However, banks charge hidden fees and we do not. This is mentioned on the page “ Fee-Rates-Charges”, much like every other bank. IMPS is charged from the 6 th transaction onwards. In fact, the bank pays the insurance premium to safeguard your money, in this case, Federal Bank and not even Jupiter Money.Ĭlaims of 0-balance account with no hidden fees: As mentioned before if the underlying bank has hidden fees, anything built on it will also have hidden fees. They are just marketing a fact that banks in India probably never did. Thus, Jupiter Money is not doing anything here. The fact is your money with any RBI-regulated bank is insured up to 5 lakhs. Jupiter Money claims that your money is insured for up to 5 lakhs. Just that most of us choose not to read them. That’s not all, the RBI has regulated that every bank puts up its rates and charges on its website and every bank does that. However, I am not able to understand, “if “the underlying banks they operate with have hidden charges (as per them), how come they don’t have any? Niyo, Fi Money, Jupiter Money, Freo etc market themselves as an alternative to banks without hidden charges. Federal Bank, Equitas Bank, State Bank of Mauritius (SBM), DCB, IDFC First Bank etc. Ultimately, your bank account is with an RBI-regulated bank for eg. However, they are just tech companies who have made a cool app, which wraps around your bank account and provide you better user experience. The neo-banks such as Niyo, Fi Money, Jupiter Money, Freo etc. Like this: Niyo, Fi Money, Jupiter Money – Fine print Basic facts
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