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A Stepwise Guide for Depositing Money in an ATM | DBS Bank

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A Stepwise Guide for Depositing Money in an ATM | DBS Bank

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Here's a guide to help you deposit money in an ATM using various methods. Download the DBS bank app to get an ATM-cum debit card today and start depositing!

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Key Takeaways

Depositing money via ATMs is the most timesaving way to deposit cash in a bank account.

You can use your ATM cum debit card to deposit money.

You can also deposit money with your account number if you do not have a debit card.

Certain ATMs have slots to place the cash, and the machine automatically counts the money.

You get an SMS confirmation on ATM deposits, and banks credits funds into your account instantly.

There was a time when depositing cash in your bank account was a tedious task. You had to visit the bank and wait in long queues for a mere 5-minutes chore. However, with Automated Teller Machines or ATMs, becoming the norm, cash deposits have become convenient. You no longer need to visit banks for depositing money in your account. Now you can directly deposit money at ATM kiosks. Find out how to deposit money in ATM in this article.

Deposit Money in ATM - The Facility

ATMs that allow you to deposit money are known as Cash Deposit Machines or Automated Deposit-cum-Withdrawal Machines. These ATMs enable you to save time and conveniently deposit cash in your Bank Accounts. You get instant credit of funds into your bank account and can deposit funds 24x7x365 at select ATM kiosks offering cash deposit facilities.

There are two ways to deposit money in ATM - with and without the ATM card. Below are the steps for each type of transaction.

How To Deposit Cash In ATM With The ATM Card?

1. Insert your ATM cum Debit Card in the Cash Deposit ATM and enter your PIN.

2. Select from Current or Savings Account, click on the 'deposit money' option, and enter the deposit amount.

3. Place your cash carefully in the cash deposit slot and click to continue.

4. The machine will count the cash automatically and display the amount to be deposited.

5. If the amount is correct, click on 'Continue'.

The machine will deposit the amount and will generate a receipt with the transaction summary.
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How To Deposit Money In ATM without Card?

1. Select the 'Cash Deposit Without Card' option on the ATM Screen and enter your online bank account number.

2. Click 'Enter' if the name of the account holder displayed is correct.

3. Place your cash carefully in the cash deposit slot and click to continue.

4. The machine will count the money automatically and display the deposit amount.

5. If the amount is correct, click on 'Continue'.

The machine will deposit the amount and will generate a receipt with the transaction summary.

Things To Remember

While you can withdraw money from ATMs networks of any bank across the country, you may deposit cash only in your designated banks, that too at specific cash-deposit kiosks.

You should be aware of the cash deposit policies of your bank - the maximum deposits permitted with or without the ATM card.

You can check for cash deposit ATMs on your bank's website.

Ensure you deposit cash in ATMs in well-lit areas.

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Final Note

Now that you know how to put money in ATMs, you can conveniently deposit cash at any time. ATM deposits save you from possible threats associated with storing money at home. Remember to check the ATM cash deposit limits of your bank before initiating the transaction.
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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how to deposit money in atm without card

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How to Deposit Money in ATM - A Stepwise Guide | digibank by DBS

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Depositing money via ATMs is the most timesaving way to deposit cash in a bank account. You can use your ATM cum debit card to deposit money. You can also deposit money with your account number if you do not have a debit card.

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A Comprehensive Overview of Airport Lounge Access Debit Cards from DBS Bank

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A Comprehensive Overview of Airport Lounge Access Debit Cards from DBS Bank

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Discover the advantages of a debit card with airport lounge access! Download the DBS bank app to get yours today!

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Key Takeaways

Most banks in India provide airport lounge access Debit Cards

You can get complimentary services, including free wi-fi and meals with lounge access Debit Cards.

You generally have to pay a nominal fee of INR 25 to enjoy these services.

The number of swipes you get per quarter depends on the type of card you have.

You can swipe your digibank Visa Debit Card at select airports in India.

Do you often travel for work? Do you love travelling for leisure? If yes, you may often find yourself at airports. In India, you need to arrive at airports almost 2 hours before the scheduled flight. If you are lucky, you can get done with your check-in and security formalities within thirty minutes. How then can you spend the rest of the time? The answer is comfortably, at airport lounges. But to access the airport lounge, you need airport lounge access Debit Cards. Let us learn more about them in this article.

Debit Cards With Lounge Access

Debit Cards with lounge access is a complimentary facility you get on your visa, master, and other Debit Cards. It allows you to enter select airport lounges where you can enjoy certain complementary services until your flight begins boarding passengers. These services differ from one airport to another and usually include free wi-fi, packed or buffet meals, beverages (complementary and/or paid), and access to workstations for laptops and charging points.
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digibank Debit Card Lounge Access - Features and Benefits

Some of the basic features and benefits of digibank Debit Cards with lounge access are as under

You can enjoy Debit Card lounge access facilities on digibank's Visa Signature and Visa Infinite Cards.

Digibank Prime Account holders will also be provided with this facility on the upcoming EMT Signature Card.

You must swipe your lounge access Debit Card and pay a nominal fee of up to INR 25 to enter the lounge.

You can utilise this facility at only select airports in India.

You must check the details of the airports accepting the digibank Visa Cards on the Visa website.

You can get the Debit Card lounge access facility without spending any specific minimum amount on your card.

Airport lounges are typically open 24x7, so you can enter them using your free lounge access Debit Cards anytime and enjoy the services.

Things to Remember

Depending on the Debit Card you have, you may swipe your card once, twice, or thrice per quarter.

If you have not used up your quarterly quotas in case of cards with multiple swipes per quarter, you may swipe the same card twice or thrice in the same month.

If you miss swiping your card in a given quarter, you may not carry forward or roll over the unused swipes into the next quarter.

You may swipe the card only at airports in India, at both the domestic and international terminals.

If you run out of your monthly or quarterly quota of lounge access, you can still swipe your card by paying the applicable charges and enjoy the lounge facilities.

Final Note

Lounge Access Debit Cards are ideal for people with erratic travel times. Whether you need to fly early in the morning or late at night, you can spend some time at your airport lounge and enjoy the complimentary services, the charges of which are borne by your bank.
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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Airport Lounge Access Debit Cards - A Detailed Guide | digibank by DBS

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Most banks in India provide airport lounge access Debit Cards You can get complimentary services, including free wi-fi and meals with lounge access Debit Cards. You generally have to pay a nominal fee of INR 25 to enjoy these services. The number of swipes you get per quarter depends on the type of card you have.

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Find out the meaning, features, and more of Joint Accounts by reading the DBS Bank guide.

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Find out the meaning, features, and more of Joint Accounts by reading the DBS Bank guide.

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Open a joint savings account in just a few minutes with the DBS app - a type of account that you can share with one or more people!

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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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Learn What is an OTP Number and How Does it Work with DBS Bank?

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Learn What is an OTP Number and How Does it Work with DBS Bank?

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Learn what is an OTP (One-Time Password) and how it works with DBS Bank to securely authenticate transactions. Learn more about the safety of your online banking experience.

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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.
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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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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Easily Reset Your ATM Pin with these Simple Steps from DBS Bank if You Have Forgotten It.

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Easily Reset Your ATM Pin with these Simple Steps from DBS Bank if You Have Forgotten It.

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If you've forgotten your ATM PIN, we can help you reset it quickly and easily. Download the DBS bank app and get one of our debit cards today!

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Key Takeaways

If you forget your ATM PIN, you can reset it easily.

Visit your bank's ATM, and follow the instructions displayed on the ATM screen to change the PIN.

You can also conduct ATM PIN change through your internet banking account.

You will need your mobile number registered with the bank while changing your PIN.

Enter the One-time Password sent on your Registered Mobile Number to complete the PIN changing process.

With cashless payments becoming the norm, withdrawing cash from Automated Teller Machines (ATMs) has become a rare event. But there are times when you cannot escape cash payments at all. With such moments being few and far between, you may forget your ATM PIN. When the system prompts you to enter your PIN at the ATM vestibule, you wonder I forgot my ATM PIN number' - what can I do? Well, do not fret; there are simple ways to reset your PIN. Keep reading to know more.
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Reset the PIN at the ATM

If you forgot ATM PIN while trying to withdraw cash at an ATM, you are in luck. You can conveniently reset your ATM PIN. It is best to choose your own bank ATM to reset the ATM pin. Here are the steps:

1. Insert the ATM card in the ATM slot in the machine. Once the machine reads your card, The ATM screen will display several options. Select the 'Forgot PIN' option, 'Reset PIN' option or any other relevant option. The verbiage may differ from bank to bank.

2. The machine will ask you to select your bank account type (Savings or Current) and enter your Registered Mobile Number (RMN) using the keypad.

3. The bank then sends a One-time Password (OTP) on your RMN, which you must enter on the screen.

4. Once you enter the OTP, the system prompts you to set a new 4-digit PIN, after which your PIN will be changed.

5. Upon successful ATM PIN change, you will receive a notification from the bank.

Reset the PIN via Online Banking

While you can complete most online transactions with OTPs today, occasionally, you may have to provide your ATM PIN too. If you forgot the ATM PIN, you could easily reset it online via internet or mobile banking.

1. Log in to the internet banking or mobile banking portals and go to the cards section.

2. Select 'Change PIN' or 'Reset PIN' or 'Instant PIN Generation' any other relevant option to reset the PIN.

3. Enter and reconfirm the 4-digit PIN of your choice and click on 'submit'.

4. Now enter the OTP sent on your RMN and enter it on the online portal to complete the process.

Traditional Ways Of Resetting ATM PIN

At the Bank: Fill up a 'PIN Reset' form by visiting the bank branch.

Via Customer Care: Call the customer care helpline and follow the IVR instructions to change the PIN.

Via SMS: Send an SMS to a special bank-specified number for an ATM PIN change request.

Conclusion

As is apparent, if you forgot the ATM PIN, you can conveniently reset it. You must ensure that you register your mobile number at the time of account opening. To authenticate the ATM PIN reset process, banks send a One-time Password to the RMN to allow instant, hassle-free ATM PIN reset processes.
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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Forgot ATM Pin? - Easy Steps to Reset ATM Pin | digibank by DBS

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If you forget your ATM PIN, you can reset it easily. Visit your bank's ATM, and follow the instructions displayed on the ATM screen to change the PIN. You can also conduct ATM PIN change through your internet banking account. You will need your mobile number registered with the bank while changing your PIN.

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Learn All About SWIFT Code with DBS Bank!

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Learn All About SWIFT Code with DBS Bank!

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Learn all about SWIFT codes with DBS Bank! Get the latest information on what a SWIFT code is, how to find your SWIFT code and how to use it for international money transfers.

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Key Takeaways

SWIFT stands for Society of Worldwide Interbank Financial Telecommunication.

SWIFT is also known as Bank Identifier Code (BIC) and is approved by International Organisation for Standardisation.

The SWIFT system sends predefined messages and instructions to overseas banks for incoming payments.

The SWIFT Code comprises the bank details, country code, city code and branch code.

Without SWIFT, international money transfers are not possible.

If you have ever transferred money abroad, you probably know that the international remittance process differs from domestic fund transfers. For such transactions, you typically have to enter a unique code. This code, known as SWIFT Code, represents the bank where the money is being transferred and facilitates cross-border transactions. Let us understand what is bank SWIFT Code and its importance.

What Is SWIFT Code?

Society of Worldwide Interbank Financial Telecommunication (SWIFT) is an 8-to-11-character code, also known as Bank Identifier Code (BIC). Each bank has a unique SWIFT code indicating its name, location and branch. The first 4 characters of the SWIFT Code are the bank code, the next 2 are the country code, the following 2 are the city code, and the last 3 are optional codes indicating the bank branch. The International Organisation approves these codes for Standardisation (ISO).

How Does SWIFT Work?

Now that you know the SWIFT Code full form let us briefly understand how it works. Financial institutions use the SWIFT Code to communicate with one another. Communication occurs via predefined messages and instructions. Each institution has a unique code that they use to send and receive instructions about money transfers between two countries.
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Example Explaining How SWIFT Works

Let us say Reema lives in India and wishes to send money to her son Raj, studying in Australia. Raj provides Reema with his bank's SWIFT Code, and Reema uses the code to remit funds to Raj's bank account overseas. Now, with SWIFT, Reema's bank sends an encrypted message to Raj's bank, intimating that a money transfer request has been made. Reema's bank debits the funds from her account and credits them to Raj's bank. Raj's bank then credits the received funds in his account after levying the inward remittance charges and taxes.

In layman's terms, SWIFT is a messaging network between institutions informing each other about incoming payments. Financial institutions become members of SWIFT by paying a one-time joining fee.

What Is Bank SWIFT Code's Importance?

Besides knowing the bank SWIFT Code meaning, it is imperative to understand its importance. Before SWIFT, bank executives transcribed every sentence pertaining to international fund transfers manually, leading to higher transfer times and error-filled communications. SWIFT was established in 1973 to eliminate manual errors, reduce transfer times, and streamline fund transfers.

Unlike domestic money transfers, international money transfers are slightly more complicated. You want your money to reach the right bank account in a different country. Without SWIFT, banks cannot recognise transactions, and you cannot send money overseas. The SWIFT network is integrated in a way that banks can deny your remittance request if you enter the incorrect code.

Final Note

SWIFT Code or BIC is a messaging network between financial institutions that informs them about financial activities such as money transfers. You need a SWIFT Code of the overseas bank where you wish to transfer money. Thanks to SWIFT, international money transfers have become seamless and effortless.
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 purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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SWIFT Code - Understand What is SWIFT Code in Detail | digibank by DBS

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SWIFT stands for Society of Worldwide Interbank Financial Telecommunication. SWIFT is also known as Bank Identifier Code (BIC) and is approved by International Organisation for Standardisation. The SWIFT system sends predefined messages and instructions to overseas banks for incoming payments. The SWIFT Code comprises the bank details, country code, city code and branch code.

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DBS Bank Explains RBI Guidelines for Foreign Exchange Transactions.

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DBS Bank Explains RBI Guidelines for Foreign Exchange Transactions.

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Download the DBS bank app to understand the RBI guidelines for outward remittance & start transferring money now!

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Key Takeaways

RBI allow remittance of up to USD 25,000 per calendar year.

You can remit in foreign currency for an RBI-approved purpose.

You can buy FOREX up to USD 25,000 only.

If you bring FOREX beyond a specified limit to India, you must declare it.

You may keep a maximum of USD 2,000 (or equivalent) in cash notes or Traveller's Cheques.

Whether you wish to travel abroad or make international money transfers, you may need foreign currencies from time to time. In India, the foreign exchange (Forex) transactions are governed by the Reserve Bank of India (RBI) via the Foreign Exchange Management Act (FEMA). As someone with access to foreign currency, you should know RBI guidelines for Foreign Exchange Transactions. Read on.

RBI Guidelines for Outward Remittance

For outward remittance transfers conducted by resident individuals, the FEMA guidelines are listed under the Liberalized Remittance Scheme (LRS).

Maximum Limit

According to the LRS, a Person Resident in India can transfer funds up to the LRS limit of USD 25,000 per calendar year for any permissible current or capital account transactions or a combination of both.

Approved Institutions

RBI approves two kinds of institutions, or authorised persons, which can facilitate sending of money abroad:

1. AD Banks (Authorised Dealer - I)

2. Money changers having AD-II category licence (Authorised Dealer - II).

Mandatory Requirements

For successful FOREX transactions undertaken per RBI guidelines for foreign exchange transactions, you must comply with RBI requirements. You should send funds according to RBI-approved purposes and submit the Know Your Customer (KYC) documents.
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RBI Rules on Currency Exchange

You must submit the required KYC documents while buying foreign currency.

You may purchase the forex only up to 60 days before the travel as mentioned on your air ticket.

You can only buy forex of up to USD 25,000, or its equivalent in any currency. Of this amount, you may purchase cash of up to USD 2,000 and carry the remaining money on a FOREX card or via travellers' cheques for the trip.

You can make cash or online payments, with the total transaction value not exceeding Rs 50,000.

RBI Rules to Sell Foreign Currency

Per the RBI guidelines for Foreign Exchange transactions, you may sell forex if you follow these rules.

You must submit the required KYC documents for selling foreign currency.

Within 180 days of returning to India, you must surrender unspent forex kept in cash and traveller's cheques. You can only keep foreign exchange up to USD 2,000, or its equivalent in other currencies, in foreign currency notes or travellers' cheques.

You can bring back any amount of forex to India. However, if you have currency notes of more than USD 5,000, or currency notes and travellers' cheques more than USD 10,000, you must declare the same through a Currency Declaration Form (CDF).

After selling the foreign currency, if you receive less than INR 50,000, the bank or money changer can transfer the money as cash, cheque, or via online transfer to your bank account (NEFT). If it exceeds this amount, then you can only receive the money through NEFT/RTGS.

International Fund Transfers with digibank

With digibank, you can easily and conveniently transfer money abroad. Utilise our remittance and international money transfer options and conduct online transactions via the digibank website and app! Remember to follow RBI Guidelines for Outward Remittance while transferring funds.
Download digibank by DBS to experience the seamless process of sending and receiving money from abroad and even 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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rbi guidelines for foreign exchange transactions

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RBI Guidelines for Foreign Exchange Transactions Explained | digibank by DBS

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RBI allow remittance of up to USD 25,000 per calendar year. You can remit in foreign currency for an RBI-approved purpose. You can buy FOREX up to USD 25,000 only. If you bring FOREX beyond a specified limit to India, you must declare it.

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6 Different Types of Bank Accounts Explained by DBS Bank

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6 Different Types of Bank Accounts Explained by DBS Bank

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Understand the various bank accounts available in India to make an informed decision and find the one most suitable for your needs. Download the DBS bank app now to open a savings account!

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Key Takeaways

Banks offer various types of accounts.

Common examples include Savings, Current, Salary, and BSDA Accounts.

You can also open Fixed and Recurring Deposit Accounts.

Banks provide several facilities with almost all accounts, e.g., net banking, debit cards, etc.

You can also download banking apps to access your accounts.

Introduction

A bank account is a great place to save, invest, and grow your money. Today, banks offer a wide variety of accounts to fit the many needs of their customers. Each account has its own unique characteristics, and specific requirements - from facilities offered to balance maintenance and so on. This article will help you to understand the widely used bank account types in India. Read on.

6 Types Of Bank Accounts You Can Open In India

Whether you are a Resident Indian or an NRI, you can open a wide variety of accounts, based on your residency status. Here are some of the most common types of bank accounts you can open in India as a Resident Indian:

1. Savings Account

A Savings Account is a place to park or save your access funds and earn interest on it. You also get a wide range of services like debit cards, internet banking, online bill payments etc., with the account. There is no specific upper limit on the amount you can save. However, there the permissible transactions depend on the type of bank account you open. For instance, minimum balance requirements for regular Savings Accounts are significantly low compared to Privileged Savings Accounts. Banks offer several types of Savings Accounts like Joint Savings Accounts, Family Savings Accounts, Senior Citizens Savings Account, Kids Savings Account Etc.

2. Basic Savings Bank Deposit Account (BSBDA)

BSBDA is a type of savings account that does not require a minimum balance. That said, it comes with certain restrictions. For example, the maximum balance in the account should not be more than INR 50,000 at any time; or the total value of transactions should not exceed ten thousand rupees in a month. In doing so, the account ceases to be a BSBDA and will be converted to a regular savings account.

3. Current Account

Current accounts are used, mainly by business owners or corporations. Banks do not pay any interest on these accounts. There is no limit on the maximum amount of money you can hold in this account. Accountholders also enjoy a higher number of daily transactions. A prominent feature of the current account is the Overdraft Facility. This feature enables account holders to get access to a credit facility, even when you account balances are low. You can use the sums borrowed through the overdraft facility to fund your business needs.

4. Salary Account

As the name suggests, a salary account is where your employer credits your monthly salary. These accounts are opened by employers who typically tie-up with one bank and open accounts for all their employees. Salary accounts double as zero balance accounts since you can withdraw all the sums deposited in the account.

5. Fixed Deposit Account

A Fixed Deposit Account is a type of investment on which you can earn a fixed or steady interest rate and guaranteed returns on the amount invested. The only tradeoff is that you have to fix or block the deposit amount is until maturity. Investment tenures for fixed deposits range from 7 days to 10 years. If needed, you can withdraw your FD before term by paying a premature withdrawal penalty. Fixed Deposits usually offer higher interest rates than a Savings Account and are considered safe investments for risk-averse investors.

If you prefer to save time and effort and open an FD account remotely, then download the digibank by DBS app right away!

6. Recurring Deposit Account

A Recurring Deposit (RD) gives you the flexibility to invest every month rather than investing a lump sum amount. Banks offer tenures usually from 6 months to 10 years. Unlike FD, where the interest gets credited every quarter or upon maturity, the interest is strictly paid upon maturity in an RD. You can set up standing instructions for your bank to debit the monthly RD amount. You must also maintain sufficient balances in your account so that the bank can debit the sums on your chosen date.

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NRI Accounts

Non-Resident Indians living abroad can open NRI accounts in India. This type of bank account is further divided into three types:

1. Non-residential Ordinary Rupee (NRO) Account is for NRIs who have income sources in India while they are based abroad. They can also deposit their foreign earnings in the NRO account.

2. Non-residential External Rupee (NRE) Account is another place for NRIs to deposit their foreign earnings. Sums deposited are converted to INR instantly. NRIs may repatriate all the money deposited in this account into their bank accounts abroad.

3. Foreign Currency Non-Resident Account or FCNR accounts are maintained in foreign currency denominations. This is a Fixed Deposit Account that offers a fixed interest rate upon maturity. Accounts holders can avail of loans in India against their FCNR deposits.

Conclusion

With the ever-evolving banking industry, you can now access your bank accounts anytime, from any corner of the world. Facilities like mobile and internet banking and UPI payments save you a trip to the bank. Moreover, you can get instant mini statements, transfer funds, pay your bills and do a lot more today.
Download digibank today to experience the benefits of digital savings account. 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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Types of Bank Accounts: 6 Different Types of Bank Accounts in India | digibank by DBS

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Banks offer various types of accounts. Common examples include Savings, Current, Salary, and BSDA Accounts. You can also open Fixed and Recurring Deposit Accounts. Banks provide several facilities with almost all accounts, e.g., net banking, debit cards, etc. You can also download banking apps to access your accounts.

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Do you know the difference between IMPS and NEFT? Find out more about the comparison of IMPS versus NEFT from DBS bank.

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Do you know the difference between IMPS and NEFT? Find out more about the comparison of IMPS versus NEFT from DBS bank.

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Compare NEFT and IMPS in terms of transaction timing, limits, charges, and more. Download the DBS app now for easy access to our money transfer options.

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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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What are the Four Types of Debit Cards Offered by DBS Bank in India?

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What are the Four Types of Debit Cards Offered by DBS Bank in India?

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Check out the different types of debit cards and their features through the DBS bank app! Download the app now and get the scoop on debit cards.

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Key Takeaways

Indian banks provide different types of debit cards.

Visa card, MasterCard and Rupay Card are standard debit cards in India.

Banks also offer contactless debit cards issued by the above-mentioned financial organisations.

Your debit cards also serve as ATM cards in that you can make cash withdrawals and check account balances.

You can swipe debit cards at POS terminals to retail and online shopping payments.

The banking sector of India has undergone an impressive digital revolution in the last two decades. This change began with the invention of the debit card. Also known as plastic money, this card serves multiple purposes - it serves as an ATM card for anytime cash withdrawals and can be used to make online and retail store payments. Let us look at the different types of debit cards available in India.
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Four Types of Debit Cards

Visa Debit Cards

Perhaps the most common type of debit card in India and abroad is the Visa debit card. These cards are accepted globally for all kinds of online payments and electronic transactions. Banks which have tied up with Visa's international Payment System Network provide Visa cards. When you swipe your Visa card, your online transaction is completed via a secure payment platform known as Verified by Visa. Most banks in India typically provide the classic visa electron debit cards, which is a type of Visa card.

MasterCard Debit Card

While MasterCard debit cards are also incredibly popular, their network is not as widely spread as the Visa network. That said, most of the major banks in India are tied up with the MasterCard network. You can use the MasterCard debit card to pay for domestic and international online transactions, and the payments are processed via the SecureCode Payment platform. MasterCard is renowned for its excellent customer support network and a fantastic reward and cashback programs.

RuPay Debit Cards

Introduced by the National Payments Corporation of India under the domestic debit card scheme, RuPay debit cards are only accepted in India. You can use this type of debit card for all kinds of domestic transactions like paying for online purchasing, swiping the card at retail outlets and paying your utility bills. The NCPI introduced RuPay with the aim of providing electronic access to the most rural and interior parts of India. RuPay cards also come with special benefits like accidental insurance. These cards are typically issued by Indian banks in the public sector.

Contactless Debit Cards

Today, banks issue a unique type of debit card - the contactless debit card that allows you to make payments without swiping the card. You can complete faster transactions with contactless debit cards that work on the Radio Frequency Identification (RFID) or Near Field Communications (NFC) principle. Your card gets connected to the PoS terminal through these technologies, thereby enabling you to make secure electronic payments.

Final note

Typically, banks issue debit cards randomly. You do not get a choice of the type of debit card offered to you. In some cases, you can request for a specific type of debit card. For instance, if you wish to use the debit card abroad, you can request Visa or MasterCard in place of the RuPay debit card issued by your bank. Use your debit card to make all kinds of online and offline payments conveniently.
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 only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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4 Types of Debit Cards Available in India | digibank by DBS

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Indian banks provide different types of debit cards. Visa card, MasterCard and Rupay Card are standard debit cards in India. Banks also offer contactless debit cards issued by the above-mentioned financial organisations. Your debit cards also serve as ATM cards in that you can make cash withdrawals and check account balances.

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DBS Bank in India has rules and regulations for joint accounts.

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DBS Bank in India has rules and regulations for joint accounts.

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Learn about the rules that apply to withdrawals, deposits, and transfers from a joint bank account. Download the Digi bank app now to open a joint account and get started!

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Key Takeaways

Joint Accounts have more than one account holder.

Depending on the account mode, account holders can enjoy certain privileges.

Joint and Joint or Survivor Accounts need all account holders to mandate transactions.

For Former or Survivor and Latter or Survivor accounts, account operation gets passed to the other only if one of the account holders dies.

Since money can be withdrawn without any consent, you must only open Joint Accounts with people you trust.

A Joint Account is a Bank Account with more than one holder. Such an account can be a Savings Account, Current Account, Fixed Deposit, Loan Account, etc. For these accounts, questions like 'who is the owner', 'who can withdraw money', and 'can I remove other account holders' are legitimate. Our comprehensive guide on Joint Bank Account rules answers all such questions.
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Joint Account Rules in India

Joint Accounts are like Regular Bank Accounts, except they are operated by more than one account holder. Not every account holder of a Joint Account can deposit and withdraw money, transfer funds, make ATM withdrawals, issue cheques, etc.

Account Operation

You can open a Joint Account like you would open a regular bank account, i.e., fill out the account opening form and complete the Know Your Customer (KYC) process. Simply select the mode of holding as joint. Following are the Joint Bank Account Rules in India per the account mode.

Joint: All transactions in the account must be approved and signed by all the account holders. If any one of the account holders dies, the account will be deemed inoperable, and the bank will pass on the balance in the account to the survivor.

Joint or Survivor: This account is similar to the Joint one; however, the survivor can continue to operate the account.

Either or Survivor: This account has two account holders, a primary and secondary account holder, and either or both can operate the account.

Former or Survivor: Only the primary account holder can operate this account. Per Joint Bank Account rules on death, the other joint account holder can operate the account upon the demise of the primary account holder.

Latter or Survivor: The second account holder can operate the account. After their death, the primary account holder takes over the operations.

Anyone or survivor: This type of Joint Account is operated by more than two persons, and they do not require each holder to sign off on transactions.

Funding

Account holders must establish the purpose of the joint account to decide how the account will be funded. Depending on the account type, not all account holders can operate the account, which also means limitations on deposits.

Withdrawal

In 'Either or Survivor' and 'Anyone or Survivor' accounts, joint holders have access to funds without consent from others, regardless of who funds the account.

Account Closing

Whether you are the primary account holder or not, you can choose to close the account at any time. However, in the case of 'Joint', all members must sign the account closing form.

Final Note

Joint Accounts come with numerous benefits, especially for spouses and business partners looking to manage their expenses jointly. However, there are certain Joint Account rules and regulations that all account holders must follow. You must open joint Accounts only with those whom you trust. All account holders must agree to the stipulated terms and conditions before opening a Joint Bank Account.
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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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Joint Account Rules and Regulations in India | digibank by DBS

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Joint Accounts have more than one account holder. Depending on the account mode, account holders can enjoy certain privileges. Joint and Joint or Survivor Accounts need all account holders to mandate transactions. For Former or Survivor and Latter or Survivor accounts, account operation gets passed to the other only if one of the account holders dies.

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To deposit money into an ATM without a card from DBS Bank, follow these steps.

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To deposit money into an ATM without a card from DBS Bank, follow these steps.

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To open a savings account now, download the DBS bank app and learn how to deposit money in an ATM without a card, as well as the rules for ATM cash deposits.

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Key Takeaways

You can deposit cash in a Cash Deposit Machine (CDM) using your bank account number.

CDMs are bank-specific, i.e., you cannot deposit money in other bank ATMs.

Cash counting slots sort the cash automatically to display the denominations and note count.

CDMs are accessible 24x7, making cash deposits convenient.

The bank credits funds into your account immediately.

Today, most banking transactions are conducted online, be it opening a Fixed Deposit, transferring money to different bank accounts, or paying utility bills. To do so, you need money in your bank account. While you can still queue up at the bank, you can save time by depositing money in an ATM, that too without your ATM card. Learn how to deposit cash without ATM cards.

The Role of a Cash Deposit Machine (CDM)

You can deposit money in an ATM that functions as a cash deposit machine. These machines have a designated slot that counts the exact cash you wish to deposit. Some bank ATMs have a cash withdrawal and a cash deposit machine separately or an ATM-cum-CDM, also known as an Automated Deposit cum Withdrawal Machine (ADWM). A notable feature of these devices is that they are available 24x7.
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How To Deposit Money in ATM Without Card?

If you do not wish to visit your bank, or if you do not have your ATM-cum-debit card on your person, you can visit your nearest CDM or ADWM machine. Follow these steps on how to deposit cash in ATM without card.

1. Locate the Cash Deposit Machine

While all ATMs dispense cash, not all ATMs permit cash deposits. You can easily find your bank's cash deposit machine or ATM locations on its website.

2. Provide Bank Account Details

Since you would be using a cardless cash deposit option, the alternative to verifying your identity is to provide your bank details. On the CDM screen, select 'Cardless Deposit' and enter your bank account number.

3. Verify your Bank Details

After you enter the account number, the screen will display the details of the account holder. If the account details are correct, click on continue.

4. Deposit the Cash

Place the cash in the designated cash deposit slot and click to continue. The machine will automatically count the cash and display the denomination and note count.

5. Collect the Receipt

The final step on how to deposit cash without ATM cards is to verify your deposit amount. If the cash summary is correct, click on 'Deposit' and ensure that you collect the receipt as proof in case of discrepancies.

ATM Cash Deposit Rules

Now that you know how to deposit money without cards, here are a few things to keep in mind:

While ATMs permit you to withdraw cash at other bank ATMs, CDM deposits are bank-specific. You can only deposit cash at your designated bank's ATMs.

The CDM will display a set of instructions before you deposit the cash, which includes the accepted denomination, the maximum number of notes, etc.

You may only deposit funds into your savings account or current account and not make payments for loans, term deposits or other accounts.

Final Note

Like with ATMs, cash deposit machines are operational 24x7. As such, you need not worry about bank hours restrictions. The deposited cash gets credited to your account, which you can use instantly.
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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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how to deposit money in atm without card

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How to Deposit Money in ATM Without Card | digibank by DBS

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You can deposit cash in a Cash Deposit Machine (CDM) using your bank account number. CDMs are bank-specific, i.e., you cannot deposit money in other bank ATMs. Cash counting slots sort the cash automatically to display the denominations and note count. CDMs are accessible 24x7, making cash deposits convenient.

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What is an IBAN Number and how is it used in India by DBS Bank?

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What is an IBAN Number and how is it used in India by DBS Bank?

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Learn all about IBAN full form, uses, and how to transfer money using an IBAN number with DBS bank's remittance services for a convenient money transfer experience.

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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.
Download the digibank by DBS app to do online international remittances safely and securely. Download digibank Now

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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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Learn How to Unblock Your Debit Card with this Step-by-Step Guide from DBS Bank.

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Learn How to Unblock Your Debit Card with this Step-by-Step Guide from DBS Bank.

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To unblock your debit card in a smooth and easy way, follow these steps. Download the DBS bank app and get your debit card today!

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Learn different ways to unblock Debit Card to restore usage

Key Takeaways

If your Debit Card is lost or stolen, immediately report it to your bank.

Block your card online through Net Banking or call the customer care helpline of the bank.

You can unblock your card by placing a request with your bank.

If your card is hot listed, request your bank to issue you a new card.

The bank may levy a charge to issue a new Debit Card.

Consider this – You decide to go to the mall for your festive season shopping. After a good day of retail therapy, you get back home only to realise that your Debit Card is not in your wallet. You then recollect that you may have probably left behind your Debit Card at the billing counter of the food court. After many frantic calls to the mall, you get to know that there is no way you will get your card back.

Scary thought? But do not fret. There are ways to block your card remotely in a few minutes temporarily. Learn about how to unblock Debit Card after blocking it.

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How to Block Debit Card

You can immediately call the customer care helpline of your bank from your registered mobile number or place a request through Net Banking to remotely block your ATM-cum-Debit Card.

You can also block the card via SMS or by visiting the bank branch.

After following the necessary steps, you will receive a ticket number after the successful blocking of your card. Make a note of this number for future reference.

How to Unblock Debit Card

Similar to the above case, your Debit Card could get blocked due to various other reasons. Nevertheless, there are ways to unblock the card and restore its normal functioning. Depending upon why your card was blocked, you can look at ways to unblock it to carry out merchant payments or cash withdrawals at ATM kiosks. Here are some ways:

Automatic Unblocking

When you enter the wrong PIN thrice, the bank blocks your Debit Card for 24 hours to avoid misuse. After 24 hours, it will unlock on its own.

Apply to The Bank to Unblock Your Card

If you have blocked the card due to suspicious activity or due to your negligence and now would like to unblock it, you will have to place a request at the nearest bank branch. You may have to provide your identity proof along with your account number so that the bank can unblock the card.

New card Issued by the bank

Your card usually comes with a validity of 3-5 years. If the card has been blocked due to its expiry, the bank will issue a fresh one with a new card number and PIN.

How to Remove Hot listing of Debit Card

A hotlist refers to a list of cards that have been reported stolen, cancelled, or compromised. This means you cannot use the card for any further transactions. Once your card is hot listed, you will have to request your bank to issue you a new card.

Final Note

A lost, or stolen Debit Card could be used for fraudulent transactions. If you notice any unauthorised transaction on the card linked to your bank account, you should immediately alert the bank and follow the how to block Debit Card process mentioned above.

Happy shopping with the digibank by DBS Debit Card! Download the app to open your digiSavings account instantly and get your Debit Card!

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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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How to Unblock Debit Card - A Detailed Guide | digibank by DBS

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How to Unblock Debit Card - Here’s a stepwise guide to help you unblock debit card in a hassle-free manner. Download the digibank app to get a debit card today!

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What is the IMPS full form and meaning in banking? Learn more about it from DBS Bank.

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What is the IMPS full form and meaning in banking? Learn more about it from DBS Bank.

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DBS bank Remittance Services make it quick and easy to transfer money via IMPS (Immediate Payment Service). Learn more about the features, benefits, and other details of this fund transfer service.

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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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To activate Mobile Banking with DBS Bank, follow these steps:  Mobile Banking Activation.

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To activate Mobile Banking with DBS Bank, follow these steps:  Mobile Banking Activation.

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To activate mobile banking, download the DBS bank app and follow the step-by-step guide that it provides. Once you have done that, you can start taking advantage of all the mobile banking facilities it has to offer.

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Key Takeaways

Mobile banking is an add-on service provided by banks worldwide.

You must consent to avail of mobile banking service while opening an account online or offline.

You can activate mobile banking by simply downloading and logging into the bank's app.

Log in using your net banking credentials or create your login ID and password with your debit card.

After you log in, you can enable Touch ID and change PINs per your preference.

Everything you need today; you can get on your mobile phone - including your bank account. Whether it is in the urban or rural areas of India, people have adapted to mobile banking. An extension of traditional brick-and-mortar banks, mobile banking allows its users to conduct almost all banking services via mobile applications. Be it fund transfer, opening fixed deposits or investing in Mutual Funds, mobile banking has you covered. Read on to learn how to enable mobile banking.
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How To Activate Mobile Banking?

You can complete the mobile banking activation process by following these steps:

1. Register for Mobile Banking

Mobile banking is an add-on service banks provide to those who opt for it. As such, you need to provide your consent to avail of this service at the time of opening your account. You simply need to tick a box on the online or offline account opening form to register for this facility.

2. Download the Mobile Banking app

The next step for how to enable mobile banking is to download the bank's mobile application on your internet-enabled smartphone. You can download the app from the Android Google Play or iOS app store and give your consent for the app to access the necessary banking-specific data on your phone. Note that banks do not levy any additional charges for the app.

3. Log in to the app

After downloading the app, you need to log in. Typically, you can log in using your internet banking credentials provided by your bank when you open your savings account. You also have the option to create your preferred username and quick access password by verifying your debit card details.

4. Set Your Password

Once you log in, your mobile banking activation is complete. If your mobile device supports it, you can also set your login password to fingerprint ID or facial recognition by choosing the appropriate option under the settings menu. Provide your debit card number, debit card PIN, expiry date, OTP received on the registered mobile number and set up the quick access PIN. Validate your fingerprint ID by scanning it per instructions on the app.

5. Access Your Mobile Banking App

After completing the above steps on how to activate mobile banking, you can now access mobile banking services to conduct all kinds of transactions. You can set up beneficiaries, transfer funds, check account balances, get mini statements, and more via your mobile banking app.

Final Note

Mobile banking makes the banking process incredibly convenient, so ensure you sign up for this service while opening your bank account. It provides 24x7 access to your bank account and is akin to carrying your bank on your person through your phone. You can download the app freely without paying any additional charges. Once you log in to the application, your mobile banking activation is complete.
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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How to Activate Mobile Banking - Mobile Banking Activation | digibank by DBS

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Mobile banking is an add-on service provided by banks worldwide. You must consent to avail of mobile banking service while opening an account online or offline. You can activate mobile banking by simply downloading and logging into the bank's app. Log in using your net banking credentials or create your login ID and password with your debit card.

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DBS Bank provides easy steps on how to find your UAN Number.

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DBS Bank provides easy steps on how to find your UAN Number.

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To get your UAN number hassle-free, here are 8 easy steps to guide you: Download the DBS bank app and open a savings account online.

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Key Takeaways

UAN stands for Universal Account Number.

UAN is a 12-digit unique identification number that allows you to access your EPF Account.

Your employer has your UAN details, and you can ask them for the Universal Account Number.

You can get your UAN number from the UAN or EPFO Portal.

You may be required to submit a few documents to your employer to generate your UAN.

When you start a new job, most employers in India open an Employee Provident Fund (EPF) Account for you in which they deposit a percentage of your salary for savings. The employer also creates a Universal Account Number (UAN) for your EPF account. The UAN helps you keep an eye on the amount of money deposited in the account and occasionally withdraw or transfer funds without employer intervention. But do you know how to get UAN number? Find out the different ways to do so in this article.
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How To Find UAN Number

From Your Employer

If you have newly joined a company, your employer will ideally provide you with your Universal Account Number upon opening your salary account. If you do not get the same, you can consult someone from the Human Resources or Finance department in the company and ask for the UAN. You can also find the UAN number on the salary slips, which also mentions the sums deducted for monthly PF contributions.

From UAN Online Portals

Below are the steps on how to know UAN number online

1. Visit the UAN Portal and click on 'Know Your UAN Status.

2. Enter the relevant details like your Aadhaar number, PAN, etc. You can ask your employer for your PF number/member ID and fill in the form displayed on the screen.

3. If you know the PF number/member ID, select your state and the Employee Provident Fund Organisation (EPFO) office from the dropdown.

4. If you decide to use your Aadhaar card to get the UAN, enter those details.

5. Now, enter your name, date of birth, mobile number, along with the captcha code and click on 'Get Authorization PIN'.

6. You receive a PIN on your registered mobile number provided at the time of application.

7. After you enter the PIN on the screen, click on 'Validate OTP'.

8. You can now view the UAN button, which you can click on, to get the UAN on your mobile number via SMS.

UAN Number Generation

When you first start working, your employer will ask you to submit a few documents to generate your UAN. Generating the UAN is a one-time process, and the Universal Account Number remains unchanged throughout your employment years. The documents required to generate UAN are as follows:

Bank Account Details: Bank Account Number, Bank Branch, IFSC Code

Proof of Identity: Aadhaar Card/Driving License/Passport/Voter ID

Proof of Residence: Electricity Bill/Telephone Bill/Rent Agreement/Ration Card/

PAN Card

Aadhaar Card

Conclusion

We hope this article answers your query on how to know my UAN number. Your UAN number is a unique 12-digit number that lets you access your EPF account any time you want. Using this single platform, you can withdraw or transfer your PF balance any time you wish. While employers help you open the account, they may not intervene or have any say on how you manage the account.
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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How to Get UAN Number - Easy Steps on How to Find UAN Number | digibank by DBS

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UAN stands for Universal Account Number. UAN is a 12-digit unique identification number that allows you to access your EPF Account. Your employer has your UAN details, and you can ask them for the Universal Account Number. You can get your UAN number from the UAN or EPFO Portal.

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What is the difference between NEFT and RTGS? Learn more about it from DBS Bank.

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What is the difference between NEFT and RTGS? Learn more about it from DBS Bank.

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Discover the distinctions between NEFT and RTGS in terms of transaction timing, limits, charges, and more with the help of DBS bank! Make the best choice for your payment option that works for you.

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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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Learn about the MICR Code, including its full form, meaning, and features, from DBS Bank.

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Learn about the MICR Code, including its full form, meaning, and features, from DBS Bank.

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Find out what a MICR Code is, what it does, and how it works by downloading the DBS bank app. Learn more about MICR Codes in detail!

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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.
Get started with seamless money transfer with digibank. Download the app now and send money to your family from anywhere. 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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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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Are you in need of a 50,000 Rupees loan urgently? Apply for a loan without security at DBS Bank today!

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Are you in need of a 50,000 Rupees loan urgently? Apply for a loan without security at DBS Bank today!

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If you need a 50,000 Rupee loan urgently, then download the DBS bank app and apply for a personal loan now, to get the funds you need quickly.

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Key Takeaways

You can get INR 50,000 Personal Loans without providing any security or pledging collateral.

Banks sanctions Personal Loans based on your creditworthiness and the ability to repay the loan.

You get flexible tenures of up to 5 years and easy EMIs for loan repayment.

As long as you fulfil all conditions, banks instantly approve and disburse Personal Loan amounts.

There are no end-use restrictions for Personal Loans.

Are you thinking I need a 50000 rupees loan urgently? Are you facing a medical emergency or need funds for other expenses? If yes, a Personal Loan can come to your rescue. Provided you fulfil all the requirements, you can borrow money from your bank to finance any contingency or leisurely expenses. Now you can get INR 50,000 Personal Loans in record time. Read on to know more.

How to get INR 50,000 Personal Loan Urgently?

Personal Loans are aptly described as the most versatile loans as you can fund all kinds of expenses using the funds from the loan. Regarded as unsecured loans, they come with the added benefit where you need not pledge collateral. Furthermore, banks approve and disburse these loans almost instantly. To get an INR 50,000 Personal Loan, you must fulfil the following eligibility criteria.

Age: You must be between 21 years and 60 years old.

Employment and Income proof: You should be salaried or self-employed, and you must present sufficient income proof.

Credit Score: You must hold a CIBIL score exceeding 600/900 points.

Check your eligibility with the digibank Personal Loan EMI Calculator.
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INR 50,00 Personal Loan - Features and Benefits

Paperless documentation

As mentioned earlier, a Personal Loan is unsecured, and you can get it by providing soft copies of the documents required. Simply attach scanned copies of your ID, income and address proofs along with your PAN card along with the online loan application form. Check if your bank pre-approves you for instant Personal Loan disbursals with zero documentation.

Speedy disbursal

Once the lender is convinced that you can repay the loan, the loan gets approved, and the amount gets credited to your savings account in the shortest timeframe.

Interest rates

Banks generally offer competitive interest rates on Personal Loans that depend on the loan amount and tenure you choose. In the case of small-value, INR 50,000 Personal loans, you can negotiate a lower interest rate by selecting a quicker repayment tenure.

Applicable charges

You can avail of the INR 50,000 loan by paying the appliable loan processing fees and other administrative charges. The lender explains these costs at the time of loan sanctioning.

Flexible tenure & EMI

You enjoy flexible tenures ranging from 12 to 60 months and can repay the loan in easy Equated Monthly Instalments.

Freelook period

Some banks allow you to cancel your loan within 48 hours of loan amount disbursement. However, you must forfeit the non-refundable loan processing fee and applicable taxes if you exercise this option.

No end-use restrictions

Once the bank disburses the INR 50,000 loan amount, you can use it to finance any expense of your choice.

Final Note

You can get your INR 50,000 Personal Loan with minimum documentation at preferential interest rates with a good credit score. The loan provides access to cash instantly, and you can repay it comfortably in pocket friendly EMIs.
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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I Need 50,000 Rupees Loan Urgently - 50,000 Loan Without Security | digibank by DBS

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You can get INR 50,000 Personal Loans without providing any security or pledging collateral. Banks sanctions Personal Loans based on your creditworthiness and the ability to repay the loan. You get flexible tenures of up to 5 years and easy EMIs for loan repayment.

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What is the MMID Full Form and Meaning as Explained in Detail by DBS Bank?

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What is the MMID Full Form and Meaning as Explained in Detail by DBS Bank?

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Download the DBS bank app to send money to your loved ones, and use the MMID (Mobile Money Identifier) code to make interbank transfers through the mobile banking platform.

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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.
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
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.
Download digibank by DBS to effortlessly send money to your loved one with 100% confidence. Download digibank Now

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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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What is the Cash Deposit Limit for a Savings Account at DBS Bank?

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What is the Cash Deposit Limit for a Savings Account at DBS Bank?

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Discover the cash deposit limit in a savings account with DBS bank. Download the app and start your savings account journey today!

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Key Takeaways

The Reserve Bank of India sets limits on cash deposits in Savings Accounts.

You can deposit only INR 1 lakh cash in one shot in a Savings Account.

Cash deposits in a Savings Account cannot exceed INR 10 Lakhs in a financial year.

The RBI has set similar limits for Current Accounts, Fixed Deposits, and other banking transactions.

Choose cashless transactions with digibank's internet banking services and mobile application.

A Savings Account is undoubtedly the most basic and popular bank feature available. It is used to safely store your money while earning additional income through the interest offered. However, the Reserve Bank of India (RBI) sets specific limits on the funds you can deposit in a Savings Account. To learn more about the cash deposit limit in Savings Account, read on.
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How Much Cash Can Be Deposited in a Savings Account?

The rules that limit the cash deposit limit in a bank Savings Account are in place to benefit account holders and assist the Income Tax department. When you make cash deposits in a Savings Account, you are only permitted to do so till the limit of INR 1 lakh. Deposits exceeding this amount may attract the attention of the tax authorities.

Similarly, it is essential to know how much money can be deposited in a Savings Account in a year. To adhere to the cash deposit limit in Savings Account and avoid the notice of the tax authorities, you can only deposit cash up to INR 10 lakhs per annum.

Furthermore, your bank can set similar rules for cash withdrawals from a Savings Account, which you can ascertain under the terms and conditions section of the Account opening form.

Other Limits on Cash Transactions

Besides knowing the cash deposit limits in Savings Account, you should also know the maximum limits on other cash transactions. If you exceed these RBI-set limits, your bank may report you to the income tax authorities.

Current Accounts

Current Accounts are typically used for business transactions. As such, they are subject to comparatively higher deposit and withdrawal limits. You may receive an Income Tax notice for deposits aggregating to INR 50 lakhs cash in a Current Account.

Fixed Deposits

Cash-based Fixed Deposits are also subject to a maximum ceiling. You can only make a cash deposit of up to INR 10 lakhs in a Fixed Deposit. You can create higher amount FDs via cheques and internet banking.

Credit Card Bill Payments

While making a credit card bill payment, you must adhere to the cash deposits limit of up to INR 1 lakh. To pay bills exceeding this amount, you can rely on other cashless methods of payment.

Real Estate Transactions

While making high-value cash transactions concerning real estate, stick to the limit of INR 30 lakhs. Cash transactions exceeding this amount could lead to you receiving an Income Tax notice.

To ensure that you abide by the rules set by the RBI and avoid attracting the attention of the tax authorities, try to conduct cashless or bank-to-bank transactions as much as possible.

Final Note

Now that you know the cash deposit limits in bank Savings Accounts, make sure you abide by the RBI guidelines while handling cash transactions. digibank offers several financial services and solutions designed to encourage cashless transactions. You can conveniently transfer funds and conduct cashless transactions through digibank internet banking and mobile applications.
Download the digibank by DBS 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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minimum cash deposit limit in savings account

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cash deposit limit in savings account approval

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Cash Deposit Limit in Savings Account | digibank by DBS

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The Reserve Bank of India sets limits on cash deposits in Savings Accounts. You can deposit only INR 1 lakh cash in one shot in a Savings Account. Cash deposits in a Savings Account cannot exceed INR 10 Lakhs in a financial year.

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DBS Bank's Rules and Transaction Limits for Savings Accounts

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DBS Bank's Rules and Transaction Limits for Savings Accounts

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Before opening a Savings Account, it is important to understand the Savings Account Transaction Limits & Rules. Download the DBS bank app and select the Savings Account that best suits your needs.

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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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Learn how to connect a phone number to a DBS Bank account.

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Learn how to connect a phone number to a DBS Bank account.

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Download the DBS bank app and link your phone number to your bank account now! Discover a variety of methods to do this.

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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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What is the daily cash withdrawal limit from DBS Bank?

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What is the daily cash withdrawal limit from DBS Bank?

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| Learn more about the cash withdrawal limit imposed on certain withdrawal provisions, and download the DBS bank app to open a savings account.

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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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Apply for an Non-Agricultural Gold Loan online with DBS Bank!

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Apply for an Non-Agricultural Gold Loan online with DBS Bank!

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Secure a loan for farming or related activities with minimal documentation and quick disbursal by leveraging your gold with DBS Bank India's Non-Agricultural Gold Loan.

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Apply for an Agricultural Gold Loan online with DBS Bank!

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Apply for an Agricultural Gold Loan online with DBS Bank!

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| Secure a loan for farming or related activities with minimal documentation and quick disbursal by leveraging your gold with DBS Bank India's Agricultural Gold Loan.

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Calculate Your Loan EMI Online in India with DBS Bank's EMI Calculator

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Calculate Your Loan EMI Online in India with DBS Bank's EMI Calculator

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| Calculate your Equated Monthly Installments due to the bank each month with DBS bank's convenient Online EMI Calculator.

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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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Calculate your Home Loan EMI with the DBS Bank India Home Loan EMI Calculator

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Calculate your Home Loan EMI with the DBS Bank India Home Loan EMI Calculator

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With DBS Bank's convenient Home Loan EMI Calculator, easily estimate your home loan EMIs. Just enter your loan amount, interest rate, and tenure and you're on your way to planning your finances better and making informed decisions about your dream home.

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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

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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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Calculate the Returns of Mutual Fund SIPs using the DBS Bank SIP Calculator

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Calculate the Returns of Mutual Fund SIPs using the DBS Bank SIP Calculator

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| Using the SIP return calculator offered by DBS Bank, you can develop a secure Systematic Investment Plan and calculate your returns with the help of a SIP Calculator tool.

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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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Invest in SIP Mutual Funds Plans in India online through SIP!

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Invest in SIP Mutual Funds Plans in India online through SIP!

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Achieve your financial goals by investing in a Systematic Investment Plan (SIP) Mutual Fund with DBS Bank - allowing you to invest a fixed amount regularly in a mutual fund scheme.

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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!

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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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Investing in Mutual Funds in India is now possible online

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Investing in Mutual Funds in India is now possible online

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DBS Bank App now offers an all-new Mutual Funds experience with 5-star ratings and real-time fund information. Invest in Mutual Funds online and start your hassle-free Mutual Fund investment journey with DBS Bank today!

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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.

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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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In India, money transfer can be done through NEFT transaction using NEFT Transfer

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In India, money transfer can be done through NEFT transaction using NEFT Transfer

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Send money quickly and without any fees using DBS bank's NEFT Transaction services. Download the DBS bank app to easily transfer money using NEFT!

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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.
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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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Find the IFSC Code of a Branch using the DBS Bank IFSC Code Search

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Find the IFSC Code of a Branch using the DBS Bank IFSC Code Search

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Discover the list of DBS IFSC and MICR Codes for popular cities with the DBS Bank IFSC Code Search. Download the DBS Bank App today and enjoy a seamless banking experience!

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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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DBS Bank offers online personal banking services

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DBS Bank offers online personal banking services

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Get started with DBS bank's personal banking services and experience a smooth journey! Download the DBS bank app now to begin!

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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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Explore the features and benefits of Mobile Banking and Net Banking

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Explore the features and benefits of Mobile Banking and Net Banking

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Experience the convenience of banking from home with mobile banking! Make simple transactions such as fund transfers and more with our DBS bank app. Download now and get started!

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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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With DBS Bank's Internet Banking, you can manage your accounts anytime, anywhere!

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With DBS Bank's Internet Banking, you can manage your accounts anytime, anywhere!

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DBS Bank's Internet Banking provides a secure and convenient way for you to manage your finances. With it, you can access your accounts, transfer funds, and pay bills wherever and whenever you please.

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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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At DBS Bank, personal loan interest rates start at 10.99%

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At DBS Bank, personal loan interest rates start at 10.99%

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Discover DBS Bank best interest rate for personal loans, beginning at 10.99% p.a. Get the app now to submit your application for a personal loan.

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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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Use DBS Bank Personal Loan EMI Calculator to quickly and easily calculate your Monthly EMI payments online.

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Use DBS Bank Personal Loan EMI Calculator to quickly and easily calculate your Monthly EMI payments online.

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Plan your monthly outflows by using DBS Bank Personal Loan EMI Calculator. Simply enter the loan amount, interest rate, and loan tenure to calculate your monthly instalments in just one minute!

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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 your eligibility for a personal loan online with DBS Bank Personal Loan Eligibility Calculator!

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Check your eligibility for a personal loan online with DBS Bank Personal Loan Eligibility Calculator!

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Are you wondering how much you can borrow? Use our personal loan eligibility calculator to find out instantly! In just a few minutes, you can check your loan eligibility and apply online now!

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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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Apply now for a DBS Bank Instant Personal Loan online at 10.99%*!

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Apply now for a DBS Bank Instant Personal Loan online at 10.99%*!

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Apply for a personal loan online with DBS Bank and take advantage of 10.99%* interest rates. Easily check your eligibility and get up to 15 Lakhs in an instant, hassle-free process.

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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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Calculate your online currency exchange rate using the Currency Converter!

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Calculate your online currency exchange rate using the Currency Converter!

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Download the DBS bank app to access our remittance services and make use of the Currency Converter feature – DBS bank explains the significance and functionalities of a currency exchange calculator!

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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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Send money securely and conveniently with DBS Bank's Money Remittance Services

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Send money securely and conveniently with DBS Bank's Money Remittance Services

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Send money to your loved ones abroad quickly, paperlessly, and with zero fees today! DBS bank offers remittance services with same-day transfers - download the app now!

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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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Send money overseas from India with an online international money transfer

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Send money overseas from India with an online international money transfer

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Transfer money internationally quickly and easily with DBS Bank Remit. Download the DBS bank app to send money abroad and have same-day transfers.

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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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Calculate your Recurring Deposit Interest Rate with the DBS RD Calculator Online.

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Calculate your Recurring Deposit Interest Rate with the DBS RD Calculator Online.

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| To calculate the interest rate and maturity value of your Recurring Deposit (RD), use the DBS Online RD Calculator to determine the amount of money you will earn at maturity.

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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 Recurring Deposit Interest Rates

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Know about Recurring Deposit Interest Rates

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| Explore the competitive recurring deposit interest rates available at DBS bank! Download the DBS bank app and open your RD account with no difficulty today!

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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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Calculate FD Interest Rates and Maturity Amounts using the FD Calculator!

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Calculate FD Interest Rates and Maturity Amounts using the FD Calculator!

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| Download the DBS app now and open a Fixed Deposit online to calculate your maturity value and interest amount on your Fixed Deposit investments!

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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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DBS Bank offers high returns on savings with its Fixed Deposit Interest Rates in India

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DBS Bank offers high returns on savings with its Fixed Deposit Interest Rates in India

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| DBS Bank offers attractive interest rates on Fixed Deposits in India. Check out the latest rates and open your account with India's digital bank for a hassle-free experience.

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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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Open a Recurring Deposit Account with DBS Bank—now available online!

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Open a Recurring Deposit Account with DBS Bank—now available online!

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| Open a Recurring Deposit Account with DBS Bank and benefit from features like customisable tenure, goal-oriented savings, RD insurance, and flexible payment options. Apply for a Recurring Account today!

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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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Open an online Fixed Deposit to take advantage of interest rates up to 7.50%!

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Open an online Fixed Deposit to take advantage of interest rates up to 7.50%!

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| Open a Fixed Deposit account online with DBS Bank and take advantage of our attractive interest rates of up to 7.50% p.a.*. Enjoy the journey of investing in a Fixed Deposit and grow your wealth with guaranteed returns. Apply Now!

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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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Calculate your interest rate for a savings account online with DBS Bank

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Calculate your interest rate for a savings account online with DBS Bank

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| Calculate the interest you earn monthly on your savings account with DBS bank Savings Account Interest Calculator. Download the app now to open a savings account and get the best interest rates.

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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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Open a DBS Bank Account Today and Take Advantage of the Savings Account Interest Rates!

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Open a DBS Bank Account Today and Take Advantage of the Savings Account Interest Rates!

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| Open a DBS Bank Savings Account now and enjoy high returns on your savings with their competitive interest rates. Experience the convenience of hassle-free banking with India's digital bank.

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Savings Accounts Interest Rates in India | digibank by DBS

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Open a Digital Savings Account now for instant access!

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Open a Digital Savings Account now for instant access!

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| No longer do you need to go to a bank to open a bank account - simply download the DBS bank app and get started with a digital savings account!

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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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Open a Savings Account with DBS Bank in India online!

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Open a Savings Account with DBS Bank in India online!

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| Open a savings account online with DBS Bank and get up to 5X the benefits, interest rates of up to 7.00%* per annum, and a hassle-free banking experience!

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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.