Sooner or later this was bound to happen. DBS is a Singapore bank that has opened a completely mobile-only bank in India. This means that there is no physical branch. Everything is mobile-only with this bank although, regrettably, in order to open a bank account, you have to visit one of the “DBS cafes”. The entire purpose of having a completely mobile-only bank is that one shouldn’t have to visit the physical branch. People should be able to open a new bank account with DBS through the mobile interface itself and I’m pretty sure in a few years if not in a few months, this will also become possible. In the United States and around the world, mobile banking is a very popular way for many people to sort their banking needs, making it easier for them to do more with accounts without needing to visit a branch. Some banks even allow online banking. You can see an example of this on the Atlantic union bank homepage as well as other services, so DBS is on the right path.
The DBS mobile-only bank in India will provide customer service that will be provided by virtual assistants. Standard queries like “What is my account balance?”, “Show me past transactions”, “Pay Amit 100 rupees” will be performed by AI-driven virtual assistant. The virtual assistant of the DBS mobile-only bank hopefully will be able to process all Indian accents.
Can you open it DBS bank account from your mobile?
As mentioned above, you cannot.
Obviously, being a mobile-only bank almost everything should be paperless. Again, having to visit a “DBS Café” is a big bummer when it comes to providing “complete” mobile-only banking especially in India when travelling in rural areas can become a big problem. But anyway, as much as possible, opening an account with DBS supposed to be paper-less. Your Adhaar card data, that has already used biometric authentication, will be used to open your bank account and this means no proofs of residence and other such details will be required.
Highlights of the DBS mobile-only bank in India
- You earn 7% interest from the first will be
- Unlimited free cash withdrawals from the ATM
- No minimum balance required
- The physical debit card can be used in any Visa-enabled and point-of-sale transaction
- You will be able to use your debit card abroad
- You cannot open a DBS bank account from your mobile phone – you will have to visit a branch
Again, it would have been a truly mobile-only bank if one could open a bank account via the mobile phone instead of having to visit a DBS-designated outlet.