Want to know Best neo bank in India? Well you have landed on the right article
When we think of money, finances, and building wealth, the first thing that comes to mind is banks. Since time immemorial, these institutions have been serving consumers and clients all over the world, but in their actual offices, complete with conventional lineups.
However, since the outbreak of the coronavirus epidemic, our outside activities have come to a grinding halt. Everything has changed, even our mandatory bank trips, and digital adoption has become the new normal.
All of this provided sufficient motivation for digital banking services to forge their own route while holding the hands of Neo banks.
These are digital banks for all consumers who want to avoid the headaches of traditional banking. In the global arena, both digital banks and Neo banks have received a lot of support from the Indian government.
Finance Minister Nirmala Sitharaman declared in her Union Budget 2022 speech on digital banks and digital banking that all post office banks will be grouped under the core banking umbrella.
This means that post office banks and bank accounts will be accessible via the internet, mobile banking, and ATMs. Additionally, this would extend the ability to transfer payments between post office and bank accounts to consumers via the internet, with the goal of increasing general financial inclusion.
Furthermore, Nirmala Sitharaman, Minister of Finance of India stated that the government has decided to commemorate the 75th anniversary of India's independence by establishing 75 digital banking units in various districts, which will be run by scheduled commercial banks, thereby further boosting the digital banking ecosystem.
In this guide, we ranked and reviewed the best Neo banks in India, along with our top 3 choices, so that you can pick the best one for you.
Here's our Top Pick for best neo bank india :
Also Read :
List Of Top 10+ Best Neo banks in India
1. Jupiter
It was founded by Jitendra Gupta in the year 2019. Jupiter is a bank designed to provide today's digital customers with financial services that keep up with them.
Jupiter, founded by fintech veteran Jitendra Gupta, allows consumers to create bank accounts in seconds.
They can also place their funds in pots on auto-pilot mode. They can also obtain real-time information as well as a detailed breakdown of their spending.
Jupiter claims to offer zero-balance accounts and provides users with immediate help.
Furthermore, it enables customers to earn rewards equal to 1% of their debit card and UPI purchase value on each transaction.
How to sign up for a Jupiter account:
The process is very easy, follow the steps given below:
- Install Jupiter App
- After downloading, Open the app & click on continue.
- Click on the allow option.
- Now enter your phone number that you have already registered with your Aadhaar Card.
- Now click on continue and check from which mobile number you have been registered before. Use the same number again.
- Now it will be verified successfully.
- You will find a page written lets begin your journey to jupiter there you will find an option continue click on that continue option.
- Now enter your pan card number.
- For e-KYC, Enter your “Aadhaar card number” and fill the “OTP” Received on your device.
- Now you’ll see an option to upload a video to verify you, Perform the required task and upload the video.
- Enter your Email, Father’s name, and Mother’s name then tap on continue.
- Select your occupation, Annual Income (If any), and Marital Status.
- Add Nominee if you want (Optional)
- Now Please carefully verify your details and scroll down.
- Tick the check box and tap on “Continue”
- Create your new “MPIN” of your choice, verify it and tap on “Done”
- Now it’ll take a few minutes to open your bank account & It’s Done. Congratulation you have successfully created a jupiter account
2. Fi Money
In our Top neo bank list we have Fi money. The founders of Fi Money were Sujith Narayanan and Sumit Gwalani; it was founded in the year 2019.
Fi Money is a Neo bank delivering safe digital banking services for today's working professionals, with the tagline "Banking Just Got Smarter."
Sujith Narayanan and Sumit Gwalani Fi, the co-founders of GPay, offer sophisticated zero balance savings accounts for consumers so that they can better manage their money.
Along with simple savings choices that allow users to earn up to 5.1 percent interest,
Fi Money also provides them with an assistant that can answer practically any question they may have. Users can also take advantage of secure banking services and enticing rewards through the usage of Fi Money.
How to sign up?
- Open Application and enter phone number linked with aadhar.
- Fill adequate information for account opening and proceed with OTP validation.
- Now it’ll take a few minutes to open your bank account & It’s Done. Congratulations you have successfully created a Fi Money account.
3. PST.NET
PST.NET is the best solution to pay online for any services around the world. PST provides virtual payment cards from US and European banks with instant deposit and withdrawal operations.
They have several types of cards for any purposes, even cards with 3D-Secure (SMS with confirmation codes).
Users can get their first card in 5 minutes without any documents, it’s very simple. Cards can be deposited with USDT & BTC (so we can call them virtual crypto cards), bank cards (Visa, Mastercard) or wire transfers (SEPA, Swift).
There are no limits on spending or number of cards. Visa Platinum Credit cards, 3D-Secure and BIN quality monitoring system from PST.NET will provide unsurpassed level of protection against problems with financial verification on all advertising platforms – that means no more risk payment bans for media buyers and affiliate marketers.
Plus PST.NET offers literally the best terms on the market for users with big spends (100 first cards for free, $1 for a card, 2% top up fee).
There are also tools for teamwork (team members management, setting spend limits, instant transfer of cards and funds between team accounts, top-up request system, transaction history for all participants, reports in CSV format).
How to sign up?
- Just go to the site PST.NET
- Click "Get a virtual card"
- Fill in the email field, create a password. (quick registration via google account or telegram is also available)
- Congratulations on creating a user`s account. Now you can use the service.
4. FamPay
In India, FamPay is the top neo banks in India that specialises specifically in meeting the financial needs of teenagers.
Teenagers have access to their own accounts and are given the freedom to spend money on their own, although their parents are still going to supervise their spending.
IDFC First Bank and FamPay have joined forces to offer a numberless, secure card that is co-branded as a FamPay card.
Teens can use FamPay to make simple payments across a variety of platforms, including eCommerce, OTT platforms, food apps, and so on.
How to sign up?
- Open Application and enter phone number linked with aadhar.
- Fill adequate information for account opening and proceed with OTP validation.
- Now you’ll see an option to upload a video to verify you, Perform the required task and upload the video.
- Now it’ll take a few minutes to open your bank account & It’s Done. Congratulations you have successfully created an account.
5. InstantPay
InstantPay, billed as India's largest and top neo bank in india, provides businesses and individuals with full-stack digital banking services.
InstantPay, with the slogan "Banking for the New India," provides simple banking solutions for consumers to spend, save, and manage money online.
InstantPay was founded in 2012 by Shailendra Agarwal with the goal of making banking an experience for clients rather than a chore.
How to sign up?
- Go to the application and enter your phone number which is linked to your Aadhar card.
- The account needs to be opened by providing the required information and verifying the OTP.
- You can create the new "MPIN" as per your preference, verify it, and tap the "Done" button when you are done.
- The next step will be to open a bank account for you, and then it's all done. Thanks for taking the time to create an account. Congratulations on your success.
6. PayZollo
It should be noted that Payzollo is another neobank in our best neobanks in india list that is doing well in the Indian market.
This is a digital-only platform which aims to cater to the needs of the millennial generation.
We aim to build a new way of banking, a place in which people can discuss financial nitty-gritties, propose solutions, and understand the underlying principles.
The intelligence hub, in other words, serves as a place where people/businesses can get enlightened or get advice from each other so as to help one another grow.
With Payzollo, you can track your expenses, investments, and save money effectively through its comprehensive expense management tool.
The Payzollo app uses a combination of artificial intelligence and APIs to provide customers with a seamless and convenient online banking experience while on the go.
How to sign up?
- The user should open the application and enter their Aadhaar-linked phone number.
- Proceed with the OTP validation after filling out the required information for account opening.
- Your bank account will be opened in a few minutes. Your account has been successfully created. Congratulations.
7. Freo
A unique neobank in India designed specifically for millennials, Freo is one of the neo banks in India specialized in serving their banking needs.
Customers can manage their finances with ease and comfort via their smartphones using its simple, intuitive, fully-digital banking services.
As part of its many services, Freo helps customers manage expenses and save for the future while building credit health.
How to sign up?
- Install Application.
- Fill adequate information for account opening and proceed with OTP validation.
- Now you’ll see an option to upload a video to verify you, Perform the required task and upload the video.
- Now it’ll take a few minutes to open your bank account & It’s Done. Congratulations you have successfully created an account.
8. Chqbook
It is stated on the Chqbook's website that the neobank is the first neobank in India that caters exclusively to small business owners.
The business bank offers a range of specialized and personalized financial services in five key areas for small businesses - banking, khata, loans, insurances, and rewards.
By doing so, it aims to provide financial assistance and security to the underserved segment of society.
It has been estimated that Chqbook has approximately 8 lakh customers from various parts of the country as of today.
How to sign up?
- Open Application and enter phone number linked with aadhar.
- Now click on continue and check from which mobile number you have been registered before. Use the same number again.
- Fill adequate information for account opening and proceed with OTP validation.
- Now it’ll take a few minutes to open your bank account & It’s Done. Congratulations you have successfully created an account.
9. Neo-bank
'Neo-bank by Atlantis' is a free application designed to enable customers and small to mid-sized businesses (SMEs) to manage their finances more efficiently and effectively through spending, saving, investing, and controlling their finances.
Also, the app allows users to earn reward points on every purchase they make, whether it is on a personal care or eCommerce site.
How to sign up?
- Install App
- After downloading, Open the app & click on continue.
- Enter phone number linked with aadhar.
- Fill adequate information for account opening and proceed with OTP validation.
- You can now open your bank account in a few minutes. Congratulations on creating a user account.
10. Niyo
Niyo was founded in 2015 by Vinay Bagri Virender Bisht, a banking industry and payments expert, with the mission of "Making Banking Smarter, Safer, and Simpler."
Niyo offers a variety of banking services, including:
- Niyo X is a useful app that allows clients to save money and manage their finances without any worries.
- Niyo Money - Using robo-advisory, Niyo Money assists customers in growing and managing their wealth.
- Niyo Global - Customers can expect round-the-clock customer service as well as up to 5% interest on their money when they use Niyo Global.
- Niyo Bharat - Billed as an open banking platform, Niyo Bharat is an app that provides employees with salary cards.
How to sign up?
- Install Application
- Enter your Email, Father’s name, and Mother’s name then tap on continue.
- Select your occupation, Annual Income (If any), and Marital Status.
- Add Nominee if you want (Optional)
- Enter Mobile number, PAN number
- Upload documents and as soon as they get verified your account is opened
11. Finin
Finin is a modern Neo banking business that aims to introduce "a new approach to banking" to the market.
It was founded by Suman Gandham and Sudheer Maram in 2019. The first consumer-facing neobank offers a full app that makes account opening and management simple.
Finin, which is powered by the most cutting-edge Artificial Intelligence technology, also provides customers with intelligent financial insights.
On December 14, 2021, Open announced the acquisition of the company, which would add value to Open and its network of SMEs.
How to sign up?
- Open Application and enter phone number linked with aadhar.
- Now click on continue and check from which mobile number you have been registered before. Use the same number again.
- Now it’ll take a few minutes to open your bank account & It’s Done. Congratulations you have successfully created an account.
12. North Loop
A large part of North Loop's customer base is the global Indian community. It offers a number of financial services to people living away from home, including banking and investment facilities.
The North Loop mobile app is highly intuitive and easy to use, allowing customers to leverage global investing through a mobile device.
There are many types of investments you can make including stocks, ETFs, mutual funds, fixed deposits, and cryptocurrencies.
There is also an option within the app for individuals to save and plan out a financial future for themselves based upon a personalised, goal-based plan.
How to sign up?
- Install Application
- Enter your Email, Father’s name, and Mother’s name then tap on continue.
- Select your occupation, Annual Income (If any), and Marital Status.
- Add Nominee if you want (Optional)
- Enter Mobile number, PAN number
- Upload documents and as soon as they get verified, your account is opened.
13. Fold
The company Fold is launching its neobank for the first time in India in 2021. It will be an invite-only neobank. As a result of the news, speculations have been swirling around it.
No matter what, Fold’s aim is to deliver a top-notch banking experience to its customers, and to be the leading digital-only bank.
In addition to walking alongside a customer's existing digital habits, this service claims to enhance their banking experience beyond what they could expect in the future.
How to sign up?
- Open Application and enter phone number linked with aadhar.
- Enter your Email, Father’s name, and Mother’s name then tap on continue.
- Select your occupation, Annual Income (If any), and Marital Status.
- Add Nominee if you want (Optional)
- Now Please carefully verify your details and scroll down.
- Tick the check box and tap on “Continue”
- Upload documents and as soon as they get verified your account is opened.
14. Tide
Tide is a UK-based neobanking platform that’s planning to establish its roots in India in 2022.
The neobank will primarily focus on serving small and medium-sized enterprises.
As of date, Tide is backed by an INR 1,000 crore investment and will start offering services in the first half of next year.
It has partnered with RBL bank and plans to serve about 5.6 million Indian SMEs, especially in the unrecognised and unregistered sectors of the economy.
How to sign up?
- Open Application and enter phone number linked with aadhar.
- Fill adequate information for account opening and proceed with OTP validation.
- Now it’ll take a few minutes to open your bank account & It’s Done. Congratulations you have successfully created an account.
15. Mahila Money
This digital-only neobank, Mahila Money, is precisely what its name suggests - a neobank specifically designed to help aspiring female entrepreneurs reach financial stability through their ventures.
At present, Mahila Money's financial services have been subscribed to by more than 20,000 women.
Neobank's community channels offer a platform for women to discuss their financial experiences, needs, and challenges through the channels dedicated to the neobank.
How to sign up?
- Install App
- Enter phone number linked with aadhar.
- Fill adequate information for account opening and proceed with OTP validation.
- Upload documents and as soon as they get verified your account is opened.
- You can now open your bank account in a few minutes. Congratulations on creating a user account.
16. Mool
There is a neobank that has developed technology that is designed to solve the deeper design and distribution challenges and to help individuals to make the most of economic opportunities.
Mool is an example of such an innovative neobank. In order to provide authentic financial services to customers, Mool has partnered with RBI-licensed banks, AMCs approved by SEBI, and insurance companies licensed by the IRDA.
How to sign up?
- Install Application
- Enter your Email, Father’s name, and Mother’s name then tap on continue.
- Select your occupation, Annual Income (If any), and Marital Status.
- Add Nominee if you want (Optional)
- Enter Mobile number, PAN number
- Upload documents and as soon as they get verified, your account is opened.
17. OcareNeo
In last in our list of neobanks in india ,Dr. Neeraj Sheth
created OCareNeo in 2015 with the motto "Your Digital Health Passport" to help this generation focus on their medical requirements.
OCareNeo assists its customers in embarking on their digital health journey, allowing them to gain fast access to their personal and their family' health, as well as financial information.
The company provides a one-of-a-kind Digital QR code that stores the owner's medical history and insurance information, as well as a Digital Card and Digital Piggy Bank to pay for medical expenditures and save for the future.
OCareNeo also assists consumers in protecting their health by providing a range of safe and simple insurance policies.
How to sign up?
- Go to the application and enter your phone number which is linked to your Aadhar card.
- The account needs to be opened by providing the required information and verifying the OTP.
- You can create the new "MPIN" as per your preference, verify it, and tap the "Done" button when you are done.
- The next step will be to open a bank account for you, and then it's all done. Thanks for taking the time to create an account. Congratulations on your success.
What is Neo Banks?
A Neo bank is a digital bank with no physical locations. Neo banking operates solely online, rather than having a physical presence at a specific place.
Neo banking is a broad term that encompasses a wide range of financial service providers who primarily target tech-savvy clientele. A Neo bank is a fintech company that specialises in digital and mobile-first services such as payments, debit cards, money transfers, and lending.
Neo banks in India do not have their own bank licence. Instead, they rely on regulated bank partners to deliver bank-licensed services. Traditional banks are currently collaborating with companies like Jupiter, Fi, Niyo, and RazorpayX.
Benefits Of Neo Bank
Before we get into the transactional benefits of neo-banks, we'd want to point out the most significant conceptual difference: neo-banks democratize banking without requiring any human interaction.
In contrast to the banking experiences you may have had at physical bank branches, they offer a pleasant and positive banking environment.
- Adaptable and quick: We want you to think beyond the lines, established processes, and zillions of forms that must be filled out for any service you want to use. Neo-banks allow you to bank more quickly and have access to services at your fingertips.
- Availability: We recognize that banking requirements might be complicated, so we want to make it as simple as possible for you to ask us questions.
We're working hard to provide you with a well-thought-out customer experience, regardless of the size of your account. We want to be available 24 hours a day, seven days a week. - Due to the low operating costs, minimal regulation, and low credit risk, the costs of running a new bank are kept low, leading to higher profits for the bank as a whole. In contrast to traditional banks, there are no monthly maintenance fees associated with this.
- Customer service is fast: With the latest technology, customers are able to navigate through the Neo bank apps in a smooth, efficient, and fast manner. It is possible to make money transfers and lending transactions on a Neo bank in a matter of minutes.
- In contrast to traditional banks, neo banks allow customers to create an account in just a few simple steps, which is very convenient.
Neobanks In India vs Challenger Banks
- Neobanks fill the gap between Challenger banks' services and the changing expectations of today's customers.
- Neobank accomplishes this through providing tailored experiences, utilising data-driven insights, and providing value-added services whereas Challenger Banks fully operated on primitive systems of management.
- Neobanks use current digital platforms to analyse client data and make data-driven choices, whereas Challenger banks continue to struggle with transferring their legacy-based infrastructure into the digital age.
- Neobanks can also reduce user fees significantly because they don't have to cover the costs of maintaining physical premises.
Because of their tech-driven nature, Neo banks provide hassle-free account creation as one of their user experience advantages. - Neobanks do not have physical locations in neighbourhoods, customers can open accounts from the comfort of their own homes using their mobile devices. The account can be available in a matter of minutes thanks to their technology-driven KYC process.
The market prospects for such banks have piqued the interest of venture capital and private equity investors, who have been keeping a close eye on them.
According to a report by a fintech research organisation, India's Neo bank startups raised more than $230 million in 2020. India has a 54 percent smartphone penetration rate in 2020, which is expected to rise to 96 percent by 2040.
According to a September 2021 PwC research, financial inclusion levels have yet to improve, despite the fact that 80 percent of the population has access to at least one bank account.
Conclusion
Banking will be done in an unmistakably different way in the future with neo banks. In a relatively short period of time, they have carved out a place for themselves by focusing on their customers. In contrast, traditional banks will not disappear anytime soon.
Traditional banks may use their scale to present a digitised array of offerings to consumers by looking out chances for partnership. Neobanks, on the other hand, can get around licensing limitations and innovate even more.
I hope you liked our article on neobanks in india, if you have any comments or suggestions do share them in the comments below.
frequently asked question
1. Are there any neo banks in India?
It is important to note that in India, neobanks are not authorised to operate as banks. Instead, they rely on bank partners who are regulated in their respective countries to provide services that are licensed by banks.
It is for companies like Jupiter, Fi, Niyo, and RazorpayX to work with traditional banks in a partnership program.
2. How many neobanks are there in India?
There are around 15 neo banks in India. They are:
- InstantPay
- PayZollo
- Freo
- Chqbook
- Neo-bank
- Fi Money
- Niyo
- Finin
- FamPay
- North Loop
- Fold
- Tide
- Mahila Money
- Mool
- OCareNeo
3. Is Neo bank safe in India?
There is no difference between the security of deposits in a neo-bank account and the security of those deposited in a regular bank account.
In India, all of the neo-banks operate on a partnership model with traditional banks which is the basis for their success. There is an established bank in which the funds of the customers are parked.
4.Which are the best neobanks in india ?
Here is the complete list of best Neobanks in India :
- Jupiter
- Fi Money
- Fampay
- InstantPay
- Payzollo
- Freo
- Chqbook
- Tide
- OcareNeo
- Neo-Bank
- Finin
