credit score, make sure you follow the tips. Always remember that improving your CIBIL score is a process that is not going to happen overnight. Be patient and consistent and monitor your CIBIL score timely and implement changes as required.
Would you like to explore more benefits of digibank by DBS? Download the app and start investing. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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How to Improve Cibil Score - 4 Easy Ways to Increase Cibil Score | digibank by DBS

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CIBIL is a 3-digit score that depicts your credit repayment behaviour It demonstrates how credible you are as a borrower You can increase your CIBIL score by paying off your outstanding dues on time.

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All you need to Know about Recurring Deposits | Digibank by DBS

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All you need to Know about Recurring Deposits | Digibank by DBS

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A recurring deposit allows you to prematurely withdraw funds from term deposits while also allowing you to save money by making frequent deposits. Visit now to know more.

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Key Takeaways

Recurring Deposits earn you FD-like returns on smaller amounts of money invested regularly.

With RDs, you can invest money in instalments.

RDs allow you to earn comparatively higher interest than savings bank accounts.

RDs, help you inculcate the habit of saving regularly.

You can open an FD if you are a Resident Indian above ten years of age or a Non-Resident Indian

Introduction

When it comes to saving money, there are several investment options that customers can choose from, depending on what they want. A majority of people typically levitate towards investment instruments that are both safe and can help generate a regular source of income. Then some intend to save money by putting away a fixed sum into an account periodically to create a larger corpus. Yes, fixed and recurring deposits continue to be the preferred investment vehicle for most traditional investors. In this article, we shall attempt to understand what is a recurring deposit. Read on to find out.

What is a Recurring Deposit account?

A Recurring Deposits (RD) is a type of term deposit in which customers can invest money in instalments. As a Recurring Deposit holder, you can invest a fixed sum at regular intervals for a fixed tenure instead of locking your entire investment amount in a deposit all at once. The interest rates you earn on your Recurring Deposits are almost par with those offered by banks on Fixed Deposits (FDs). As such, you can earn high interest even on a small amount of deposits. An RD is an excellent investment vehicle that helps you develop the discipline of saving money regularly.

RD tenure and eligibility requirements

Besides knowing what is RD in a bank, we should also be aware of the tenure and deposit requirements associated with these accounts. The term for Recurring Deposits generally ranges from 6 months to 10 years. Banks mostly ask customers to deposit money in RDs every month, but some financial institutions may also give the option of investing on a quarterly or half-yearly basis. The interest is mainly compounded quarterly and paid on maturity.

Almost anyone, including Non-Resident Indians and minors aged ten years or above, can start an RD in India with any major banks and non-banking finance companies (NBFCs).
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Benefits of Recurring Deposits

Having explained what an RD account is, let us look at its benefits. Recurring deposits are increasingly gaining popularity among investors because of the following benefits they offer:

RDs make it possible for investors to earn attractive FD-like returns, even on small-ticket investments.

This type of deposit account develops the discipline among investors of saving money at regular intervals.

RDs offer guaranteed returns, unlike other monthly investment schemes like systematic investment plans (SIPs) offered by mutual funds.

Most banks offer loan facilities to customers against their RD accounts. Customers can avail as much as 95% of the amount parked in their RD as a loan, but the rate may vary from bank to bank.

Recurring deposit schemes

Banks often design special Recurring Deposit schemes with attractive features to suit the needs of various investors. For instance, many banks offer a flexible Recurring Deposit where customers have the option to skip an instalment without paying any penalties, or they may have the opportunity to deposit a different amount to their RD account at each instalment.

There can be special RD schemes for minors, the elderly, and Non-Resident Indians (NRIs). These schemes typically offer varying benefits keeping in mind the specific requirements of these groups of people. For example, the RD schemes for senior citizens usually come with a higher interest rate than those offered with regular RDs.

Difference between recurring and fixed deposits

For many investors knowing what is a recurring deposit is not sufficient. To indeed check which type of investment is better, they like to compare RDs and FDs. If you are one such investor, you may be interested in knowing the following points differentiating the two investment vehicles.

FDs are meant for individuals who have sufficient savings and can invest a lump sum amount. Conversely, RDs are meant for those who want to create savings by regularly investing a small portion of their income.

Investors can open an FD for a minimum duration of 7 days and a maximum of about ten Meanwhile, the minimum tenure for an RD is six months, and the maximum is ten years.

FDs can prove to be a good source of regular income as they mostly allow monthly, quarterly or annual payouts. On the other hand, RDs are ideal for people looking to build a corpus gradually, as interest payout for RDs happens only upon maturity of the scheme.

Tax-saving FDs with tenures of 5 years and above offer benefits in which you can get tax deductions on the interest earned under section 80C of the Indian Income Tax Act, 1961. As for RD investments and regular FDs, you have to pay taxes on the interest income as per your income tax slab.

Final note

Now that you know what is RD account, you can consider this investment vehicle to generate savings. Recurring deposits are ideal for people who prefer to make investments in smaller instalments. It also inculcates the habit of saving money with discipline. Remember to choose a bank offering a reasonable RD interest rate before investing.
Download the digibank by DBS app to open a recurring deposit and see your dreams take shape. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is Recurring Deposit? Read About RD Meaning, Benefits & More | digibank by DBS

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Recurring Deposits earn you FD-like returns on smaller amounts of money invested regularly. With RDs, you can invest money in instalments. RDs allow you to earn comparatively higher interest than savings bank accounts. RDs, help you inculcate the habit of saving regularly.

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Cash deposit definition and meaning | Digibank by DBS

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Cash deposit definition and meaning | Digibank by DBS

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A cash deposit is the money you pay into your bank account or savings account. Know more about Cash Deposit at Digibank by DBS

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Key Takeaways

To deposit cash means to add money to your bank account.

The traditional way to deposit money is by visiting the nearest bank branch.

You can also deposit money through an ATM-cum-cash deposit machine.

You can deposit cash at ATMs even if you do not have an ATM card.

You must provide PAN details on high-value cash deposits.

With internet banking, we are used to receiving funds in our accounts electronically. However, occasionally, we may have to deposit cash or cheques in our bank accounts. Since internet banking cannot yet help us with cash deposits, you need to complete this task in person. Let us find out what is cash deposit and how to go about it.

What Does Cash Deposit Mean?

A Cash Deposit involves a deposit of paper money or cheques into your Savings Account. You can deposit cash by visiting the bank directly or through a Cash Deposit Machine. Money received in your account through transfers is also considered a cash deposit. Like all deposits, cash deposits also qualify for interest payments, and banks offer competitive interest rates on the deposits.
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How To Make a Cash Deposit?

You can make cash deposits in either of the two ways mentioned below.

1. Initiate Cash Deposits via Bank Branch

You can visit your nearest bank branch to deposit cash. Below are the steps

1. Ask a bank representative for a deposit slip or simply pick one up yourself at the designated counters in the bank.

2. Fill in the necessary such as your name, account number, email address, mobile phone number and the amount in the slip.

3. Enter the denominations in the slip. Say if you wish to deposit INR 20,000; you must mention the number of cash notes of each denomination, i.e., 2000x5 = 10,000, 500x10 = 5,000 and 100x50 = 5,000. Enter the applicable permutations and combinations of the cash notes and amounts in the slip.

4. Go to the cash deposit counter and hand over the slip and the cash to the bank official, who will check your account details, count the money, and provide a stamped cash acknowledgement slip.

5. The bank official will complete the cash deposit process, and the bank will send you an SMS alert confirming the same, along with your new account balance.

2. Initiate Cash Deposits Via ATM

You can head to the nearest ATM of your bank to deposit cash. Here are the steps:

1. Insert your ATM card and Select the cash deposit option. If you do not have an ATM card, you can enter your account number, account type and deposit amount.

2. Place your cash in the deposit slot.

3. The machine automatically counts the money and asks you to confirm the amount.

4. The ATM then generates a receipt for the transaction, and the money is instantly credited into your account.

5. The bank sends an SMS mentioning your new account balance.

Final Note

Over time, cash deposits have become convenient due to online transfers and ATMs. However, when it comes to high-value transactions, it is best to visit the bank. For instance, banks ask for your PAN number on cash deposits exceeding INR 50,000. Ensure you check your bank's rules regarding cash deposits before you choose your preferred cash deposit process.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Cash Deposit - What is Cash Deposit | digibank by DBS

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To deposit cash means to add money to your bank account. The traditional way to deposit money is by visiting the nearest bank branch. You can also deposit money through an ATM-cum-cash deposit machine. You can deposit cash at ATMs even if you do not have an ATM card.

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Discover EMD Full Form, meaning and definition | Digibank by DBS

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Discover EMD Full Form, meaning and definition | Digibank by DBS

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Earnest Money Deposit (EMD) is a form of deposit that buyers pay sellers in good faith as an assurance of interest in purchasing high-ticket items. Read Now at Digibank

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Key Takeaways

Earnest Money Deposit or EMD is a type of deposit paid by home buyers to sellers.

Buyers pay EMD to sellers of properties and other government and private projects.

It is usually a token amount paid to the seller, indicating your interest in buying property.

Indian Banks offer loans for EMD amounts to enable you to apply for Government-backed housing projects.

EMD is fully refundable if the bidder or buyer does not win the bid against the property.

When it comes to high-ticket investments like buying a home or securing high-value government or private projects, you typically need lump-sum amounts. You may also find other buyers interested in the same assets, and the seller may receive multiple offers. However, you can convince sellers and assure them of your buying intentions by offering a small deposit, also known as Earnest Money Deposit. Find Earnest Money Deposit meaning and significance in this article.
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What is Earnest Money Deposit?

Earnest Money Deposit (EMD) is a form of deposit that buyers pay sellers in good faith as an assurance of interest in purchasing high-ticket items or while making significantly large transactions. The deposit gives buyers the time required to sort out their finances, evaluate the investment, and conduct inspections, before closing a deal. In the context of the Indian real estate market, an earnest deposit is commonly referred to as a 'token amount'. Once the seller accepts your offer, you get a certain number of days to make the deposit.

EMD is not limited to real estate investments alone. Government and private projects also allow Earnest Deposit, wherein sellers must go through a bidding war and pay the EMD to the respective companies. Here, EMD is also known as Bid Bond, Bid Security or Tender Security.

Earnest Money Deposit Schemes in India

Government housing agencies sell residential plots and built-up houses in India. Let us say they are in the process of selling a flat. For one flat, there will be multiple buyers. However, to be considered a buyer for that flat, all applicants must pay an Earnest Deposit. The applicant who wins the bid gets to buy the flat. The remaining applicants get their deposit back. To provide individuals with a chance to bid for the flat, some banks in India issue loans for the Earnest Deposit amount. For instance, if the EMD to bid for a flat is INR 10 Lakh, the bank will lend you 100% of the amount with nominal interest rates. Here are some features of taking an EMD Loan:

100% loan amount disbursement

Lower interest rates and processing fees

Minimum to no pre-payment penalties

Repayment tenures up to a year

Earnest Deposit Scheme Loans - Eligibility & Documentation

Eligibility: You should be a Resident Indian, at least 21 years old and must fulfil all other Urban Development Authorities (UDA) eligibility criteria.

Documents: You should provide your ID and address proof, PAN Card, income proof documents like salary slips, bank statements, Income Tax Returns, balance sheets, business licenses, TDS certificate, and other documents required by the lending bank.

Final Note

Now that you know earnest money deposit meaning, you can consider this facility while making high-value transactions. An EMD paves the path for you to make high-value investments and buys you the time you need to complete the transaction. You can consult your bank for terms and conditions associated with EMD loans.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Deposit Earnest Money - Earnest Money Deposit Meaning Explained | digibank by DBS

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Earnest Money Deposit or EMD is a type of deposit paid by home buyers to sellers. Buyers pay EMD to sellers of properties and other government and private projects. It is usually a token amount paid to the seller, indicating your interest in buying property.

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Everything You Need to Know About Term Deposit | Digibank by DBS

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Everything You Need to Know About Term Deposit | Digibank by DBS

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A term deposit is a fixed-term investment that includes depositing funds into an account at a financial institution. Also, know about Time Deposit at Digibank by DBS

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Key Takeaways

Term Deposits allow you to invest a sum of money for a fixed period at a fixed interest rate.

There are two types of Term Deposits - Fixed Deposits and Recurring Deposits.

It is called a "Term Deposit" because the money is invested for a fixed "term".

Premature withdrawal in a Term Deposit is allowed with a penalty.

Term Deposits are safe investment instruments, unaffected by market volatility.

For money to grow, you need to invest in various instruments while mitigating your risks. Your investment portfolio should comprise of securities that earn high returns and those that safeguard your investment. While investors looking for quicker returns opt for equity investments, those looking to secure their capital and earn stable returns opt for debt instruments. A Term Deposit is one such debt instrument. Let us find out what it is in this article.

What is a Term Deposit?

A Term Deposit is an investment instrument wherein you can deposit a sum of money for a fixed period, at a fixed interest rate. In theory, a term deposit is the same as a Fixed Deposit in that you lock away your money for a fixed tenure. However, unlike Fixed Deposits, where you can opt for cumulative and non-cumulative interest payments, banks pay interest on Term Deposits only when the deposit matures. As such, when the deposit matures, the bank with which you open the deposit, will pay you the principal amount and the interest payable as a lump sum.

Characteristics of Term Deposits

Term Deposits have a fixed tenure and interest rate.

Term Deposits are essentially risk-free investments in that you get back your capital on maturity.

Banks allow you to apply for Loans against Term Deposits.

You can invest as low as INR 1000 in Term Deposits with most banks.

You can avail of the rollover facility, reinvest your principal amount and interest, and create a new Term Deposit.

Types of Term Deposits

There are two types of Term Deposits:

1. Fixed Deposit

As the name suggests, a Fixed Deposit or FD is an investment option where the bank offers a fixed interest rate for a fixed tenure. To open this term deposit account, you have to deposit a one-time lump sum amount at the commencement of the FD period. You can choose your preferred investment duration or tenure of Fixed Deposits, which can range from 7 days to 10 years. You can also withdraw the deposit before the maturity period, but you may be liable to pay a penalty for the same. While the minimum amount of FD differs from bank to bank, it can be as low as INR 1000. Also, the interest rate on FDs ranges from 4% to 7.5% - includes the base rate of the RBI, and the additional rate, which differs from one bank to another.

There are various types of Fixed Deposits an investor can opt for depending on their requirements

You can opt for a cumulative deposit wherein the interest earned is reinvested into the deposit, and you get the capital amount and interest pay-out when the FD matures.

You can opt for a non-cumulative FD, wherein the bank pays interest on a weekly, quarterly, semi-annual, or annual basis.

You can also opt for a Sweep-in facility wherein the amount above a particular upper limit set by you in your Savings Account is automatically converted to a Fixed Deposit.

You can opt for Tax-saver Fixed Deposits under Section 80C of the IT Act, wherein you can avail of a tax deduction of up to INR 1.5 lakhs.

2. Recurring Deposit

A Recurring Deposit is a type of Term Deposit wherein you deposit a fixed amount (like instalments) for a fixed interval. In most cases, this interval is once a month. Like an FD, the rate of interest is fixed here and does not change throughout the tenure of the RD. You can choose RDs with flexible tenures ranging from 6 months to 10 years.

While the minimum amount of RD differs from bank to bank, it can be as low as INR 1000. Banks typically pay an interest rate ranging from 4% to 7.5%. Like a Term Deposit, you get the principal amount and interest payable when the RD matures. You can also pause your RDs mid-term by bearing specific penalties.

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Term Deposits Vs Fixed Deposits

The significant difference between a Term and Fixed Deposit is on the interest payment component. Essentially, Term Deposits are cumulative deposits, wherein you earn interest only when the deposit matures. As for Fixed Deposits, you can choose between cumulative and non-cumulative interest pay out. If you aim to create a lumpsum amount at the end of the deposit term, you should opt for Term Deposits. Conversely, if you wish to create an additional monthly or quarterly income source, you can opt for a non-cumulative FD.

How a Bank Uses a Term Deposit?

As we know, the primary operations of a bank are lending and borrowing. The bank uses the money from Term Deposits created by investors to invest in other financial products that pay a higher rate of return. This, in turn, allows the bank to pay you interest on your deposits. The bank may also use the Term Deposits to lend money to borrowers for various loans and earn high interest on the loaned amounts.

Conclusion

A Term Deposit is considered one of the best and safest investment options. It protects your capital and provides guaranteed returns. Term Deposits are ideal for investors with a lower risk appetite looking to earn a fixed source of income or create a lump sum deposit.
If you prefer to save time and effort, and open an FD account remotely, then download the digibank by DBS app right away! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Term Deposits allow you to invest a sum of money for a fixed period at a fixed interest rate. There are two types of Term Deposits - Fixed Deposits and Recurring Deposits. It is called a "Term Deposit" because the money is invested for a fixed "term".

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Know what is Fixed Deposit in India | Digibank by DBS

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Know what is Fixed Deposit in India | Digibank by DBS

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A fixed deposit makes it possible for investors to expand their savings predictably. Refer to this article to know more about what is Fixed deposit

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Fixed deposits are safe investments that allow you to earn regular interest income. Learn all about FDs in this article.
Key Takeaways

A Fixed Deposit is a safe investment through which you can earn interest income.

Fixed Deposits promise guaranteed returns and involve no risk of loss of principal amount.

Returns on Fixed Deposits are unaffected by market fluctuations.

All interest gains from Fixed Deposits are taxable by law.

You can avail of top-up loans against your Fixed Deposit.

The scope of investment has expanded tremendously in recent times. Banks today offer multi-investment plans for you to choose from; one of them is Fixed Deposits. Fixed Deposits are the most secure method of investment. You earn guaranteed returns that are unaffected by market fluctuations. Find out what is a fixed deposit, its feature, and the benefits of investing in them, in this article.

What is a Fixed Deposit?

As the name suggests, Fixed Deposit is an investment plan wherein you can deposit your lump sum money for a fixed period and earn interest.

The rate of interest associated with the Fixed Deposit depends on the principal amount invested and investment tenure. So, on maturity, you will receive both the principal amount plus compound interest. However, this is true only if you opt for a cumulative Fixed Deposit. You also have the option of choosing non-cumulative FDs in which you earn interest income on a monthly or quarterly basis.

Investors typically prefer to invest in Fixed deposits because it is safe and straightforward. Once you deposit your lump sum money, you keep earning a fixed interest amount. Returns on Fixed Deposits are unaffected by changes in the interest rate or market fluctuations. You get guaranteed returns on your deposit and there is no apparent risk of losing your principal amount. You can choose to receive the interest earned either periodically or on maturity. However, you cannot withdraw your deposit before maturity, unless you do not mind paying the premature withdrawal penalty.

Features of Fixed Deposit

Now that you know what FD is, let us look at its features:

Secure Investment

Most market-led investments are subjected to changes over time. Conversely, Fixed Deposits are more secure and reliable. This is because the returns generated by FDs are fixed. They are not affected by market volatility and remain static, at least for the investment tenure.

Rate of Interest

The rate of interest offered better depends upon your principal amount and chosen tenure. Typically, the interest rates are higher for long-term FDs and lower for short-term FDs.

Flexible Tenure and Renewal

FDs can be held for tenures lasting for a week to 10 years. You can choose your preferred term at the time of opening the FD. You can just as conveniently renew the FD on maturity, but remember to check the interest rates, as they may be different.

Tax Deduction

The interest earned on the principal amount is subjected to a tax deduction under the Income Tax Act,1961. You can calculate FD interest income in the 'other income sources' category while filing your returns.

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Benefits of Fixed Deposit

Besides knowing what the meaning of fixed deposits is, it is essential to understand their benefits.

Fixed Deposits are safe instruments that offer fixed returns

There is no risk in the principal amount invested.

You can opt to receive the interest earned either periodically, i.e., monthly or quarterly or go with the cumulative method and receive a lump sum amount on maturity.

Returns on Fixed Deposits are safe from market fluctuation.

Most banks offer senior citizens a 0.5% higher interest rate on Fixed Deposits.

You can also have the option to apply for a top-up loan against your Fixed Deposit in case you need funds.

Taxability on Fixed Deposit

All interest earnings from Fixed Deposit are taxable under the Indian Income Act, 1961. The tax deducted from FD interest earnings may range from 0% to 30 %, depending upon the income bracket of the investor.

Most financial institutions deduct 10% TDS if FD interest earnings are more than INR 10,000 in a year. This TDS rate is applicable only if you provide your PAN card details to the bank you open your FD. If you fail to do so, the bank is authorised to levy a 20% TDS rate, as per the government mandate.

If your total income is below the minimum tax slab of 10%, you can claim tax exemption on your TDS deduction. But, if your total income falls under higher tax slabs of 20 % or 30 %, you will have to pay extra tax along with the standard TDS rate.

You can avoid the tax deduction in two circumstances:

1. By submitting form 15G if you are under 60 years of age.

2. By submitting form 15G if you are over 60 years of age (senior citizen).

Conclusion

A Fixed Deposit is an excellent investment option if you are looking for guaranteed returns and do not wish to put your money at risk. Moreover, you can use your FD as collateral if you need a loan from your bank. Now that you have a clear idea of a fixed deposit and how it works, apply for one.
If you prefer to save time and effort and open an FD account remotely, download the digibank by DBS app right away! Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is a Fixed Deposit - Meaning, Features & Benefits of Fixed Deposits | digibank by DBS

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Fixed deposits are safe investments that allow you to earn regular interest income. Learn all about FDs in this article. A Fixed Deposit is a safe investment through which you can earn interest income. Fixed Deposits promise guaranteed returns and involve no risk of loss of principal amount.

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What is Deposit: Know How it Works | digibank by DBS

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What is Deposit: Know How it Works | digibank by DBS

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A deposit is an act of putting money into the hands of a third party, most commonly a bank. Also, Know about what is a deposit in banking at Digibank by DBS

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Key Takeaways

A deposit is money you put into your bank account.

You should deposit money in a bank to create savings and earn interest on it.

A demand deposit is made for funds you can withdraw anytime.

A time deposit is a long-term investment.

A deposit could also be the collateral amount you pay when you take on a loan.

The process of banking at its core involves putting away or saving money in a bank account. The bank plays the role of a safe keeper - an entity that lets you put away your hard-earned money while it pays you interest on sums saved. One of the most frequently used terms in the world of banking is 'deposit'. So, what is the deposit? Let us understand its meaning and types.

What is Deposit?

Fundamentally, a deposit is money held by a bank. The money that you put for savings in your bank account for any reason. It could be to safeguard your money, increase your savings, or money received via cheques and other forms of fund transfers - all come under the umbrella of deposits. Every time a transaction involves a fund transfer into your bank account, it is referred to as a deposit payment.

The word deposit can also refer to an amount of money serving as collateral in a transaction. Suppose you apply for a loan from a bank. The bank might keep a security deposit of your property papers or fixed deposits as collateral. The property papers or fixed deposit serves as the collateral against the loan.
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Types of Deposits

Deposits are broadly classified into two types:

1. Demand Deposit

A demand deposit is a general deposit that you make into your bank account. It could simply be a transfer of money to any account - savings, current, salary account, etc. With demand deposits, you can withdraw money from your account at your discretion. For example, if you deposit to your savings account, you can freely withdraw money from the bank, its ATMs, or while paying for your expenses using the debit card provided by the bank, as and when you need.

2. Time Deposit

A time deposit refers to money you put in the bank for set periods to earn interest. Unlike a demand deposit, you do not have the option of withdrawing money whenever you want to. Your deposit is locked away for a fixed term or time - a Fixed Deposit, for instance. Then there is the Recurring Deposit, wherein you have to deposit a fixed sum for a set period specified time intervals. The deposit period is a fixed long period, and the bank pays you cumulative or non-cumulative interest based on the type of time deposit you choose. The interest paid on time deposits is higher than what you would earn on your demand deposits like a Savings Account.

How Does a Deposit Work?

When you deposit your money in a bank, you are safeguarding it. The bank promises to pay this money back to you as and when you need it. The deposit is your asset, and the bank owes you the amount you save and pays interest on it. The interest rate differs based on the type of deposit you make. While there are no restrictions on demand deposits, banks may levy penalties for withdrawing a time deposit prematurely.

Conclusion

Bank deposits help you grow your money gradually. They teach the discipline of saving money. You can start with demand deposits money into a savings account to earn interest and gradually create time deposits with the lump sum saved in your account.
With the digibank by DBS app, you can open a new saving account in a few minutes! Download the app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is Deposit - Overview, Types & How Does It Work | digibank by DBS

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A deposit is money you put into your bank account. You should deposit money in a bank to create savings and earn interest on it. A demand deposit is made for funds you can withdraw anytime. A time deposit is a long-term investment.

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Check Monthly Interest For 1 Lakh Fixed Deposit | Digibank by DBS

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Check Monthly Interest For 1 Lakh Fixed Deposit | Digibank by DBS

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Know how to calculate 1 lakh fixed deposit interest per month. Refer to this article at DBS to also learn about monthly interest for 1 lakh in a bank calculator

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Key Takeaways

A Fixed Deposit is one of the safest investments instruments preferred by conservative investors.

You can open a Fixed Deposit with Banks and post-offices online and offline.

You can choose the monthly interest for 1 lakh Fixed Deposit payment option or opt for cumulative interest payment.

You get the entire investment back without losing your capital when the FD matures.

Interest rates on FDs may vary based on the investment amount and tenure.

Do you have a lot of idle money sitting in your Savings Account? Would you prefer to earn higher interest rates and perhaps create an additional income source? If yes, you should consider opening a Fixed Deposit Account. Find out the monthly bank interest for 1 lakh Fixed Deposit of your preferred tenure. Keep reading.

Fixed Deposits and Interest Rates

A Fixed Deposit or bank FD is one of the safest investment instruments. Essentially, it is an investment where you must lock away a fixed sum of money for a fixed tenure. Your bank offers interest income on the deposit.

The Fixed Deposit interest rates offered to you depend on your chosen investment tenure and the investment amount. For instance, the monthly interest for 1 lakh Fixed Deposit for a short-term, 1-year investment may be meagre, but you can get higher interest rates by increasing the FD amount and the investment tenures. FD interest rates also depend on the investing entity you choose and your age. For instance, FDs for senior citizens attract an extra 0.50% interest rate.
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Calculating 1 Lakh Fixed Deposit Interest Per Month

You can use a Fixed Deposit Calculator to compute the monthly interest for 1 lakh Fixed Deposit. You can typically find the interest calculation tool on the websites of all banks. Here are the steps on how to calculate the interest earned on Fixed Deposits.

1. Research the interest rates offered by various banks as per your preferred investment amount and tenure and locate the Fixed Deposit Calculator.

2. Enter the principal amount you wish to invest - INR 100,000 in this case

3. Choose your preferred investment tenure, which could range from 7 days to 10 years.

Per your chosen tenure, the FD calculator instantly computes the monthly interest for 1 lakh Fixed Deposit.

Fixed Deposits - Important Facts

FDs are also known as term deposits

Besides the monthly interest payment option, you can also select quarterly, half-yearly and annual interest payment.

In the cumulative payment option, the principal amount, interest earned, and maturity amount is paid at the end of the FD term.

Besides banks, Non-Banking Finance Companies and post offices in India also provide FD accounts.

You can also invest in government-approved tax-saving Fixed Deposit schemes.

Some banks offer higher interest rates if your FD amount exceeds a certain amount and investment tenure.

You typically have to pay a penalty if you prematurely withdraw the FD before the stipulated tenure.

How to Invest in Fixed Deposits in India?

Today, you can create your Fixed Deposits online and offline. Most banks and NBFCs allow you to create FDs online. However, you can open post-office FDs via the offline route only. The documentation for online FDs is minimal in that you can attach scanned copies, while you have to submit hard copies of your PAN, ID, and address for offline FDs.
If you prefer to save time and effort, and open an FD account remotely, then download the digibank by DBS app right away! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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monthly interest for 1 lakh fixed deposit

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monthly bank interest for 1 lakh fixed deposit

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Monthly Interest For 1 Lakh Fixed Deposit - Invest Safe | digibank by DBS

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A Fixed Deposit is one of the safest investments instruments preferred by conservative investors. You can open a Fixed Deposit with Banks and post-offices online and offline. You can choose the monthly interest for 1 lakh Fixed Deposit payment option or opt for cumulative interest payment.

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Why You Must Consider Investing in Tax Saving FD | Digibank by DBS

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Why You Must Consider Investing in Tax Saving FD | Digibank by DBS

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A tax-saving FD is a type in which the individual can claim a tax deduction under Section 80C of the Indian Income Tax. Know more about Tax Saving FD at Digibank by DBS

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Key Takeaways

A Tax-Saving Fixed Deposit is a special type of FD offered by the Indian Government.

You can avail of tax deductions under section 80C of the Indian Income Tax Act, 1961 by investing in this FD.

The maximum amount you can invest is INR 1.5 lakhs per annum.

Tax Saving FDs come with a lock-in period of 5 years.

You can earn interest rates of 5.5% to 7.5% on Tax-Savings FDs.

Almost every bank in India offers Fixed Deposits wherein an investor can invest any big or small amount for a fixed period and get a fixed rate of return out of it. The interest rate ranges between 3% and 7.75% per annum, and you have to pay taxes on the returns accrued from your regular Fixed Deposits. However, the Government of India also offers Tax-Saving Fixed Deposits with significantly higher interest rates. Let us find out more about Tax-Savings FDs in this article.

What is a Tax-Saving Fixed Deposit?

Tax-Saving Fixed Deposit is a type of Fixed Deposit under which you can avail of tax deductions under Section 80C of the Indian Income Tax Act, 1961. You can claim the Fixed Deposit income tax exemption on investments of up to INR 1.5 Lakhs. Unlike a regular FD, which comes with varying lock-in tenures, a Tax-Saving Fixed Deposit comes with a lock-in period of five years. You can also earn higher interest rates ranging from 5.5% to 7.75% on these deposits.

While it is a tax-saving deposit, the interest earned on it is subject to Tax Deducted at Source. You can, however, avoid the TDS by submitting the relevant 15G or 15H Form.

Features of Tax-Saving Fixed Deposits

The following are some of the principal features of Tax-Saving FDs

The minimum amount you can deposit in a Tax-Saving FD is INR 1,000, whereas the maximum amount is INR 150,000 per annum.

The FD comes with a lock-in period of five years.

You can assign a nominee to this investment.

You can avail of monthly or quarterly payout on these FDs.

You cannot withdraw the FD prematurely or use the FDs to apply for loans.

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Tax-Saving FD Eligibility Criteria:

All Individuals and HUFs are eligible to invest in the Tax-Saving Fixed Deposit scheme.

You can invest in the FD individually or jointly with another adult. However, only the first holder can avail of the tax benefit.

Minors can also invest in this FD, but it should be a joint FD account with an adult.

Documents Required

You only need to provide a copy of your ID and address proof documents to open a Tax-Saving Fixed Deposit. These include:

A copy of identity proof - PAN card, Aadhaar, Voter ID card, Driving license, Passport, Government ID card, Senior Citizen Card, etc.

A copy of address proof - Aadhaar, Voter ID card, Driving license, Passport, Utility bills, etc.

Reasons to Invest in Tax-Saving Fixed Deposits

The following are some reasons why you should open a Tax-Saving FD.

High returns

Tax-Savings FDs have a great interest-earning potential as compared to other instruments. The interest rate can be in the range of 5.5% and 7.75%.

Convenient

You can conveniently open this FD online with your bank or visit a post office to open it and make a one-time lump sum deposit. Additionally, you can flexibly invest anywhere from INR 1,000 to INR 1.5 Lakhs per annum.

Tax savings

The most attractive benefit of the Tax-Saving FD is that it comes under Section 80C instruments, on which you can avail of tax deductions of INR 1,50,000. If you have not invested in any other tax-saving instrument, you can consider this.

Risk-free

Tax-Saving Fixed Deposits are risk-free as the principal amount is protected. You get both the principal investment amount and the interest amount when the FD matures.

Conclusion

The 5 years Tax-Saving Deposit is an excellent investment option you should consider if you prefer to invest in safe investment instruments. With this investment, you can get tax savings benefits along with relatively high returns and a medium lock-in period. The fixed deposit tax exemption and high-interest rate make this instrument a risk-free and convenient investment option.
If you prefer to save time and effort, and open an FD account remotely, then download the digibank by DBS app right away! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Tax Saving FD - Why You Must Consider Investing In It | digibank by DBS

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A Tax-Saving Fixed Deposit is a special type of FD offered by the Indian Government. You can avail of tax deductions under section 80C of the Indian Income Tax Act, 1961 by investing in this FD. The maximum amount you can invest is INR 1.5 lakhs per annum.

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What is a Savings Account? Meaning & Features | Digibank by DBS

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What is a Savings Account? Meaning & Features | Digibank by DBS

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A savings account is a bank account where you can unrestrictedly park your money. Know more about at Features and Benefits of Savings Account at Digibank by DBS

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Key Takeaway

A Saving Account is an excellent place to create wealth and meet financial emergencies.

It comes with a host of benefits including a free debit card to withdraw funds anytime

It is a highly liquid account that you can access anytime.

You can also avail additional facilities like internet and mobile banking with your Savings Account

There is no cap on the amount of money you can deposit or withdraw.

Introduction

Thanks to technological advancements, the world of banking is a lot easier to access now. The convenience of cash withdrawal at any time at an ATM near you is perhaps the most visible face of the ease of banking. Be it money transfers or paying your utility bills, you can do it all 24x7 from the comforts of your home. Banks offer a host of services and accounts, but the most common one is the savings account, which serves as the stepping stone to the world of banking. Let us decode savings account meaning, types, benefits and more, in this article.

What is Savings Account?

As is apparent from the name, a Savings Account is a type of bank account where you can save or park your money freely. It also allows you to earn a moderate interest rate along with the liberty of withdrawing money whenever you need it. Besides enabling you to save money, the savings account also equips you with several other facilities that make banking convenient.

Benefits of Savings Account

Having explained what is savings bank account, let us now examine its benefits. As a cash management tool, your Savings Account can facilitate you in multiple ways.

Prepares you for emergencies

A Savings account is a good place to park money for emergencies. It has high liquidity coupled with high daily withdrawal limits, which means that you can withdraw cash anytime.

Safe with no cap on deposits

Savings Accounts are highly safe and secure places to park your money. You can deposit any amount of money in your account without worrying about limits or caps.

Improves your finances

A Savings Account rewards you for depositing money in the form of interest on savings. The interest is credited semi-annually or annually, depending on the type of savings account you have.

Easy account opening

Today, it is very easy to open a Savings Account. You can open an account online from the comfort of your home simply by filling a form, submitting scanned copies of your documents, and completing a quick eKYC process. You no longer need to visit a bank to open the account.

World of facilities

Most saving accounts come with a debit + ATM card for easy cash withdrawals, giving you access to cashback and reward points. Moreover, you can order demand drafts, open Recurring Deposits and Fixed Deposits, and make inter and intra-bank transfers with net banking facilities.

Easy access to savings

As a highly liquid account, a Savings Account keeps you better prepared to meet emergency needs. You can withdraw cash anytime, with high daily withdrawal limits on your debit card. Moreover, there is no withdrawal limit if you choose to withdraw cash physically from the bank branch.

Discounts on bank lockers

An added benefit of Savings Accounts holders is that they get discounts on bank lockers rentals for maintaining a minimum quarterly balance.

Features of savings bank account

Besides knowing the Savings Account definition, let us all assess its many features. They are as under:

You may deposit any amount of money as often as you like without worrying about any limits or caps on deposits.

For cash transactions exceeding INR 50, 000, you have to provide your Permanent Account Number (PAN) details mandatorily.

Your deposits in Savings Account earn interest annually or semi-annually, with interest rates as high as 6% interest on deposits.

You can easily order cheque books, debit, and credit cards directly through your internet-banking enabled savings account, to your home address.

A few Savings Accounts come with the zero balance facility, i.e. you are not required to maintain a minimum deposit in the account.

To send money abroad seamlessly and securely, open a digibank by DBS savings account in minutes! Download digibank Now
Types of Savings Accounts

Primarily, there are five types of Savings Accounts. They are as under:

Regular Savings Account

A Regular Savings Account empowers you to deposit money at your convenience. Interest is paid every month on the balances maintained in the account but is credited annually or semi-annually. You are required to maintain a prescribed minimum amount of balance in the Savings Account, failing which you will have to pay the penalty levied by the bank. You get all the basic facilities like a free cheque book, passbook, ATM card, etc., with your Regular Savings Account.

Salary Savings Account

Generally, employers create salary Savings Accounts for employees. The key benefit of a salary account is the no minimum balance requirement feature, which is why it is also known as a zero balance account. If no salary gets credited to the account for three consecutive months, this salary account will be auto-converted into a Regular Savings Account. As such, you will have to comply with the rules of a regular account and maintain the minimum balance required.

Senior Citizen Savings Account

This account is specially designed for senior citizen account holders and comes with certain extra benefits. Prominently, it offers higher interest rates on the savings parked. Also, there is usually no minimum balance requirement. Account-holders can also link this account to their pension funds.

Savings Account for Children

A Savings Account for children is like a regular Savings Account but without any average balance requirement. You can open this account for your children. The minor should be named as the primary account holder, while you, as the parent or guardian, can serve as the joint holder. Note that once the minor turns 18, the Savings account for children is converted into a Regular Savings Account.

Savings Accounts for Women

Designed especially for women, and to encourage them to open their own accounts, the Savings Account for Women come with a host of facilities. These include high daily ATM withdrawal limits and debit card transactions at retail outlets. Women may also get slightly higher interest on their deposits, along with extra reward points, shopping discounts and more, with this account.

Checklist of documents required to open a Savings Bank Account

Proof of Address

As proof of address, you have to submit photocopies of specific documents, as mentioned in the account opening form. The following address proof documents are accepted.

Aadhaar Card

Voter ID

Utility bill (electricity, gas, water, telephone)

Passport

Driving license

Passbook of bank or bank account statement

Ration Card

Letter with address stamped/signed/recognised by a gazetted officer or public authority

Proof of Age and Identity

An ID proof document is one which has your photograph affixed on it. Here are some of the most accepted ID proof documents for opening a bank account, and you can submit any one of these:

PAN Card

Aadhaar Card

Voter ID

Passport

Driving licence

Employee ID card bearing your photograph

Any state or central government-issued photo ID card

Two passport-sized photographs

You need to provide two recent passport-sized photographs along with the above documents.

Duly filled account opening form

Finally, you also need to fill and review the account opening form. You can fill the form directly on the website of the bank or download it, fill it, and upload it again.

Based on the verification of documents, the bank will decide whether you are eligible for a Savings Account.
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Conclusion

Now that you know Savings Bank Account meaning, types, and benefits, go ahead and choose your preferred account. Whether you are a working individual, student, or a homemaker, it is essential to inculcate a healthy habit of saving for the rainy days. A Savings Account is the right place to begin to harness this habit. Once you start saving with discipline, you will see that your finances get more organised than ever.
With the digibank by DBS app, you can open a new savings account in a few minutes! Download the app to get started. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is a Savings Account? Read Savings Account Meaning, Features & More | digibank by DBS

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A Saving Account is an excellent place to create wealth and meet financial emergencies. It comes with a host of benefits including a free debit card to withdraw funds anytime It is a highly liquid account that you can access anytime.

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Difference between salary account vs savings account | Digibank by DBS

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Difference between salary account vs savings account | Digibank by DBS

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Understand the Difference between salary & savings accounts and their functionalities in detail. Know, in fact about the Difference between a salary account and vs savings account

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5 Differences Between Salary Account and Savings Account | digibank by DBS

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Understand the difference between salary & savings account along with their functionalities in detail. Download the digibank app & open a savings account today!

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What is ​Joint Account? Know joint bank account Meaning & Features | DBS

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What is ​Joint Account? Know joint bank account Meaning & Features | DBS

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A joint account is a savings account you can open with one or more people. Refer to this article to Know more about Opening a Joint account online at Digibank by DBS

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What is A Joint Account? Read Joint Account Meaning, Features & More | digibank by DBS

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Joint Account Meaning: A joint account is a type of savings account which you can open jointly with one or more individuals. Download DBS app to open savings account in a few minutes!

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How to Link Aadhaar Card to Bank Account Online | Digibank by DBS

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How to Link Aadhaar Card to Bank Account Online | Digibank by DBS

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Check out the guide on how to link your Aadhaar card to your bank account. Read now to know more about the Aadhar link to a bank account at Digibank by DBS.

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Key Takeaways

There are various ways by which you can link Aadhaar card to bank account

The Aadhaar number is assigned to Indian citizens by the UIDAI (Unique Identification Authority of India)

It is a widely-accepted ID and address proof document throughout India.

Aadhaar is a valid Know your Customer (KYC) document to open bank account

Linking of Aadhaar and bank account enables you to receive subsidies and credits formulated by state governments

Introduction

You must have realised by now that your Aadhaar card is a necessary document in your life. This random 12 digit Aadhaar number that is assigned to Indian citizens by the UIDAI (Unique Identification Authority of India) is an authentic ID and address proof document that is widely accepted throughout India. The Aadhaar card is designed to provide subsidies and services to citizens as per the Aadhaar Act, 2016. However, in order to avail of the subsidies, you need to make sure that the Aadhaar card is linked to your bank account.

The process of linking your Aadhaar to the bank can be a bit confusing at times. If you have not yet linked the two, here are ways by which you can do so.

How to link the Aadhaar card to your bank account offline?

If you are not using internet banking services provided by your bank, you will need to physically visit the branch of your bank to initiate the Aadhaar card link to bank account. Just follow these three steps:

1. After visiting the branch, you need to ask for a copy of the form that enables you to link your Aadhaar with the bank. Fill in all your details, including your name, bank account number, name of the bank, name of the branch, residential address and so on.

2. Make sure you enter your name as mentioned in the Aadhaar card as well as your correct Aadhaar number and review the form for any errors.

3. Next, you need to attach a photocopy of your Aadhaar card to the form.

The bank will evaluate and verify your Aadhaar details, after which your Aadhaar link to bank account process will be complete. Remember to carry the original copy of your Aadhaar to the bank for verification.

How to link Aadhaar number with bank account through internet banking?

If you use internet banking facilities, then you can link Aadhaar number with bank account online from anywhere by following the steps below:

1. Log in to your internet banking portal.

2. Scroll to the section to link your Aadhaar to your bank account.

3. Select the account that you want to link by clicking on it; enter your 12-digit Aadhaar number and click on the 'submit' tab.

4. The system will display the last two digits of your registered mobile number on the screen.

5. You will receive the status of your linking request by SMS.

How to link Aadhaar card to bank account through your mobile app?

Almost all banks allow you to link Aadhaar number with bank account online using their mobile app. The steps to follow are as under:

1. Download the respective mobile app of your bank from Google Play Store or App Store.

2. Enter the proper credentials and log in to the app. You may be asked to complete a small security verification process (OTP or captcha for instance) which, you will need to complete.

3. Proceed to click on "Requests"/"Service Requests". Please note that this is what the field is generally called. It may have a similar variation of the term.

4. Now you will have to locate the "Link Aadhaar"/ "Update Aadhaar Number" option on the mobile app. Once again, the term can vary from app to app but essentially means the same.

5. Choose the account for which you want to link the Aadhaar.

6. Enter your Aadhaar number, and re-enter it if prompted (similar to confirming passwords while setting them).

7. Accept the terms and conditions upon being prompted to do so.

8. Lastly, select the field "Update"/"Confirm" or any similar variation and complete the Aadhaar linking process.

Link your Aadhaar card in minutes. Download the digibank by DBS app to get started today. Download digibank Now
How to link Aadhaar Card to bank through an ATM?

If you possess an ATM card, you can initiate your Aadhaar card link to bank account process by following the steps below:

1. Visit any ATM vestibule of your bank.

2. Insert your ATM-cum-debit card into the machine slot and enter your PIN.

3. You will see an option to link your Aadhaar to your bank account displayed on your screen under "Services" or a similar variation.

4. Choose the bank account you wish to link to Aadhaar

5. Enter your 12-digit Aadhaar number and re-enter it, if prompted by the system to complete the process.

How to link the Aadhaar Card with bank account through phone banking?

Your Aadhaar link to bank account process can be done via phone banking as well if your bank provides the phone banking facility. You need to call the toll-free phone banking number of your bank and follow the Interactive Voice Response (IVR) system instructions. Listen to the automated prompts and choose the option to link your Aadhaar to your bank account. You must enter your Aadhaar number and confirm the same by saying 'Yes' or by completing a similar process variation.

Can my Aadhaar Card be linked to bank account through SMS?

A few banks let you link your Aadhaar to your bank account with an SMS facility. This facility is sent in a specified format on a specific number and involves the following steps.

1. Send an SMS in a specified format along with your Aadhaar number to the number provided by your bank.

2. The bank will send you an acknowledgement message upon receiving your SMS.

3. Once the verification process is done, you will get a confirmation stating that your Aadhaar is linked to your bank account.

How do I check if my Aadhaar Card is linked to a bank account?

Most of the times, you will know the status of your Aadhaar being linked to your bank account via an SMS on your Registered Mobile Number (RMN).

You can alternatively check your status of linking by following the steps below:

1. Visit the webpage https://resident.uidai.gov.in/.

2. Click on 'My Aadhaar'.

3. Visit the next page and click on 'Check Aadhaar Status' located under the 'Get Aadhaar' section.

4. Enter the Enrolment number (EID), date, and the captcha.

5. Click on 'Check Status' and verify the captcha.

Once you complete the five steps, you will be able to see if your Aadhaar is linked to your bank account.
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Conclusion

The process of linking your Aadhaar to your bank is essential. As such, you should do it at the earliest. As mentioned earlier, linking of the two can prove highly beneficial. Aadhaar is one of the most accepted Know your Customer (KYC) documents that you need to open bank accounts. Also, it enables you to avail various kinds of government subsidies. Finally, by linking bank and Aadhaar, you can benefit from direct credit of scholarship, pensions, welfare funds, and more.

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link aadhaar number with bank account online

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How to Link Aadhaar Card to Bank Account? - Stepwise Guide

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There are various ways by which you can link Aadhaar card to bank account The Aadhaar number is assigned to Indian citizens by the UIDAI (Unique Identification Authority of India) It is a widely-accepted ID and address proof document throughout India.

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Know How to Link Pan Card with Bank Account | Digibank by DBS

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Know How to Link Pan Card with Bank Account | Digibank by DBS

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You can complete the PAN to bank account linking process using your internet banking platform. Check out the steps to learn how to link a pan card with a bank account

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Key Takeaways

The PAN card is a significant identity proof documents you need as an Indian citizen.

It is especially critical if you are a tax-paying Indian.

Link your PAN card to your bank account is mandatory.

You can Link Pan card to bank account offline by visiting your bank branch.

You can also link PAN card to bank account online via internet banking, mobile apps, phone and SMS banking.

Introduction

A PAN card is a Government-of-India authorised and recognised document bearing your Permanent Account Number. It is provided by the Income Tax (I-T) department to every income taxpayer of the country. The PAN card is mandatory for almost all high-value financial transactions. The Government has issued a mandate stating that all Indian citizens must link the PAN to their bank account. You can link all types of bank accounts to your PAN - be it savings, current, checking, cash, or overdraft accounts. The primary reason for linking your PAN card with a bank account is to get tax refunds credited directly to your bank account. Failure to link the two will make you ineligible to receive tax refunds. Let us find out more about PAN link with bank account in this article.

How to link PAN card to bank account?

There are multiple methods in which you can complete the PAN link with bank account process. They are as follows:

Link via the offline mode at your bank branch

Link via mobile banking

Link via Internet banking

Link by phone banking

Link through SMS banking

You may choose any of the methods as per your comfort.
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How to link PAN Card to bank account with branch?

To start the process of PAN card link to bank account at a branch, you will have to physically visit the branch of your bank and follow the steps mentioned below:

1. Visit the home branch of the bank in which you hold your account.

2. Ask a bank representative to provide you with the PAN Card Update Form (KYC Form).

3. Ensure that you fill all the relevant details of the form correctly and review it before submission.

4. Submit the duly filled form and a self-attested photocopy of your PAN Card. You may also be asked to write a letter to your branch manager requesting to update PAN in your account.

It typically takes the bank 48 hours to complete the offline PAN to bank account linking process. Note that each of the different processes of linking your PAN card with your bank account may vary slightly, based on the bank with which you have your account.

How to link your PAN Card with bank account through internet banking?

The process of PAN link with bank account can be completed online as well, from the comfort of your home. You just need to follow these steps mentioned below:

1. Log in to the internet banking portal of your bank and sign in.

2. Go to your profile; locate the menu options such as Service Requests, Services, PAN Registration or other such variations and click on the appropriate option.

3. Next, you should select PAN Card Update, Link Your PAN, Update PAN, or other similar variations.

4. Enter your PAN Card number. The system may also prompt you to enter your date of birth as mentioned on the PAN Card, along with your registered e-mail ID.

Once you have entered the correct details, your PAN and bank account will be linked to your bank account within 2 to 7 working days.

How to link PAN Card to bank account through mobile app?

You can use another mode of initiating PAN card link to bank account via your mobile app. Under this method, you will have to download the Mobile App of your bank and register to proceed further. Once you download the app, you can follow these steps mentioned below:

1. Log in to the mobile banking account and locate the 'Service and Support' section on the home page. There could also be another variation of this option.

2. Next, select the 'Insta Services' section or a similar variation of the process on your app.

3. In the Insta Services section, you need to select 'Profile' to update and link PAN and bank account.

4. Select' Update PAN' and fill in the PAN and other details in the section provided for the same.

5. Accept the terms and conditions to complete the process and verify all the details filled in before clicking on 'Update'.

You will receive an SMS or e-mail notification when your PAN card is successfully linked to your bank account.
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How to link your PAN Card with your bank account through phone banking?

In order to link your PAN card with any bank account by phone banking, you will need to call the customer care hotline of the bank and follow the instructions. Typically, you have to follow these basic steps:

1. Call the toll-free customer care centre of your bank.

2. Listen carefully to the IVR menu and select the suitable menu options for the pan card link to the bank account.

3. You will be then be connected to a customer care executive (CCE), whom you must inform about your need to link your PAN to your account.

4. The CCE will ask you some questions to verify your identity, such as your name, RMN, e-mail, account number and so on. Ensure you have these details handy before calling the helpline.

5. Finally, you will have to provide your PAN Card number to the CCE, who will initiate and complete the linking process.

At the end of the call, you will get a service request number and confirmation. If the numbers are not seeded to your account within seven working days, you will need to re-check with the bank.

Can my PAN Card be linked to bank account through SMS?

Yes, certain banks allow you to update your PAN Card by simply sending an SMS from your registered mobile number. Typically, you only need to enter your PAN and Customer ID numbers and send the SMS to a specific number provided by your bank. The format and SMS numbers vary from bank to bank and can be found on the website of each bank. You could also call up the customer care helpline to verify the phone number to send the SMS.

How to check PAN card link with a bank account?

The process of how to check PAN card link with a bank account is simple and straightforward. You need to log in to the e-filling website of the Income Tax department and follow these three steps.

1. Locate the 'Verify your PAN details' on the left side of the IT website under the 'Quick links' tab.

2. Click on 'verify your PAN details' and fill in the details such as your PAN number, name, date of birth, and PAN card status. Enter the captcha code and click on 'submit'.

3. The system will display the status of your Pan Card linking with your bank account.

With these simple steps, you can check the pan card link with bank account.

Conclusion

You must link your PAN to your bank account as refunds are currently handed out only via e-mode. If your account is not linked to your PAN, you will not be able to receive your refunds. Choose from any of the options mentioned above at your convenience and complete the linking process. Also, note that if your PAN Card is not linked with a bank account, opening a fixed deposit account, or depositing cash more than INR 50,000 is impossible. It will further result in TDS getting deducted at 20% if the interest amount of the FD account crosses INR 40,000, which is double the current 10%.
Download the digibank by DBS app to start the paperless process of opening your fixed deposit account. Download digibank Now

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how to check pan card link with bank account

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Pan Card Link to Bank Account Via Online & Offline Methods | digibank by DBS

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The PAN card is a significant identity proof documents you need as an Indian citizen. It is especially critical if you are a tax-paying Indian. Link your PAN card to your bank account is mandatory. You can Link Pan card to bank account offline by visiting your bank branch.

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Find Out How to Link Mobile Number with Bank Account | Digibank by DBS

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Find Out How to Link Mobile Number with Bank Account | Digibank by DBS

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Check out the multiple ways to link your phone number with your bank account. Read now to know more about mobile number links to bank accounts at DBS

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Key Takeaways

Linking your mobile number with your bank account is both necessary and advantageous.

There are several ways to link your mobile number with your bank account.

You can link your mobile numbers and bank accounts via the internet and mobile banking platforms.

You can also visit an ATM to complete the procedure.

Linking mobile number to bank accounts enables you to get instant notifications and keep a tab on your accounts.

Introduction

Banks today require customers to provide their phone numbers at the time of account opening. Even if you already have a bank account for years with the same bank, they insist that you link your phone number to your bank account. The bank saves this number in their records related to your account and calls it your Registered Mobile Number. The number is taken as a security feature for the bank to contact you as needed and send you instant notifications each time you initiate a transaction with your account. The good news is that you do not need to visit your bank to complete this simple formality. Find out how to link phone number with bank account online in this article.

How to link a mobile number to a bank account - the different methods you should know.

Through your net banking account

If you have availed of the internet banking facility provided by your bank, the most basic way to link a mobile number to a bank account is through your internet banking account. Follow the below steps:

1. Log in to your internet banking account with your username and password.

2. Go to the 'My Account' or 'My Profile' section of your internet banking account, under which you will find the 'contact number' tab. If you have multiple accounts with the same bank, select the appropriate account for which you would like to link the mobile number.

3. Once you select the account, you will be prompted to complete an additional layer of authentication via a password or PIN to link your mobile number to your bank account. This step differs from bank to bank.

4. Upon completing the above authentication, you will be redirected to a new tab to add a unique mobile number or change/update your existing mobile number.

5. Select the appropriate option and enter your mobile number in the designated tab. The two numbers should match for you to proceed. At this point, the system may prompt you to confirm the new number in a separate tab as well.

6. Now, click on the 'submit request' tab. The bank sends you a One-Time Password (OTP) to the mobile number provided in the above step. Enter the OTP and click on submit.

The bank will link your mobile number to your bank account within 24- 48 hours. You can follow the same steps as mentioned above in the mobile banking app of your bank to link your mobile number to your bank account.

Through an ATM of your bank

Another way to link a phone number with a bank account online is through your bank's ATM. This process is straightforward and takes only a couple of minutes. Simply follow these steps.

1. Visit your nearest ATM vestibule of the bank with which you have your account.

2. Insert your ATM-cum-debit card in the designated slot in the ATM and enter your PIN upon being prompted by the machine

3. Next, you have to go to the main menu and select the 'Register Mobile Number' option.

4. Use the ATM keypad to enter your 10-digit mobile number.

5. Once you key in the mobile number, you will receive an OTP on it, which you must enter with the help of the keyboard.

6. Click on confirm to complete the process.

Like with internet banking, the bank will establish the mobile number link to the bank account within 24-48 hours and send you a confirmation notification once the process is completed.
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How to update or change mobile number linked to a bank account

If you wish to change the existing mobile number linked to your bank account, here is how you can do so.

Updating mobile number via the internet and mobile banking

The procedure to update the mobile number is more or less similar to the one you follow to link your account. The only difference is that you have to select the "update/change" option instead of the "link mobile number" option. You need to enter the current mobile number in the designated tab and confirm it (re-enter as prompted by the system). You will receive an OTP on it, which you must enter into the system and confirm. The bank will update and link the new account number within a few hours and notify you of the change.

Updating mobile number via ATMs

You can also visit the nearest ATM vestibule of your bank and update your mobile number. You will need both your currently linked mobile number and the new number you wish to update while making the change. The process stays the same broadly, except you have to select the "update mobile number" option. The system prompts you to enter your existing number and sends an OTP on it, which you must enter in the designated tab. Once you key in the OTP, you will be asked to enter the new number, and an OTP will be sent on it, which you must enter. The bank then makes the change on the bank end and informs you via an SMS notification.

Conclusion

Now that you know how to link a phone number with a bank account online, you can connect your mobile number with your account. If you prefer the offline option, you may visit your bank branch, fill a form, and place a request to link your mobile number to your bank account. However, the online methods are more straightforward, convenient, and less time-consuming.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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how to link phone number with bank account online

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how to link phone number with bank account

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How to Link Phone Number with Bank Account Via Online & Offline Methods | digibank by DBS

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Linking your mobile number with your bank account is both necessary and advantageous. There are several ways to link your mobile number with your bank account. You can link your mobile numbers and bank accounts via the internet and mobile banking platforms. You can also visit an ATM to complete the procedure.

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Best Bank for Savings Account Opening Online | digibank by DBS

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Best Bank for Savings Account Opening Online | digibank by DBS

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Read about the characteristics that will assist you in choosing the best bank to open a savings account. Refer to this article at Digibank by DBS to know more

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Key Takeaways

A Savings Account helps you park your hard-earned money in a secure account.

The best Savings Account is the one that offers high Savings Account interest rates.

You must also consider whether the bank offers internet banking and other crucial facilities.

Check for banks with multiple branches nationwide.

Consider card offers and value-added services like low-interest loans, daily withdrawal limits, etc.

Your first-ever investment - a Savings Account, remains for your entire lifetime. Your money stays secured while earning interest. It acts as a reservoir from where you finance several expenses, including paying bills, loan EMIs, Mutual Fund SIPs, or initiating intra and inter-bank fund transfers. This article evaluates certain bank features to determine what makes a bank the best bank to open Savings Account.
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What Makes a Bank The Best Bank For Savings Account?

You can choose the best bank to open a Savings Account based on the following features that it offers:

Higher interest rates

Banks that offer above-average interest rates on minimum balances are factors to consider when choosing a bank account. That way, your money does not remain idle, and you can make it work. The higher your balance, the greater would be the interest earned. The interest is the bank's way of thanking you for availing of their service.

Location

Another factor for a bank to be the best is its number of branches and locations. Since citizens from the remotest parts of India need bank accounts, the bank must have branches in not only metropolitan cities but also small towns and villages. A bank account should be convenient and easily accessible, making it the best bank for account opening.

Mobile and internet-banking provisions

Banks are changing with time. Today, the internet is a quintessential part of almost all aspects of life. As a generation, we are getting used to things being brought to us. The same goes for banking. An ideal bank for consumers would be the one they can access online without visiting the branch.

Low-interest loans

For the most part, a bank has been a money-lending institution. To thrive in the competition, almost all banks offer several types of loans such as home loans, car loans, personal loan, etc. However, the best bank to open Savings Account would be the one that offers the lowest loan interest rate.

Choice of bank cards

Since cashless payment is the norm, banks should offer debit and credit cards. The best bank provides various categories of debit and credit cards, depending on the type of bank account you open.

Types of Savings Accounts

The Best savings banks offer numerous types of deposit accounts, i.e., fixed deposit, recurring deposit, women's Savings Account, senior citizen Savings Account, children's Savings Account, no-frills Savings Account, premium account, etc. As a customer, you should be able to choose your preferred account type.

Fees & charges

Banks levy various charges for the services offered, for instance, card issuance, account maintenance, etc. Essentially, you should choose one that levies lower charges and penalties so that your savings are higher than the costs incurred.

Final Note

A Savings Account is necessary for you to conduct all financial transactions legally and transparently. Ultimately, the best bank to open a Savings Account is the one that closely meets all your banking requirements.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Best Bank for Savings Account Opening | digibank by DBS

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A Savings Account helps you park your hard-earned money in a secure account. The best Savings Account is the one that offers high Savings Account interest rates. You must also consider whether the bank offers internet banking and other crucial facilities. Check for banks with multiple branches nationwide.

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Know How to Calculate Interest on Savings Account | Digibank by DBS

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Know How to Calculate Interest on Savings Account | Digibank by DBS

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How to Calculate Interest on Savings Account has been explained in detail by digibank. Read now to learn more about how banks calculate interest on a savings account.

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How to Calculate Interest on Savings Account | digibank by DBS

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How to Calculate Interest on Savings Account has been explained in detail by digibank. Download the digibank app to open a savings account now.

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Checkout the Difference between current account & savings account

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Checkout the Difference between current account & savings account

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Learn about about these two accounts by reading their differences & similarities. Refer this article to know the difference between current account and savings account.

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Key Takeaways

Banks offer different types of current and savings accounts

Savings accounts help you deposit and grow your corpus, while current accounts are ideal for everyday transactions

Current accounts come with a higher frequency of transactions as compared to savings accounts

While you can earn interest on savings accounts, this facility is not offered with current accounts.

You can utilise overdraft facilities and apply for personal loans with current and savings accounts, respectively.

Introduction

It is always better to have as little of it on your person or in your home when it comes to cash. Instead, you should store it securely in bank accounts. A bank account allows you access to your funds anytime through different platforms. It also empowers you to grow your corpus strategically over time. Furthermore, you get access to a world of facilities - from internet and mobile banking to instant money transfers, cashback and reward points and more.

Typically, most people own and operate two types of bank accounts - Savings Accounts and Current Accounts. Let us find out the difference between Current and Savings Account, starting with their definitions. We shall also assess their similarities in this article.

Savings Account

As the name suggests, a Savings Account is one in which you can park your excess money or your savings. Here, you can deposit the funds that you do not need currently but may require some time in the near future. Each time you deposit money into this account, your savings continue to increase. You also earn interest on the savings parked on an annual or bi-annual basis, and the interest rate differs from bank to bank. Typically, you get anything from 3.5% to 6% interest on your savings.
With the digibank by DBS app, you can open a new savings account in a few minutes! Download the app to get started. Download digibank Now
Current Account

If you own a business, be it a retail or grocery store a multi-national company, you may need to withdraw and deposit large amounts of funds every day. For such transactions, you need a Current Account. Unlike Savings Accounts, Current Accounts are non-interest bearing accounts, but they come with high daily deposit and withdrawal limits. As a Current Account holder, you get access to several facilities that can help your business, short-term loans, overdraft facilities, and more.

Current vs Savings Accounts - The Differences

Now that we know the fundamental Current and Savings Account differences, let us compare the two. Primarily, there are 4 points of difference between these two types of bank accounts.

1. The Purpose

Savings Accounts are designed to enable account holders to save and grow their money. Banks offer an incentive in the form of interest on the savings parked, which contributes to the growth of the corpus. Conversely, the Current Account empowers you to conduct your everyday business transactions without any hassles. To ensure there is no shortage of funds, banks over loans and overdraft facilities to Current Account holders.

2. Transactions Permitted

Savings Accounts generally come with certain specific limitations when it comes to transactions. For instance, you can withdraw funds from your account at ATMs and bank branches only a particular number of times each month, ranging from 3-5 times, depending on banks.

If you exceed the number of transactions permitted or use other bank ATMs beyond the permitted limit, you may be charged a fee. As for Current Accounts, there are no caps or restrictions on deposits or withdrawals. You may withdraw money several times a day, if needed, without any hassles.

3. Balance Maintenance

Another point of difference between a Savings Account and a Current Account surrounds the requirement of balance maintenance. Your bank typically requires you to maintain a specific amount in your Savings Account at all times to keep it operational. The balance amount may be as small as INR 500, or upwards of INR 10,000, depending on your bank. With Current Accounts, you have to maintain higher balances, which may be upwards of INR 50,000 or INR 100,000 at all times, depending on the account type.

4. Borrowing Money

Current Account holders can utilise the overdraft facility to withdraw more money from their account than their actual balance. If a Savings Account holder needs more money than their balances, they can use Personal Loans. If you already have a Savings Account with the bank, you can get Personal Loans quickly.

Similarities Between Current And Savings Accounts

Having examined the Current Account and Savings Account differences, let us learn how they are similar.

Both Current and Savings accounts are designed to address your various financial needs and help you manage your money.

Both accounts come with basic facilities like internet banking, ATM-cum-debit cards, individual and joint account facilities, etc.

There is no specific or prescribed limit on the money you can deposit in either account.

You can choose from an array of Savings and Current Account types.

Now that you know the differences between Savings Account and a Current Account, you can choose to open one that best suits your requirements. Remember to select a bank that offers access to your account through different portals, including internet, mobile, and SMS banking, UPI transactions, international ATM-cum-debit card, and more.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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difference between current account and savings account

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what is the difference between current account and savings account

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Know the Difference Between Current Account and Savings Account | digibank by DBS

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Banks offer different types of current and savings accounts Savings accounts help you deposit and grow your corpus, while current accounts are ideal for everyday transactions Current accounts come with a higher frequency of transactions as compared to savings accounts While you can earn interest on savings accounts, this facility is not offered with current accounts.

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Check Cash Deposit Limit in Saving Account| Digibank by DBS

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Check Cash Deposit Limit in Saving Account| Digibank by DBS

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Every savings account is subject to cash deposit limit, Here is all you need to know about cash deposit limits in savings accounts. Read now to know more at Digibank by DBS

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29 Sep 2021

Know about Savings Account transaction limits and rules in this article.

Key Takeaways

Banks set basic Savings Accounts Rules, which all account holders should follow

You must maintain the required minimum balances.

You must use debit cards frequently to keep them active.

You cannot withdraw money beyond a specific amount.

The IT department mandates banks to report transactions exceeding INR 1,000,000 in a Financial Year.

The road to building wealth begins with a Savings Account. The idea of the Savings Account is to deposit any spare money you have and earn interest on it. While a Savings Account is quite basic, it offers numerous facilities ranging from internet and mobile banking to ATM and debit card transactions. As an account holder, you should be well-versed with these rules and regulations and Savings Account transaction limits permitted by the RBI. Read on to know more about Savings Account Rules.

Savings Account Rules

Let us go through the basic rules surrounding Savings Accounts

Balance maintenance

You must comply with the account balance maintenance rules set by your bank. You must ensure that your account always has the minimum balance amount as prescribed by your bank. If you fail to maintain the minimum balance required, your bank can penalise you.

Cash withdrawal limits

Another crucial rule surrounds the cash withdrawal limit from Saving Account per day. You cannot withdraw more than the prescribed Savings Account withdrawal limit on any given day, especially at bank ATMs. The limit could range from INR 10,000 to INR 100,000, depending on the type of Savings Account you have. There are also specific limits on how much you can spend online using your debit card linked to your Savings Account.

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Debit card usage rules

Your Savings Account comes with a debit card, which you must use at least once in six months. You can use the card to withdraw cash at ATMs or pay for your retail store or online purchases. As a security feature, the bank deactivates the debit cards if you do not use them at least once in six months. You can reactivate the card by calling the customer service helpline.

Account usage rules

Just like the debit card, you also must conduct at least one transaction on your Savings Account in a given financial year. If you do not use your account for prolonged periods, the bank may freeze your account and render it dormant.

Savings Account Transaction Limit Rules

While there is generally no specific Savings Account Deposit Limit or cap, you should know the rules for high-amount cash deposits.

You must provide your PAN card details whenever your cash deposit limit in your Savings Account exceeds INR 50,000.

If your annual withdrawal and cash deposits limits in Savings Accounts exceed INR 10 lakhs, banks are obligated to report the same to the Income Tax Department.

The above rule also applies to transactions regarding cash deposits and withdrawals for purposes of investments in shares, mutual funds, debentures, time deposits, credit card expenses, a transaction in immovable property, purchase of foreign exchange, etc., linked to your Savings Account.

Conclusion

Most Savings Account rules are typically framed by the IT department, not to keep an eye on your finances but to curb black money practices. As an account holder, you should be aware of the Savings Account transaction limits to stay off the radar of the IT department.

Get the digibank by DBS app and start your investment journey now for a better future.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

Keep Reading

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Savings Account Transaction Limits & Rules | digibank by DBS

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Understand the Savings Account Transaction Limits & Rules before opening a Savings Account. Download the digibank app & choose the savings account which suits you.

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Know the application for change mobile number in bank | Digibank by DBS

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Know the application for change mobile number in bank | Digibank by DBS

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The address listed on your bank account must be updated whenever you relocate. Refer to this article to learn more about applications for changing mobile numbers in bank

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Key Takeaways

Change the address on your bank account when you move to a new address.

You can change the address details via internet banking.

You can also visit your home branch to change the address.

You may send a written application letter to the branch manager.

Banks do not levy any charges for updating your new address details.

Life can take you anywhere. One minute you live in one city, and the next, you may have to move to another for work, education, or any other reasons. If you move to a different place for an extended time, you may need a local address proof document. In such a case, you can change your address on your bank account. Let us find out how to change the address on the bank account in this article.

Bank Account Address Change Procedure

There are two ways to apply for address change in a bank account.

1. Bank Account Address Change Via Internet Banking

You can update your new address with a click of a few buttons through your internet banking portal. Just follow these steps:

1. Log in to the internet banking page of your bank account.

2. Visit the personal details or 'profile' section of your account.

3. Locate the address tab on the personal details page.

4. Upload a document of the address proof.

5. Accept the terms and conditions to initiate the address change process.

It typically takes 3-4 days to complete the bank account address change formalities online. Note that your bank may ask you to complete another e-KYC formality as well.
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2. Bank Account Address Change Via Your Home Branch

You may visit the home branch of your bank to change the address on your bank account. If you choose this option, you have to carry copies of certain documents along with you. Essentially, you must carry your original identity proof, address proof and your bank passbook. You also need to submit a written application, addressed to the branch manager, along with self-attested photocopies of your documents. You might also be required to complete a KYC formality. The home branch usually updates the details within 1-2 working days after you submit the request.

Application Letter Format to Change the Address

The Branch Manager,

Name of the bank

Branch Name

City name

Date

Subject: Application for address change in a bank account
Sir/ Madam,
I (enter your name) am an account holder in your branch, with the account number (enter your account number). I have recently moved to a new address and need to update the address registered to my bank account.

My new address is (enter your address details). I have attached copies of my further address proof, along with copies of my identity proof and bank passbook. Kindly make the necessary changes regarding my address in all address related columns in my bank records.

Yours Faithfully

(Your name and signature below that)

(Account Number)

((Mobile Number)

Changing your bank account when you move to a new city is both easy and practical. Your bank can forward any written correspondence to your new address. Once you make the change, you can even update it on your other documents, your Aadhaar card, for instance. Note that you will need to submit a court-registered lease instead of a regular rental agreement if you reside in a leased property.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Steps Needed To Change Address On Bank Account | digibank by DBS

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Change the address on your bank account when you move to a new address. You can change the address details via internet banking. You can also visit your home branch to change the address. You may send a written application letter to the branch manager.

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Check Banks Interest Rates on Savings Account | Digibank by DBS

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Check Banks Interest Rates on Savings Account | Digibank by DBS

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Know the benefits and who is eligible to create a savings account with Digibank that pays a high-interest rate. Read now to know more about banks interest rates on savings account

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Key Takeaways

You can earn interest on the money you deposit in your Savings Account.

Interest on savings is a way to earn passive income.

DBS Bank offers lucrative interest rates between 3.25 per cent to 4.00 per cent.

The interest rate you get depends on the type of account you choose and the balances you maintain.

You can open your highest interest rate Savings Account digitally via the digibank from the DBS website.

A Savings Account is often the first bank account that people start investing their money in. It is a place where you can deposit your hard-earned money and gradually build your wealth. Besides enabling you to park your money, the Savings Account also helps you earn passive interest income on the deposited sums. If you plan to open a savings account, you should undoubtedly consider opening the best Savings Account that offers the highest interest rate.

Advantages Of Opting For The Highest Interest Rate Savings Account

High Interest On Your Savings

Banks provide interest on the idle money parked in your Savings Bank Account. The interest rate essentially depends on the type of account you choose - from Regular Account to Savings Accounts for Seniors, Women, and Privileged Savings Account. DBS digibank offers some of the highest interest rate Savings Accounts where you can receive interests between 3.25per cent to 4.00 per cent, based on the balances you maintain in the account.

Automatic Interest Credits

All banks pay the interest amount semi-annually or annually, and the sum is directly credited into your account. In essence, the interest you earn can be considered passive income that enables you to increase your savings and grow your wealth gradually.

Additional Interest Facilities

Besides the best interest rate on a Savings Account, digibank by DBS offers other modes of earning interest as a bonus on the already high interest rates. For instance, you can use your Savings Account Deposits to create Fixed and Recurring Deposits and make interest rates of up to 5.50 per cent. You can opt for cumulative and non-cumulative interest and benefit from compounding interest too.
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Investment Opportunities

You can use the funds from your savings account and re-invest them in other investment avenues. You can base your investments on your risk appetite, go for conservative investment options like the FD and RD, and earn high-interest rates. You can just as quickly invest in the stock market, mutual funds, and other money market instruments by linking your highest interest rates Savings Account to your DEMAT and trading accounts.

Liquidity

A Savings Account has high liquidity, which means that you can withdraw money at any time. You can instantly access your funds through bank transfers and digital wallets, and even digibank and other bank ATMs if you need cash urgently. digibank by DBS enables high daily withdrawals on ATM cards and other forms of electronic transfers.

Who Can Open The Highest Interest Rate Savings Account?

There are no restrictions on who can open a Savings Bank Account. All adults and minors can open a Savings Bank Account with ease. For minor accounts, their parents or guardians can be named the secondary account holders and deposit money on the minor's behalf. Children above the age of 10 can even open a savings bank account independently.

Conclusion

You can now open high-interest rate Savings Accounts online directly through the digibank by DBS website. You can open the account with minimal documentation and e-KYC compliance to enjoy the best interest rate on Savings Account. With the digibank by DBS app, you can open a new saving account in a few minutes! Download the app to get started.

*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.
Download digibank Now

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Read about Highest Interest Rates Savings Account | digibank by DBS

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You can earn interest on the money you deposit in your Savings Account. Interest on savings is a way to earn passive income. DBS Bank offers lucrative interest rates between 3.25 per cent to 4.00 per cent. The interest rate you get depends on the type of account you choose and the balances you maintain.

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Check documents required for opening bank account | Digibank by DBS

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Check documents required for opening bank account | Digibank by DBS

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A complete list of the paperwork needed to open a bank account is provided by DBS digibank. Know more about the documents required for an opening bank account.

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Key Takeaways

digibank by DBS enables you to open bank accounts online.

Download the digibank by DBS application to initiate your account opening process.

The bank undertakes an online verification procedure known as the KYC.

You need to upload digital copies of documents that prove your identification and your address.

You must mandatorily submit self-attested copies of your Aadhaar and PAN card copies for ID and address proof verification.

To begin your banking journey, you can open a Savings Bank Account. A Savings Account is the most basic bank account wherein you can deposit your money to create savings and earn interest on the deposits. Thanks to the digital era and innovations in banking, you can now open a bank account online from the comfort of your home. You can open the account by submitting scanned, self-attested copies of a few documents to open the account instantly. Here is a comprehensive list of the documents required for opening bank account online.

Documents Required for Bank Account Opening

You need to download the digibank by DBS application to open your Savings Bank Account. Once you download the app, you can go to the account opening section, which details the list of documents you need to submit. Let us first look at the basic documents you require to open a bank account:

Duly filled account opening form

1 identity proof document

1 copy of PAN card

1 address proof document

Self-attested passport photographs

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Accepted Bank Account Documents In Each Category

Accepted Identity Proof Documents

Aadhaar Card

Passport

PAN card

Voter ID card

Driving license

Any Government issued/ Defence issued ID card

Photo ID card issued by a Post Office

Any photo ID card of a University recognised by the UGC (University Grants Commission) or the AICTE (All India Council for Technical Education). A student ID will only be valid if you are a bonafide student at the educational institute.

Pension payment orders if you are a retired Central/State Government employee or a PSU (Public Sector Undertaking).

Accepted Address Proof Documents

Aadhaar Card

Passport

Driving license

Voter ID card

Ration card

Registered leave and license agreement (either a sale deed or a lease deed.)

Income tax assessment order

Any utility bill not older than two months. These can include electricity bills, telephone bills, water bills, etc.

Bank statement from another bank

Salary slip from your employer

Once you submit the documents required for your bank account, the bank verifies your documents through a process known as KYC or Know Your Customer. With digital accounts, the bank conducts the process online or via e-KYC.

Things to remember

Keep digital copies of the required bank account documents handy to complete the account-opening procedure efficiently.

Always self-attest the digital copies of the documents that you need to submit.

You can link your Aadhaar card to the bank account for a faster KYC approval.

If you do not have a PAN card, you need to fill Form 60 stating the reasons for not owning a PAN card.

If you change your residential address, you must update your address details linked to your bank account.

Conclusion

Opening a bank account is a quick process if you keep the required documents ready. You can even open a bank account online within a few minutes and start utilising all the facilities that go with a digital bank account.
With the digibank by DBS app, you can open a new Savings Account in a few minutes! Download the app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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documents required for opening bank account

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Documents Required For Opening Bank Account | digibank by DBS

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digibank by DBS enables you to open bank accounts online. Download the digibank by DBS application to initiate your account opening process. The bank undertakes an online verification procedure known as the KYC. You need to upload digital copies of documents that prove your identification and your address.