Lately, you may be hearing a lot about something called “Neo Banks” right here in India, correct? Well, it’s just the term used for the banks that have no physical branches and they operate completely online. Is that even possible? Oh yes, since India is going digital these days, these kinds of banks are becoming super popular, especially because of how easy to access yet top-notch some of these banks’ services are. So, if you’re someone who recently got to know about the concept of Neo Banks, and now you’re interested in knowing which are the top names in India, then just keep on reading because we’re about to list down the top 10 neo banks in India as of 2025, and here we go.
1. Freo
As per their claims, well, Freo is India’s first neo-bank built on credit. It holds the top spot on our list because of its new way of handling banking. And what new way of banking are we talking about here? Oh, you see, Freo offers a digital savings account named Freo Save that yields up to 8.7 % on fixed deposits as well as recurring ones, that’s right there precisely! The Freo Card makes EMI payments clear, Freo Pay lets you make purchases and settle payments later, like, what else do you expect with such a super easy yet super popular Neo bank? The bank keeps transactions safe by working with VISA plus NPCI.
2. Jupiter
Jupiter won many followers when it let users take part in its app design, were you aware of that? Like, as for how it works, you see, as of 2025, it ranks second because it kinda has teamed up with Federal Bank to provide savings accounts without a minimum balance, which is super good if you think about it for a sec. You get 1 % cashback on UPI deals and its Pots feature gives 2.5 % on saved money. Jupiter’s app shows spending details and offers budgeting help with prompt customer support.
3. Fi Money
How about a bank that uses computer help (the modern thing that helps out a lot of people out there and if you still don’t get it, we’re talking about AI) to save money better, that is precisely what is the introduction of Fi Money, ranking third on our list today. It works with Federal Bank and gives no-minimum savings accounts at a 5.1 % yearly interest rate. With their super smart AI advice which studies spending, and automatic deposits, overall makes saving simple and pretty understandable too. You also receive a Visa debit card, deposits up to ₹5 lakh come with protection so your funds remain secure while slowly rising.
4. RazorpayX
Have you seen how startups handle money with ease? RazorpayX, number four on our list, serves companies as well as freelancers. And how exactly? Supported by IDFC First Bank, it gives a digital business account with set payroll and bulk payments. It gives credit limits 20 times larger, offers quick payouts, and a simple bill tool that helps with GST tasks. This bank model helps small companies run tasks more smoothly.
5. Open
Open reached unicorn status in India in 2022 earning a top five rank, were you aware of that? Like this one, made just for the startups out there as well as SMEs, it works with ICICI Bank to provide business accounts with basic accounting tools. Open helps with record keeping, invoice creation plus cost control on one solution. It registers users quickly while producing AI-based financial reports that favour simplicity.
6. Niyo
Niyo began in 2015 which makes it one of India’s older neo-banks. It holds the sixth rank with over 2.5 million clients as of 2025, just so you know! Niyo gives free savings accounts along with the Niyo Global Card that does not impose forex fees, suited for travellers. In cooperation with YES Bank as well as DCB Bank, if you’re all about that new trend of personal finance insights, and spending your money with not just ease but safety, then check out this bank while you’re at it already.
7. Chqbook
Chqbook uses its Khata feature to turn your phone into a digital ledger. It sits at number seven while serving small business owners with accounts that require no minimum deposit. As for why it is super famous these days, well, for now, just know that it gives loans without processing charges, transaction rewards plus insurance. Chqbook focuses on supporting entrepreneurs with current transaction updates that set it apart in neo-banking.
8. FamPay
FamPay is India’s first neo-bank for teenagers and ranks at number eight today. It gives a prepaid card for young users to pay with no hidden fees. And just in case you’re wondering like what’s so good about this one, for now, just know that parents check spending while teens get rewards for good money choices. Simple as that! Good concept and yes, FamPay teaches financial skills so youth learn money management kinda early on.
9. Zolve
And then, well, Zolve ranks at number nine, and yes, it serves NRIs or international travellers. It allows you to open a multi-currency account and receive a U.S. credit card from India without foreign fees. It provides Visa cards while making global transfers simple, like super simple actually! It serves people with international banking needs.
10. ZikZuk
ZikZuk sits at number ten with a new option, it gives unsecured loans to SMEs. It makes a FoundersCard for business owners that offers credit rewards and tracks expenses too. And just like so many neo banks out there, ZikZuk also applies AI to manage finances to help startups grow, which is kinda underrated, but if you check it out, you’ll know how good it works. It follows a data-based method that makes it different in neo banking.
Conclusion
If we talk about only the BEST neo banks in India as of 2025, we won’t be skipping past these names ever again. Just check out how good the services they offer and how easy as well as fast these services are, you’ll just fall in love with some of these banks.
