Jupiter Money: A zero balance savings account! It's features,pros and cons?

Introduction:-

Banking Sector is a very wide sector and it is improving day by day and growing day by day.

Banks are building new technologies and advancements to secure the banking system and to create a user friendly experience .

Now a days, people want to access their all banking services from their homes.They also want to open a savings account from their home. In addition to these context , many banks are providing to open a account online and these  accounts open through Video KYC which means you don't need to visit a bank for opening a savings account .Also many banks are offering their zero balance savings account. Banks are bearing too much load to its server due to heavy opening of accounts . There comes Neo banks concept.

Partner Bank :-

Jupiter Money is a Neo Bank which partnered with Federal Bank. Jupiter Money came in 2019 to provide many banking facilities to customers . Jupiter Money also provides cash withdrawing facilities to their customers through their physical debit card. It also provides net banking but for net banking you have to go to Federal Bank's net banking website to access net banking.

Jupiter Money is secure and safe and their customers also insured by DICGC (Deposit Insurance Credit Guarantee Corporation) upto 5 Lakhs because its' partner bank are insured.

Here we'll discuss about its pros and cons and its features:-

- Jupiter Money is opening account through their official app "Jupiter Money".

- You can also use BHIM UPI ,Google Pay, Phone PE, Amazon Pay etc. instantly after opening the account.

- Jupiter Money also offers both virtual and physical debit card.

Pros :

- It is a zero balance savings account which means no charges would be charged on non maintenance of balance.

- It doesn't charge for annual maintenance of debit card (including both virtual and physical debit card).

- It provides 3% interest rate on deposit which is better than many banks.

- No charges would be taken for online payments (i.e. NEFT,RTGS,BHIM UPI).

- It also offers free virtual debit card which means no charges on virtual debit card issuance.

-  It allows unlimited transactions on Federal Bank ATM but for other bank's ATM ,it allows only 5 free transactions.

- It doesn't deduct charge for transactions' decline at merchant outlets.

Cons :

- It offers only 5 free IMPS transactions.

- Its' physical debit card issuance fees is Rs. 199 ( excluding GST ).

-  Only 5 cheque leaves is free after that they charge Rs. 100 for per 10 leaves cheque book.