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DBS Bank Savings Account
In today's fast-paced world, having a reliable and flexible savings account is essential for managing your finances effectively. Development Bank of Singapore or DBS Bank understands this need and offers a wide range of savings accounts designed to cater to the diverse requirements of its customers. With a host of features and benefits, DBS Bank provides an exceptional banking experience. In this article, we will explore the various types of DBS Bank savings accounts and look into their features, eligibility criteria, online facilities, fees and charges, and interest rates.
DBS Bank Savings Account Features and Benefits
- High interest rates: they offer are one of the standout features of DBS Bank savings accounts. When it comes to growing your savings, DBS Bank provides some of the most competitive rates in the market. This means that your money will work harder for you and yield higher returns.
- Convenience and accessibility: With DBS Bank savings accounts, customers enjoy the benefit of free ATM withdrawals at any DBS Bank ATM in India. This allows for easy access to funds whenever needed, without incurring additional charges.
- Free online banking: DBS Bank customers can manage their accounts and conduct transactions effortlessly. With just a few clicks, customers can check their balance, transfer funds, and pay bills, all from the comfort of their homes or offices.
- Free mobile banking: DBS Bank offers an intuitive mobile app which customers can access their accounts and perform transactions on the go, ensuring that banking is not confined to a specific location or time.
- Free SMS alerts: To keep customers informed and updated about their account activity, DBS Bank provides SMS alerts which are a valuable tool for monitoring transactions and ensuring the security of funds.
Types of DBS Savings Accounts
DBS Bank offers a variety of savings accounts to cater to different customer needs. Some of the popular savings account options are:
- Digibank by DBS Savings Account:
- Instant account opening
- Requires an average monthly balance of Rs. 10,000
- Customers receive an Amazon Pay Gift Card worth up to Rs. 250
- Unlimited ATM withdrawals
- Easy fund transfers through NEFT, RTGS, and IMPS
- DBS Savings Gold Account:
- Free cheque book facility
- Monthly account statements provided at no cost
- No charges on cash deposits at the base branch
- Free net banking, NEFT, and RTGS facilities
- Requires a monthly balance of Rs. 10,000 to avail benefits
- Savings Plus Account:
- Free cheque-book facility
- Option to avail of free monthly account statements
- Access to Digibank’s digital banking services at no cost
- Issuance of a Platinum Visa debit card
- Savings Power Plus Account:
- Free cheque-book facility
- Free transactions at any ATM
- Access to Digibank’s digital banking services for free
- Digibank PRIME Savings Account:
- Designed for privileged Digibank PRIME customers
- 24x7 live chart support for daily banking needs
- Provision of a Premium Signature VISA Debit Card
- Free personal accident insurance worth Rs. 5,00,000
- Lakshmi Power Savings Account:
- Requires an average monthly balance of Rs. 5,000
- Free cash deposits at the base branch
- Free cash withdrawals from DBS Bank ATMs
- Free NEFT, RTGS, IMPS, and UPI (P2P) online transactions
Eligibility Criteria and Documents Required
To open a DBS Bank savings account, certain eligibility criteria must be met. The applicant must be a resident of India, at least 18 years old, and possess a valid PAN card and Aadhaar card.To complete the account opening process, the following documents are required:
- PAN card
- Aadhaar card
- Proof of residence
- Proof of identity
Fees and Charges
While DBS Bank savings accounts do not impose monthly maintenance fees, there are certain charges that may apply. These charges include:
- Non-maintenance of balance: In case the account balance falls below the required minimum, a fee of 4% of the shortfall, up to Rs. 40, may be levied.
- Debit card annual fee from the 2nd year: Different types of debit cards have varying annual fees, ranging from Rs. 150 to Rs. 299.
- Other charges: DBS Bank may impose fees for non-DBS Bank ATM cash withdrawals, cheque-book issuance, revalidation/re-issuance of demand drafts, and international cash withdrawals, among others. It is advisable to refer to the official DBS Bank website or contact customer service for the latest information on fees and charges.
Interest Rates
DBS Bank savings accounts offer competitive interest rates, depending on the type of account and the minimum balance requirement. Here are the current interest rates for selected DBS Bank savings accounts:
Digibank by DBS Savings Account: interest rates per annum
| Sl # | Amount | Interest Rates |
|---|---|---|
1 | Up to Rs 1 Lakh | 3.25% |
2 | Rs 1 Lakh - Rs.2 Lakhs | 3.50% |
3 | Rs 2 Lakhs - Rs.3 Lakhs | 4.25% |
4 | Rs 3 Lakhs - Rs.5 Lakhs | 7% |
5 | Rs 5 Lakhs - Rs.10 Lakhs | 6% |
6 | Rs 10 Lakhs – Rs. 20 Lakhs | 5.50% |
7 | Rs. 20 Lakhs – Rs. 1 Cr | 5% |
8 | Above Rs. 1 Cr. | 3% |
Example: If the savings account balance is 5.5 Cr, then the savings account interest accrued will be calculated as given below:
- Savings Interest Calculation
- Up to Rs 1 Lakh: 3.25%: 3.25%
- Rs 1 lakh - Rs 2 lakhs: 3.50%
- Rs 2 lakhs - Rs 3 lakhs: 4.25%
- Rs 3 lakhs - Rs 4 lakhs: 7.00%
- Rs 4 lakhs - Rs 5 lakhs: 7.00%
- Rs 5 lakhs - Rs 10 lakhs: 6.00%
- Rs 10 lakhs - Rs 20 lakhs: 5.50%
- Rs 20 lakhs - Rs 50 lakhs: 5.00%
- Rs.50 lakhs – Rs.1 Cr: 5.00%
- Rs.1Cr – Rs.5 Cr: 3.00%
- Remaining Rs.50 lakhs: 3.00%
Process For Opening a DBS Bank Savings Account
DBS Bank offers both online and offline account opening options for its savings accounts.
- To open a DBS Bank savings account online, follow these steps:
- Visit the Digibank website or download the mobile application to begin the instant account opening process.
- Keep copies of your essential documents, such as your PAN card and address proof, handy for a smooth online account opening experience.
- Ensure a stable internet connection for video KYC (Know Your Customer) verification.
- Once your video KYC is completed, DBS Bank will verify your details and promptly open your account.
You will receive an account starter kit by mail, containing essential materials to help you operate your account, along with a debit card.
- To open a DBS Bank savings account offline, follow these steps:
- Visit the nearest DBS Bank branch to fill in the savings account application form.
- Provide your basic details as requested in the application form.
- Submit self-attested copies of your PAN card and Aadhaar card.
- Choose the type of savings account you wish to open.
- Collate all the necessary documents and submit them, along with your proof of identity.
- After verifying your details, the bank will open your account.
You will receive a welcome kit containing essential documents to assist you in operating your account.
Conclusion
DBS Bank offers a comprehensive range of savings accounts designed to cater to different customer needs. With competitive interest rates, convenient online and mobile banking facilities, and a wide network of ATMs, DBS Bank aims to provide a seamless banking experience. By understanding the eligibility criteria, necessary documents, fees and charges, and interest rates, customers can make informed decisions and choose the most suitable DBS Bank savings account that aligns with their financial goals and preferences.
FAQs Of DBS Bank Savings Account
1. What documents are required to open a DBS Bank savings account?
PAN Card, Aadhaar Card, Proof of identity, and Proof of Address are required.
2. What are the fees and charges associated with DBS Bank savings accounts?
DBS Bank savings accounts do not charge monthly maintenance fees. However, there may be charges for non-DBS Bank ATM withdrawals, cheque book issuance, and online banking if the minimum balance is not maintained.
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