digibank by DBS: Refer and Earn

Overview 

You may earn by referring your friends, kins, family members, coworkers, employers, employees, and others to open a digisavings account by DBS Bank (India)


Q. What do I need to have to refer somebody to open a digisavings account?
A. You need to open a digibank e-wallel or its upgraded avatar digisavings account. You should have some money in your wallet/account_ at least Re.1.

Q. What do I need to do next?
A. You need to talk to your near and dear ones who have the PAN and the Aadhaar numbers, and a smartphone with an active Indian 10-digit mobile number.

Explain them about the bank, the account, and its benefits, e.g. , inter alia, zero-balance account, 7% p.a. rate of interest on daily balance, unlimited free ATM transactions, free fund transfer, deposit through other bank's net banking or debit card facility, e-KYC(know your customer) through Aadhaar-finger print authentication, i. e. no paper documentation, etc.

You may also ask them to read dbsdigibank.blogspot.in for more detail.

Q. I have convinced someone. What's the next step?
A. Ask them the mobile number that they wish to use while opening the account, although they may use another SIM or even Wi-Fi etc. for accessing the Internet too.

Q. I know the mobile number. What is the next step?
A. Login to your own digibank e-wallet/digisavings account on your own smartphone.

Select 'Your Payees' button in the middle of your account-dashboard page or window.

Select the 'Pay someone new' option.

Select the second option, viz. 'Pay through Mobile'

Enter the target 10-digit mobile number. Do not prefix a 0 or a +91 or anything else. Avoid selecting the number from your phone book either. Simply type it.

Enter the amount that you wish to send. You need to send at least Re.1. It is not advisable to send a very high sum though.

Hit the 'OK' button, and it is done.

Q. I transferred Re.1 to my referee. What is the next step?
A. The person whom you sent the money would receive a text message from the bank containing the link for downloading the app for claiming the money that they have received.

They need to click on the link using the smartphone in which they wish to download the app. It is around a 20MB app, and therefore does not take much time to download.

Install the app, and open it.

Enter your(referee's) name, date of birth, mobile number, email address, etc. Once you complete these steps, your e- wallet opens. E-wallet has limited transaction limits with no interest or debit card facility.

 So, upgrade the e-wallet into the digisavings account by clicking the active button on the app.

You would need to enter your address, parents' and spouse's name; nominee's name, date of birth, address, etc. Finally you need to enter your PAN and Aadhaar numbers.

You would get an 8-digit reference number for the finger print verification.

You may either go to the nearest Cafe Coffee Day outlet listed on the app or choose the second option for calling an agent by entering the city name and postal PIN. In the second case you would receive a call from the bank for fixing an appointment. You would name the time and place. The agent would come as per appointment. He would bring a fingerprint scanner with him. Make sure you just need to tell him the reference number displayed on the app or as received by you as a text message. Once he scans any one of your fingers, your account is open with full banking facilities. Make sure you receive a message on your mobile just after the fingerprint verification.

Q. Fingerprint verification is done. What is the next step?
A. As a referer your job is over. You would get your cash reward in due course.

Q. How much is the cash reward for referral?
A. It is Rs.250 per referral! Isn't it lucrative enough?

Q. When would I get the referral cash reward?
A. It is credited at the end of the day on which the fingerprint verification is done. However, it may take up to 15 days.

Q. How many people can I refer?
A. There is no limit. You may refer as many people as you can.

Q. How long is the program running?
A. It is a limited period offer. The bank app and the site show 15Oct16 and 31Dec16 as the last date of the program respectively. So, please call or email the customer care for more detail.

Q. Why won't I get the referral reward?
A. It may be because...

 The referee registers the account with a different mobile number than the one on which you sent the money.

The fingerprint verification is unsuccessful or not done at all.

Q. If my referee refers others, do I get anything?
A. No, you don't.

Q. Is it a taxable income?
A. Yes, it is a taxable income under the head 'Income from other sources'. Therefore, you need to show this income in your income tax return if your total income is more than the basic exempted income (Rs.250000) as per tax laws.

Q. Does the bank deduct TDS(tax deducted at source)?
A. No, perhaps they won't do it unless a referer's total referral reward crosses a definite sum, e.g. Rs.10000 or so.

Q. Anything else that I need to take care of?
A. Make sure that you encourage only those people to open this account who are comfortable doing online financial transactions; and are aware of the security precautions that they need to take care of while transacting online.

Please also let them know your pecuniary interest if they open the account. Never force anyone to open this account and also inform them that if anything wrong happens, you cannot be held responsible for that.

Q. What else do I need to take care of?
A. Stop reading this blog and start referring. Good luck.

Q. Does the referee get a coffee at CCD for free? Why? How?
A. Yes, the referee gets a free Cafe Coffee Day coffee after a few days of fingerprint verification. It is done as a courtesy. The referee would get an e-voucher on his or her email, and they would need to visit any CCD store with that email and they would get a coffee free. This is what the bank claims. I'm not sure about the reality.

Note:
As per my knowledge and understanding the referral program was valid till 30 Nov. 2016.

The referral program has started again in Dec-2016. The referrer gets 250 rupees and the referee also gets 250 rupees if they spend 500 rupees in the first month of the account opening using the debit card.