Hot Deal Digisavings digibank DBS MAB(Monthly Average Balance) and Interest Rates

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Deal Cadet
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So, I got a mail for Digibank FD, so wanted to check their interest rates, and was surprised to see Account Maintenance tab over there
Monthly Average Balance (MAB) INR 5,000
Monthly charges for non-maintenance of balance^^ INR 200
^^Charges will be levied to the extent of shortfall in balance. For example, if the monthly balance maintained is INR 4,000 (required is INR 5,000), the charge levied will be 20% of the applicable charge (since the balance shortfall is 20%), i.e. INR 40.

And interest rates are also gone down to 3.5% – 5% levels (5% is only for 1-2L amount)
Share your comments, and any other no nonsense bank which is giving good interest) and NO MAB..
https://www.dbs.com/digibank/in/rates-and-fees....
Thanks.

36 Comments  |  
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since when is this applied?
I have 5 rs.in a/c

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Majestic wrote:

since when is this applied?
I have 5 rs.in a/c

I think from Oct 2020

Added link

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thanks added funds,

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this is too bad i would say… they started with zero balance requirement and this….? even local banks in semi urban location need 2500 or less, DBS with no branch service need 5k?

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karthi4052752 wrote:

this is too bad i would say… they started with zero balance requirement and this….? even local banks in semi urban location need 2500 or less, DBS with no branch service need 5k?

Yes, I was even a bit of OK when they were decreasing the interest rates.. but this MAB and recent Debit Card charges and drastic decrease of interest rates (now they are almost same as other banks) etc are making me check for other options.

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will close the account useless account no offers no customer support etc

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Also expect to get debit card annual fees from next year as it clearly says 50k per annum req for waive.

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Is this true? Received no such mail.

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rohan8397 wrote:

Is this true? Received no such mail.

Sadly yes

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I do not think MAB is for old ac holder, only new digi saving ac will have to adhere this rule

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They have least of infrastructure expenses compared to other banks but MAB is not the lowest

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Majestic wrote:

They have least of infrastructure expenses compared to other banks but MAB is not the lowest

Even their customer support is chat bots type no human interaction

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What’s the status of dbs niyo global accounts?
Still zero MAB?

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nimod wrote:

What’s the status of dbs niyo global accounts?
Still zero MAB?

Accounts opened before September 1st are with 0 MAB.

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If so, time to close the account.

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sardasa wrote:

Accounts opened before September 1st are with 0 MAB.

Yeah think so..Cos have done signup process on my father’s number And biometric is yet to.be done..Got such mail..

https://cdn0.desidime.com/attachments/photos/634842/medium/IMG-20200903-WA0014.jpg?1599111102

So think account opened from now onwards will be with such MAB.

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co0l1992 wrote:

Yeah think so..Cos have done signup process on my father’s number And biometric is yet to.be done..Got such mail..

https://cdn0.desidime.com/attachments/photos/634842/medium/IMG-20200903-WA0014.jpg?1599111102

So think account opened from now onwards will be with such MAB.

I was referring to Niyo account not digiBank. I keep all my money in digibank only so they have bot charged me any fee yet in almost last 3 years.

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sardasa wrote:

I was referring to Niyo account not digiBank. I keep all my money in digibank only so they have bot charged me any fee yet in almost last 3 years.

Yeah same here..4 year old DBS account but haven’t been charged even once by them.not even for atm card
.

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Same here, using it from 3-4 years, never charged me for anything, but I got notification that I will be charged for debit card, but still not yet charged..
I park some money in their bank..
So these changes are bothering me a bit..
They are transorming to a normal bank. Rather than bank with some special features.. and I am not liking it..

Not sure whether these changes are for recently opened accounts as some other said over here

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every good thing is been taken away this year imp but folks do shoot some mail and twit it maybe they change their mind based public sentiment and a/c closing

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demerius2020 wrote:

every good thing is been taken away this year imp but folks do shoot some mail and twit it maybe they change their mind based public sentiment and a/c closing

Do you have any email id of the bank?
I will definitely do if you can provide..

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2 things to note:

1. For customers maintaining TRV >= INR 2 Lacs, charges will not be levied for Monthly Account Balance, Debit Card Annual Fee, ATM transactions and Payment services.

2. The above rates and fees is applicable from 1st October 2020.

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tarunsingh wrote:

2 things to note:

1. For customers maintaining TRV >= INR 2 Lacs, charges will not be levied for Monthly Account Balance, Debit Card Annual Fee, ATM transactions and Payment services.

2. The above rates and fees is applicable from 1st October 2020.

Thanks, is there any option to close this bank account in app?

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numberek wrote:

Thanks, is there any option to close this bank account in app?

Go in menu help desk and there is option to close the account immediately.

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mihir2812711 wrote:

Go in menu help desk and there is option to close the account immediately.

But is this true that they aren’t charging any customers who have opened their savings account on or before 1st 2020.
I am using digi bank from the past 1.5 years they also charged me 177rs for my dc.
Too much confusion nowadays flushed hushed sweat

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The above rates and fees is applicable from 1st October 2020.

Missing