“You had no ATMS, no internet banking,” my son remarked as I discussed opening his first bank account. “And you didn’t even have a mobile? How did you live?” he asked. “Open an account in State Bank of India” said his grandfather. “Bur dada, times have changed. Have the banks changed or the way to open the account and manage things?” my son asked. “I mean is there humare zamane ka bank? Where banking can be cool “he continued. This led me on quest to find new age bank for today’s generation. We explored both DBS digibank and Kotak 811 Bank- both banks offer a digital only savings account.
Today’s Generation Expectation from Banks
The new generation of working people want things which are fast, cool, have global appeal, minimum paperwork and few physical interactions. Today’s generation expects value for money & speedy service. For most of things in life they are ready to spend money but they are not ready to waste time. They have different expectations and their ways of interacting with banks are also different. They prefer not to come to banks for banking services. Rather they would prefer to avail the services through online and social media based platforms. For today’s generation for a bank just Being a Bank isn’t Enough!
From providing plain vanilla banking services, banks have gradually transformed themselves into universal banks. ATMs, Internet banking, mobile banking and social banking have made “anytime anywhere banking” the norm now. Banks today are forced to make rapid and irreversible changes due to the developments in technology, customer behaviour and regulations.
The digibank by DBS uses technologies, such as biometrics and artificial intelligence, to enable paperless, signature-less and branchless bank. The bank leverages biometrics-enabled ID and Aadhaar card to ensure that that there is no paperwork
You start with an e-wallet, and can convert to a full bank account at any time! You can open a digibank e-wallet in 90 seconds flat to make bill payments. And convert to a zero balance digiSavings account. Whereas Kotak’s 811 takes over 5 min to set up.
Smartphone users with an Aadhar Card can open digibank account online by installing app on their smartphone. Here’s a list of features offered by DBS by digibank and where it wins over Kotak 811.
- Zero balance saving account. There is no minimum balance requirement, no fees for non- maintenance of any average monthly or quarterly balance. There is also no limit on how much you can keep in the account. In Kotak 811, the maximum amount you can keep in this account at any given point of time is Rs. 1 Lakh. You can credit a maximum of Rs. 2 Lakhs in this account but then you will need to convert to Full KYC account.
- 7% interest on any balance in your account, whereas 811 pays interest of up to 6%* p.a.
- E-Wallet facility
- You can enable/ disable debit card instantly the from the App. You also receive a virtual and physical debit card for free, under Kotak 811, you will need to pay for the physical card.
- For digibank, there is unlimited free ATM withdrawals from any ATM, in case of Kotak 811 though, transactions at its own ATMs are free (without any cap on the number of transactions). But 811 customers are offered fewer free transactions at other bank ATMs. They will be charged Rs. 20 after three free transactions, as against five in case of its regular savings account. Kotak 811 charges cash deposits and withdrawals. Kotak offers 4 free transactions or 2 lakh / month, whichever is earlier, beyond which it charges Rs. 3.5 per Rs.1000 (subject to minimum of Rs. 150).
- Free Online funds transfer via NEFT, IMPS
- No need of OTP, digibank has an inbuild robust in built security feature
- You also get a 24×7 Virtual Assistant, powered by artificial intelligence
- Budget optimiser lets you budget, track expenses, analyse purchasing patterns and even provides actionable advice by understanding your behaviour and preferences
- Ability to link goal based recurring deposits from the app
Bank for Today’s generation : Digibank vs Kotak 811
DigiBank is completely application based, just download the application from the Play store (Android) and Apple store (iOS).
What do you want in your Bank? Try out your first digital only account with digibank.
you need enable international transaction in digibank netbanking.
Digibank debit card does not work with paypal and international websites.
My DBS bank debit card works with PayPal and international websites.
1. From 1st August 2018, you will get 10 free ATM withdrawals and 10 free non-financial ATM transactions per month in India..DBS
2. No international transactions on website..DBS
I USE BOTH (kotak 811 & DBS)
Thanks a lot for the info!
Katak give international debit card, but digibank give latest Visa Wave card, but not international
Now dbs is also given international card
No it does not work in international websites.
How about RBL BANK? They are the quickest.
1. Verify through eKyc.
2. Free ATM / Debit card
3. Zero balance a/c
4. Free NEFT/IMPS
5. Unlimited ATM withdrawals
Thanks for input SAM.
RBL is coming up very fast.
I have been a user of Digibank and my experience is good.
If I’m not wrong, Kotak 811 let’s you make a bank account in less than 5 minutes(With only your aadhar card , whereas, Digibank only makes an e-wallet and not a bank account in 90 seconds.
That there seems like a win, doesn’t it?
I, being a millennial,too was going through the same dilemma and I chose Kotak 811.
I found it user-friendly and very convenient.
My experience with Kotak 811 has been great so far!
Thanks for sharing your experience