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How to Open a Neobank Account Online?

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How to Open a Neobank Account Online?

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With most services we avail going digital over the last decade, it was only a matter of time before we sought fully digital banking services too. Today, the solution is simple - open a neobank account! Neobanks provide a financial layer on top of traditional banking. This allows for the digitalization of money management in a way that makes it more user friendly.  

Neobanks usually have no opening fees, no minimum balance requirements, and higher interest rates than traditional banks! They can afford to give their users these privileges amongst other rewards, as they do not have to allocate funds towards maintaining physical infrastructure - the are fully digital baks with no physical branches. Additionally, neobank current accounts, savings account, and salary accounts can be availed across neobanks. And well, it only gets better! From teenager only neobank accounts to joint accounts via neobanking, this industry seems to have it all. 

If you are planning to open a Neobank, look no further to read all you need to know about it.

Opening a neo bank account

To open a neobank account, you just have to follow a few simple steps. As all their business is online, these banks have made it very convenient to open an account from the comfort of your home. Here’s a four-step process on how to open a neobank account:

Step 1: Go through your available options and decide which neo bank best suits your needs

Just like you would for a traditional bank, it is a good idea to do your research about a bank and all the services it offers before opening an account. Look through a few different options and find out what best suits your needs. The more options you go through, the better you get a grasp on the range of services offered to you to make an informed decision. 

It is a good idea to screen whether or not the Neobanks you're looking at fulfil the following criteria.

  • They have a partner bank. Having a partner bank can help ease a user's mind due to the added safety and stability it provides. For example, Fi Neobank is partnered with Federal Bank. 
  • Check whether the Neobank in question offers competitive interest rates.
  • Some neobanks do not offer debit cards. If you need a physical debit card, make sure you confirm whether your bank offers them or not before signing up.
  • Neobanks have a lot of advantages over traditional banks, like higher interest rates and ease of usage. However, some of these banks have higher than average monthly fees. Make sure your bank of choice does not have high maintenance fees.
  • As these banks generally do not have offline outlets, you want to make sure their customer service is quick and timely.

Step 2: Download the mobile application for the neo bank of your choice

Once you’ve finalised a Neobank based on your needs, you need to download its mobile application. You should be able to find the mobile application easily on the app store or apple store for Android and Apple users respectively. 

Step 3: Sign up to create your account

The final step to opening a neobank account is to sign up. You will need to enter your personal information to confirm your identity.

This information typically includes your full name, mobile number, address, email, and government IDs like your aadhaar or pan card. Once you’ve entered the necessary information, you will need to enter a code that is sent to you via text message, email, or both. This should confirm your identity, and you should be able to open your neo account.

Step 4: Enjoy your online banking services!

At this stage, your neo account should be ready to access. All that’s left is to deposit money in your account and start banking now. All you have to do is login to your neobank account and off you go! Neobanks offer a variety of services like payment processing, wealth management, micro-investments, and more. Your Neobank should send you your debit card in the next couple of days. Make sure to double-check your address while signing up, so they don’t send it to the wrong location.

Conclusion

While Neobanks are operate differently from traditional banks, they can be an extremely useful and efficient alternative for most people. They are also a good option for folks that do not have reliable offline banks where they live. Signing up for a Neobank is a stress-free experience from a user's perspective. 

Compared to opening a bank account at a brick-and-mortar location, it just takes a couple of minutes. It’s no surprise that they are rising in popularity quickly, especially in the younger tech-savvy generation. Sign up for a hassle-free banking experience at Fi Money with just a few simple steps. 

Frequently asked questions

1) What is the daily transaction limit in a neobank account?

The daily transaction limit in a neobank account is variable. It  can vary based on the bank and, in some cases, the type of account you open with your neobank. The limit also varies based on whether you are a full KYC user or a mini KYC user. Be mindful of opening an account after you are certain of the transaction limit on that specific account. 

2) Do neobanks provide debit cards?

While some neobanks will mail you a physical debit card, others do not provide you with debit cards. Some neobanks will give you a “digital debit card” that functions similarly to a regular debit card. You can check which type of debit card you get by visiting the neobank’s website before signing up and creating an account with them. 

3) Do neobanks provide credit cards?

Neobanks do not generally provide credit cards. However, an established neobank may choose to offer credit cards. Visit the website of the neobank you are considering before signing up for their services to check whether you can apply for credit cards through them. 

4) Can a teenager open a neobank account in India?

While teenagers can open a neobank account in India, it is generally done under the supervision of their parents. To open neobank accounts for their teenager, a parent would need to show their birth certificate, PAN card, and other documents to establish relationship proof with the minor. There are multiple neobanks focused on teenagers that help them in learning about personal finance, establishing a healthy relationship with money, and making sound money decisions. 

5) Can we open joint account in neo neobank in india?

Just like a regular savings account, the option to open a joint account is available across many neobanks in India. The process is similar to opening an individual account, except you’d need PAN, KYC documents, Proof of Identity and Address for both the parties in the account. Joint accounts are a major step for couples who’ve handles their money separately, and neobanks are here to ease it out for them. 

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