As opposed to traditional banks, Neo Banks are digital banks that operate entirely online without physical branches. Compared to traditional banks, they are mostly cheaper and offer services that traditional banks do not.

Now we know what is a neo bank? But how do they work? The Reserve Bank of India does not allow banks to be entirely digital in India, so neo bank startups are not permitted to have their own licenses. Therefore, they rely on their banking partners to provide banking services. 

Since there are so many Neo banks in India, it can be difficult to find the most promising one. Here is the top 10 neo bank list. Have a look at them, and hopefully, you can make an informed decision.

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  Fi Money

FI money is a Neobanking platform designed specifically for working professionals. In order to give you a smooth and advanced banking experience. The fi money digital banking service brings features like advanced savings options, the opportunity to create multiple savings jars, advanced spend tracking options, and lots more. Go through the fi money review given below to learn more about What is fi money? and how does it work?

How does the fi money eligibility criteria work?

• Nationality: Indian.
• fi money age limit: The age of the applicant should be at least 18 years.
• Occupation: Only Working professionals can apply for this card.
• Income: The applicant should have an annual income of Rs.5 lakh or more.
• The applicant’s Aadhar card should be linked with his current mobile number to complete the fi money full kyc verification.

What are the fi money fees?

• Fi money activation charge: None.
• Fi money annual charges: None.

What are the fi money card benefits?

• fi money smart deposit jars:

On your fi money account, you can create multiple fixed deposit Jars where you can save for your dreams and earn more interest than your savings account.

• A new-age savings method:

fi money features advanced Fi rules that help you to set your own rules for savings. For instance, you can customize the Fi app to deposit Rs.50 to one of your Jars every time you order something from Amazon or every time you spend less than an hour on social media.

• Earn mind-blowing rewards:

Use your fi money bank account regularly and you can earn attractive Fi Coins and gift vouchers that you can later use to get exclusive fi money rewards and assured discounts on top brands.

The Fi debit card also comes with a number of jaw-dropping fi money offers from top brands like Myntra, Amazon, Zomato, etc.

• Make payments easier:

The fi money app comes with a ton of payment methods like QR code scanning, UPI, RTGS, NEFT, IMPS, you can also use your fi money debit card to make payments. The Fi app can also suggest the best payment method for a particular transaction.

• Cutting edge security:

Now, you may ask Is fi money trustworthy? The fi money smart banking service comes with a PCI DSS certified security system to keep your data safe. You will also get deposit protection coverage of Rs.5 lakh. 

What are the fi money account charges:

Particulars	Payable amount
Fi money atm withdrawal charge	Domestic ATMs: None at Federal Bank ATMs. At other ATMs, you will get 5 free transactions in a month, after that, it will be Rs.21/transaction. Rs.11 for every non-financial transaction. International ATMs: Rs.100 for every financial transaction, and Rs.10 for every non-financial transaction.
Fi money card replacement fee	None for the first fi money atm card replacement, from the second time, it will be Rs.250 per replacement
Fi money forex charges	None

How to contact the fi money customer care department?

• Call the fi money customer care number: 080-47485490
• Write to the fi money customer care email id: help@fi.care  

You can also use the in-app chat for convenience.

100xGain Rating:

8/10

Pros and cons of fi money smarter banking account:

Pros	Cons
You will get a lifetime free fi money visa card that you can use for domestic and international transactions. There are no forex charges on international transactions. The smart deposit jars are very unique and useful.	There is no separate fi money net banking account available, you can log in to your account from the federal bank’s site but it is not very good. Paper-based works (checkbook, demand drafts, signed balance certificates) are quite expensive.

 

• Jupiter Money

Jupiter money is one of the leading Neo banking platforms, with over half a million customers. Partnered with Federal bank, Jupiter Money offers a zero balance savings account that comes with an array of useful features and a lifetime free physical debit card that you can use for both domestic and international transactions. To know more about jupiter money go through the details discussed below.

Who can apply for the jupiter neo bank account?

• Nationality: Indian
• Age: The age of the applicant should be at least 18 years.
• Income: Anyone with a steady annual income can go for a jupiter money account opening.

What are the jupiter neo bank account fees:

• Issuance charge: None. 
• Annual maintenance fee: Free for a lifetime.

What are the benefits and privileges of Jupiter money:

• Make transactions rewarding:

You can earn a 1% reward with every UPI or debit card transaction you make from your Jupiter account. These jupiter money rewards will never expire and you can check the status of your reward points from your jupiter money app.

• A new way of saving:

You can create Pots for your financial goals, you can make small deposits in your Pots, and can withdraw money from your Pots and even delete them whenever you want to.

You can open multiple ‘Pots’ at the same time and track them in real-time from your Jupiter money app. You can earn 2.6% annual interest from your savings. Click here for more details about jupiter money interest rates.

• Complimentary Insurance coverage:

This neo bank savings account comes with a complimentary health insurance coverage of Rs.2 lakh and accidental insurance coverage of Rs.5 lakh.

• A lifetime free card:

The jupiter money account comes with a lifetime free jupiter money card that you can use for both domestic and international transactions. 

The international transaction limit on the Jupiter card is quite high. You can get a clear picture from the table given below.

Jupiter money	Jupiter Pro salary account
Rs.25,000 per month	Rs.1,00,000 per month

What are the other jupiter money debit card charges?

Particulars	Payable amount
Jupiter money charges on cash withdrawal	Domestic: None at Federal Bank’s ATMs. At other ATMs you will get 5 free transactions per month, after that, it will be Rs.21 for each cash withdrawal, and Rs.10 for every non-financial transaction. International: Rs.100 per withdrawal within the monthly transaction limit. On crossing the limit there will be an additional 3.5% forex fee.    You will have to pay Rs.25 for every non-financial ATM transaction at international ATMs.
Jupiter money debit card replacement fee	None
Foreign currency	3.5% against the transacted amount, applicable only on exceeding the monthly international transaction limit.

How to contact the Jupiter money customer care department?

• Call the jupiter money customer care number: 080-66665555
• Customer support mail id of jupiter money: support@jupiter.money 

100xGain Rating:

8/10

Pros and cons of the Jupiter money savings account:

Pros	Cons
Jupiter money offers assured rewards on UPI and debit card transactions. You will get a lifetime free debit card that you can use for domestic and international transactions. You can earn attractive rewards from your expenses.	The International transaction limit on the savings account is quite low. The Jupiter money savings account does not feature any insurance coverage.

 

• NiyoX

NiyoX is India’s one of the most popular neo banking platforms with more than 2.5 million customers. Partnered with the Equitas Small Finance Bank, the niyox savings account offers a 7% annual interest rate on your deposits, a 0% markup fee on a currency conversion, the opportunity to directly invest in mutual funds, and lots more. More about the benefits of the niyox digital bank account is discussed in the niyox review given below.

Who can apply for the niyox bank savings account?

• Nationality: Indian.
• Age: The age of the applicant should be at least 18 years.
• The applicant should have a PAN card and his/her current mobile number should be linked with his/her Aadhar card.

What are the niyox saving account fees?

• Niyox digital bank account activation charge: None. 
• Niyox annual charges: Rs.150 per year (only for the Niyo Equitas account with complete KYC)

What are the benefits of the niyox digital account?

• Make your transactions more rewarding:

As you sign up for the Equinox rewards, you can earn attractive deals and benefits with every transaction you make using your niyox debit card. 

• Zero commission on mutual funds:

If you use the niyox banking app to invest in mutual funds, you can enjoy a complete waiver on the commission fee. 

• Turn changes into investments:

Niyox features the easiest way to start investing. Whenever you pay with your niyox app or debit card, the spare change will be noted. Once the accumulated amount of the changes reaches or crosses Rs.100, it deducts the amount from your niyox bank account and deposits it in your favorite mutual fund.

How are spare changes calculated? The first step is to choose your own roundup value (like Rs.10, Rs.50, or Rs.100). Assuming the payment you have made is Rs.15 and the roundup value is Rs.10, the app will round up the payment amount to Rs.20 and the spare change will be Rs.5.

• Complimentary deposit insurance coverage:

The niyox account comes with a complimentary deposit insurance coverage of Rs.5 lakh. 

You may ask; Is NiyoX bank RBI approved? The answer is no, it is not, but deposit insurance coverage makes it as safe as regular savings accounts.

• Earn some extra from the niyox referral program:

With the current niyox refer and earn program, you can always earn some extra by sending your niyox refer code to your friends.

What are the other niyox debit card charges?

Particulars	Payable amount
Niyox atm withdrawal charges	Domestic ATMs: None at niyox equitas bank ATMs. You will get 5 free transactions per month at non-Equitas bank ATMs. International ATMs: Rs.100 per transaction.
Niyox card replacement fee	niyox charges Rs.249 per replacement
Niyox card charges on currency conversion	0%

How to contact the niyox customer care department?

• Call the niyox bank customer care number: 1860 258 6496
• Write to the niyox email id: global@goNiyo.com

100xGain Rating:

7.5/10

Pros and cons of the niyox digital savings account:

Pros	Cons
You can enjoy a 0% convenience fee on currency conversion and 0% commission on mutual fund investment. You can earn some exciting niyox rewards from the Equinox rewards scheme. You can earn 7% yearly interest from your savings.	Only 5 free ATM transactions are available on the niyox bank atm card.

 

• Kotak 811

Kotak 811 is one the most trusted neo banking platforms in India with over 14 million customers. It offers facilities like online bank account opening with zero balance, a virtual debit card that you can use for online transactions, and tons of other useful features and benefits. The best part is that with this account, you will be eligible to apply for the kotak 811 dream different credit card. More about the benefits of the 811 kotak bank account are discussed below.

Who can open a 811 kotak bank account?

• Nationality: Indian
• Age: The age of the applicant should be at least 18 years.
• The applicant should have his/her Aadhar card linked with his/her current mobile number.

What are the kotak 811 account fees?

• Kotak 811 card issuance charge: None for the virtual card and Rs.199 + GST for the physical card.
• Kotak 811 debit card annual charges: None for the virtual card and Rs.199 + GST for the physical card.

What are the benefits and privileges of the 811 kotak account?

• Let your money earn for you:

The kotak 811 savings account offers a 3.5% annual interest on your savings, apart from that, you will get to enjoy a number of other useful features and benefits. Therefore, if you ask, “Can I open zero balance account online?” let them know about the Kotak 811 account.

• No need to maintain a monthly balance:

With your kotak 811 zero balance account, you don’t need to maintain an average monthly balance. Also as you complete your kotak 811 video KYC, you can enjoy unlimited account validity.

• Boost your credit score:

You can create your own fixed deposit from your 811 kotak app. With a fixed deposit of Rs.10,000, you will be eligible to apply for the Kotak dream different credit card which can help you build your credit score.

What are the kotak 811 debit card charges?

Particulars	Payable amount
Cash withdrawal charge (You need to get the physical debit card for that)	Domestic: You will get 5 free monthly financial/non-financial transactions at domestic Kotak/non-kotak ATMs. After that, it will be Rs.21 for financial transactions and Rs.8.50 for non-financial transactions. None for the virtual card. International: Rs.150 for every financial transaction, and Rs.25 for every non-financial transaction.
Kotak 811 debit card replacement fee	Rs.199 per replacement

Click here for more details of the kotak 811 saving account fees and charges.

One might ask, ‘Is Kotak 811 a good account?’ or ‘What is the difference between Kotak 811 and normal account?’ The Kotak 811 account is as good as regular bank accounts, and there is no difference between a Kotak 811 account and a regular account other than the fact that the 811 account operates entirely online.

How to contact the kotak 811 customer care department?

• Call the kotak 811 customer care number: 1860 266 0811
• Write to the kotak 811 customer care email id: customerfirst@kotak.com 

100xGain Rating:

7/10

Pros and cons of the 811 kotak mahindra bank account:

Pros	Cons
It is a zero-balance account. You will get a lifetime free kotak 811 virtual debit card.	There is no joint account option available for the 811 kotak account.

 

• Paytm Payments Bank

The Paytm Bank or the paytm payment bank is one of the most widely used neo banking platforms in India. It is a zero-balance savings account with a lifetime free virtual debit card that can be used for both domestic and international transactions. There are several other benefits associated with this account, more of which are discussed below.

Who can open a paytm bank savings account?

• Nationality: Indian
• Age: The age of the applicant should be at least 18 years.
• The applicant needs to provide his/her Aadhar card to complete his/her KYC. 

The Paytm bank KYC can be done from any paytm bank agent or from your nearby paytm payment bank branch.

What are paytm bank debit card’s fees?

• Paytm payments bank debit card issuance charge: None for the virtual card and for the physical card you will have to pay an issuance fee of Rs.250
• Paytm payment bank debit card annual charges: None for the virtual card and for the physical card you will have to pay Rs.150 per year.

If you want to know, how to open zero balance account in Paytm app? then you can get some help from their page.

What are the benefits and privileges of the Paytm bank?

• Let your money earn for you:

The Paytm bank offers up to 2.5% interest per year on your savings. Paytm invests your deposits in government bonds. Because of this, you don’t have to be concerned with questions like, ‘Is Paytm bank account safe?’

A common question is, ‘Is Paytm bank a real bank?’ the answer is yes, it is. It is an Indian payments bank that was founded in 2015.

• Lifetime free virtual debit card:

With the successful opening of your paytm payments bank account, you will get a lifetime free virtual debit card that you can use for making payments or withdrawing cash. The Paytm app also comes with a digital paytm bank passbook where you can track your paytm bank balance and daily transactions.

• Make payments anywhere you want to:

Both your virtual and physical paytm payments bank visa debit cards are accepted at any e-commerce site or POS terminal where Visa cards are accepted.

• Enjoy higher transaction limits:

The paytm payment bank transaction limits are quite high, the details are mentioned below.

Online	POS	Contactless	Paytm bank withdrawal limit
Rs.1 lakh per day	Rs.1 lakh per day	Rs.10,000 per day	Rs.25,000 per day Rs.5,000 at micro ATMs

What are the other charges related to the paytm payment bank account?

Particulars	Payable amount
Paytm bank atm withdrawal charge	Domestic: 3 free monthly withdrawals at metro ATMs and 5 free withdrawals at non-metro ATMs, after that it will be Rs.21 for every financial transaction, and Rs.8 for every non-financial transaction.   Unlimited free withdrawals at paytm payment bank atms International: Rs.147.50 for every financial transaction and Rs.29.50 for every non-financial transaction.
SMS charge	Can go up to Rs.10 per quarter
Paytm payment bank card replacement fee	Rs.250 per replacement
Foreign currency	4% against the transaction amount

How to contact the paytm bank customer care department?

• Call the paytm payment bank customer care number: 0120-4456-456
• Write to the paytm payment bank customer care department: info@one97.com 

100xGain Rating:

7/10

Pros and cons of the paytm bank account:

Pros	Cons
It is a zero balance savings account with zero maintenance fees. The interest rate on deposits is quite impressive. You will get a huge daily transaction limit.	The forex conversion charge is quite high. The physical paytm bank atm card is a bit expensive.

So if you are thinking; which bank is best for zero balance account? Then I would encourage you to take a look at the Paytm bank.

• FamPay

Fam Pay is a neo banking platform designed specifically for minors. Up until now, online payments and transaction facilities were only available for adults. Now with Fampay, minors will get access to those facilities. It features a zero-balance savings account and a numberless fampay card that can be customized with your favorite doodle.

Apart from that, you will get exciting rewards with every transaction and a complimentary subscription to top brands. More about fampay card are discussed below.

 

Who can open a fampay account?

• Nationality: Indian
• Fampay age limit: The age of the applicant should be at least 11 years.

Now the obvious question is Can we use FamPay after 18? The answer is yes, you can but you have to complete your full KYC for that.

What are the fampay card fees?

• Fampay card issuance charge: None for the virtual fampay cards, Rs.299 for the premium variant, and Rs.99 for the base variant
• Fampay card annual charges: None

What are the fampay card benefits?

• Make every transaction rewarding:

With every transaction, you make using your fampay visa card, you can earn reward points. The FamCard Me offers 4X rewards, and you will get 2X fampay rewards with the FamCard base variant. You can check the status of your rewards from the fampay app.

• Interesting customization options:

You can customize your visa fampay card with your favorite doodle and your signature. The customization option is available with the premium variant of the FamCard.

• Complimentary subscription of premium brands:

The FamCard premium variant comes with complimentary subscriptions of top brands like Zomato, Ganna, Urban Company, etc. 

• Universal acceptance:

The fampay debit card works on the Visa platform. That means you can use your card at any e-commerce or POS outlet where Visa cards are accepted.

What are the fampay card charges?

Particulars	Payable amount
Fampay atm withdrawal charge	You can’t withdraw cash using this card
Card replacement fee	Rs.299 for the premium card and Rs.99 for the base variant

How to contact the fampay customer care department?

• Call the fampay customer care number: +918047193402
• Write to the fampay customer service mail id: contact@fampay.in 

100xGain Rating:

7.5/10

Pros and cons of the fampay teenager card:

Pros	Cons
The 4x reward offer is quite attractive. fampay offers financial freedom to minors. This is the best zero balance account for teens.	The Premium fampay card price is a bit too high.

The two most searched questions are Is FamPay Indian company? and Is FamPay approved by RBI? The answer is yes, it is an Indian company, but it does not have the RBI approval. Although, you can trust it just like regular banks.

• Mahila Money

Mahila Money is one of India’s leading Neo banking platforms specifically crafted to empower women. It is also one of India’s largest communities for women. The three major aspects of this platform are a community of women where you can share your financial knowledge and also learn from others, an instant loan facility that helps women to stand on their own feet, and a very useful prepaid card. Go through the complete mahila money review to know What is Mahila Money app about?

Who can open a Mahila Money account?

• Nationality: Indian
• Age: The age of the applicant should be at least 18 years.
• This account is particularly designed for women.

What are the Mahila money account maintenance fees?

• Activation charge: None.
• Annual maintenance fee: None.

What are the benefits and privileges of the Mahila money platform?

• A zero balance saving account:

The Mahila money app comes with an online zero balance account. It also features a very unique savings method called goals, which is like a digital piggy bank where you can make savings or your dreams. You can create multiple Goals in the Mahila money goals section and watch your savings grow.

• Instant loan facility: 

Using your Mahila money account, you can get a mahila money loan of up to Rs.2 lakh with a maximum tenure of 24 months. The best part is that you won’t need to provide your father’s or husband’s signature, you can get the loan totally on your own merit. You can apply for a loan from the mahila money loan website.

• Became a part of one of the largest women’s communities:

Through the mahila money app, you can get access to one of India’s largest online communities of women. It offers you to share your thoughts and knowledge with others.

• A lifetime free prepaid card:

The Mahila money app comes with a virtual lifetime free prepaid card which you can use to make your online transactions. This prepaid card comes with a number of exclusive rewards and discount offers. You can load a maximum of Rs.10,000 in a month on your mahila money prepaid card.

What are the other charges of Mahila money online saving account?

There are no extra charges involved with your Mahila money account. For more information, you can visit the mahila money website’s terms and conditions page. 

How to get in touch with the mahila bank headquarter?

• Call the mahila money customer care number: +91 98101 98944
• Mail mahila money head office mail id: support@sheroesmoney.com 

100xGain Rating:

7/10

Pros and cons of the Mahila money account:

Pros	Cons
It is a zero balance account. The mahila money prepaid card is lifetime free and comes with no extra charges.	The maximum amount you can loan in your prepaid card is Rs.10,000 The mahila money loan interest rate is quite high, 20% per annum.

But what is a what is zero balance account? It is a general savings account where you can keep a zero balance without being charged.

 

• InstantPay

Instant pay is India’s one of the biggest neo banking platforms and one of those few neo banks in India that offers both personal and business banking services. With its robust service, clear documentation, secure and powerful APIs, it can offer you a much smoother banking experience than you can get from a traditional bank. Make sure to read the complete instantpay review to know How does Instant Pay Work?

Who can open an instantpay neobank account?

• Nationality: Indian.
• Age: The age of the applicant should be at least 18 years.
• The applicant should have an active Indian mobile number and email id.

What are the instant pay neo bank account maintenance fees?

Account type	Cost
Individual’s account	None if you have the free plan. Rs.1 per day, if you have the Pro plan (the fees should be paid annually)

What are the benefits and privileges of InstantPay?

• Make transactions more rewarding:

With every spend made on online shopping, you can earn a 1% cashback. There are no monthly caps on earning cashback. 

• Robust mobile app:

With a very robust and smooth UI and easy-to-understand documentation, the instantpay app can offer you a very smooth banking experience.

• Multiple plans for various business needs:

This neo bank business account comes with various plans to suit your every type of business needs.

Particulars	Classic	Silver	Gold	Platinum
Average quarterly balance	Rs.25,000	Rs.50,000	Rs.1,00,000	Rs.5,00,000
instantpay card	Rs.250 per year	None	None	None
Cheque leaves (free)	Upto 100	Upto 2000	Upto 2200	Upto 2500
RTGS/NEFT transactions	Free	Free	Free	Free
Receiving payments via UPI	Free	Free	Free	Free

• Attractive features for the business accounts:

This neo bank current account comes with a number of useful business tools like built-in CRM to manage your customers and vendors, instant business loan facility, expense management system, and lots more. 

What are the other charges of the InstantPay account?

Apart from the subscription plans, there are no fees and charges applicable to your instantpay wallet. For more information, you can visit the InstantPay terms and conditions page.

How to contact the instantpay customer care department?

• Call the instantpay customer care number: 011-40849944 
• Write to the instantpay india limited customer care mail id: help@instantpay.in 

For any queries, you can also contact your nearby instantpay digi kendra.

100xGain Rating:

7/10

Pros and cons of the Instantpay account:

Pros	Cons
It can be very helpful for business banking. Individuals can earn some attractive cashbacks from online shopping.	IMPS, Cash deposits, and UPI payments for business accounts are not free of cost.

 

• Chqbook

Chqbook is a neo banking platform designed specifically for business owners. It is claimed to be India’s first neo bank in india that is exclusively designed for small businesses. It features neo bank services like reward points on every transaction, zero fees on business loans, payment tracker facility, and lots more. You can find a detailed description of the benefits in the details given below. 

Who has the eligibility to open neo bank account in the Chqbook app?

• Nationality: Indian
• Age: The age of the applicant should be at least 18 years.
• The applicant should have his/her Aadhar card linked with his/her current mobile number.

What are the fees of the Chqbook neo bank account?

• Activation charge: None.
• Annual maintenance fee: None.

What are the benefits and privileges of the Chqbook account?

• Every transaction will be rewarding:

With every transaction you make using your free neo bank current account, you can earn attractive rewards. 

• Zero convenience fees on loans:

Using your Chqbook app you can get instant business loans at very affordable rates. You can also earn attractive rewards on loan approval.

• Advanced spent tracker:

The extremely user-friendly UI of the chqbook app will help you in maintaining your business. The checkbook app also features facilities like automated reminders that can help you in collecting your payments.

What are the other charges of the Chqbook account?

The chqbook neobank account does not feature any cash withdrawal facilities, but you can perform fund transfers through IMPS or NEFT, for more details you can visit the terms and conditions page.

How to contact chqbook company customer care department?

• Call the chqbook customer care number: +91 81303 30306
• Mail: care@chqbook.com 

100xGain Rating:

7/10

Pros and cons of the neobank chqbook account:

Pros	Cons
It features some useful business tools that can be helpful for business owners. It offers rewards on daily transactions which is impossible with traditional current accounts. It is a zero-balance neo bank current account.	You can’t open a joint account on the Chqbook app.

 

• FreoPAY

Freo is one of the few Indian Neo banking platforms that gives you access to a credit line. It is a specially designed neo banking platform designed for millennials to fulfill their banking needs. It offers certain attractive features like Freo pay which is a buy now pay later service and Super split which is helpful in splitting shares among your friends. 

 

How do the freo pay eligibility criteria work?

• Nationality: Indian
• Age: The age of the applicant should be at least 22 years.
• The applicant should have a steady monthly income.
• The applicant should have a good credit score (680+) to get a decent credit line on freo pay.

What are the maintenance fees of a freo bank account?

• Freo neo bank account activation fee: None
• Annual maintenance fee: None

What are the benefits and privileges of the neo bank freo account?

• Buy now pay later facility:

With the freo pay app, you can get a credit line of up to Rs.6,000 which you can use for shopping and make the repayment after 30 days. Your freo account can also give you access to ETmoney’s credit line.

• Super split facility:

Using the Freo super split you can create groups of your friends, colleagues, and flatmates. In those freo groups, you can add your daily, monthly, or weekly expenses and split those expenses among your expenses. 

• Make your credit score healthy:

With Freo’s Fit.Credit app you can check your credit score anytime you want. It takes around 3 minutes, shows your detailed transaction history, and also sends you notifications for your pending payments. And the best part is that there are no charges involved.

• Upcoming facilities:

Freo is coming with a zero balance freo savings account called freo save and a lifetime free freo card, you can now join the waitlist for both of these products.

What are the other charges related to the Freo account?

If you repay your borrowed amount within time (within the 5th of the next month), you will not have to pay any extra charges. Otherwise, you will have to pay Rs.30 + GST every day as a late payment penalty. 

How to contact the freo neo bank customer care department?

Freo does not have any freo pay customer care number, in case you have any queries or difficulties, you can write them at freo pay customer care email id: hello@freopay.com 

100xGain Rating:

6.5/10

Pros and cons of the freo neobank account:

Pros	Cons
You will get access to a credit line without any extra costs. The Super split feature is very helpful. You can check your credit score for free.	The Freo Pay app’s credit line can only go up to Rs.6000. They don’t have any customer care numbers.

The question now is whether Neo banks are safe. It seems to me that they are quite secure. They might not have bank licenses, but they must pass the same standards as the banks of their partners in order to do business with them. Thus, I believe Neo banks are safe, and the neo bank digital banking services are going to open up a new layer of accessibility and usability.

So, what do you think about neo bank savings account? Make sure to put your thoughts and valuable suggestions in the comment section.