Neobanks are one of the best financial innovations that empower online account opening even in the farthest corners of India. Zero-balance digital bank accounts are becoming popular in India as more and more youngsters are trying out netbanking apps. But, which is the best Neobank app in India for 2024?
To answer all of your queries related to personal banking apps, especially neobanks available in India, we have compiled a comprehensive list in this blog.
Let’s go ahead!
What are Neobanks?
Neobanks are personal banking platforms, usually backed by a fintech company. Neobanks function like conventional banks but operate on a fully digital basis. Every process, starting from the basic necessities like KYC to advanced requests like credit card applications, is handled digitally.
Neobanks are increasing in popularity rapidly because the old ways of conventional banking systems have been outdated. Working professionals and businessmen can perform banking transactions with just a simple click. Hence, no papers, heavy documentation, or any sort of physical element are required.
Some of the most popular neobanking apps, like Jupiter and Fi, even have credit card application features in their apps. Isn’t that the cherry on top?
What Are the Benefits of Neobanking?
- Flexible and convenient banking services for people in all regions of India. Services like bill payments, money transfers, debit cards, prepaid cards, and credit cards are easily accessible.
- Instant access to banking services and round-the-clock availability.
- Simple and efficient interface, which can be easily understood by anyone.
- Personalized banking offers, which can be available very easily.
- Impressive security measures like SSL and PCI-DSS encryption.
- Remotely available at any place with an internet connection.
Top 5 Neobanks In India: 2024
- Fi Money
Fi Money is the most popular digital bank in India. In Fi, you can open a zero balance digital bank account that is opened in partnership with Federal Bank. This neobanking app provides you with a good interest rate of up to 5.1% per year on your savings.
In Fi, you get a Visa debit card after opening the account. You can also obtain the Fi Credit Card, which is offered to users with high CIBIL scores and to those who maintain a high account balance on Fi.
- Freo
Freo is also one of the most popular digital banks in India. It also has a credit line feature from which users can request loans and repay them as per their convenience. In Freo, you can open a digital savings account called “Freo Save.”. If your CIBIL score is high enough, you can even get a BNPL (buy now, pay later) account.
Freo provides an interest rate of 8.7% per annum, which is the highest across any neobank in India. It is India’s best bank in terms of credit and loan features.
- Jupiter
Jupiter is another popular neobank in India. It has also tied up with the Federal Bank to provide zero balance and salary accounts to its users. One of the best features of Jupiter is that it provides instant rewards in the form of “jewels.”.
You can open saving deposits in Jupiter and get interest rates of up to 8% per year. You get a free Visa debit card when you open a Jupiter account.
- Niyo
Niyo is another popular choice among the young millennials in the neobanking sector. Niyo has been in the neobanking business for the past 5 years and has provided good features to its users, like a debit card with airport lounge access. It has over 2.5 million users across India.
You get a Visa debit card when opening a Niyo account.
- Fampay
Fampay is the best neobanking app for teenagers in India. Fampay allows teenagers to open an instant digital bank account in a matter of minutes. The only thing that you will need to open a Fampay account is an Aadhar card.
You can order a Visa debit card with the Fampay account if you want to do transactions at POS systems or tap and pay at merchants.
Which Is the Best Neobanking App in India?
As of 2024, the best neobanking apps in India are Fi and Jupiter, as they have pretty good features and work to the point. Freo and Niyo are also good neobanking apps, but one of the main drawbacks of these apps is that they don’t have services in all regions of the country.
To Summarise
Neobanks are those banks that operate completely digitally or online and have no necessary processing to be done offline. A user can open a digital account at a neobank with the comfort of sitting at home. The best neobanks in India are Fi and Jupiter, followed by Niyo and Freo.
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FAQs
What are Neobanks?
Those banks that operate completely digitally and have no offline processes are called neobanks. They are usually backed by fintech companies.
What does a Neobank account provide?
Neobanks provide solid features like zero balance accounts, online money transfers, bill payments, etc. and have a lot of other benefits.
Can I open a zero-balance account online?
Yes, by using a neobanking app, you can open a zero balance account digitally.
Which is the best neobank in India?
Fi and Jupiter are the best neobanks in India. Both offer solid features like zero balance accounts and credit cards.
