Top 10 Neobanks in India: Rise of Digital Banking and the Players Shaking Up the Industry

Experience the cutting-edge of digital banking with an in-depth look at the top 10 neobanks in India and their impact on the industry.

Neobanks are digital banks that provide full-service banking products and services via an online platform. These banks are frequently seen as a new type of financial institution that has gained substantial traction in recent years.

Their business concept provides customers with a one-of-a-kind experience by eliminating the need to visit a bank branch or ATM.

Instead, they provide 24/7 customer support through their website and mobile application, allowing users to access account information and conduct bank activities at any time of day, from anywhere in the world.

Neobanks combine the best of both worlds by combining traditional banking elements with cutting-edge technology.

List of 10 Neobanks in India

1. Jupiter

2. Niyo

3. Fi Money

4. ZikZuk

5. OcareNeo

6. Kotak 811

7. InstantPay

8. Open

9. Razorpay

10. Digibank

1. Jupiter

Jupiter is a digital banking software that offers a variety of cutting-edge features, including the ability to save in pots, spend intelligently using Insights, and earn amazing rewards on UPI and debit card purchases.

Jitendra Gupta established it in 2019. When you open a Zero Balance account with Jupiter, there are no hidden fees or charges. On savings accounts, Jupiter pays an annual interest rate of 2.65 percent. Jupiter Edge is a simple UPI application that makes registration, scanning, and transactional processing easier.

2. Niyo

NIYO is a Bengaluru-based financial services company started in 2015 by Virender Bisht. It offers digital banking services and products such as the Niyo Bharat card, which provides employees with a zero-balance account and prepaid payroll cards, the NiyoX Salary Account, which offers Salary Rewards with each salary credit, the NiyoX account, which offers Savings and Wealth Management all in one App, and the Niyo Global Account, which is accepted in 150+ countries. Niyo is primarily concerned with making banking easier, smarter, and safer for its consumers through the use of technology.

3. FI Money

Fi is an online banking platform that primarily provides its consumers with zero balance Savings Accounts and VISA debit cards. You may track your expenses, organize your accounts, maximize your savings, automate payments, and get rewarded for saving money with FI features.

You can open a Fi Savings Account in minutes and start saving on your own terms with interest rates as high as 5.1%. Fi uses cutting-edge technology to help you save and track your spending on a daily, weekly, and monthly basis.

4. ZikZuk

ZikZuk is an AI-powered SME Neo Bank that helps Indian SMEs manage their finances so they can focus on growing their businesses. Raj N started ZikZuk in 2020 with the goal of focusing on the common difficulties that SMEs encounter.

The Founders Card from ZikZuk gives users world-class access to credit, rewards, and benefits, as well as automatic bill payments and AI-generated expense reports. Cash Flow management, financial analytics, and secured, and unsecured credit limits are among ZikZuk’s other features.

5. OcareNeo

OcareNeo is the country’s first health-focused banking app, offering a full online banking experience. It is the subsidiary of Dr. Neeraj Sheth’s OCare organization, which was founded in 2015.

OcareNeo allows you instant access to your family’s health and financial information by providing services ranging from banking to Medicare. OCareNeo’s mission is to improve the future of healthcare and banking. Users can easily and quickly access health data by scanning the Health QR code, administering e-insurance, and tracking family health with the use of an OCareNeo Digital Account.

6. Kotak 811

Uday Kotak, the founder of Kotak Mahindra Bank, launched Kotak 811 in March 2017, India’s first full-service digital banking platform that provides a quick and convenient option to open a Zero Balance savings account online.

Customers can manage their financial activities digitally by using the Kotak mobile banking app’s 180+ features, which include the ability to recharge FASTag accounts, purchase flight tickets and hotels on Goibibo, train tickets on IRCTC, and even order an Ola cab 24×7. You can use an in-app virtual Kotak 811 debit card and make free online financial transfers with your Kotak 811 savings account.

7. InstantPay

InstantPay is India’s largest Neo Bank and provides full-stack banking and financial services to customers and enterprises. The Delhi-based InstantPay Neobank was established in 2013 by Shailendra Agarwal, Amol Sonbarse, and Ajay Upadhyay.

With their Instant activation of digital prepaid accounts in minutes and no hidden fees, InstantPay offered a new way to banking. InstantPay’s digital account enables users to send and receive money, save funds in bank accounts, set transaction limits, and track their money.

8. Open

Open, Asia’s first neo-banking platform, was founded in 2017 by Anish and Mabel Chacko to assist SMEs, freelancers, and startups with international payments, automated bookkeeping, payment gateway, and invoicing all in one place.

Open offers a VISA Debit Card that allows employees to set spending limits and keep track of corporate expenses. Founder One Card, Asia’s first VISA credit card designed just for entrepreneurs and founders, is one of Open’s products and services.

9. Razorpay

Harshil Mathur and Shashank Kumar created Razorpay in 2013 to provide payment solutions for all business banking and financial needs.

Razorpay is a financial automation platform designed for entrepreneurs that wish to manage their finances from a single dashboard. Razorpay improves the efficacy and efficiency of all financial transactions by providing access to all payment methods and popular wallets. RazorpayX allows users to pay GST, taxes, and vendor payments quickly and easily.

10. Digibank

Digibank is Asia’s leading digital bank, with over 280 locations in 18 countries. Digibank, based in Singapore, is expanding its footprint in Southeast Asia, Greater China, and South Asia. Digibank offers individual, small business, and corporate banking services.

Digibank offers a variety of services to its consumers, including higher interest rates on savings of up to 4%, simple mutual fund investing, and same-day international money transfers with no hidden fees.

Digibank has won numerous accolades, including “Safest Bank in Asia” and “World’s Best Digital Bank.”


Which is the best Neo Bank in India?

Jupiter is the best Neo Bank in India.

Is Neo Bank safe in India?

Yes, Money deposited in a neo-bank account is as secure as it would be in a regular bank account.

Is Paytm a Neo Bank?

No, Paytm is not a Neo Bank but it’s attempting to enter this market.

Who regulates Neo Banks in India?

There is no particular set of laws and regulations governing neobank services and products in India but these neobanks are indirectly regulated by the RBI (Reserve Bank of India).

Is Yono a Neo Bank?

Yes, Yono is a neobank.

How many Neo Bank are there in India?

There are more than 30 neobanks in India.