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Introduction

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.

What is UPI?

Dbs Bank 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.

Features of DBS Digibank UPI

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.

  • UPI application is a preferred option which can be used for transfer of funds to any bank account or merchant through any of the payments modes given below
    • VPA (Virtual Payment Address)
    • Providing the Bank Account Number along with IFSC Code
    • Providing the Registered Mobile Number
    • Scanning the QR code
  • DBS Digibank UPI can be accessed by customers of any bank across the country under a single VPA.
  • DBS Digibank UPI eliminates the need to register the beneficiary or payee prior to transfer of funds and thereby the cooling period with respect to such new additions.
  • The application allows customers to reset or change the UPI PIN multiple times for security reasons or in case a customer has forgotten the PIN.
  • Funds can be transferred on a real time basis and in a very secure manner as UPI is a very secure portal with additional security measures like login password, UPI PIN and single-click 2 factor authentication.
  • It does not require any unnecessary banking details like their account number, account name, etc. and thus reducing the chances of theft or misuse or account information.
  • UPI can be used to transfer funds on a real time basis as compared to other traditional funds transfer modes.
  • Customers can access the facilities available through UPI anytime and from anywhere.
  • The application does not levy any additional cost for registering with this application or for sending or receiving payments through the same.
  • Customers can transfer funds or make payments up to Rs. 1,00,000 per transaction per day through this UPI application.
  • DBS Digibank UPI can be used to make payments at e-commerce websites, point of sale transactions and much more.

What are the transactions that can be performed through DBS Digibank UPI?

Customers can perform many transactions apart from the basic funds transfer through the DBS Digibank UPI application. Some of these transactions are mentioned hereunder.

  • Immediate transfer of funds to any account held with the bank or otherwise
  • Payment of utility bills like water bill, electricity bill and gas bill
  • Checking the balance of the bank account linked with UPI
  • Recharging the prepaid account of the mobile or a post paid account
  • Recharge of DTH services
  • Making donations to charities or NGOs
  • Paying Credit card bills
  • Starting Fixed Deposits
  • Making payments of premiums for mediclaim or insurance

Registration Process of DBS Digibank UPI

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,

  • Valid and Active savings bank or current bank in India (with DBS Bank or a non-DBS account)
  • Valid and active mobile number related to the bank account to be linked to the UPI account
  • Smart phone
  • Active debit card relating to the bank account to be linked to the UPI account.

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.

  • The first step as mentioned above is to download the UPI application from the Google Playstore or Apple Store.
  • Once opened, customers will have to select the ‘Register for UPI’ option.
  • A new page will be displayed requiring the customers to provide details like a unique username. The format for the username is ‘xxxx@dbs’.
  • Next step is to set a UPI password to login to the account.
  • This password will have to be re-entered to confirm it. 
  • After this the UPI Id of the user will be created

Process to add Bank account to the DBS Digibank UPI ID

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.

  • Customers will have to first click on the ‘manage accounts’ option available on the dashboard.
  • Next step is to select ‘Link New account’
  • After that customer will have to select the bank where such account is held
  • This will display all the bank accounts that are linked to the mobile number registered with the UPI application.
  • Customers will have to select the bank account they wish to link to the DBS Digibank UPI
  • Finally, the last step is to select the VPA generated and confirm the linking of the bank account to such VPA.
  • After successfully linking the desired bank account, customers will receive a notification confirming the same.
  • Customers can use their bank account immediately to make funds transfer without waiting for any cooling period as is the case of NEFT/ RTGS transfers.

How to set UPI PIN for Non-DBS account?

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.

  • First step is to click on ‘Linked accounts’ on the dashboard
  • Next step is to click on the account for which UPI PIN is to be set
  • If UPI PIN is being set for the first time, customers will find the option ‘Set UPI PIN’ displayed on their screen.
  • If customers have to reset the UPI PIN earlier, they can click on ‘Manage’ and then proceed to ‘Reset UPI PIN’
  • Customers will be required to provide the last 6 digits of the debit card associated or linked to such non-DBS bank account and the expiry date of the same
  • After that customers will have to click on ‘Receive OTP’
  • After receiving and entering the OTP from the bank where the non-DBS account is held, customers will be taken to a new page
  • Here, they will have to enter the UPI PIN and re-enter the same to confirm it after which the UPI PIN for non-DBS bank account will be set.

FAQs – DBS Digibank UPI

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.

  • First step is to login to the DBS Digibank UPI application
  • After that, customer will have to select the bank account which will be found at the bottom of the home screen
  • Next step is to select the option ‘Update’ and enter the UPI PIN to authenticate such request.
  • This will display the current balance of the selected bank account on a real time basis and such access can be available at any time and from anywhere.
  • Customers can select any other account and get the balance information in a similar process for that account.

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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