The banking sector in India is undergoing a major transformation with the advent of Neo Banks in India. With so many Neo-banks in India, there has been confusion about which Neo-banks suit our requirements. So, in this post, I will compare two Neo-banks, i.e., Fi Money vs Jupiter.
Fi money and Jupiter are the two most popular neo-banks in India. Fi money is a mobile-only bank that offers a range of features such as personal finance management, expense tracking, and bill payments.
Jupiter Neo Bank India, on the other hand, is a web-based bank that provides small business loans and merchant services. Read the full comparison of Fi money vs Jupiter to find the best neo-bank in India!
What is Neo Banks?
A Neo-Bank is a digital-only bank that offers banking services in partnership with RBI-licensed banks but without any physical branches.
They are not banks in the real sense; they are money management platforms that provide banking services in partnership with banks.
They are mobile-first and often provide more affordable options. These banks are designed to provide consumers with a more convenient and modern banking experience. They often offer features such as online account opening, mutual fund investments, online payments, no-fee ATM withdrawals, etc.
As internet penetration has been growing very fast, Neo banks are quickly gaining popularity in India, as setting up physical bank branches is not convenient in remote areas.
Now that you know what neo-bank is, the next question that may come into your mind is – is neo-bank safe?
Will my money be safe in Neo-Banks?
If you also have a question, don’t worry. Neo-Banks provides a banking service like a normal bank with the banking partnership offered by RBI-licensed banks. So, a neo-bank is regulated by RBI’s Policy, just like any other bank.
Further, all your deposits up to ₹ 5 lacks in these banks are also insured by Deposit Insurance and Credit Guarantee Corporation (DICGC), an RBI-specified division.
Which neo-bank is better: Fi Money vs Jupiter?
In the past decade, there has been a dramatic increase in the number of digital-only banks in India, also known as neo-banks. Fi money and Jupiter money are two of India’s most popular and best neo banks. Both offer great features and banking experiences through their mobile apps.
So, which is the best neo-bank in India? Fi money or Jupiter?
Let’s find out through a brief comparison of the features of these two neo-banks offering their services in India.
Comparison of features: Fi Money vs Jupiter
We have compared both Fi Money and Jupiter’s features on account of different parameters-
| Features | Fi Money | Jupiter |
|---|---|---|
| Banking Partner (RBI licensed) | Federal Bank | Federal Bank |
| Type of Account | -Salary Account. -Deposit Account. | -Savings Account for all -Pro salary account for employees |
| Minimum balance requirement | Zero Balance Account | Zero Balance Account |
| DICGC Approval | Yes, upto ₹ 5 Lakhs | Yes, upto ₹ 5 Lakhs |
| Health Insurance | No | Yes, upto ₹ 2 Lakhs |
| Accidental Insurance | No | Yes, upto ₹ 2 Lakhs |
| Debit Card Rewards | Yes | 1% |
| On-Demand Salary | No | Yes |
| Mutual Fund Investment (SIPs) | Yes | Yes |
| US Stock Investing | No, but coming soon | No such features |
| Instant Loan | Yes without pre-closure fee | No such features |
| Peer-to-Peer Investing Platform | JUMP platform for peer-to-peer investing in partnership with Liquiloans. | No such features |
| Rewards | Earn Fi-Coins while making payments, adding fund or opening salary accounts | 1 % reward on Debit card & UPI Purchase |
Some important features of Fi Money and Jupiter
Let’s discuss some of the significant features of Jupiter vs Fi Money in detail
1.Pots v/s FIT Rules
Pots is a featured service in Jupiter money, while on Fi money, there are FIT Rules (or Jars) that help you to put savings automatically. So, it is an intelligent piggy bank that puts your small savings on auto-pilot mode and helps you to achieve your future goals.
When you make pots (like a piggy bank) on Jupiter, you will get 2.5% for saving money. Similarly, while saving in Jars of Fi money, you get 5.1% interest for saving your money to achieve different financial goals.
2.Insights
Fi money and Jupiter money provide auto-categorized features to track income & expenditure and control your finances. With smart categorization, you can see where your money moves through quick and easy views.
3.Rewards
By using Jupiter, you get flat 1% rewards on UPI and debit card purchases. Similarly, while using Fi money, you earn Fi Coins for adding money to your account, opening of saving account, etc. You can redeem these Fi coins to get vouchers, gift hampers, and sometimes in cash also.
The disadvantage of Fi coins is that they are valid only for a limited period.
4.Mutual Funds
Both Fi Money and Jupiter offer mutual fund services to individual investors with zero penalties on SIPs, no commission fees, and investment charges.
With Fi Money, you can apply more than 60+ filters that help you to find your best investment. It also helps in finding risk, expense ratio, type of mutual fund, and many other options.
Also, there is a collection of curated mutual fund portfolio collections for all types of investors that helps you quickly achieve your future goals. Similarly, with Jupiter, you can select top-performing mutual funds from 1000+ mutual funds.
You can invest in a mutual fund on daily, weekly, or monthly SIPs without paying extra fees if you miss a SIP. DIY filter of both Fi money and Jupiter is a unique feature.
Some Extra Features on Fi Money
There are some extra features on Fi Money that makes it a better neo-bank in comparison with Jupiter.
1.Connected Accounts
You can connect all your savings accounts with Fi Money and see all your bank accounts which help to track and analyze your balances & expenses across bank accounts.
It also helps to track all your transactions and get insights into your spending habits to control unnecessary spending.
2.Ask.fi
Ask.fi is the coolest financial assistant at your fingertips, like Alexa, Siri, and Google assistance. That helps you to guide over the app and get straight answers to simple questions on Fi money.
3.Fi Jump
Fi jump is a Peer to peer investing platform where you can earn up to 9% per year on your investment. You can start with small amounts that start from ₹ 10,000, which can go up to ₹ 4,00,000.
You will earn daily by investing in Fi jump and can withdraw the amount anytime.
4.Instant Loan
Instant Loan facility by Fi Money is still under process. With the Instant Loan, you will get the facilities like paperless loans, instant disbursals, no pre-closure fees, etc.
Some Extra Features on Jupiter
There are some exclusive features that are only available at Jupiter. So, if you want to open your account with Jupiter, these features would help you make the final call.
1.Health Insurance
Once you open your salary account with Jupiter, you get free health insurance coverage up to Rs. 2 lakh or extended coverage up to Rs.20 lakh. Health insurance service facility is provided in partnership with Insurity.
2.On-Demand Salary
Jupiter also provides on-demand salary features to its customers with salary accounts at Jupiter. You can withdraw your salary any day based on the number of days you have worked.
And the best part is that all this comes with zero interest or fee. This feature is provided in partnership with LIQUILOANS.
3.Zero Forex Charges
In most banks, you have to pay transaction charges for international transactions. However, with Jupiter, you can transact internationally without any fees or charges (other than international ATM transactions).
Comparison of charges of Fi Money vs Jupiter
Both Fi money and Jupiter have very few charges for different services. Let’s do the comparative analysis of the charges at Jupiter vs Fi Money.
Charges of Fi Money vs Jupiter
| Parameters | Fi Money | Jupiter |
|---|---|---|
| Account maintenance charges | 0/- | 0/- |
| Debit Card Charges | -No issuance fees and annual maintenance charges for Salary Account. -Rs.199 for each issuance & annual maintenance for standard users. | -₹ 299 (one time card issuance fee) -No annual maintenance charges |
| ATM Transactions | -Free from Federal Bank -₹ 21 from other ATMs after 5 free transactions -₹ 11 for Balance Enquiry | -Free from Federal Bank -₹ 21 from other ATMs after 5 free transactions -₹ 11 for Balance Enquiry |
| International ATM charges | ₹ 100/- | ₹ 100/- + 3.5% forex charge |
| Balance or mini statement at ATM outside India | ₹ 100/- | ₹ 25 for balance enquiry |
| Card Replacement | ₹ 199 | ₹ 299 |
| Online Payments (UPI) | 0/- | 0/- |
| NEFT, RTGS online) | 0/- | 0/- |
| Online Payments (IMPS) | 0/- | Charges applicable only from 6th IMPS transaction |
| Forex Charges | 0/- | (1) Zero Charges - ₹ 25,000 per month (for Pro Account) and ₹ 1,00,000 per month (for Salary Account) (2) 3.5% after above limit |
We have covered only important charges; you can check detailed charges by visiting the below links –
Are Jupiter and Fi Money apps safe?
Both Jupiter and Fi money is the safest apps to use in India. They are maintaining and offering banking experience with RBI Licensed bank, Federal Bank of India, and the data and information are also secured with PCI DSS, a data security channel.
Your investments are 100% secure as Jupiter’s parent company Amica investment advisers private limited, is a SEBI-registered investment adviser. Similarly, Fi money secures your investment with their SEBI-registered parent company and investment advisor epiFi Technologies Private Limited.
Thus, your information, data, and all your savings and investments are in safe hands. So you don’t need to worry!
Documents Required for Account Opening
Both Fi money and Jupiter offer banking experience with the Federal Bank of India, so you need the following documents ready at the time of online application –
- PAN CARD
- AADHAR
- Registered Mobile
- Registered home address
Final Verdict
In conclusion, Fi Money and Jupiter are the best money management app to manage your savings accounts, mutual fund investment, loans, tracking your expenses, etc. They both have unique features and advantages. Each of the neo-banks has its strengths and weaknesses.
If you are looking for features such as tracking all your savings accounts in one account, peer-to-peer lending options, higher interest rate on savings, etc., Fi Money is a good option for you.
However, if you are looking for features such as a more user-friendly interface, health insurance coverage, and On-demand salary, Jupiter could be your best option.
Fi money and Jupiter are viable and the best neo banks in India. Ultimately, the best neo-bank will depend on your individual needs and preferences. I have tried my best to cover all the important aspects of Jupiter vs Fi Money to help you to make an informed decision.
Let me know if you have any doubts in the comment section.
Best Wishes.
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Disclaimer: The above article is for educational purposes only. We have tried my level best to present all the features of the app as per my experience. However, we disclaims any responsibility for any investment done through the app or any variation in information provided. Always refer to companies website for latest charges, offers and features. We don’t endorse the above app. Some links on this page may contain affiliate links and we may receive a commission if you click and purchase from the links. For more detail, please read our disclaimer.
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