Following is a summary of the new RBI guidelines applicable for your digi e-wallet account:
- New regulations mandate the need for an officially valid ID document (OVD) for a min KYC wallet. Officially valid documents accepted by DBS include Aadhaar, PAN, Passport, Driving license and Voter’s ID. This officially valid document is to be provided immediately to avoid application of credit freeze to your wallet. This means you can’t further load the wallet however the use of the existing balance is allowed. Please provide the OVD by upgrading and logging into your digibank app, if not already done.
- For customers who have requested for a digiSavings account by providing Aadhaar/PAN, need not provide the OVD
- All fund transfers from min KYC wallet have been stopped with immediate effect
- The wallet account is valid for a period of 12 months since the date of opening the wallet. Post 12 months customers can use the existing balance in the wallet, however further funding shall not be allowed in the wallet
- Limits for min wallets: The maximum amount which can be loaded in a min KYC wallet in a month is capped at INR 10,000 and in a financial year is capped at INR 1,00,000. The wallets can only be used for purchase of goods and services and the total amount for the same is capped at INR 10,000 per month.
- New wallet creation with same minimum details and mobile numbers is not allowed
- You will always have an option to upgrade to digiSavings from your wallet. Please note that digiSavings account will only be available at DBS branch locations. For DBS branch locations please refer to: https://www.dbs.com/in/index/locator.page.
We request you to take note of these changes and plan your use of the wallet accordingly.