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.
lets take a look in feature comparision Jupiter Money vs FI Money -
| 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 |
Both have a habit of freezing the account,
you can see several posts for this freeze issue and also check there twitter page or consumer complaint website.
Jupiter is like MobiKwik. You never know when your transaction of high value is going to get absolutely 0 rewards so it's not worth the time and risk. They regularly devalue rewards by changing value of jewels or excluding all categories eligible for rewards.
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