Neobanks offers an online and state-of-the-art online banking system unlike traditional banking with physical branches. With a young generation that is focused on digital and affordable banking, we now have several neobanks to re-invest in India. However, given the variety of items, it can be difficult to choose the one you like. As a result, we are here with the best zero-balance neobank software in India for use in 2021.
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What Are Neobanks?
To begin with, Neobanks is a 100% online banking company that uses digital methods to provide customer service. Unlike traditional banks, there are no physical branches, and all these activities take place through digital or mobile services.
There are two types of neobanks – one with a bank card and the other with an existing bank to operate. In India, for legal reasons, we did not have neobanks with their licenses.
As a result, neobanks in India are a large number of subsidiaries supported by a pre-established bank that exists.
Why Are You Using Neobanks in India?
While traditional banks also offer digital services, neobanks have the following advantages that make them popular in the market:
- The quickest entry route
- To improve, to use your preferences
- Powered by AI and machine learning
- Transforming, online customer support
- Precious recognition
- Cheap design
Most neobanks have affordable housing where you don’t have to spend less money or pay for essential services. Some even give us free credit cards and extra cash. All of this, combined with all the online services, makes for a great day-to-day banking experience.
Successful Zero-Balance Neobank programs in India in 2021
The neobank brand has recently become popular in this country. Some players have found good customers, while others are still in their first half. Below are five cheap neobank apps that have no zero options.
1. Jupiter Money- Neobank with Reward and Quick Pay
Jupiter Money offers a payroll, zero-balance account in partnership with Federal Bank. It is built by trusted individuals, including CEO Jitendra Gupta, founder of Citrus Pay, which he sold in 2016.
With Jupiter, you receive a free VISA Signature debit card with no joining or annual fees. In addition, it offers a 1% repayment on credit card and UPI applies to guaranteed traders, followed by a 5% international return (3.5% forex trading).
The app is very good and offers other features such as monitor your network, for example, accounting for your entire bank account, operating credit, and real-time tracking of your monthly spending.
In addition, there is a special Pot account where you can save money for your financial goals. It also has a keen customer base and an audience as well as a working team. With all the features and features, Jupiter ranks the list of the best neobank apps in India.
Goodness
- Free UPI payment (unlimited)
- VISA Signature free debit card (instead of free)
- 1% Repay on credit card and UPI uses
- Follow through on what you have lost, all the benefits
- 24 x7 emergency support
- More here
Bad
- Past trade notes on global events
- IMPS can refund after five sales (price> Rs. 1000)
My Friend Bank: Federal Bank
Interest rate: 2.5%
With: Price divisions Amica Financial Technologies Pvt. Ltd.
Android Coming soon on iOS
2. Fi Money- The Neobank Best In The World Trade
Fi Money has partnered with the same Federal Bank to offer banks in the country. Neobank was founded by Google Pay-producers- Sujith Narayanan & Sumit Gwalani and is overseen primarily for thousands of years paid by professional staff.
Fi offers a smooth VISA Platinum card without any fees. In addition, there is no forex fee, meaning you can pay in international currency without any additional fees. The app seems very accurate and provides features such as daily, weekly, and monthly monitoring of your spending.
You have the opportunity to open Smart Deposits to save on your financial goals at a reasonable price. You can also create FIT rules that only save a lot of money to keep. For example, it can save Rs. 10 each time you order a meal in Swiggy.
Overall, Fi Money is head-to-head with Jupiter and offers the same. While it does not refund as much as the latter do, it is the best neobank in India in other countries as well as smart stocks.
Goodness
- Free payment
- VISA Platinum return card (with first time free)
- Payment 0%
- Smart deposits, FIT rules
- The ones who spend money
- Good customer service
- More here
Bad
- Open yourself to professional professionals
My Friend Bank: Federal Bank
Interest rate: 2.5%
With: Part of EpiFi Technologies Limited today
Android IOS version in beta testing
3. NiyoX Digital- Neobank with Extensive Interest
Niyo was one of the first pioneers to establish a new bank in India. Initially, he partnered with IDFC First Bank. However, he later resigned and came up with NiyoX in partnership with Equitas Small Finance Bank.
NiyoX offers a free first-year VISA platinum card with the option to choose between two formats. From the second year onwards, you will have to pay Rs. 150 + GST as annual fee. However, they can come up with alternatives to reduce the cost.
The newly established debit card is tap-to-pay and brings zero forex charges until 31 December 2021. In the past, you could have a MAB of Rs. 5,000 if you want to enjoy 0 forex cases on international trading.
In addition, NiyoX gives you the opportunity to make money from the app (Obviously, we have good affiliate programs out there). Interestingly, it offers a unique feature called “Invest the Change,” which automatically creates each time you use it.
Its products are free, offer regular rewards, and are not fully committed. However, Niyo fails when it comes to customer service. Since I have been using it for some time, I did not like their customers or the reliability of the starting bank.
Goodness
- Visa platinum free refund card for the first year
- 7% interest on more than 1 lakh
- Zero forex waste *
- “Save Changes”
- More here
Bad
- Customer service management in Lackluster
- The debit card can be refunded from the second year onwards
- The program needs a lot of redesign
My Friend Bank: Equitas Treasury Bank
Interest rate: 3.5% (on price 1L)
With: Manufacturer: Niyo Solutions Inc.
4. Finin- AI-Fueled Neobank Monitoring, Storage, and Sales
Finin is a full-fledged AI-based neobank in collaboration with the State Bank of Mauritius. Founded in 2019 by Suman Gandham and Sudheer Maram, neobank is run by students, millennials, and professional professionals.
It takes you within two minutes with a simple KYC method. Like Jupiter, you can see everything in your account in one place. In addition, AI-based information boosts your budget depending on how you spend your money.
You can set your own save goals and budgets and receive paid notifications and reminders to block your trial tests. In addition, Finin offers a range of financial and financial solutions that can be customized to fit your earnings and your overall portfolio.
Once you sign up, you get a VISA signature card operated by SBM. The card is free, and there are no fees. International events and rewards for spending are here.
Unfortunately, Finin stopped writing new documents as he changed his approach. We hope to reopen it soon.
Goodness
- SBM Free Visa Signature Card
- It charges a lot of interest
- Registration reminders and tests
- The best budget for the month you spend
- Organize your savings around
Bad
- Do not ride customers for a while
My Friend Bank: SBM Bank (State Bank of Mauritius)
Interest rate: 3.50% (compared to 2L), 4% (compared between 2-5L), 5% (in measurements> 5L)
With: Dinero Innovations Pvt. Ltd.
Are NeoBanks Safe?
Neobanks in India has partnered with existing banks to provide services. All your money is stored by banks and not neobank. For Fi and Jupiter, the money goes to Federal Bank. Whereas, in the case of NiyoX and Finin, it has Equitas and SBM Bank, respectively.
In addition, your deposits up to 5 lakh are insured by DICGC, the minimum RBI. Therefore, it is better to put your money in these banks. But according to a recent fiasco by Yes Bank and PMC Bank, it is best not to keep all the money in one bank, especially if it is small.
If you think of SBM Bank, it is a commercial bank from Mauritius that operates in major cities in India. It complies with RBI regulations and thus covers insurance up to 5L by DICGC.
Alternatives to NeoBanks and Traditional Banks
As an alternative to banking, you can opt for digital offerings in traditional non-zero banks in India, provided below.
Box 811 Digital
- Kotak Mahindra Bank’s digital bank account.
- It can be opened with KYC video.
- It has zero-zero requirements and offers a free VISA card.
- An actual card (available upon request) can cost you Rs. 199 + GST per year.
ICICI Mine
- Zero-balance account is ICICI for people aged 18-35.
- It can be opened with KYC video.
- The debit card costs Rs. 150 + GST per year.
- You will find ads on Amazon and Flipkart.
IndusInd Digi-Start
- Digital storage account with zero negatives.
- It can be instantly opened by Aadhaar and PAN, followed by KYC video.
- They require an initial deposit of Rs. 20,000.
- A bank card can cost you Rs. 249 + GST.
Wrap- Banking with NeoBanks in India
These were some of the best programs at neobank in India that needed proper adjustment. All in all, my favorite is Jupiter and Fi Money for good reason. However, which one do you prefer? Do you have anything to ask or advise? Let me know in the comments below. Stay tuned for more information.
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