On this page Show
- What are Digital Banks in India?
- List of 6 Best Digital / Neo Banks In India
- List of 5 Best Traditional Banks With Digital Account
- Final Word
In the era of the internet, everything is digital, including banking. With passing time, the Indian financial market is evolving rapidly and has managed to bring in disruptive technology to increase user-friendliness and make banking available easily. These digital banks are the by-products of ongoing evolution and are coming into full swing in India.
Since the entire fintech industry in the country is focusing on usability and higher consumer satisfaction, digital banks or neo banks are experiencing tremendous growth.
They are believed to have a promising future. This is why this article will take you through the basics and introduce you to some promising players in the industry.
Learn about some of the best digital banks in India and enjoy banking right from the comfort of your home.
What are Digital Banks in India?
A financial organisation that offers banking services online that were previously only available at the bank branch is known as a Digital Bank. In other words, it is a bank that offers new and traditional banking products and services through an electronic platform, exclusively.
There is no physical branch, and every interaction takes place through the Web or via a mobile app.
While it started way back with the introduction of ATMs, it became a viable option only with the mainstream availability of smartphones.
Today, you can perform all the banking activities, right from opening an account to funds transfer to applying for a loan to making an investment, without the need to visit an actual, physical branch.
Some of the advantages of digital banking that made it so popular are:
- The simplified and quick onboarding process
- 24*7 banking without any location restriction
- Free from the risk of human error and is more accurate
- Lesser costs or expenses than traditional banks
- Real-time notification and tracking of transactions
List of 6 Best Digital / Neo Banks In India
1. digibank by DBS
Brought to you by DBS, digibank is a modern and innovative digital bank that has rolled banking and technology into one. This will help you perform all the banking functions hassle-free and in much less time.
Using this bank, you can open a savings account or secure your money by investing in FDs or RDs. Other than this, you can invest in a mutual fund, make payments, take loans, and do a lot more.
- This unified platform will let you link all your bank accounts and keep them safe under one roof
- You can enjoy 5x benefits, more than any other digital bank via exclusive vouchers, offers, and membership options
- digibank’s Online Savings Accounts offer a high rate of interest, i.e., up to 4% and allows you to do same-day international money transfer
- Exclusive offers, discounts, rewards, or cash back to new users of digibank
- Readymade portfolio of mutual funds that can be customised in a click according to your risk appetite
OcareNeo is India’s first new banking app that is dedicated to healthcare. It combines banking and healthcare into one domain, intending to provide a smooth experience to patients as well as healthcare professionals.
Dr Neeraj Sheth founded OcareNeo in 2015 with the tagline “Your Digital Health Passport.” It is a one-stop solution for living a healthy life and managing your funds regarding it.
- You can check your health history, medical reports, and e-insurance details all under one roof.
- With a digital QR code, you can check your payment data and Digital Card information.
- Digital Piggy Bank allows you to pay medical bills instantly and let you create saving pools to deal with emergencies.
- The bank keeps you updated and sends you alerts about your next medical check-up.
- Keeps track of your mental well-being, nutrition intake, and sleep pattern to help you live a healthy lifestyle.
A highly-known and recognised digital neo bank in India – Jupiter is a perfect solution for new-age banking needs. It provides a paperless and seamless banking experience by letting you create an account instantly, view your spending patterns, save wisely, and enjoy multiple services without any hidden cost.
Started in 2019, it has now become a good choice for enjoying banking from the comfort of your couch.
- This digital bank comes with a sleek debit card that has no annual charges and lets you earn rewards on every purchase.
- You can track your earnings in real-time and redeem your rewards as cash using your account.
- A user-friendly application lets you categorise your spending for better control and help you see how your money moves.
- With the help of Portfolio Analyser, you can track your mutual funds and your wealth grow.
- You can initiate auto savings in the piggy bank to fulfil your multiple goals and keep track of your savings.
4. Fi Money
Money management has just got smarter with Fi Money digital bank. It is an app that allows you to open a zero-balance savings account and provides you with multiple commission-free mutual funds options.
This bank is inclined towards working professionals and aims to serve them with innovative features to enhance their banking experience. True to its tagline, “Banking Just Got Smarter,” this digital bank is the right pick for all your financial needs.
- You can connect any of your bank accounts to Fi Money and see all the balances and transactions in one place.
- Using the mobile application, a savings account can be opened in just 3 minutes.
- You can earn rewards and goodies every time you shop, as well as save money using Fi Money.
- Navigation through the app has become easy with Ask. Fi Money, where you can find any service just by asking the app
- The application does the maths and chooses the best and the most secure payment method.
Founded by Suman Gandham and Sudheer Maram in 2019, Finin is one of the best digital banks that provide smarter and simpler ways of performing banking functions.
It is the first-ever consumer-facing neo bank that helps you keep complete control over your money via a mobile app. By connecting to Finin, you can enjoy a transparent, delightful and hassle-free banking experience.
- Link all of your bank accounts and get complete clarity on your spending while getting the budget recommendations for better savings
- To make the right investment, you will get highly personalised financial solutions and advice according to your pay-check, lifestyle, etc.
- Equipped with bank-level security, anti-fraud, and encryption systems to prevent unauthorised account access or usage of your sensitive information
- You can bifurcate your savings and create a budget while keeping a check on all the spending for meeting all your goals.
- Blocking and unblocking of the card can be done online with a single click.
Established in 2015, Niyo digital bank was created with an aim to make banking simpler, smarter, and safer for all. By combining finance with technology, it has made a mark in the neo-banking sector.
It brings a suite of delightful banking products like NiyoX, Niyo Money, Niyo Bharat, and Niyo Global that not just enriches the experience but also provides a different perspective on new-age banking.
- You can open a zero-balance salary account that provides up to 7% interest and amazing rewards on each salary credit.
- Effortless investment in mutual funds with zero commission and linking of eternal portfolios to keep a better track.
- You can save 3 to 5% on every forex transaction and enjoy exclusive rewards on every debit card transaction.
- Lock, unlock, and block your card instantly with the mobile application while applying for the backup card.
- Get a zero balance prepaid card and access a multilingual mobile application that can support over 10 languages.
List of 5 Best Traditional Banks With Digital Account
1. Axis Bank
Axis ASAP Digital Savings Account is an avenue to open a savings account digitally. Along with a savings account, it provides 250+ services that can be enjoyed without any physical documentation.
It requires the submission of a few documents and a video KYC to get access to all the offerings. Without a doubt, Axis digital account is a great choice for banking digitally on the go.
Types of Digital Accounts:
- Easy Access Savings Account
- Prime Savings Account
- Liberty Savings account
- Prestige Savings Account
- Priority Savings Account
- Burgundy Savings Account
- You can securely update your banking details and signature using a mobile app.
- Enjoy a range of benefits, including cash backs, entertainment vouchers, insurance cover, etc.
- Multiple payment methods are available like Debit cards, UPI, NEFT, IMPS and RTGS.
- The daily purchase limit is between Rs 1 lakh and Rs 5 lakh depending on your account type.
2. HDFC Bank
Designed especially for youth, HDFC digital account offers a wide array of benefits on food, travel, recharge, entertainment, and more. It is truly one of the best digital banks in India that provides free-of-cost debit cards for the first year and an excellent insurance cover-up for keeping you safe and secure. The HDFC digital account will fasten all your banking processes and let you fulfil all your financial needs right from the comfort of your home.
Types of Digital Accounts:
- DigiSave Youth Account
- Instant Savings Account Online
- Instant Savings Account Online is an easy way to begin your HDFC journey as it provides instant account opening benefits and easy access to funding transfers.
- You can take advantage of myriad offers and discounts on shopping online via the HDFC portal
- High daily shopping and ATM cash withdrawal limit with HDFC digital account debit card
- Annual Maintenance Charge (AMC) waived off for Demat account for the first year of digital banking with HDFC.
3. ICICI Bank
Insta Save Account by ICICI is one of the most comprehensive digital savings accounts that is packed with exciting offers and great benefits and allows you to enjoy all the banking services right from your couch. Also, check out our awesome list of the top private banks in india that will help you shortlist your choices.
It features goal-based savings, pre-approved offers, a user-friendly mobile application, tax savings through Government-backed schemes, and more. Overall it is a great way of spending, savings, securing, borrowing, and more, all from one single account.
Types of Digital Accounts:
- Insta Save Account
- You can create and activate your digital bank account at ICICI by following just a few steps and start reaping the benefits instantly.
- There are several protective plans like travel insurance, car insurance, health insurance, etc., to safeguard yourself and enjoy a comfortable life.
- Earn exciting offers and discounts on every spending with ICICI digital bank Platinum Visa debit card
- Grow your money via mobile app by investing in smart options like SIPs, IPOs, Stocks, Mutual Funds, etc
4. IndusInd Bank
Another digital account in India that you must check is by IndusInd bank. Since the future of banking is increasingly digital, IndusInd bank came up with this account that can be opened instantly in just a few steps. In case you want to know about the best home loan provider in india, we have a curated list for you.
Once your account gets approved and activated, you can unlock tailor-made benefits for seamless banking without visiting an actual branch. This makes a digital account by IndusInd a perfect fit for all.
Types of Digital Accounts:
- Indus Digi-Start
- Earn reward points, discount coupons, or offers on every shopping, dining booking, or bill payment
- You will get complimentary insurance cover worth Rs 1.5 lakh with a debit card of a digital account.
- Stay away from the fear of penalties or late fees by setting up an E-mandate that will instruct the bank to automate recurring payments.
- Set up your own account number based on your mobile number, birth date, or even a lucky number
5. RBL Bank
RBL Bank’s Digital Savings Account is a feature-packed account that has made banking easier than ever before. With instant account opening, paperless documentation, no minimum balance requirement, and much more, this digital account is a great choice.
By completing a simple from anywhere, anytime, you can start reaping the benefits of secure online banking. From checking the transactions to bill payments to investments, you can perform all the functions digitally with its robust app.
Types of Digital Accounts:
- Digital Savings Account
- Easy funds transfer through IMPS, NEFT and RTGS without paying an additional cost.
- Robust security measures like two-factor authentication to keep your account and information safe and secure
- Free-of-cost Virtual Debit card with a digital bank account for making payments and enjoying excellent offers on every spending
- The higher interest rate will be calculated on the basis of daily account balance and will be credited on a quarterly basis.
These were some of the best digital banks and digital bank accounts in India. Such banks are introducing a new wave of banking in the country and are helping individuals leverage their banking activities with ease.
While all of the above-mentioned digital banks and accounts are the best and have unique offerings for customers, Fi Money and Axis Bank digital accounts are our favourites. Both of them are easy to use and provide ample benefits to make banking easier and fun. If you like to read about this topic, may we also suggest our list of best bank for gold loan.
Which digital bank account is best in India?
Jupiter and Fi Money are considered to be the best digital bank accounts in India. This is because of their ease of onboarding and usage.
Which bank is fully digital?
All the neo banks in India are fully digital like Finin, Jupiter, and digibank by DBS. They operate entirely through electronic platforms and do not have any physical branch. Such banks allow you to perform different banking and financial activities through a web portal or a mobile application.
Are there any digital banks in India?
Yes, there are several digital banks in India. Some of the prominent market leaders such as Jupiter and Fi Money are mentioned above in this article.
Are digital banks safe?
Yes, digital banks are completely safe. They use hi-tech security methods, authenticate customer identities before approval, and feature instant freeze and unfreeze options to let you enjoy banking with peace of mind. Some of them are also RBI approved, thus providing even more peace of mind.