List of Neobanks in India

Here’s a list of neobanks in India 2025 - with their features, benefits, and what makes each one stand out. 

Neobank	Partner Bank / NBFC	Key Features
Freo	Federal Bank	Personal line of credit, EMI card, savings, expense tracking
Fi Money	Federal Bank	Zero-balance savings, rewards, “Fi Jars” for savings goals
Jupiter	Federal Bank	Auto-savings pots, instant UPI, smart insights
Niyo	SBM Bank, DCB Bank	Salary accounts, travel cards, global payments
RazorpayX	RBL Bank	Business banking, automated payouts, smart dashboards
InstantPay	Multiple bank partners	Instant current accounts, APIs, bulk transfers
Open Money	ICICI Bank, Axis Bank	Business current accounts, expense management
FamPay	IDFC FIRST Bank	Teen accounts, parental control, prepaid cards
Mahila Money	Partnered NBFCs	Loans & financial literacy for women entrepreneurs
StashFin	Partner NBFCs	Credit line, personal loan, digital card
Fi for Business (FiBiz)	Federal Bank	Current account for startups, analytics

Difference Between Neobanks and Digital Banks

Feature	Neobanks	Digital Banks
Banking License	❌ Usually NO (operate through partner banks)	✅ YES, fully licensed by RBI
Physical Branches	❌ No branches	❌ No branches (completely digital)
Regulation	Indirectly regulated through partner bank	Directly regulated under RBI banking guidelines
Who They Serve	Freelancers, gig workers, startups, youth	Mass banking customers
Services Offered	Payment accounts, cards, expense tracking, business tools	Full banking: savings, lending, deposits, cards
Technology Focus	Very high — modern UX, app-first, automation, AI	High, but still follows banking compliance workflows
Security	Depends on partner bank + their own tech	Full RBI-regulated security framework
Examples	Jupiter, Fi Money, Niyo, RazorpayX	None in India yet (RBI has not issued digital bank licenses)

Why These Neobanks Stand Out 

1. Digital-First Design: Entire onboarding and transactions via mobile app. 

1. No Hidden Charges: Transparent fees, low-cost operations. 

1. Smart Budgeting: AI-driven spending insights and savings tools. 

1. Custom Credit Options: Easy credit lines and instant loan approvals. 

1. 24×7 Accessibility: No branch visits - banking on your fingertips. 

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Benefits of Using a Neobank

1. 100% Paperless: Quick account setup with digital KYC. 

1. Real-Time Tracking: Instant updates on transactions and balances. 

1. Reward-Based Banking: Cashback, offers, and gamified savings. 

1. Financial Insights: Expense analysis and smart recommendations. 

1. Lower Fees: Minimal maintenance charges and zero balance account

Quick Links

1. List of Governors of Reserve Bank of India
2. List of Banks and Their Brand Ambassadors in India
3. Nationalised Banks in India
4. Top Banks in India
5. Public Sector Banks in India 2025
6. Top 10 Private Sector Banks in India
7. Complete List of Banks in India 2025
8. History of Banking in India
9. Banking Abbreviations & Acronyms – Complete A-Z Glossary
10. Phygital Banking (Physical + Digital)
11. List of Indian Banks Headquarters & Taglines
12. List of Indian Banks with Founder and Year of Establishment
13. List of Indian Banks and Their Official Mobile Apps

FAQs on Neobanks in India

• What are neobanks?

  Neobanks are 100% digital banks that offer banking services through mobile apps or websites without physical branches.

• Are neobank accounts free?

  Most neobanks offer zero-balance accounts with no hidden fees, but specific charges may vary.

• Which is the best neobank in India for 2025?

  Freo, Fi Money, and Jupiter are leading for personal banking, while RazorpayX and Open Money dominate business banking.

• Are neobanks regulated in India?

  Neobanks themselves are not directly licensed by RBI, but they operate in partnership with RBI-regulated banks.

• How do neobanks differ from traditional banks?

  Neobanks are fully digital with no branches, while traditional banks have physical branches and broader regulatory frameworks.

• What services do neobanks offer?

  They offer payments, savings accounts, expense tracking, cards, business banking, and automated financial tools.

• Are neobanks suitable for businesses?

  Yes. Many Indian neobanks focus on SMEs, startups, and freelancers offering tools like automated invoicing, GST tracking, and bulk payments.

• Can I open a neobank account instantly?

  Yes, most neobanks offer instant online onboarding with digital KYC.

• Do neobanks support UPI?

  Yes, almost all neobanks support UPI payments and QR transactions via partner banks.

• Can I get a loan from a neobank?

  Some neobanks provide personal or business loans in partnership with NBFCs/banks.

• Do neobanks provide physical debit cards?

  Yes, many neobanks offer both virtual and physical debit cards through their partner banks.

• Can I open a neobank account without visiting a branch?

   Absolutely. You can complete digital KYC and open your account directly via the app. 

• Do neobanks charge maintenance fees?

  Most neobanks offer zero-balance or low-maintenance accounts.