digibank Vs. Kotak 811: digibank is the smart pick!

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Digital accessibility is on everyone’s mind. Going digital has changed the way we function- from the way we eat to the way we travel to the way we communicate. Even our ways of doing banking have changed completely. Gone are the days when we had to visit the bank for every little task. DBS has introduced a revolutionary app- digibank which is India’s first “Digital only bank”. It is the first of its kind downloadable bank account.

digibank

digibank is actually paperless and branchless because you just need a smartphone to open a savings account. You can complete the KYC process by just submitting your Aadhaar number, PAN number followed by bio- metric verification.

First, you have to open a digibank e-wallet which is a very simple and quick process and can be opened in 90 seconds; this is extremely fast when compared to Kotak 811’s 5 min setup process.  The digibank provides hassle- free banking from the comfort of your home or office, and it comes with extra features as well compared to its other competitors like Kotak 811, ICICI Pockets and FedBook from Federal Bank.

Features of digibank:

  • The digibank app lets you enable/disable your virtual debit card given by digibank from the app itself.
  • It is India’s first paperless, signature-less and branchless banking.
  • It lets you pay at all Bharat QR enabled stores and websites by using the QR code in the app.
  • It has 24 x 7 Virtual Assistant to answer your bank related questions so you don’t have to wait for someone to pick the call.
  • There is a budget optimizer in the app that allows you to track expenses, analyze your purchasing patterns and lets you to set the spending limit.
  • Digibank has dynamic inbuilt security which is safer and convenient than OTP.

There are many other digital banks which provide some of the features but digibank stands out by giving extra features that make the usage of the digibank very convenient.

Let’s compare and see what the major differences between digibank and Kotak’s 811.

digibank vs Kotak 811

  • You can keep maximum of 1 lakh in Kotak 811 whereas there is no restriction in the digibank account.
  • There are some hidden charges and fees in Kotak 811 such as charges on cash deposits whereas there are no charges in digibank.
  • Kotak 811 provides only 6% interest. digibank provides 7% p.a. interest up to 1 lakh and 6% between 1 lakh and 10 lakhs.

So, digibank gives highest interest rates on the amount and also, provides unlimited ATM withdrawals, and there is no cap on deposit amount.

With digital India, digibank is going to achieve lots of success in coming years with the amount of features it gives to the consumers.

Download here: App Store and Google Play.

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