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Top 10 Best Neobanks in India 2022

What is Neobank stand for?

Neobanks are direct banks that operate entirely online and without the need for physical banking branches. Neobanks provide all of the financial services that traditional banks provide, but they do it online or via mobile-only platforms. Top Neobanks have no physical presence in the country and only function via virtual networks.

However, according to RBI standards, a Neobank is not a bank. In truth, none of the services listed below claim to be a bank. It is a set of financial applications and services. They lack the infrastructure to store your deposits.

Inswitch - Banks & NeoBanks Industry

These Neobanks, in a sense, utilize other conventional banks as their treasury. Your account with these Neobanks is hosted and controlled by financial organizations licensed as banks by the RBI. For example, HDFC and ICICI banks.

The partner bank controls and processes the funds you put in your Neobank account. Consider your Neobank account number to be a conduit between you, the Neobank, and the partner bank.

All that these Neobanks do is make life easy for their consumers. You do not need to complete a large amount of documentation. Support is considerably quicker than with traditional banks; their app is much more current, and you don’t have to pay a slew of extra fees.

Support is considerably quicker than with traditional banks; their app is much more current, and you don’t have to pay a slew of extra fees.

The upcoming future of Neobanks is very bright because the worldwide market size of neobanks and other alternative institutions was evaluated at $35 billion in 2020, and is expected to rise at a CAGR of 47.7 percent to be valued at roughly $722.6 billion in 2028 unless RBI changes any important regulations relating to Neobanks.

Why did anyone choose Neobanks over traditional banks?

Traditional banks in India(such as SBI, HDFC, and others) have several advantages over neobanks, including financing and, most crucially, client confidence. However, outdated systems are dragging businesses down, making it impossible for them to adapt to the expanding expectations of a technologically sophisticated age.

While neobanks lack the money and client base to dethrone conventional banks, they do have something unique in their arsenal: innovation. They can offer services and form partnerships to better serve their consumers far faster than conventional banks.

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In 2020, our nation had a smartphone ownership rate of 54%, which is expected to rise to 96% by 2040. Despite the fact that 80 % of the people have access to at least a single bank account, financial inclusion levels are still to increase, according to a PwC analysis released in September 2021.


Top 10 Neobanks in India.

  1. Jupiter  

Jupiter Money Zero Balance Account Debit Card Unboxing. - YouTube

Founded in 2019, Jupiter is the most famous Neobank in 2021. Individual bank clients may use it for money transfers, cash withdrawals, savings accounts, and NFC-enabled prepaid cards. It has a dashboard for tracking transactions and analyzing account balances.

Jupiter, founded by fintech veteran Jitendra Gupta, allows consumers to open bank accounts in seconds. They may also set their funds on auto-pilot in pots. They can also obtain real-time data as well as a detailed analysis of their expenditure. Jupiter promises to provide zero balance account options and rapid help to its customers. Furthermore, it allows users to earn incentives on each transaction that are equivalent to 1% of their debit card and UPI purchase value.


2. FI money 


Founded by Sujith Narayanan and Sumit Gwalani in the year 2019. The Fi money App appears to be very user-friendly and offers a pleasant user experience. It is currently only accessible on Android-powered smartphones. Customers have been happy with the quantity of activity that has occurred so far.


3. Niyo

Niyo - India's Leading Fintech Company

The startup was founded in 2015 by financial system and payments specialist Vinay Bagri Virender Bisht with the goal of “making banking smarter, safer, and simpler.” Niyo, as a bank, offers a broad variety of services, including:

Niyo X is a beneficial tool that provides users with a number of options for saving and making financial choices. Niyo Money assists people in developing and managing their money via the use of Robo-advisors.


4. OcareNeo

Neeraj Sheth established OCareNeo to assist this generation in focusing on their medical requirements. OCareNeo assists the users 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 the one-of-a-kind facility of the Digital QR code, which stores the owner’s health history and insurance data, as well as a Digital Card and a Digital Piggy Bank to pay for medical bills and save for health. Furthermore, OCareNeo assists consumers in insuring their health with a variety of safe and simple insurance plans.


5. Razorpay

Razorpay was created in Bangalore in 2014 by Harshil Mathur and Shashank Kumar. Razorpay immediately became a major changer in the digital payments market as an API and dashboard platform for businesses. Enterprises with a sway over and influence over payment networks may now do so from a single point of contact.


6. ZikZuk

Raj N started ZikZuk, an Indian SME neo banking business, in 2020 with the goal of promoting the development of Indian SMEs. ZikZuk provides founderscard, a credit card that enables company founders/entrepreneurs with the finest credit ratings by offering several interesting perks, as one of its goods and services.

7. Fampay

FamPay is India’s first neobank, created specifically to satisfy the financial requirements of teens. It enables teenagers to have their own accounts and the flexibility to spend money, but with parental oversight. FamPay provides a secure, numberless card that is co-branded with IDFC First Bank.


8. Finin

Finin, which debuted in 2019, is a consumer-focused neobank. It is an integration of several wealth management principles built atop a Fintech environment to give end-users comprehensive banking solutions.


9. Open

Open is a well-known digital business banking service trusted by over 20,00,000 Indian enterprises. Open, based in Bengaluru, attempts to simplify business banking. Open business accounts, which was founded in 2017, provides VISA business cards that aid in banking, payments administration, accounting, and other areas. On December 14, 2021, the business paid $10 million for another neobanking startup, Finin.


10. Instantpay 

InstantPay, India's largest neo-bank, eyes Rs 350 crore revenue in FY21,  sees strong growth in biz | Chamber of Startups

InstantPay, which bills itself as India’s biggest neobanking infrastructure, provides full-stack digital banking services to both companies and individuals. With the motto “Banking for the New India,” InstantPay provides simple banking solutions that allow consumers to spend, save, and handle money online.




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