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Jupiter Money is an Indian banking organisation particularly designed for Millennials and GenZ audience, who wish for a fluid banking experience. Jupiter’s savings bank account and VISA debit card are issued in partnership with an RBI-licensed bank. All money in the Jupiter account is guaranteed up to Rs 5 lakhs (currently) under the RBI’s deposit insurance policy.
Here is our review of the Jupiter Money savings account and debit card, where we delve deep into the pros, cons, rewards, cashback, and more. We attempt to answer the question of whether the Jupiter Money account is for you or not.
Fees and Charges
| Joining fee of debit card | Nil |
| Annual fee of debit card | Nil |
| Availability of Zero Balance Account | Yes |
| ATM withdrawal charges | Free for the first 5 withdrawals in a month. Rs 10 (cash) and Rs 20 (non-cash) after that. |
| Account closure fee | Rs 100 |
Pros & Cons
Rewards and Cashback
- Use Jupiter UPI to make payments on Swiggy, Flipkart, Uber, Myntra, Dunzo, Amazon, and Zomato and get 1% cashback up to Rs 100 each month (Minimum transaction value is Rs 100)
- When you pay with your Jupiter Debit Card, you’ll get 1% cashback up to Rs 150 per month (The minimum transaction value is Rs 100)
Interest Rates and Tenure
| Interest rate | 2.65% per annum |
| Processing time | Instant |
| Joining fee of debit card | Nil |
| Annual fee of debit card | Nil |
| Availability of Zero Balance Account | Yes |
| ATM withdrawal charges | Free for the first 5 withdrawals in a month. Rs 10 (cash) and Rs 20 (non-cash) after that. |
| Account closure fee | Rs 100 |
Minimum and Maximum Amount
- Minimum: Nil
- Maximum: N/A
Who should use Jupiter Money?
Jupiter Money is an intelligent banking app that allows clients to automatically save and track their savings and expenditure. Customers who do not want to pay fees for money transfers might consider Jupiter Money.
Customers looking for cashback and benefits on their purchases can also explore Jupiter Money.
Jupiter seems to be the next big thing in banking, although it is still early days. If a hassle-free and no-frills banking experience is your style, Jupiter Money could be something you end up really liking.If you like to read about this topic, may we also suggest our review of the fi money app?
Eligibility criteria
1. Age
Applicant should be at least 18 years old
2. Location
Indian Resident
3. Documents Required
- Age and ID Proof: driver’s licence, permanent account number (PAN) card, passport, Aadhar card, or voter ID.
- Proof of address: passport, utility or telecom bill, or Aadhaar card.
- Passport size photograph
- Seniors must show proof of age when creating a senior citizens savings account.
- Parents or guardians must supply their documents with the minor’s birth certificate when opening a child or minor savings account.
FAQs
Is Jupiter Money safe?
Jupiter issues a savings bank account and a VISA debit card collaborating with an RBI-licensed bank. Under the RBI’s deposit insurance plan, the money in the Jupiter account is guaranteed up to a maximum of Rs 5 lakhs. Hence, Jupiter Money is largely safe if you stay under that limit.
What is Jupiter money?
Jupiter Money is a Neo bank created for Generation Z and millennials. Jupiter is not a financial institution. Every new Neo bank in India appears to be choosing Federal Bank. Potentially, it’s because they have low commission rates and specific restrictions.
How does Jupiter earn money?
Jupiter profits from the commissions. When a customer uses their debit card, takes out a loan, or purchases an insurance policy through Jupiter, the company makes a cut. Jupiter also charges its partner bank for bringing new customers into the fold.
Who owns Jupiter money?
Jitendra Gupta is the founder and CEO of Jupiter Banking. The company is owned and operated by Amica Financial Technologies Pvt Ltd. Investors include QED Investors, Matrix Partners India, and others.
