A Comprehensive Guide to Choosing the Best Digital Bank in India

5 MIN • LAST EDITED BY ULFATH JOAD ON APRIL 22, 2025.
Fi.money
Written by Ulfath Joad on APRIL 24, 2024.
LinkedInX
Table of contents
  1. Top Features to Look for in a Digital Bank in India
  2. Fi Money App: The Effortless Way to Digi-Banking
  3. Frequently Asked Questions

The world went from digital-second to digital-first in less than a year. Earlier, online banking was a way to avoid the inconvenience of visiting a physical branch. Today, it is a way of life for customers looking to take complete control over their finances.

We have successfully made it a step ahead of online banking – enter digital banks. Online banking simply refers to a particular bank’s services that are available online. However, the latter is a broader term, encompassing all banking-related activities.

Digital banking is gradually making physical branches redundant. But how to choose the best digital bank in India ? Keep reading to find out.

Top Features to Look for in a Digital Bank in India

The key qualities you must ensure your digital bank of choice has are listed below.

1. Easy Account Opening

Every good digital bank will offer its customers a self-onboarding process. Your chosen digital payment bank in India should have an easy account-opening process completed within a few minutes.

This automatically means the KYC process must be simpler and fully digital. If this process takes more than five steps, it is time-consuming and too long-drawn.

2. 24x7 Convenience

An excellent digital payment bank in India must make its services available anytime and anywhere. As a digital customer, you must have the convenience of escaping the long queues that often characterise a traditional bank branch, especially on payday.

The 24x7 convenience feature comprises two factors – a user-friendly application and a seamless process. For instance – the KYC process should be available via video call and be done within a few minutes.

3. High Security

With higher power also comes greater responsibility. Hence, the best digital bank in India will give utmost importance to security. This means the bank must have comprehensive data security systems to maintain customer confidentiality.

One example of robust security is the two-factor authentication system. The double-layer security assures you that your hard-earned money will remain safe despite multiple transactions.

4. Accessibility to Digital Wallets or the Unified Payment System (UPI)

A secure UPI transfer or digital wallet payment system is a must-have feature of any good digital payment bank in India . This will spare you the hassle of visiting a nearby branch to deposit money or an ATM to check for the account balance.

With UPI and digital wallets, payments can be made and received within minutes or even seconds of transfer.

5. Intuitive Additional Applications

Another factor that makes for the best digital bank in India is how well you can plan your personal finances, which means that you must be able to open additional accounts effortlessly and digitally.

These may include credit cards, Fixed Deposits, mutual funds, loan applications, etc. Your power as a digital customer lies in having access to many banking services in just a few clicks. Not only that, but you will also save time otherwise spent on filling separate applications for separate accounts.

Fi Money App: The Effortless Way to Digi-Banking

If you’re looking for a digital money management platform with all the features mentioned above, look no further than Fi Money! The entire account-opening process on the app is 100% transparent and done in less than five minutes. Alongside its licensed partner, the Federal Bank, Fi Money is making secure, all-digital banking available for every Indian.

The app lets you plan your finances, analyse expenses, monitor savings, and schedule investments. If getting money-smart the fun and uncomplicated way is up your alley, Fi Money is your ideal digital banking partner.

Frequently Asked Questions

1. How Do Digital Banks In India Cater To The Specific Needs Of Millennial Customers?

Since millennials are digital natives, they have niche requirements like greater data security, consistent banking experiences across multiple touch-points, and flexibility that fits within their lifestyles. As such, digital banks in India are adopting technology heavily, especially RegTech, to manage risks, optimise processes, and offer more personalised financial services.

2. What Role Do Innovative Features And Technology Play In Making A Digital Bank Stand Out In India?

With technological advancements in fields of Artificial Intelligence (AI), blockchain, chatbots, etc., in the system, banking itself has emerged as an on-demand service. Mobile banking has become many customers’ go-to choice. There is greater accuracy in transactions and better data protection. Not only that but customers can also avail of advanced self-service capabilities like registration, easy account opening, insurance purchase, etc.

3. Can A Digital Bank In India Provide A More Personalised Banking Experience Compared To Traditional Banks?

In a way, yes, digital banking does offer more intuitive personalisation when compared to traditional banking. This may be seen in at least five different areas –

  1. Product Recommendations – A bank may recommend a higher-yielding savings account to a customer who saves money frequently.
  2. Customised Dashboards – These allow customers to view their account balance, transactions, etc., at a glance.
  3. Customer Needs Predictions – Banks may analyse past transactions and savings patterns to recommend tailored products like credit cards, savings accounts, etc.
  4. Personalised Loan Offers – Digi banks also analyse customers’ financial goals and spending habits to provide tailored loan products.
  5. Tailored Marketing Campaigns – A bank may send a restaurant gift card to a customer who frequently spends money dining out.

4. How Important Is The Mobile App Interface Of A Digital Bank When Choosing The Best One In India?

Customers consider a user-friendly mobile app to be of utmost importance in digital banking. This is mainly from the perspective of easy access to banking services anytime, anywhere. Not only that, but an app also brings all information related to an account to a single place for convenience.

Send it to someone who might find it helpful
Know more. All that you'll ever need to learn.
Scan QR to get the Fi app
Your Privacy.
Minus the jargon.
arrow
No Hidden
Fees!
arrow
Join the
team.
arrow
Fi logo
Pronounced  Fī(-ē) and sounds like
volume
hi
Greeting emoji
sky
Sky emoji
tie
Tie emoji
fly
Fly emoji
Contact Fi Money customer care
In-app chat
instagram
twitter
linkedin
Disclaimer: You may have noticed some brand logos used on this website to indicate where you, as a user, may or may not have spent money. We don’t endorse these brands. Nor do these brands endorse us. The logos of the specific brands are owned by them.

Products on our platform

Details

Unified Payments Interface (UPI)

Epifi Technologies Pvt. Ltd ('Epifi Tech') is a Third-Party App Provider ('TPAP') - and acts as a service provider and participates in UPI through a Payment Service Provider ('PSP') Bank (Federal Bank).

Savings Account and Deposits

Federal Bank offers savings account, fixed deposits and smart deposits to users on the Fi App (through Epifi Tech). Users' savings account and deposits are securely opened with Federal Bank.

Epifi Tech itself is not a bank and doesn't hold or claim to have a banking license.

Cards

Fi Brand Pvt. Ltd. markets and distributes co-branded cards in partnership with Federal Bank and Visa. Cards are issued by Federal Bank.

Loans

Epifi Tech facilitates loan distribution and acts as a lending service provider and/or digital lending application for various Banks, registered NBFCs and NBFC-P2P ('Lenders') List of Lenders.

Epifi Tech only provides a platform that enables you to avail instant loans. Epifi Tech is not a lender; neither does it represent to be a lender in its own capacity. The Lenders provide you personal loans as per their policies

Mutual Funds

Epifi Wealth Pvt. Ltd. ('Epifi Wealth') is a registered investment adviser and provides a platform for mutual funds investment. Epifi Wealth has partnered with MFCentral to provide mutual funds analyser to users.

Loans Against Mutual Funds

Epifi Tech in partnership with regulated entities including Epifi Wealth and Bajaj Finserv provides a platform for loans against mutual funds.

Bajaj Finserv is a registered NBFC and provides loans as per their policies.

US Stocks

Epifi Tech has partnered with US stock broker Alpaca Securities LLC to provide users the option to invest in US stocks.

Connected Accounts

Epifi Wealth (as a financial information user), in partnership with Finvu and Onemoney, provides users the option to link their existing financial accounts on Fi.

Credit Analyser

Epifi Tech (as a non-specified user) in partnership with Experian and CIBIL provides insights on users' credit scores

Fi-Coins

Fi-Coins are earned under a reward programme for engaging with products and services on the Fi App.

Fi Store

Fi-Coins can be redeemed on products and services listed on Fi Store such as merchandise, gift cards, air miles, among other things.

Insights

1. Net Worth: Helps users get a view of their financial Net Worth — in accordance with their assets & liabilities

2. Wealth Maximiser: Analyses your finances, shares financial reports to make informed money decisions

These products are governed by our Terms and ConditionsPrivacy Policy, and any other product and partner specific terms and conditions as communicated to you.

©epiFi Technologies Pvt. Ltd. 2025

Fi is a money management platform that offers the perfect solution for all your financial needs. The Federal Bank Savings Account offered through Fi is an online savings account that you can open in 3 minutes! It goes beyond online account opening, as it has helped reimagine the banking experience in India

Through Fi, you can do more: apply for an instant personal loan, pick from many types of Mutual Funds, select the best SIP to invest in US Stocks, apply for a forex-free Debit Card (works for select account plans) to use while travelling abroad, analyse/improve their portfolio, get a 360-degree view of your spend insights and take steps building wealth.

You can also utilise Fi's free personal loan resources, such as the Personal Loan and EMI calculator, before proceeding to the quick loan application process. All of this is why over 35 lakh Indians feel that Fi is the only financial app you will ever need.