Which is the Best Neo Bank in India? : Fi Money vs. Jupiter

Neo Banks are transforming India’s banking Industry, offering innovative solutions and personalized experiences. Among the leading players, Fi Money and Jupiter have caught users’ attention seeking modern financial services. Let’s delve deep into their offerings, features, pros, and cons,  and discover which one might be the perfect fit for you.

What is a Neo-Bank? 

Neo-banks, also known as digital banks or online-only banks, operate without physical branches. They use technology to offer banking services exclusively through mobile apps and web platforms. 

It typically partners with Federal banks to provide licensed financial services,  including savings accounts, payments, mutual fund investments, and many more, and it usually focuses on providing more streamlined and user-centric services than conventional banks.

As the internet penetration in India is growing so fast, the Neo banks are quickly becoming popular in India and setting up physical banks is not required in remote areas.

Now that you know what Neo Bank is, the next question that comes to your mind is, Is Neo Bank Safe?

Is my money safe in Neo Banks?

When talking about keeping your information safe, both Fi Money and Jupiter follow very strict rules. They use strong codes and extra steps to make sure your private details and transactions are safe. This makes sure that using their banking services is secure for you.

Also, Neo-Banks offer banking services similar to regular banks, but they work in partnership with Federal banks authorized by the RBI. This means that a neo-bank follows the rules set by the RBI, just like any traditional bank.

Moreover, all the money you deposit in these banks, up to ₹5 lakh, is protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a special part of the RBI.

Comparison of features: Fi Money vs Jupiter

Features and Benefits of Fi Debit Card

Fi debit card, just like credit cards, extends certain features and benefits to its cardholders. These benefits can be best utilized on getting a physical card after full video KYC verification. The features are listed as follows:

• No minimum balance: You do not have to maintain any minimum balance in the Fi savings account.
• No maintenance charges: Fi Money does not charge any annual account maintenance fee, so no additional hidden expenses will be levied on the Fi savings account.
• Zero Forex Markup: Fi cards do not charge any additional fee or forex markup charges for any international transactions. Additionally, you can also check credit cards with international travel benefits, to get benefits on transactions while travelling abroad, along with other regular benefits of a credit card. Click here to check pre-approved offers on such cards.
• ATM Access: Fi Debit Card is accepted globally wherever Visa cards are accepted. You get 5 free transactions per month on withdrawals from Federal Bank ATMs.
• Insurance Benefits: The money deposited in the Fi savings account is insured up to Rs. 5 lakh according to the RBI’s insurance deposit scheme.
• Multiple Transaction Types: Fi card can be used for both domestic and international transactions. The physical Fi Money card can be used for various transaction types, like at ATMs, POS, online, and even contactless.
• Digital Card: Fi Money offers both digital as well as a physical card to its account holders. Virtual debit card is given after completing the minimum KYC and can be used for online transactions within India only.
• Fuel Surcharge: Fi debit card account holders are required to pay a fuel surcharge of 2.5% or Rs. 10, whichever is higher, on POS transactions at the petrol pumps. On the other hand, credit cards offer up to 1.5% fuel surcharge waiver. So, you can also check out the best fuel credit cards in India for discounts on your fuel costs. Click here to apply now!
• Free Transactions: Fi does not charge you with any additional transaction fee on the digital payments made through NEFT ,RTGS, UPI, and IMPS. The SMS and email updates on the transactions are also sent for free.
• Discount & Offers Across Multiple Categories: With a Fi card, you can get benefits across top brands with regular deals and discounts across various categories ranging from lifestyle & shopping to travel & dining.

Fi Debit Card – Fees and Charges

Charges	Amount
ATM Transactions	Per month five free transactions, after which Rs.21 will be chargedNon-financial: Per transaction Rs.11 will be charged
International ATM Charges	Rs.100 will be chargedRs.25 per for non-financial transactions
Card Replacement Charges	Rs. 250 plus 18% GST
Purchase transaction decline fee (due to insufficient funds)	Fees waive on the first 2 transaction declines in a month. After that a ₹25 per-decline fee charged

How to Apply for Fi Debit Card

You can apply for a Fi Debit Card online by visiting Fi’s official website. Follow the below-mentioned steps to apply for this debit card:

Step 1: Visit the official website of Fi.

Step 2: Log in to the mobile app using your credentials.

Step 3: Click on the “Apply Now” button to apply for the debit card.

Step 4: Fill out the required details like name, phone number, and more. Also, if required, you will be asked to submit a copy of your KYC.

Step 5: Pay the card issuance charges through UPI or any other online mode.

Step 6: You will receive a physical debit card, which will be emailed to the address you submitted in the application form.

Features and Benefits of Jupiter Debit Card

Just like credit cards, you can earn rewards on your transactions with the Jupiter Debit Card. Besides this, it is popularly known for its zero forex markup fee, which is mostly offered on premium credit cards. Below are some of the major features and benefits of this debit card:

Reward Points: You can earn Jewels on your transactions and later redeem them against cash in your account. Here are the details regarding the same:

• 1% reward points (Jewels) on all the purchases
• You can redeem Jewels as cash straight into your account
• Earned Jewels do not expire; you can redeem them till your card is active

Forex Markup Fee: This debit charges zero forex markup fee on your international spends. However, this is applicable only as per the below terms and conditions:

• For Pro Account: Transactions of up to Rs. 25,000 per month
• For Salary Account: Transactions of up to Rs. 1 lakh per month

Jupiter Debit Card – Fees and Charges

How to Apply for Jupiter Debit Card

You can apply for a Jupiter Debit Card online by visiting Jupiter’s official website. Follow the below-mentioned steps to apply for this debit card:

Step 1: Visit the official website of Jupiter.

Step 2: Log in to the mobile app using your credentials.

Step 3: Click on the “Apply Now” button to apply for the debit card.

Step 4: Fill out the required details like name, phone number and more. Also, if required you will be asked to submit a copy of your KYC.

Step 5: Pay the card issuance charges through UPI or any other online mode.

Step 6: You will receive a physical debit card which will be emailed to the address submitted by you in the application form.

Conclusion

In the rapidly evolving landscape of digital banking, both Fi Money and Jupiter stand out as strong contenders. Your choice between the two depends on whether you lean toward a straightforward banking experience (Fi Money) or a data-enhanced, collaborative approach to finances (Jupiter).

Whichever you choose, these neo-banks reflect the future of banking—accessible, innovative, and tailored to your needs.

Remember, this article provides educational insights and is not an endorsement or investment advice.