Unbelievable offers from DBS Debit card – Too good to be true??

POSTED BY Kartik Sudarshana ON March 5, 2014 3:22 pm COMMENTS (17)

I got a mail with the below link. I even called up DBS bank and they say exactly the same.. Is there something i am missing? Is this a credible bank? Should I open an account to get the below benefits?

  • 7.5% cashback on fuel purchase on ANY fuel outlet
  • 35% off on PVR movie tickets ( 4 each month)




17 replies on this article “Unbelievable offers from DBS Debit card – Too good to be true??”

  1. SumitTalwar says:

    There is a catch – you have to have a minimum deposit of INR 50,000 in the account. The cost of holding the account is the cost of interest of an equivalent Fixed Deposit that you may do. Incase you do a Fixed Deposit, take a nominal interest rate of 8.5% p.a. and the post tax (tax rate @ 30%) interest rate will be 8.5% * 2/3 = 5.6%

    Cost of holding the account is minimum of Rs. 50000 * 5.6% or 2800 p.a. or Rs. 233 p.m.
    Whatever you save is minus of Rs. 233 cost of interest.

    Rest offers are good, I have been using it

    1. Glad to know that SumitTalwar ..

  2. akgc2 says:

    As mentioned in the PDF the net cash back is 5% only (remaining 2.5% is waiver of surcharges).

    Also to get maximum benefit of 1000/- Cash back the total monthly spend must be 20000/- which practically nobody will do.

    On an average if you are spending 5ooo/- monthly on petrol you will get Rs 250 as cash back.


  3. ashalanshu says:

    Dear Karik, sensible move.



  4. ashalanshu says:

    Dear Kartik, please check below for fuel surcharge waiver and cashflow.


    Regarding PVR tickets, it’s of no use as it’s valid till 31st March 2014 only. Written clearly here.




    1. Kartik Sudarshana says:

      Dear Ashal,

      Yes, I read these.. Hence I replied in my previous post itself to you that even if I go ahead, it will be only after Apr 1 seeing if they are going to renew this offer or not 🙂

      Yes, I read the detailed T&C for fuel too. Max of 1000 per month cashback allowed ( which sounds still very good.). Even the fuel surcharge doc says 31-Mar..

      So yes, I am definitely not going for it before Apr 1 🙂
      I still think no Credit card as of today matches the offer ( if they do renew these next month). Since I have never heard of this bank nor seen the ATMs, i as worried if its fraud or something..

      But seeing all the replies here, I feel nothing to question the credibility of bank.. Its just that I have to take a call based on the detailed T&C if it really suits me..

      Thanks a lot 🙂

  5. Kartik Sudarshana says:

    Dear Ashal,

    Yes, I read it.. I even put that in my very first post ( in brackets 🙂 ) I agree this is beneficial as it will lure me into going but when compared to other banks, combined offer from a debit (not credit) card looked very suspicious.
    None of the other banks allow unlimited ATM withdrawals from ANY outlet for no charges.
    Especially the 5% cash-back on any SWIPE on any machine at any store and 7.5% cash back on few outlet.. I don’t see any card coming even close to this..

    One strong negative point is that it says these offers only exist till 31-March. I am not sure if its just ending on that day or will get renewed for another year.. So, even if I decide to open an account, it will be after Apr 1 after seeing fresh T&C.

    I saw some google posts about frauds done by DBS like transactions done without net-safe authentication etc but somehow don’t trust google blindly. Jagoinvestor is much more trustworthy thanks to Manish and you mainly :):)


    P.S. I even replied to Hemanth’s post but somehow don’t see it. Not sure if browser issue or pending approval.. Hence some repetition in my sentences.. Sorry for it 🙂

  6. ashalanshu says:

    Dear Kartik, please read the fine print of the offer. Like only 4 tickets are available under PVR offer. Now this offer is really beneficial as you are lured to spend on movie tickets? Only you can decide.



  7. Hemanth Chandra says:

    Dear Kartik,

    I think the link is genuine only. Generally charges for normal debit card are around Rs. 120 per year from any bank.

    There is a similar card from ICICI called ICICI Coral Debit Card for which they charge Rs.500 + taxes per year. This DBS card might come under such category.

    So, better clarify about the charges on the card clearly (from DBS website) before you go for it.

    DBS is an international bank, so you might not worry about the credibility of the bank.


    1. Kartik Sudarshana says:

      Thanks for the reply Hemanth..

      I have Axis, SBI, ICICI and HDFC debit cards and none of the charge any money per year.. I am not sure which context you said Rs 120 is charged.

      I thought ICICI Coral Credit card has Rs 500 per year.. In any case, the offers claimed by DBS is very surprising. ICICI coral, for example gives 2.5% waiver that too only in HP petrol outlets.. But DBS is ging 7.5% ( including 2.5% waiver) at ANY outlet.
      I did clarify on call center and they told the same thing.

      In-fact, apart from the above two offers, for a savings plus account ( min bal of 10K quarterly avg), they give 5% cash back on ANY transaction done at any place as long as the card is swiped in a machine. Movies, Restaurants, Grocery, ANYTHING..

      I cannot see any other banks ( Debit , not even paid CREDIT cards) come anywhere close to this kind of offer.. Hence I got the doubt.!!

      Yes, i will have a look at hard copy of the letter having all offers and only then proceed. But wanted to know here from experts if they have had some bad experience with this bank or have I missed to notice some hidden clause!!

      1. I believe there must be some kind of “maximum limit” on waiver like only upto Rs 499 or something like this , Did you confirm this part ?

        1. Kartik Sudarshana says:

          Yes Manish, It has a limit of Rs 500 per month for the savings plus account.
          You are right. This is true for many other banks too…

      2. rockingguy says:

        Are you sure that ICICI Bank does not charge any money per year?

        Because they charged me Rs. 99/- + service tax Rs. 12.24 = Rs. 111.24 for debit card

        1. Kartik Sudarshana says:


          I checked transaction for one full year 1 Jan 2013 to 1 Jan 2014.. I don’t see any deductions at all.. I only use the netbanking.. I don’t use it to Swipe it anywhere. Is that the reason?


          1. rockingguy says:

            I only used the card for withdrawing money from ATM

      3. Hemanth Chandra says:

        HI Kartik,

        Rs. 120 I am talking about is the debit card charges, that are charged by any bank every year. If there are no such charges means you might be having some premier/salary/special accounts with the banks.

        Generally for a normal(basic) savings account at a PSB/Private Bank, this charge is there.


  8. tonsi30 says:

    Not sure but something looks fishy since the parent url of DBS bank for India is http://www.dbs.com/in

    and if you click the parent url from your link, it shows page under construction. May be phising site. You may want to double check with the url and phone numbers from the link i shared.

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