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19 Feb 2022

Trying out Neobanks

Sahil Kokamkar
Unspash Credit:@eduschadesoares

How I stumble upon it?

I never had a bank account and wanted to have one, so was trying to find a bank to open with. But it was lockdown time, and I was lazy enough to not go out for a bank account. So I looked up and found Neobanks and did some research about it, later I found about what is, and it's safe to use.

What exactly is Neobank(s)?

Neobanks are virtual banks which doesn't have any physical branches they operate. Mostly they partner with existing banks, and they do follow RBI and govt. regulations. And offers hassle-free account creation with other different perks.

Which one to choose?

It was the most difficult thing for me to do as there are lots of Neobanks to select from like Fi, Jupiter, Niyo, Open and many more. So I would recommend you to 'Do your own research' and pick which one suits best for you. For me, I decided to go with Fi.

Why Fi?

Because it's more focused on saving aspect instead of spending like cashback and all.

And offers:

  • Up to INR 5 lacs insured money
  • No minimum balance
  • Zero markups on forex
  • Withdraw money from any ATM
  • Transparency in fees
    And also offers a free Debit Card, Cheque Book delivered to your door step.

The sign-up process was fairly simple and was completed within ~5min.

But the account was min KYC means the account was limited and had to do a video call to complete full KYC.

Note: I am not sposnored nor afflited with any of the Neobanks I mentioned here.