Details of the changes in your banking relationship post migration

Savings & Individual Current Accounts

The account numbers of your existing Savings / Individual Current accounts will continue to remain the same and your cheques will continue to be honoured. There is no requirement for you to replace your cheques right away. Your existing debit card also will continue to function seamlessly. 

A few of the Savings Account / Current Account products have been reviewed and upgraded, leading to changes in their features. Though you will not need to take any immediate action for this upgrade, we request that you visit section 6 on this page for the complete list of changes and the revised Schedule of Charges.

If the specific variant of the accounts held by you is not listed in the section mentioned above, then that existing account will continue as is, without any changes in features or Schedule of Charges.

Customer ID 

If you already have a DBS Bank account, your Customer ID from DBS Bank will continue and your LVB accounts will get linked with it, and your old erstwhile LVB Customer ID will no longer be valid.

If you do not have a DBS Bank account, then your Customer ID will change. Please refer to section 1 on this page for details on how your Customer ID will change.

You may continue using your existing cheques with the current branch details, or request for a new one at your convenience.

Your existing Debit Card will continue to be operational with the same card number, PIN and CVV number till the expiry date mentioned on it. At the expiry of that card, you will receive a fresh card with the corresponding details

Your Fixed Deposit account number will change from a 16-digit account number to a 20-digit account number post-migration.  Please refer to  section 3 on this page for details. There will be no other change to your ongoing FDs apart from this.

If your Fixed Deposit matures on a date which is a bank holiday, then the maturity amount will be credited on the next working day, and you will be eligible to earn additional interest for the extra days applicable to your Fixed Deposit.

The existing standing instructions set up in your account will remain active and will continue to be in effect. Any existing standing instruction can be changed upon a written request at the branch.

Your IFSC code and account number will not change because of the migration. However, all inward transactions to your account shall be credited only if the complete 16-digit account number is entered by the sender while initiating the payment.

If the sender uses an incomplete account number, the incoming fund transfer shall get rejected.

To avoid any inconvenience, kindly ensure that the sender uses your complete 16-digit account number while transferring the funds. Please refer to  section 2 on this page for examples

Your existing LVB mobile banking and internet banking applications will no longer be available after the migration. You will be able to access your account via the ‘digibank by DBS’  mobile app and internet banking platforms.

If you do not hold a digibank account as yet:

1. Please download the ‘digibank by DBS India’ app here
2. Open the app in your mobile device
3. Follow the simple steps for registration, entering the basic details that will be asked on screen
4. Your online presence will get set up, and you can then enjoy the convenience of the World’s Best Digital Bank with 24X7 banking anywhere

If you already hold a digibank account:

After the migration is complete, just open the digibank app, and you will be able to access your existing account of the erstwhile LVB system, as well as your digibank account, in the same profile.

The following are pre-requisites to link your LVB bank account on the digibank by DBS mobile banking app or via internet banking

• You will need to hold a valid Debit Card and PIN – your existing debit card and PIN (Personal Identification Number) will be valid if the expiry date of your debit card is not before the migration date
• Your mobile number will need to be registered with us, and a unique mobile number is linked with your Customer ID
• Your email address and PAN will need to be registered with us which will enable you to retrieve your login credentials in case you forget your login credentials.

In case you need further assistance, please walk into your nearest branch.

Your EMI date cycle, EMI amount and interest rate will remain the same.

All your loan-related details will be accessible via the digibank by DBS mobile app. To access this platform please refer to the question on accessing the account details online.

Should you need any assistance or details regarding your personal loan, please contact your branch manager or a DBS Bank representative at your nearest branch

For foreclosure-related information, please visit section 9.1 on this page

Your EMI date cycle, EMI amount and interest rate will remain the same.

• Please note the following aspects of the Loan account-
• Loan Repayment Adjustment Process: Any repayment made in excess of the monthly EMI amount will be treated as part–prepayment, and the adjustment of this excess amount will be against the principal outstanding of the loan account (as on the date of receipt of such repayment by the Bank). This will reduce the balance tenure of the loan, thus enabling the loan to be closed faster.
• RBI Repo Rate Harmonization: With effect from 1st March 2022, all your existing loan facilities linked to BPLR (Benchmark Prime Lending Rate) / Base Rate / MCLR floating interest rates have been linked to RBI Policy Repo Rate linked floating interest rate. This will ensure transparency, standardization & quicker transmission of rate benefits.
• Interest Rate Reset: As you would be aware that the interest rates for the loan(s) are determined with the RBI Repo Rate as the external benchmark rate. As per the erstwhile practice, this interest rate reset basis changes in the external benchmark rates is on a quarterly frequency basis your loan disbursement date. We would like to inform you that with effect from 7^th April 2022, we have standardized the benchmark rate reset date to the 7th of every calendar quarter, i.e., on 7th January, 7th April, 7th July & 7th October, or 7th day of the subsequent month in which RBI Repo Rate is changed (whichever is earlier).
• Provision Certificates: Please note that Provisional Interest Certificate will be shared with you on your registered email address at the end of each financial year.
• Schedule of Charges: Please refer to the latest schedule of charges applicable for your loan accounts here

If you need any assistance or details regarding your loan, including foreclosure, please contact your branch manager or a DBS Bank representative at your nearest branch

If you have availed a Loan Against Property, there is no change in name, features or your loan account number.

Your loan repayment date, EMI amount and interest rate will remain the same. The loan will continue to be serviced by your current branch

Your locker and its contents will continue as is. Hence, you do not need to take any action regarding your Locker account.

Yes, there is an additional interest rate of 0.50% applicable on Fixed deposits for Senior citizens.

The interest rates for different tenures are available here and will be displayed in the digibank app at the time of your booking the deposit as well.

Deposit receipts for newly created deposits in the digibank app, will be sent to your registered email address and will also be available in the app for reference.

Yes, you can continue submitting your Forms 15 G/H at your nearest branch.

The maturity instruction options will be available to you at the time of booking the deposit. You can also make changes to the maturity instructions, in the digibank app

Yes, you can always open a fixed deposit at the branch, and it will reflect in the app if you have registered on the app.

Customers with an existing investment account who have made investments via the erstwhile FISDOM partnership, can continue to view/transact via the FISDOM app.

All new investments made via the digibank by DBS app, will be visible in the digibank by DBS app.

Customers with an existing investment account who have made investments via the erstwhile FISDOM partnership, can continue to view/transact via the FISDOM app. All new investments made via the digibank by DBS app, will be visible in the digibank by DBS app.

Yes, you will receive your monthly statement by email, only if your Email address is registered with the bank.

Yes, you will be able to view and download your interest certificate on the digibank app after the date of the migration.

Yes, you can always visit your branch to submit your fund transfer requests or get your statements or do cash deposits and withdrawals.

Yes, all your existing Standing Instructions will continue seamlessly.

You will need to create new credentials for logging into the digibank mobile app and internet banking as your LVB credentials will not work.

Yes, you can purchase Health insurance products through the digibank app, after the migration.

No, your Gold Loan details will not be visible in the digibank app. Please visit your branch for any assistance regarding the same.

Yes, any EMI, set up for payment through your account, will continue after the migration.

Yes, you can always change your postal or communication address in the app, without submitting any documents as proof.

If you don’t have a Debit Card, we request that you visit your nearest branch and apply for it.