Opening a savings bank account is essential for everyone to perform basic financial transactions and manage expenses. However, many people refrain from opening an account due to mandatory minimum balance requirements. DBS Bank addresses this issue by offering a zero-balance savings account which allows customers to open and operate an account without maintaining any minimum balance. This blog covers all the important aspects of the DBS zero balance savings account.
Types of DBS Bank Zero Balance Account
DBS Bank offers various zero balance savings account options for different customer needs. Here are some of the popular account types:
| Type of account | Features |
| Regular Savings Account | For basic banking needsNo minimum balance requirementUnlimited free transactionsDebit card and cheque book facilities |
| Salary Savings Account | Especially for salaried individualsHigher transaction and withdrawal limitsFree debit cardDiscount on loan interest rates |
| Student Savings Account | Tailored for students above 16 yearsNo annual fees or account maintenance chargesSpecial deals on banking and lifestyle needs |
How to Open DBS Bank Zero Balance Account Online?
Opening a savings account with DBS Bank is completely digital and paperless. All you need to do is:
- Visit https://www.dbs.com/india and click ‘Open an Account’.
- Select the preferred account type from regular savings or salary savings.
- Enter basic details like name, email, mobile number and address.
- Upload identity and address proof.
- Set up login credentials for net banking.
- Voila! Your account will be instantly opened without any paperwork or minimum balance.
How to Open DBS Bank Zero Balance Account Offline?
Opening a savings account with DBS Bank is not limited to online only. You can also open one by visiting your nearest branch. Here are the basic steps for offline account opening:
- Visit the nearest DBS Bank branch with address and identity proof documents.
- Fill up the printed account opening form available at the branch.
- Submit the form along with KYC documents to an officer.
- The officer will verify your documents and process the application.
- You will Get a temporary debit card instantly on the spot.
- Receive activation PIN and permanent debit card within a week by post.
- Start using online banking and transactions right away with internet and mobile banking.
- No paperwork or minimum balances required to open the account.
- Easy and instant account opening process at the branch.
DBS Bank Zero Balance Account Interest Rates
While opening a zero-balance savings account allows you to maintain account without minimum balance, DBS Bank also offers competitive interest rates on daily balances.
| Balance | Interest rate |
| For regular savings account- | 3.25% p.a. interest is offered on daily balances up to Rs. 1 lakh. |
| Balances above Rs. 1 lakh to Rs.2 Lakhs | 3.5% p.a. interest rate. |
| Balances above Rs. 2 lakhs to Rs.3 Lakhs | 3.25% p.a. interest rate. |
| Balances above Rs. 3 lakhs to Rs.4 Lakhs | 3.5% p.a. interest rate. |
| Balances above Rs. 4 lakhs to Rs.5 Lakhs | 7% p.a. interest rate. |
Fees and charges of DBS Bank Zero Balance Account
DBS Bank offers zero balance savings account with minimal fees and charges. This allows customers to use basic banking services free of cost.
- No monthly maintenance fee or minimum balance requirement.
- First 10 transactions in a month including ATM withdrawals are free.
- Beyond 10 transactions, Rs. 20 is charged for each withdrawal.
- No issuance charges for first debit card.
- Replacement of lost/stolen debit card is charged Rs. 100 + GST.
- No transaction charges on net banking, UPI or equated monthly installments (EMI).
- Demand draft issuance fee is Rs. 50 + GST.
- Balance certificate, cheque book requisition fees are nominal.
Eligibility criteria to open DBS Bank Zero Balance Account
Opening a DBS zero balance savings account is quite simple with minimum eligibility criteria.
- You must be an Indian resident citizen above 18 years of age.
- Required KYC documents are valid ID proof and address proof.
- Employed professionals, homemakers, students can open this account.
- Self-employed individuals need to provide address, ID and business proof.
- No minimum deposit or balance required to be maintained.
- Easy online and offline account opening facilities available.
- Instant account activation with issuance of debit card.
- Resident status, age and KYC compliance are basic musts to enjoy benefits of DBS zero balance savings account.
- Allows customers with no high balances to use basic banking services.
Documents required to open DBS Bank Zero Balance Account
Opening a basic savings account with DBS Bank requires minimal documentation for KYC compliance.
- Valid photo identity proof like PAN card, voter ID, passport etc.
- Address proof like latest utility bill, Aadhaar card.
- One passport size photograph.
- For salaried customers latest pay slip or salary certificate.
- Self-employed need address proof in business name and registration proof.
- Digital copies of documents through mobile app for online onboarding.
- Physical documents submitted at branch for offline application.
DBS Bank Zero Balance Account Welcome Kit
After opening a zero-balance account with DBS Bank, customers receive a welcome kit containing important documents.
- Debit card for making purchases and withdrawing cash from ATMs.
- 16-digit debit card PIN in a sealed envelope for secure transactions.
- Passbook to keep records of deposits and withdrawals.
- Cheque book with 25 leaves if requested during account opening.
- Terms and conditions pamphlet of bank rules for account operations.
- Activation instructions for internet banking, UPI, mobile banking apps.
- Customer care contact numbers for assistance related to account, cards.
DBS Bank Zero Balance Account Helpline
DBS Bank offers zero balance savings account called DBS DigiSaver account to its customers. This account has nil balance requirement and allows easy banking transactions. Incase customers face any issue while opening this account online or have queries, they can contact DBS Bank helpline team.
The helpline team is available 24/7, on 1860 210 3456or write email to [email protected] for queries and assistance in application process. DBS Bank head office is located at DBS Bank India Limited, 1st Floor, Express Towers, Nariman Point, Mumbai 400021. The dedicated helpline executives can help with documents required, online application process and address other issues to open a zero balance DBS DigiSaver account smoothly.
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Final Word
DBS Bank provides a convenient, affordable banking solution for all with its zero-balance savings account. Anyone above 18 years of age can open this account by fulfilling simple eligibility criteria and submitting basic KYC documents. Customers can now perform transactions freely without worrying about fees or charges for low balances. The bank also offers digital banking services and good interest rates to provide a complete hassle-free banking experience. DBS zero balance account is truly a boon for modern basic banking needs.
FAQs
Yes, DBS Bank offers a zero-balance savings account called ‘DBS DigiSaver’ which does not require any minimum balance to be maintained.
DBS Bank savings accounts do not have any minimum balance requirement. The DBS DigiSaver account is specifically a zero-balance account with no minimum balance mandated.
DBS stands for Development Bank of Singapore. DBS Bank Ltd. is a leading financial services group in Asia with presence in 18 markets.
Yes, DBS Bank is considered one of the safest and strongest banks globally. It has been rated among the top 3 safest banks in the world for over a decade by Global Finance Magazine.
Yes, DBS Bank is considered one of the safest and strongest banks globally. It has been rated among the top 3 safest banks in the world for over a decade by Global Finance Magazine.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
