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DBS Bank is the acronym for The Development Bank of Singapore Limited which is a multinational bank having its headquarters in Singapore. DBS Bank is a leading bank in the Asian continent and is considered to be one of the top most banks in Singapore.
The bank provides a huge range of financial services and products that are catered to suit the specific needs or retail as well as corporate customers. These products and services also include loans, digital banking, corporate and retail banking, etc. DBS has taken digital banking one step further and has become India’s first Digibank.
Digibank is the digital bank which allows the customers to open a new savings bank account without the need to actually or physically visit the nearest branch of the bank. DBS Digibank UPI functions in a similar fashion to the other UPI applications in the market albeit with slight differences.
The details relating to the UPI application of DBS Digibank are discussed below.
About DBS Digibank UPI
UPI stands for the Unified Payments Interface. It is a payments portal that is unique for the customers of India. Customers can create a UPI user id or a Virtual Payments Address (VPA) easily and can thereby link multiple bank accounts. It provides the benefit of accessing multiple bank accounts under a single roof.
UPI was created by the National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI). It is available to all the customers of Indian Banks and a few foreign banks having a huge presence in the country.
UPI registration does not compulsorily require any bank account number or any other details like IFSC code, account name, etc. It can be done easily by providing the mobile number and user name generated at the time of registration.
The basis of UPI is the IMPS technology and real time transfer of funds without the need of prior adding of beneficiary account and any cooling period thereafter.
Customers can easily register through the DBS Digibank UPI Application and can use it to make payments to any bank account within Indian and or any merchant at point of sale transactions. This facility of the bank is available 24x7 to all the registered customers and can be accessed from anywhere and at any time.
UPI is an integral part of today’s banking world. DBS Digibank UPI goes a step further to eliminate the need to get savings bank accounts the traditional way. Following are the features of DBS Digibank account that make it a very preferred option for day to day banking needs.
Customers can perform many transactions apart from the basic funds transfer through the DBS Digibank UPI application. Some of these transactions are mentioned hereunder.
Customers have to ensure that they meet certain pre-requirements for being qualified to register and avail benefits of the DBS Digibank UPI. These prerequisites are,
DBS Digibank UPI application is available on Google Playstore as well as iOS app store. Before getting to the registration process of DBS Digibank UPI, customers have to ensure that they meet the above basic pre-requirements for such registration. If all the above pre-requirements are in place, after that customers can proceed with the registration process.
The steps to create a UPI account with DBS Digibank are listed below.
Customers can link their DBS or non-DBS bank account to such UPI id generated above. The process to add or link such accounts is detailed below.
UPI PIN is crucial for the safety and authentication of all the banking transactions undertaken or executed through DBS Digibank UPI application. In case of DBS bank accounts, customers can set the UPI PIN by selecting the DBS account linked with the VPA and then clicking on ‘Set UPI PIN’ or change ‘UPI PIN’ as the case may be. Customers will be asked to submit the OTP sent on registered mobile number to validate such request and upon submitting the same, the UPI PIN for DBS Bank account linked VPA will be set.
In case of a non-DBS bank account, the process to set UPI PIN is mentioned below.
1. What is Digibank?
Digibank is the new feature of the banking world where customers can open a new savings bank account virtually without visiting the branch if the bank for the same.
2. What is the transaction limit for DBS Digibank UPI application?
The transaction limit for DBS Digibank UPI application is Rs. 1,00,000 per transaction per day.
3. What are the charges for sending or receiving money through the DBS Digibank UPI application?
DBS Bank does not levy any charges for executing any transactions like funds transfer, making any payments or receiving any funds through DBS Digibank UPI application.
4. What is the process to check the account balance of the bank accounts linked to the DBS Digibank UPI application?
Customers can check the balance of any DBS or non-DBS account linked to the DBS Digibank UPI application. The process for the same is mentioned below.
5. Can I transfer funds from the DBS Digibank UPI to an e-wallet?
No. Currently the UPI application offers facility of funds transfer only between bank accounts and does not provide such facility to transfer funds from DBS Digibank UPI application to an e-wallet.
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