See, the traditional way of banking has been going on for quite a while now, but ever since we have gotten the power of the internet, things have changed a lot, especially in the banking scene. Now, there are these things called the “Neo Banks.” For those who don’t know literally anything about these types of banks yet, well, they surely fall under the “bank” category, but they do not have any physical branch or anything like that. Then? Well, instead, they fully operate online, and that’s all! They have basic banking services that you can benefit from, and in just a few years of these banks being a thing, they’re doing pretty great. That is the very reason we’re here talking about the Top 10 Neo Banks in India 2025. So, let’s just get to it then.
1. Freo
First things first, in 2025, Freo is considered the first credit neo-bank in India. One great product it offers is Freo Save, earning interest at the rate of 8.7 percent on fixed or recurring deposit types of accounts! That being among the highest rates in the country! Then again, another credit option provided by Freo is MoneyTap, and it also gives you Freo Pay for pay-later options. There’s even the Freo Card for EMI purchases. What makes the thing unique in Freo? There are some nice financial tools inside the app, so you can save and spend money. Salary earners and young adults on the go in India and Southeast Asia love it for that very reason.
2. Jupiter
Jupiter goes out of its way to make banking easy for you. It collaborates with Federal Bank to provide savings accounts without any minimum balance. Currently topping charts in 2025, Jupiter garners unlimited love for giving a 1% cashback on UPI payments and debit card swipes. There is also a fun feature called Pots that encourages you to save automatically and earn a 2.5% interest. The awesome thing about Jupiter is that it shows you your spendings live while providing smart tips on budgeting. The look and feel of the app are very user-friendly because they really listened to their users.
3. Fi Money
Fi Money, a Federal Bank-backed platform, is all about making life easier for you when it comes to money matters. An interest rate of 5.1% is offered by them for savings accounts. There’s no need to keep a minimum balance, either. It uses artificial intelligence to study your spending habit and can make smart suggestions on how to save. You can create goals, gaze at graphs, and set up automatic deposits in only a matter of minutes. They will also be issuing Visa debit cards, and deposits insured to the tune of ₹5 lakh.
4. RazorpayX
RazorpayX is not your conventional neo bank, especially for startups, freelancers, and small businesses! Together with IDFC First Bank, they provide a digital banking interface that treats businesses completely online. And if you have to run payrolls and bulk payments or file GST, RazorpayX is there for you. You can set your credit limit 20 times higher! It specializes in payments automation for businesses while streamlining manual labor through invoice tracking, among other things.
5. Open
Well, you must admit, the name Open sounds a very simple yet catchy one in the neo bank space, right? And the good thing is, it has become India’s first unicorn neo bank. It operates together with ICICI Bank to provide banking services to SMEs and startups. Business banking, accounting, expense tracking, and invoicing, all must happen under one roof. It saves time and money for small businesses by eliminating the need for separate accounting software. Due to the presence of this all-in-one dashboard, entrepreneurs and freelancers never want to let it go.
6. Niyo
Having been operative since 2015 and continuing to fly yet higher in 2025, Niyo offers digital savings accounts. But the real blockbuster is their Niyo Global Card, which offers zero markups on foreign exchange rates. That is a big win for international travelers and students studying abroad! Since their partners are YES Bank and DCB Bank, the setup is pretty HUGE on the operational front. The app allows you to keep track of your spending, manage budgets, and invest via Niyo Money. You can use the card across the world for ATM withdrawals and even for multi-currency handling.
7. FamPay
FamPay is India’s first neo-bank for teens, and it is highly successful in 2025. It allows kids to get a prepaid card to make online and offline purchases without requiring a full-blown bank account. The cool part is the parents retain control; they get to see the transactions, set limits, and basically start teaching their kids about money at an early stage. FamPay, along with RBL Bank, has developed a user experience that is fun and engaging for teens to earn rewards for saving and smart spending.
8. Zolve
Zolve is perfect for global citizens such as NRIs, international students, or frequent travelers. It offers multi-currency bank accounts and permits you to get a U.S. credit card while still in India, with no U.S. credit history needed whatsoever. Zolve is one of the most unique neo banks available for cross-border banking in 2025. Having relations with Visa and financial platforms in India and the U.S., it really simplifies money transfer or receiving money globally.
9. Chqbook
Chqbook is for the small business owners and the solopreneur types. It features a digital current account with zero balance requirements and the Khata facility. You can also get a loan without a processing fee, earn rewards on transactions, and get insurance. Having emerged as a favorite in 2025 for nurturing the micros and small business scene in India, Chqbook accounts can be opened on the app instantly.
10. ZikZuk
ZikZuk is designed for startup founders and SME owners and it is reaching sky-high popularity in 2025. Their flagship product, the FoundersCard, monitors business expenses and extends unsecured credit contingent upon how well your business performs. AI monitors your financial behavior and offers alternative decisions and advice about crediting limits. For those entrepreneurs who find it difficult to get formal credit, ZikZuk provides some much-needed relief.
Conclusion
If it is the neo banks we’re talking about, then no doubt, there aren’t many better and best options than these. Just a few years of some of these neo banks being in operation, they’re doing phenomenally well, especially the youth in the country are loving the services that these neo banks have to offer.
