You might have heard of a new private sector bank, DBS (Development Bank of Singapore), offering its services in India as a dynamic mobile wallet-cum-savings account, namely Digibank by DBS.
Today, I needed to make an IMPS transaction from my DBS account to my friend’s CitiBank account in the morning at around 11 am. Later in the day, I opened the Digibank by DBS app on my mobile and I was extremely surprised to see that my account balance was 100 times more than what was left after the successful IMPS transaction. My first reaction was What the F**k!?!
Fruit of labor or a Technical Glitch?
Since only 10% of the total amount in my account was mine (undoubtedly), I tried to make a transaction knowing that I can’t withdraw more than my share (for obvious reasons). It failed. I, then, realized that the bank already knows about this technical issue and its IT team must have disabled all the transactions. Thankfully!
The Irony, DBS got RBI’s approval to operate as a wholly-owned subsidiary in India on the same day.
Digibank by DBS
Digibank allows you to quickly open a bank account through its mobile app (both Android and iOS) by providing some basic details of yours along with your PAN details and Aadhar number. And then, you can request a bank executive to visit your address (of your choice) for finger enrollment and your bank account is ready to use.
Within a few minutes of account activation, you can request for a Debit Card pre-loaded with certain exotic facilities like Zero NEFT/IMPS charges, Unlimited ATM Withdrawals from any ATM across the country. Who wouldn’t want to open an account with DBS when it offers an annual interest of 7% up to Rs. 1 Lakh. Seems great! Isn’t it?
I hope that DBS bank gets it fixed ASAP. And, I take this opportunity to request DBS to increase the daily transaction limit (by Debit Card) when adding money to the savings account.
*waiting with my fingers crossed*