Reasons to Choose digibank over Kotak 811

Even as a whole lot of frontline banks in India increase minimum balance requirements, slash interest rates on deposits, charge cash deposits and withdrawals, impose overt and covert conditions on withdrawals, increase banking fees and charges and generally upset retail customers with a savings mind-set, a number of products addressing the needs of these unhappy bank depositors have gained prominence. One good one is digibank by DBS.

Opening an account with digibank is a snap. And takes just 90 seconds. Just download the digibank App either from the App Store or Play Store and get started. When compared to competitor Kotak 811 that takes close to 5 min, you can see that digibank is already ahead.

Here is the whole process explained in pictures:

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The benefits of signing on are many:-

1.You get a zero-balance savings account. So no locking-in of your money to save your not-so-nice-any-longer bank from facing the consequences of irresponsible lending to dubious characters.

2.You can enjoy upto 7% interest in balances upto a lakh of rupees. And beyond that at 6% and 5% while Kotak 811 only offers an interest rate of 6%. This is comparable to a lot of FD rates today, with none of the restrictions on withdrawal.

3.There are no upper-limits on balances you can maintain. So, no 1 lakh limits on balances commonly found in other online accounts like Kotak 811.

4.Unlimited number of free ATM withdrawals. So, no more paying your bank for the privilege of accessing your own money which Kotak 811 does charge you for, along with charges for cash deposits.

5.You don’t just have to get by with a virtual debit card, you get a nice physical Visa International Debit Card. Again, this is a paid privilege if you opt for Kotak’s 811

Besides these features that help you get back a lot of the benefits that you could previously take for granted at leading banks, digibank has a number of other sophisticated features that make opting for an account feel like an upgrade:-

1.digibank allows you to enable or disable  your debit card instantly the from the digibank App. So no more worries about hackers from the darknet cleaning out your bank account along with a million others’. Keep your debit card deactivated and instantly activate it just before use and deactivate it soon after.

2.With digibank you can avoid the pain of repeatedly waiting for and keying in OTPs. digibank offers dynamic inbuilt security. This new security feature ensures you no longer need OTPs if you register your device with digibank. This is possible because digibank has an embedded soft token security, avoiding the need to wait for SMSs to arrive and providing even stronger security for transaction authorisation. Authentication happens securely and automatically every time you transact.

3. A 24×7 Virtual Assistant or Chatbot, powered by Artificial Intelligence the tech for which comes from the U.S. startup Kasisto that produced the iPhone’s Siri.

4.The Budget optimiser that lets you enter in limits for various budgetary heads, track expenses, analyse purchasing patterns, give you warnings about potentially exceeding budget limits you set and suggestions for investing your monthly surplus .Also personalized offers on dining and shopping to delight you, as recommended by Artificial Intelligence.

Digibank restores much of the dignity that retail customers have lost at frontline banks.

If you weren’t one of the beneficiaries of the NPA problem, why must you pay the price for someone else’s crime? Switch over to a nicer tech option and a business that values retail customers and get on with life. Businesses that don’t value your decades long relationship, don’t deserve your loyalty.