DBS Bank announced it will offer 7% interest to its savings bank customers who make use of the digital banking
services of the bank. Besides this higher rate of interest for its zero balance digital bank accounts, the bank is offering unlimited access to ATMs to such customers. These accounts can be opened by anyone with a smartphone, an Aadhaar card and a PAN card. Piyush Gupta, CEO of the bank, said the bank is trying to be a trying to be a disruptor and it is confident that the new channel allows it to expand into retail consumer business and provide a different kind of banking, which is a much bigger scale than the typical niche banking done in the past. The bank has set a deposit target of Rs 50,000 crore in five years and Rs 10,000 crore of retail loans. He also said the bank is creating the Digibank in India as a global first because the digital infrastructure in India is better than anywhere else. The whole India infrastructure – the JAM (Jan-Dhan, Aadhaar and mobile) trinity – and the India stack is under-appreciated, he added.
