DBS Bank Full Form Explained in Detail

DBS Bank is a Singaporean multinational bank with a rich history dating back to 1969. It was originally known as the Development Bank of Singapore.

DBS Bank's full form is Development Bank of Singapore. The bank was established by the Government of Singapore to finance the country's economic development.

In 2003, DBS Bank expanded its operations beyond Singapore and began to establish a presence in other Asian countries. Today, DBS Bank is one of the largest banks in Southeast Asia.

DBS Bank offers a wide range of financial services to individuals, businesses, and institutions. Its services include personal banking, corporate banking, and investment banking.

DBS Bank was established on July 16, 1968, by the Singapore government to finance the country's industrialization and urban development projects.

The government's plan to form a development bank was announced in April 1968, with the aim of having greater financing for Singapore's industrialization project. This marked the first time the private sector was allowed to fully participate in the financing of manufacturing and other industrial projects in Singapore.

The bank was founded with a startup capital of S$100 million, with the Singapore government holding S$48.6 million in equity, commercial banks holding S$25.9 million, and insurance companies and other financial institutions holding S$7.6 million.

DBS launched its trademark logo in 1972, featuring a cluster of four inward-pointing red arrows shaped after the caissons of its former headquarters.

The bank's first branch was opened in Jurong, and in 1977, it entered the international market with the opening of a branch in Tokyo, Japan.

As of 2017, DBS Bank had a total of 24,174 employees, providing a wide range of services including retail banking, corporate banking, investment banking, and private banking.

DBS Bank launched digibank in 2010, allowing customers to view their accounts, transfer funds, and pay bills via their mobile phones.

The bank's 'money-safe' guarantee protects customers from unauthorized transactions, with reimbursements promised in case of any issues.

As of 2013, digibank had 839,000 users in Singapore, a testament to the bank's early adoption of digital banking.

In 2014, DBS released PayLah!, a mobile wallet service that quickly gained popularity with over 100,000 users in just two months.

By 2018, PayLah! had over 1 million users, demonstrating the bank's commitment to digital transformation and innovation.

DBS' digital transformation programme, launched in 2014, aimed to "Make Banking Joyful" by benchmarking progress against leading tech companies and striving to be a top digital bank.

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DBS Bank operates in a total of 16 countries across the globe, with a significant presence in the Asia-Pacific region.

DBS Bank has branches and offices in Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Myanmar, the Philippines, Taiwan, Thailand, the United Arab Emirates, the United Kingdom, the United States, and Vietnam.

DBS Bank's international operations are a testament to its commitment to serving a diverse range of customers.

DBS Bank has a significant presence in Asia, with a strong network of branches and offices in countries such as China, India, and Indonesia.

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DBS Bank has a significant presence in India with 12 branches spread across major cities like Chennai, Hyderabad, Pune, and Mumbai.

Sachin Tendulkar serves as the brand ambassador for DBS Bank in India.

DBS recently amalgamated Laxmi Vilas Bank in November 2020, a move facilitated by an order from the Reserve Bank of India.

The Indian subsidiary of DBS is expected to invest $335 million for a 51 per cent stake in Laxmi Vilas Bank.

DBS has also entered into partnerships with Tata AIA Life, Birla Sun Life, and Aviva India Life to expand its business scope in India.

Opening a bank account with DBS Bank is a straightforward process, and you'll need to provide some essential documents.

To open a DBS account in Singapore, you'll need to upload a scanned copy of your identification document, such as your NRIC, and provide the front and back of it.

For applicants under 15 or not issued an NRIC, you'll need a Birth Certificate if you're a Singaporean, or a valid Re-entry permit and passport if you're a Singapore permanent resident.

DBS Bank accepts various proof of residential address documents, including the back of your NRIC, local utility bills, and local telecommunications bills.

Here are some accepted ID proof documents for opening an online savings account in DBS in India:

You can choose any one of these documents for ID proof and address proof when opening an online savings account in DBS in India.