Detailed Review: Jupiter Money

Jupiter Money

  • Features & Rewards
  • Offers Availability
  • Customer Friendliness
  • Customer Care & Issue Resolution

Conclusion

Jupiter Money is an up-and-coming digital banking solution that has been designed to create a transparent, hassle-free banking experience. Jupiter banking doesn’t force customers to maintain any minimum balance, nor do they charge hidden fees. Jupiter provides valuable insights into your financial habits for budgeting purposes.
4.3/5

Introduction

It seems that today’s banking institutions are adopting a more modern- and tech-focused model. They may need our input from time to time and though they are not built to serve the personalized needs of modern clients, they still offer a lot of great resources and offer services like online banking.

With the arrival of the coronavirus and its effects on our bank visits, digital lending has been in strong demand. Citizens are looking for mobile banks because their bank accounts and landscapes have shifted significantly over the past decade.

Despite their longstanding reputation, some people worry about banks’ physical offices that come with the traditional queues. But banks are seeking to evolve to provide new features, including Jupiter Banking.

Jupiter Banking

What is Jupiter Money?

Jupiter Money is a Neo bank specifically targeted Generation Z and millennials.

Jupiter isn’t itself a bank. It’s not licensed by the RBI to be a bank. Instead, it’s using the infrastructure and institutional foundation of the Federal Bank. Federal Bank seems to be the primary choice of every new Neo bank in India. Maybe because they offer competitive commission rates and their regulations are easy to match.

Curious enough for Neo Banks? Click here to know more !!

Who founded Jupiter Money?

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. He was the vice–president of the Digital Banking section at Axis Bank.

How does Jupiter Money Work?

When you deposit money into your Jupiter account; the money gets deposited in the Federal Bank and regulated.

Your Debit Card is regulated and issued and payments to merchants through your card are settled by VISA. Your grievances, chargebacks, and everything are 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 and an ATM card, so you can use them to withdraw money, transact at local merchants, and shop online. This Debit Card is supported by the VISA network.

You will be able to control the card, block it, set the transaction limit, freeze it when you want to, and so on.

Highlights of Jupiter Money

Jupiter Money

  • 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.
  • Assured cashback: Earn 1% cashback on every purchase you make with Jupiter’s smart debit card or every spend made with UPI.
  • Free debit card: Jupiter offers a lifetime free debit card. No charges will apply even for the replacement of old or lost cards.
  • No hidden charges: Jupiter has no hidden charges or bank fees. It promises a completely transparent banking experience.
  • Real-time insights: Jupiter works as an expense tracker and provides real-time insights into your spending habits.
  • 24×7 customer support

Fees & Charges in Jupiter Money

DescriptionFees & Charges
Zero Balance AccountYes
Minimum Account BalanceNIL
NEFTFree
RTGSFree
UPIFree
IMPSFirst 5 transactions are FREE, from 6th transaction onwards charges are applicable -
No Charges - If used under INR 1000
From INR 1000 to INR 1 Lakh - INR 5 per transaction
From INR 1 Lakh to INR 2 Lakhs - INR 15 per transaction
Above INR 2 Lakhs - INR 17 per transaction
Joining Fee for Debit CardNo Charges
Annual Fee for Debit CardNo Charges
Renewal Fee for Debit CardNo Charges
Transaction fees if you use Federal bank ATMNo Charges
Transaction fees if you use any ATM other than Federal bankFirst 5 transactions per month - FREE
After 5 transactions per month - INR 21 for cash withdrawal &
INR 10 for balance check or mini statement per transaction
Account ClosureClosure can be initiated from the branch
Within 6 months – INR 100
After 6 months before 12 months – INR 300
After 12 months – No Charges

Note: No charges if the account is closed within 14 days from the first deposit into the account
Cross Currency Forex ChargesZero forex fee on international spends
Upto INR 25,000 per month (for Savings Account)
Upto INR 1,00,000 per month (for Pro Salary Account)

3.5% forex fee on international spends beyond the specified limits

Benefits of Jupiter Money

Jupiter Banking does have a few benefits which can be discussed below:

Rewards System

  • Get 1% Cashback up to INR 100 per month for using Jupiter UPI to make payments on Swiggy, Flipkart, Uber, Myntra, Dunzo, Amazon & Zomato ( Minimum transaction value is INR 100)
  • Get 1% Cashback up to INR 150 per month for using Jupiter Debit Card to make payments ( Minimum transaction value is INR 100)

Jewels don’t have any expiration limit.

You have the facility to track earnings in real time. Additionally, you can redeem jewels( when you spend, you get jewels) as cash straight into your account.

Rewards Feature in Jupiter Money
Pic Courtesy: Jupiter Money

Pots Feature

Jupiter Banking terms this feature as an intelligent piggy bank. It is a place where you can auto-save multiple goals and track their progress. You don’t have to pay any fee for the money movement. Also, you get the facility to do it any time – no time constraint at all !!

Pot Feature in Jupiter Money
Pic Courtesy: Jupiter Money

Insights Feature

This is another feature that will engage you with Jupiter Banking.

It will present you with a type of dashboard that allows you to monitor all sorts of money movements. So that, you can keep track of finances.

Whatever you have spent on the purchases, can be easily viewed & monitored with smart categorization. Insights offers you the power to check your spending through notifications.

Insights Feature in Jupiter Money
Pic Courtesy: Jupiter Money

Conclusion

If you’re looking for a new bank account with cashback on every purchase and checking, consider Jupiter. Not only do you get unlimited access to your funds with Interac Direct Payment, but the organization also specializes in financial advice for millennials.

However, Jupiter is the next big thing in banking, but it is still in early access. You can join the waitlist and will get extra cashback for the first three months.

FAQ’s

What is a Neo Bank?

A Neo bank is a digital bank, without any physical presence, at all. It doesn’t have branches, paperwork, or physical verification and it doesn’t support cash transactions.

What are the top Neo banks in India?

Some of the top Neobanks in India are:
Jupiter
Fi Money
Niyo
OcareNeo
ZikZuk
Kotak 811
InstantPay
RazorpayX
North Loop
Digibank

Who is the founder of Jupiter Money?

Jitendra Gupta is the CEO of Jupiter Banking. He was the founder of Citrus Pay, which he sold for $130 Mn in 2016. 

Does Jupiter Savings Account come with Zero Balance?

Yes !! There is no requirement for any kind of minimum balance. And most importantly, there are no hidden charges.

What is the Joining Fee & Annual Fee of Jupiter Debit Card?

Joining Fee – NIL & Annual Fee – NIL

2 thoughts on “Detailed Review: Jupiter Money”

    1. Mahtab, aap ko Jupiter se baat karni hogi. Aap unko call kar sakte hain – +91 08655055086 ( kisi bhi din, subeh 9 baje se raat 9 baje tak )

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