Are you looking for a neo bank in India that offers 24×7 priority support and requires zero to minimal paperwork? Then you should definitely check out these 5 best neobanks in India.

What are the 5 Best Neobanks In India?

There’s no doubt that traditional banks are feeling the heat from Neobanks.

These digital-only banks offer all the same services as traditional banks but without any of the hassles.

  • No physical branches,
  • No paperwork,
  • No physical visits, and
  • No useless fees

Everything is done through their modern app, making it super convenient for customers.

And because they’re regulated by the financial institution’s RBI has licensed, you can be sure your money is safe.

So if you’re looking for a simpler, more convenient banking experience, definitely check out one of these India’s best neobanks below.

Starting off with my favorite which is none other than:

1. Jupiter

jupiter-homepage-best-neobank-in-india

Jupiter is one of the best neobanks in India, founded by fintech veteran Jitendra Gupta.

With Jupiter, users can create bank accounts quickly and easily, without any minimum balance requirements.

Furthermore, users can put their savings on auto-pilot mode in pots, and get real-time insights into their spending patterns.

Jupiter also offers rewards on each transaction equal to 1% of the value of the transaction known as jewels and can be redeemed into cash anytime you want.

In addition, Jupiter provides instant support for its users and helps them gain financial independence.

Additionally, Jupiter also offers a PRO salary account for your team that offers:

  • Health insurance for up to 2 Lakhs
  • Accidental insurance for up to 5 Lakhs
  • Debit card rewards of 1% on all spends
  • UPI rewards of 1% on select spends
  • Zero forex fee
  • On-Demand salary service

The only thing I didn’t like about them is that each visit is priced at INR 100 after the first five are free per year.

So, if you’ve got some special demands that require a frequent bank person to visit you (since they’ve got no physical branch), be ready to pay the price.

Some Prominent Features Of Jupiter

  • Has an active community for its customers where you can report bugs/issues, request additional features, beta test the app, etc.
  • Earn never expiring 1% award per transaction (known as jewels) and convert them to cash anytime
  • Open zero balance account with no hidden charges (requires a video KYC + 3000 INR deposit)
  • Get a free VISA debit card with no annual/maintenance/transaction charges for both online and offline usage
  • Backed by the Federal Bank Of India (FBOI)
  • With the Pots feature, get rewarded every time you complete the financial goals you’ve set at zero withdrawal fees
  • With the Insights feature, track your money spending with smart categorization
  • With Jupiter Edge, get up to INR 20,000 credit limit
    24X7 fast support and highly supportive online community
OVERALL RATING

Jupiter Fee Structure/Charges

To get a detailed insight into their fee structure, visit here

Jupiter Pros And Cons

jupiter-logo

Pros

  • Open zero balance account
  • Get up to INR 20,000 credit limit
  • 24X7 fast support
  • Earn never expiring 1% award per transaction
  • No fees for these online payments – NEFT/RTGS/UPI

Cons

  • Only available on Android

2. Fi

fi-homepage-best-neobank-in-india

With the brand slogan “Banking Has Never Been So Smart,” Fi Money is intended to be a neobank that offers safe digital banking solutions for modern working people.

Secure banking services and exciting rewards are just a few of the perks that the users get with the aid of Fi Money.

In addition to zero balance savings accounts that can help users earn up to 5.1 percent interest, you also get RBI to ensure your amount up to 5 lakhs

They’re also backed by Federal Bank and ex-employees of Google, PayPal, Paytm, and PhonePe.

The user experience of the Fi App is excellent. The Fi app appears to be well-designed, and it has a positive user experience.

You can withdraw cash, do online transactions, utilize PayWave, and restrict it with a single click at any time.

If you’ve used ICICI Bank’s iWish feature, you’ll be familiar with Fi’s version.

You can set up FIT rules to save a certain quantity every time you make a transaction and get rewarded for saving money.

With another feature known as Stash, you can earn 5.1 percent interest on any amount you deposit at any time.

Some Prominent Features Of Fi

  • Get a free VISA debit card with up to INR 5 lacs insured money by RBI
  • Open zero balance savings account with no minimum balance criteria
  • No forex fees
  • There are no fees for NEFT, IMPS, or RTGS transfers
  • Withdraw money from any ATM
  • Receive two complimentary checkbooks every quarter
  • Transparency in fees
  • Savings accounts’ interest rate is 2.5%
  • Stash is a variable-rate fixed deposit function that allows you to get up to a 5.1% interest rate
  • Create financial spending/saving rules using Fi auto-bot
  • Use Fi jars to make flexible, intelligent deposits to boost your savings. Also, earn money for every penny saved
  • 24X7 chat assistance
  • Android and iOS apps are available
OVERALL RATING

Fi Fee Structure/Charges

To get a detailed insight into Fi’s fee structure, visit here

Fi Pros And Cons

fi-logo

Pros

  • NEFT, IMPS, and RTGS transfers are free of charge that other banks charge for
  • Withdraw money from any ATM
  • Stash FD function offers up to 5.1% interest

Cons

  • Slow customer support according to online reviews
  • Slow app

3. Niyo

niyo-homepage-best-neobank-in-india

Niyo serves over a million customers from blue-collar sectors and Indians who travel internationally.

The neobank was created with salaried employees in mind and developed solutions to help them make the most of their paychecks.

You may use NiyoX Neobank to see if it’s right for you. It’s a digital savings account powered by Equitas Small Finance that is bank-connected. With NiyoX, you’ll earn a 7% return, and you can also invest in mutual funds through their 2-in-1 account.

NiyoX doesn’t have as many features as Jupiter or Fi, but it does the job.

The neobank offers four account types, including a basic savings bank account. Here are they:

  • Niyo X – Assists users with savings options and in managing their wealth
  • Niyo Money – Assist clients in developing and maintaining their wealth
  • Niyo Global – For global customers who need 24X7 support while traveling abroad and get up to a 5% interest rate.
  • Niyo Bharat – Provides employees with salary cards

The Niyo Pathshala initiative is the neobank’s attempt to educate India’s workforce about financial literacy.

Some Prominent Features Of Niyo

  • No forex fees
  • Offers debit card free for the first year
  • 7% interest on the amount available in the NiyoX savings account
  • 0% commission on mutual funds investments
  • Get cashback when you transact with Niyo
  • Users can pay bills, transfer funds, make online purchases, and access ATMs anywhere in the world
OVERALL RATING

Niyo Fee Structure/Charges

To get a detailed insight into their fee structure, visit here

Niyo Pros And Cons

Niyo-Group-Logo

Pros

Cons

4. Open

open-homepage-best-neobank-in-india

Open is a well-known digital business banking solution trusted by 50 million+ Indian businesses. Open’s goal is to make company banking easier.

VISA business cards are available for open company accounts, which can be used for banking, bill management, accounting, and other services.

Another neo-banking startup Finin was bought by the firm on December 14, 2021, for $10 million.

Some Prominent Features Of Open

  • A current account that includes banking, payments, payroll, and accounting
  • Code payments your way with developer-friendly APIs
  • Business credit card with a credit limit of up to INR 2Lakhs
  • Load cards directly from the current account
  • Payouts to vendors and salaries without a beneficiary addition.
  • Accept payments via payment links, payment gateways, Android and iOS SDKs, etc.
  • Set limits and distribute physical and virtual cards to the team.
  • Simultaneously make single and multiple bank transfers
  • Categorize your earnings and expenses automatically
  • Zero-interest for the first 30 days
  • Powerful cash flow, profit & loss reporting, etc.
  • Create an online course on LearnDash for free with a 14,000 INR subscription.
  • Accounting can be automated with in-built GST accounting software.
  • Pre-approved limit of INR 10,000 on credit card
  • Set up an online store for free with an Ecwid membership worth about $8,400.
OVERALL RATING

Open Fee Structure/Charges

To get a detailed insight into Open’s fee structure, visit here

Open Pros And Cons

open-money-logo

Pros

  • Best and clean website UI that’s very easy to navigate
  • One of the best neobanks in India for business purposes

Cons

  • Poor customer support
  • Might encounter onboarding issues

5. RazorPayX

razorpayx-homepage-best-neobank-in-india

RazorpayX assists businesses in managing their money, automating payroll, and scheduling payments and invoices.

It also increases corporate credit limits and makes spending monitoring and administration much easier.

Payroll processing, sales tax payments, employee timekeeping and invoicing, product packaging and shipping, inventory management, bank transmissions/deposits across accounts—and much more—can all be automated.

Some Prominent Features Of RazorPayX

  • Using Vendor Payments, you may make invoice payments to clients, and employees, and pay taxes in a few mouse clicks.
  • Use Payroll to calculate and schedule salary and compliance payments.
  • Upload a file and make quick bulk Payments with ease.
  • In minutes, you may get real-time financial reports and account statements thanks to built-in search and filters.
  • You will get priority customer service as soon as you sign up.
    It’s simple to get up and running, with automated set-up and onboarding that only takes a few minutes.
  • Workflows will be set up to match the needs of teams so that they can work together from any place.
  • The RazorpayX mobile App allows you to manage your company’s finances from anywhere and at any time.
  • With the RazorpayX Corporate Card, you may get a free corporate card for business use.
  • Using a credit card that has been authorized for your company, you may make recurring and international payments.
  • Get a credit limit that gradually rises as your company grows.
  • Use the RazorpayX Corporate Credit Card to pay for your marketing, SaaS subscriptions, and other expenditures.
OVERALL RATING

RazorPayX Fee Structure/Charges

To get a detailed insight into Tide’s fee structure, visit here

RazorPay X Pros And Cons

razorpayx-logo

Pros

  • Best customer support
  • Most value for money
  • Best suited for businesses

Cons

FAQs On Which Is One Of The Best Neobanks In India

Are there any neobanks in India?

Yes, 14 of them including:
811 by Kotak
Digibank by DBS
Freo Money
Go Solo
InstantPay
Neat
NiYO
Open
SaveIN
TransferGO
Walrus
Wise (Transferwise)
Yono by SBI
Jupiter

How many neobank are there in India?

14. As of this month, there are 14 neobanks in India.

Is Neo bank safe in India?

Absolutely yes.

Which is the first neobank in India?

Open

Is there any neo bank in India?

Yes, there are 14 of them.

What is neo banking in India?

A neobank is a fintech organization that offers digital and mobile-first services such as payments, debit cards, money transfers, and so on.
Neobanks connect traditional banks’ offerings with modern customers’ rising demands.

Which neo bank is best in India?

Fi & Open are the best ones to date.

What is a neo bank?

A neobank is a fintech organization that offers digital and mobile-first services such as payments, debit cards, money transfers, and so on. Neobanks connect traditional banks’ offerings with modern customers’ rising demands.

Conclusion

conclusion

So, which is the best neobank in India for you?

If you are looking for a bank that has low fees, good customer service, and a variety of products, then any of the top five banks on this list would be a great choice for you.

However, if you are looking for something specific – like an app-based bank or one with no minimum balance requirement – then make sure to read through the individual reviews to find the right fit for your needs.

Whichever neobank you decide to try, we wish you all the best in your banking adventures!