List of the Top 20 Best Neobanks in India for 2022.

Top 20 Best Neobanks in India for 2022.

In India, neobanks are gaining traction. It’s also inspiring to see all of the creative ideas and solutions they come up with, where Savings account is not only the prime reason to associated. Because this is the way things will be in the future, not the way things are now. These Neobanks are simple to set up, safe, and considerably more cost-effective. Here are a some of the best Indian Neobanks to try your luck with.

Paytm Payments Bank isn’t one of them, by the way. Before we go into the list, let’s have a look at what Neobanks are.

When we think about money, finances, and building wealth, the first thing that comes to mind is banks.

Since time immemorial, these institutions have been servicing consumers and clients all over the world, but in their actual offices, replete with conventional lineups. However, with the outbreak of the coronavirus epidemic, our outside activities have come to a grinding halt. Everything has changed, even our required bank trips, and digital adoption has become the new normal. All of this provided sufficient motivation for digital banking services to forge their own route while holding the hands of neobanks.

These are digital banks for all consumers who want to avoid the headaches of traditional banking.

best neo banks in India
best neo banks in India

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What exactly are Neobanks?

Neobanks are online-only banks that do not have physical banking locations. Neobanks provide all of the same financial services as traditional banks, but they are run online or through mobile-only platforms. Though the notion of neobanks gained popularity between 2013 and 2015, it wasn’t until 2017 that the name “neobank” was coined.

Neobanks, also known as “Traditional banks” in the United Kingdom, are distinguishable from “digital banks” in that the former do not have a registered physical office and are solely internet or mobile-based. Digital banks, on the other hand, are mostly designed as an extension of its physical banking parents. The phrases digital banks and neobanks, on the other hand, are frequently used interchangeably. Thus, neobanking is a virtual banking experience in which the bank’s complete service offering, from customer onboarding to the most basic banking services, is virtual.

Why are Neobanks gaining popularity so quickly?

Neobanks, which are based on cutting-edge technology and digital platforms, have been challenging the financial industry since their inception. The following is what propels it past traditional financial institutions:

  • Neobanks are a low-cost option.
  • They are practical.
  • They’ve been simplified to eliminate all the annoyances.
  • They come with a slew of bonuses and other perks.
  • These banks provide immediate financial services.
  • The neobanks remain unaffected by the future.
  • They’re almost infallible, or at the very least limit human errors to a bare minimum.
  • Customer assistance is available 24 hours a day, seven days a week.

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The Neobanking Business.

The global market for neobanks and other alternative banks was valued at $35 billion in 2020, and it is expected to increase at a CAGR of 47.7% to $722.6 billion in 2028.

Although the initial neo-banks to operate in India were intended to service corporate firms and users, numerous fintech companies have brought them to the retail sector with the intention of serving retail customers.

Though the list is long and more and more Fintech companies offering NEObank service are coming every year. We have also discussed and provided the best neobanks list below in this post. However the complete list is as follows.

Neobank list
Jupiter
InstantPay
PayZollo
Freo
Chqbook
Neo-bank
Fi Money
Niyo
Finin
FamPay 
North Loop
Fold 
Tide
Mahila Money
Mool
OCareNeo

Find the best neobank list and complete details below.

Neobanks vs. Traditional Banks in India

Many people confuse neobanks with Traditional banks all around the world. They may be functioning on similar ideas, but there is a narrow line between them. Here’s a table to help you tell the difference.

Here are India’s top and best 12 neobanks, without further ado.

India’s top 12 neobanks

ParticularsBanks in the traditional sense.Neobanks
Regulations.Banks are in charge of regulation.Banks do not regulate this industry. They adhere to RBI and government rules.
Business Strategy.Traditional and neobanking features combine to form all-encompassing financial organizations.Similar to tech startups, but with a stronger technological focus.
Good forBusinesses of all sizes.Small-to-medium-sized enterprises are often served.
Charges & FeesCharges are greater in comparison. However, it is less expensive than traditional banks.In comparison to challenger and traditional banks, we provide the most affordable services.
Legal CoursesIn the event of an unfavorable circumstance, there are clearly defined legal remedies.In the event of an unfavorable circumstance, there are no clearly defined legal remedies.
Longevity and the development of relationshipsIn India, there is more visibility and acceptability. In the Indian market, there is a lesser level of visibility and acceptability.

Concerning Neobanks.

The top 12 Neobanks functioning in India are mentioned below:

List of Top NEO Banks in India
Jupiter
Fi Money
Niyo
OcareNeo
ZikZuk
Open
Finin
Kotak 811
InstantPay
RazorpayX
North Loop
Digibank

Find below the complete list of Neobanks in India that can be said best neaobanks list in India.

Jupiter.

jupiter neo bank
jupiter neo bank

Jitendra Gupta is one of the company’s founders. The company was founded in the year 2019 and is still going strong. Jupiter is one of India’s leading neobanks. Jupiter is a bank designed to provide today’s digital clients with financial services that keep up with them. Jupiter, founded by fintech veteran Jitendra Gupta, allows consumers to open bank accounts in seconds.

They can also place their funds in pots on auto-pilot mode. They may also obtain real-time information as well as a detailed breakdown of their spending. Jupiter claims to offer zero-balance accounts and provides consumers with immediate help. Furthermore, it enables customers to earn rewards equal to 1% of their debit card and UPI purchase value on each transaction.

Fi Money

fi Money neobank
fi Money

Sujith Narayanan and Sumit Gwalani are the founders.

Fi Money is a neobank delivering safe digital banking services for today’s working professionals, with the motto “Banking Just Got Smarter.” Sujith Narayanan and Sumit Gwalani Fi, the co-founders of GPay, offer sophisticated zero balance savings accounts for consumers so that they may better manage their money. Along with simple savings choices that allow customers to earn up to 5.1 percent interest, Fi Money also provides them with an assistant that can answer practically any question they may have.

Users may also take use of secure banking services and enticing incentives through the usage of Fi Money.

With so many banks to select from, a consumer can be unsure which is the best. As a result, we’ve compiled a list of the Top 10 Indian Banks for your convenience.

Niyo.

niyox
niyox

The company was founded in the year 2016.

Niyo was founded in 2015 by Vinay Bagri Virender Bisht, a banking industry and payments specialist, with the mission of “Making Banking Smarter, Safer, and Simpler.” Niyo offers a number of helpful financial services, including:

Niyo X is a useful tool that allows clients to save money and manage their finances without any worries.

Niyo Money – Using robo-advisory, Niyo Money assists consumers in growing and managing their money.

Niyo Global – Customers can expect round-the-clock customer service as well as up to 5% interest on their money when they use Niyo Global.

Niyo Bharat – Billed as an open banking platform, Niyo Bharat is an app that provides employees with salary cards.

OcareNeo.

OcareNeo bank
OcareNeo bank

Dr. Neeraj Sheth is one of the company’s founders.

In the year 2015, the company was founded.

Dr. Neeraj Sheth launched OCareNeo with the motto “Your Digital Health Passport” to assist this generation focus on their medical requirements. OCareNeo assists its clients in embarking on their digital health journey, allowing them to have fast access to their personal and their family’s health, as well as financial information. The firm provides a one-of-a-kind Digital QR code that stores the owner’s medical history and insurance information, as well as a Digital Card and Digital Piggy Bank to pay for medical expenditures and save for the future. OCareNeo also assists consumers in insuring their health with a choice of safe and simple insurance plans.

ZikZuk.

ZikZuk neo banking
ZikZuk neo banking

Raj N Founded in the year 2020.

Raj N started ZikZuk, an Indian SME neo banking business, in 2020 with the goal of promoting the growth of Indian SMEs. ZikZuk provides founderscard, a credit card that enables business founders/entrepreneurs with the finest credit ratings by providing a plethora of attractive perks. Furthermore, ZikZuk assists firm owners in obtaining unsecured financing to meet their urgent cash needs. Entrepreneurs may also use ZikZuk to handle their firm finances more easily. Another service provided by ZikZuk is connected banking.

Open.

Open neo banking services
Open neo banking services

Ajeesh Achuthan and Mabel Chacko are the founders.

Founded in the year 2017

Open is a well-known digital business banking service used by over 20,00,000 Indian companies. Open, based in Bengaluru, promises to make business banking easier. The Open business accounts, which were founded in 2017, provide VISA business cards that can be used for banking, payments management, accounting, and more. On December 14, 2021, the business paid $10 million for another neobanking startup, Finin.

Finin.

Finin neo bank
Finin neo bank

Suman Gandham and Sudheer Maram are the founders.

The company was founded in the year 2019 and is still going strong.

Finin is a modern neobanking business that aims to introduce “a new approach to banking” to the market. It was formed in 2019. The first consumer-facing neobank offers a full app that makes account opening and administration simple. Finin, which is powered by the most cutting-edge Artificial Intelligence technology, also provides customers with intelligent financial insights. On December 14, 2021, Open announced the acquisition of the firm, which would bring value to Open and its network of SMEs.

Kotak 811

Kotak 811 a neobank option
Kotak 811 a neobank option

Uday Kotak is one of the company’s founders.

The company was founded in the year 2016.

Individuals can open personal accounts with debit cards and zero balance facility with Kotak811, a neobank-based banking idea. After November 8, 2016, the day of demonetization, which changed everything, Kotak Mahindra came up with this new concept of convenient, online banking services for its clients via Kotak811, where the numbers represent the day of demonetization, which changed everything. Residents of India may utilize Kotak811 to create mobile bank accounts that are instantaneously opened, paperless, simple to use, and easy to manage.

InstantPay.

instapay neobank
instapay neobank

Shailendra Agarwal is one of the company’s founders.

Founded in the year 2013.

InstantPay, billed as India’s largest neobanking platform, provides companies and individuals with full-stack digital banking services. InstantPay, with the tagline “Banking for the New India,” provides simple banking choices for consumers to spend, save, and manage money online. InstantPay was founded in 2012 by Shailendra Agarwal with the goal of making banking an experience for clients rather than a chore.

RazorpayX.

Razorpayx neobank
Razorpayx neobank

Harshil Mathur is one of the company’s founders.

Founded in the year 2013.

Harshil Mathur, the Founder and CEO of RazorPay X, started the company in 2014 as a strong and easy commercial banking solution. RazorPay X is designed to turbo Indian firms’ banking and finance with a fully digital account, automatic payments and payables, corporate cards, and comprehensive financial analytics all in one spot.

North Loop

North Loop neobank
North Loop neobank

Tahem Veer Verma, North Loop Founder

The company was founded in the year 2019 and is still going strong.

North Loop is renowned as “India’s financial center.” North Loop, based in San Francisco and launched by Tahem Veer Verma in 2019, is the first of its type to provide digital NRI banking services. The NRI banking startup combines all financial services within a one app. NRI customers may open accounts with North Loop in as little as 5 minutes and have access to a comprehensive range of banking services while maintaining a high level of security.

Digibank.

Digibank neobank
Digibank neobank

Founders Of Singapore’s government.

The company was founded in the year 2019 and is still going strong.

DBS Bank launched Digibank, a digital banking services company, in 2019 to assist clients receive all of their financial services online. Digibank, which bills itself as the world’s greatest digital bank, allows consumers to keep their money safe. To reduce the number of inconveniences, Digibank provides a uniform platform for all banking users. Users may get all of these features and more with Digibank if they have a minimum average balance of Rs 5000.

FAQs– Neo Bank

In India, what are neo banks?

Digital banks with no physical branches are known as neo-banks. They use smartphone apps to deliver financial services.

Who is the founder of the Jupiter Neobank?

Jitendra Gupta created Neobank Jupiter in 2019.

What are India’s top neobanks?

The following are some of India’s top Neobanks:

  • Jupiter.
  • Fi Money
  • Niyo.
  • OcareNeo.
  • ZikZuk.
  • Kotak 811 is a company based in India.
  • InstantPay.
  • RazorpayX.
  • North Loop
  • Digibank.

FAQ-Best Neobanks in India

Finin was bought by which neobank?

Finin was bought by Google-backed neobank Open on December 14, 2021, in a cash and equity deal for $10 million.

Is it legal to open a Neobank in India?

In India, neobanks and the majority of their product offerings are not explicitly regulated. They are, nevertheless, subject to indirect restrictions (because to their agreements with regulated businesses), ensuring that their product offers comply with regulatory standards.

Is Jupiter Neobank a secure institution?

Jupiter isn’t a bank, but Federal Bank is, and it’s where your money is stored secure and insured by the RBI. The RBI insures up to 5 lakh INR. VISA is in charge of regulating, issuing, and settling payments to merchants made with your debit card.

In India, how many Neobanks are there?

Almost all of India’s Best NEOBanks are listed above. You may make use of the same.

Conclusion.

Forth India, neobanking is ushering in a new era of banking. It not only assists people and organizations in leveraging smart banking actions, but it also assists them in managing their finances and even growing their money over time. Another factor for the rapid expansion of neobanks in India is the use of new-age technology and the idea of providing tailored and personalized financial services.

While traditional and challenger banks are attempting to enter the race, neobanks have already passed the halfway point. Their technological systems’ simplicity and modernity, as well as inexpensive or no-cost banking services, higher savings rates, and customized financial solutions, are assisting them in their success. We don’t rule out the possibility that neobanks may overtake traditional banks as industry leaders in the next years.

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