1. Freo
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Freo is the first credit-led & one of the biggest neobank in India, offering smart and modern banking solutions to Indian and Southeast Asian millennials, giving them freedom from non-digital financial services. It provides a digital savings account called Freo Save, a flexible credit line called MoneyTap, a credit & EMI card called Freo Card, a buy-now-pay-later facility called Freo Pay, and Freo Utilities, which allows you to do more with Freo’s suite of financial utilities.
Freo provides 100% guaranteed security of your data and transaction reward points. It is one of the most promising neobanks, and is associated with brands like VISA, Equitas, NPCI, RBI, etc.
Maximise your savings with Freo Save's Digital Savings Account Today! Unlock additional benefits to save with our fixed & recurring deposits to earn up to 8.7% interest returns!
Open Your Freo Save Account Now2. Fi Money
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Fi Money has the Federal Bank backing them. You can open multiple savings accounts with Fi Money, some with zero balance. They offer up to 5.1% interest on savings accounts but charge 1% of the interest rate for premature withdrawals.
You also get a Visa debit card if you have an account with Fi Money, and your account balance of up to ₹ 5 lakh is ensured.
3. Jupiter
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Jupiter is similar to Fi Money in terms of partnership with the Federal Bank. The process of opening a bank account with Jupiter is easy and fast. You get a detailed account statement and support system for any query you might have.
Jupiter offers zero balance facilities. They also give 1% reward points for debit cards and UPI transactions. Their automated savings mechanism, Pots, provides a 2.5% interest.
4. InstantPay
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InstantPay offers a banking platform to individuals and companies of all sizes and capacities. It processes numerous transactions per day. You can use InstantPay via its website or mobile application, whatever suits you.
It is known for instant account opening, cash deposits, active account tracking, and a 24*7 customer support system. InstantPay has partnerships with banks such as Axis Bank, ICICI Bank, Indusind Bank and Yes Bank.
5. FamPay
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FamPay allows you to open an account in just a few minutes. It also offers a unique facility of virtual payment cards for online shopping, domestically and internationally.
In addition, their FamPay future is a fantastic initiative for the younger generation to learn more about finance by inviting them to debate and discuss financial systems and policies.
6. Mahila Money
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Sairee Chahal created Mahila Money in partnership with Capital Trade Links LTD, which is an NBFC (Non-Banking Financial Company). It is a neobank exclusively for female entrepreneurs from all walks of life.
It provides collateral-free loans without any guarantor at the interest rate of 20% per annum. It allows women to communicate with each other about their unique experiences regarding work or study.
7. Niyo
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Niyo has been around for five plus years now and has over 2.5 million happy customers. It offers several products and services to its customers with the motto of “making banking smarter, safer, and simpler.”
Niyo has been around for five plus years now and has over 2.5 million happy customers. It offers several products and services to its customers with the motto of “making banking smarter, safer, and simpler.”
8. RazorpayX
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Before being the one-stop shop for financial transactions in the digital ecosystem, RazorpayX was launched as an API and dashboard pay-out platform for merchants. Its software is customised for businesses to automate their payroll by scheduling invoices.
It also assists in deciding the credit limit of an enterprise. RazorpayX also performs tasks like limiting corporate expenses, automating tax payments, and granting urgent loans. Some of their well-known services are 20X limits, Smart pay-outs, and a business banking hub.
9. Chqbook
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Chqbook aims to empower small business owners and budding entrepreneurs by offering personalised financial services and security.
Chqbook’s features include these five pillars:
- Banking allowing current accounts
- Rewards on transactions
- Khata, a digital ledger service to track transactions
- Insurance coverage
- Loans with zero fee
10. ZikZuk
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ZikZuk works for the growth of SME founders. It offers founderscard, a credit card to founders with excellent credit scores. Reward points are also associated with founderscard transactions.
ZikZuk also offers contact banking to the founders to help manage their business finance and transactions. It also provides unsecured loans to entrepreneurs to help with their business funding.
11. Akudo
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Akudo is focused on teaching economic freedom to the youth. It provides a prepaid card to teenagers under their parents’ watch. It also provides a system for families to control the spending of young teens to teach them the value of money.
Akudo means “peaceful wealth”, and it offers many reward points for saving to encourage this habit in the young generation.
12. Finin
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Finin works in the form of an app. It extensively uses AI technology for easy account opening and management of the account. It also offers insights to users to improve their finances. Open acquired it at the end of the year 2021.
It is expected that, apart from widening the reach of Open, Finin will also add value to Open’s band of SMEs.
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