Jupiter Money is a Neo bank built specifically to target Generation Z and millennials.
Jupiter isn’t itself a bank. It’s not licensed by the RBI to be a bank. Rather, it’s using the infrastructure and institutional foundation of the Federal Bank.
Jitendra Gupta is the CEO of Jupiter Banking.
He was the founder of Citrus Pay, which he sold for $130 Mn in 2016.
Another notable person involved with the Jupiter Money Project is Anupam Bagchi who previously worked at Standard Chartered and Axis Bank.
When you deposit money into your Jupiter account; the money gets deposited in the Federal Bank and regulated.
Your Debit Card is regulated, issued and payments to merchants through your card are settled by VISA.
Your grievances, chargebacks, everything is settled by VISA as well.
As per the DICGC guidelines, your money is insured by the RBI and kept safe. Up to 5 Lakh INR is insured by RBI.
Jupiter offers a debit card plus an ATM card, so you can use it to withdraw money, transact at local merchants, and do online shopping.
Convenient on-the-go banking: Use the Jupiter app to access your bank account anytime, anywhere
Zero balance account: Jupiter does not require that you maintain a minimum average balance.
Zero Balance Account : Yes Minimum Account Balance : NIL NEFT : Free RTGS : Free UPI : Free