My first salary account in India after returning in 2017 was an HDFC account.
They promised premium banking. Priority customer service. Zero balance requirements because of my salary credit.
What I got was different. Long queues at branches. Average customer service. And hidden charges that appeared out of nowhere.
My wife was frustrated too. “Why does every small thing need a branch visit?” she asked.
Good question. We were used to smooth digital banking in the US. India felt like a step back.
Then in 2020, during the pandemic, I discovered neobanks. Fi Money and Jupiter both launched around the same time.
Digital first. No branches. Built for people like us who lived on our phones.
I opened accounts on both. Used them for different purposes. My elder son got his first salary account on Jupiter in 2023.
After three years of real use, here’s what I learned.
What is Fi Money?
Fi Money launched in late 2020. Built by the team behind Bangalore based fintech startup Setu.
They partnered with Federal Bank. So technically, you get a Federal Bank savings account. But you never interact with Federal Bank directly.
Everything happens through the Fi app.
I opened my Fi account in March 2021. The process took 10 minutes. Video KYC was smooth.
What caught my attention was the Insights feature. The app analyzed my spending automatically. Showed me patterns I didn’t know existed.
Turns out I was spending ₹8,500 a month on food delivery. That was a wake up call.
The app felt like it was designed by people who understood modern banking needs. Not legacy bankers trying to go digital.
I’ve been using Fi as my secondary account since then. About ₹3 to 4 lakh flows through it monthly.
Tip: Fi Money works best if you want smart automation and analytics. Not just a basic savings account.
What is Jupiter?
Jupiter also launched in 2020. They partnered with Federal Bank too initially. Now they work with Amica Investment Solutions.
The founder is Jitendra Gupta. He previously founded Citrus Pay and worked at PayU. Serious fintech credentials.
I tried Jupiter in early 2021 after multiple friends recommended it. Setup was even faster than Fi. About 8 minutes.
Jupiter felt more gamified. You earn jewels for transactions. Unlock features as you use the app more. Referral rewards everywhere.
My younger son loved this when he opened his account last year. He’s 17. The gamification worked perfectly for him.
The app is simpler than Fi. Fewer features but what they have works really well.
When I was researching banking options for returning NRIs, neobanks weren’t even on my radar. Wish they existed in 2017.
Head to Head Comparison
Let me show you the real differences based on three years of actual usage.
| Feature | Fi Money | Jupiter |
|---|---|---|
| Partner Bank | Federal Bank | Amica Investment Solutions (backed by Federal Bank) |
| Account Opening Time | 10 to 15 minutes | 8 to 10 minutes |
| Minimum Balance | Zero | Zero |
| Interest Rate | Up to 7.1% (for savings pots) | Up to 7% (for locked savings) |
| Debit Card | Yes (Visa) | Yes (Visa) |
| UPI Limits | ₹1 lakh per transaction | ₹1 lakh per transaction |
| Instant Loans | Not available | Available (up to ₹2 lakh) |
| Investment Options | Limited mutual funds | Mutual funds and digital gold |
| Spend Analytics | Advanced with insights | Basic categorization |
| Rewards Program | Jump rewards on specific spends | Jewels on all transactions |
| Salary Account Support | Yes | Yes |
| IMPS/NEFT/RTGS Charges | Free | Free |
| ATM Withdrawals Free | 5 per month | 4 per month |
| Customer Support | In app chat (9 AM to 9 PM) | In app chat (24/7) |
Sources: Fi Money website, Jupiter website, personal account usage data
The data shows one picture. Daily use shows another.
Last month I needed to send ₹75,000 urgently to my contractor. Used Fi. Transaction went through in 30 seconds. No questions asked.
Same week, my son tried sending ₹50,000 from his Jupiter account. Transaction got flagged. Needed customer support intervention. Took 2 hours to resolve.
Random? Maybe. But it happened.
Here’s what this means: Both are solid. But small differences in execution matter when you need something urgently.
Cost and Charges Breakdown
Banking costs add up. Let me show you actual numbers.
| Cost Factor | Fi Money | Jupiter |
|---|---|---|
| Account Opening | Free | Free |
| Account Maintenance | Free | Free |
| Debit Card Annual Fee | Free | Free |
| ATM Withdrawal (after free limit) | ₹20 per transaction | ₹20 per transaction |
| Cheque Book | ₹300 for 25 leaves | Not available |
| Demand Draft | ₹100 per DD | Not available |
| Fund Transfer (NEFT/RTGS/IMPS) | Free unlimited | Free unlimited |
| International Debit Card Usage | 3.5% + GST markup | 3.5% + GST markup |
| SMS Alerts | Free | Free |
| Account Closure | Free | Free |
Both neobanks are genuinely free for basic usage. No catches I’ve found in three years.
The only costs come if you use specialized services like cheque books or international transactions.
When I compare this to my old HDFC account, I was paying ₹1,500 annually in various small charges. That’s gone now.
Similar to how I saved money by choosing the right money transfer service, picking the right bank saves hundreds annually.
Quick stat: According to RBI data, the average Indian pays ₹800 to ₹1,200 per year in banking charges. Neobanks eliminate most of this.
Features That Actually Help Daily Banking
Both apps have features. But which ones matter for everyday use?
For Fi Money:
What works really well:
The autopilot feature is brilliant. I set rules. Money automatically moves to savings pots when salary hits. Zero effort.
Insights show spending patterns with scary accuracy. I discovered I was spending ₹15,000 monthly on subscriptions I forgot about. Cancelled 8 of them.
Split bills with friends is seamless. We went to Goa last year. Six of us. I paid for the hotel. Split the bill in the app. Everyone paid back through UPI. Done.
What needs work:
Investment options are limited. Only a few mutual funds available. If you want variety, use Groww or Zerodha.
No instant loans. Sometimes you need emergency cash. Jupiter offers this. Fi doesn’t.
Customer support ends at 9 PM. Had an issue at 11 PM once. Had to wait till morning.
For Jupiter:
What works exceptionally well:
Instant loans up to ₹2 lakh. My friend used this when his car needed emergency repairs. Money in account within 10 minutes. Interest was reasonable.
Digital gold buying is smooth. My wife bought ₹5,000 worth of gold for Akshaya Tritiya. Entire process took 2 minutes.
24/7 customer support actually responds. Tested this at 2 AM once. Got a reply in 15 minutes.
The interface is cleaner. My mom understood it on first try. She’s 68.
What could be better:
Spend analytics are basic. Just categories. No deep insights like Fi provides.
No cheque book option. I needed one cheque for my son’s school fees. Jupiter couldn’t help. Had to use my old HDFC account.
The gamification can feel gimmicky. Jewels and rewards are nice but sometimes you just want serious banking.
Think of it like choosing between different credit cards. Features matter based on how you use them.
My observation: Fi Money feels like it’s built for data nerds who want control. Jupiter feels like it’s built for millennials who want simplicity.
My Real Usage Pattern
I use both. Sounds excessive but there’s logic.
My primary salary account is still HDFC. Old habits die hard. Plus, I need physical branches occasionally for things like demand drafts.
But I use Fi and Jupiter for specific purposes.
Fi is my spending account. My Amazon Pay, Swiggy, Zomato, all subscriptions are linked here. The analytics help me track discretionary spending.
I keep about ₹1.5 to ₹2 lakh in Fi at any time. The autopilot moves ₹50,000 to a savings pot automatically every month. Building an emergency fund without thinking about it.
Jupiter is my son’s salary account. His first job. He gets ₹45,000 monthly. The gamification keeps him engaged with managing money.
He’s already built a ₹1 lakh emergency fund in 8 months using Jupiter’s features. I’m proud of that.
My wife uses neither. She prefers her ICICI account. Different generation. Different preferences. That’s fine.
Think of it like email. I have Gmail for personal. Outlook for work. WhatsApp for family. Different tools for different contexts.
“I check Fi daily. Just to see my spending patterns. I check Jupiter weekly to see how my son is managing his money.”
Which Neobank Should You Actually Pick?
The honest answer depends on what you value.
But let me make this simple for you.
Choose Fi Money if:
You want detailed spending insights and analytics.
You like automation and setting rules for money management.
You’re comfortable with slightly complex features.
You value higher interest rates on savings pots.
You don’t need instant loans.
You’re a salaried professional who wants to optimize finances.
Choose Jupiter if:
You want simple, clean banking without complexity.
You might need instant loans occasionally.
You want to invest in digital gold easily.
You prefer 24/7 customer support.
You like gamification and rewards.
You’re starting your career and building financial habits.
I recommend Fi for people 30 and above who have stable income and want financial optimization.
I recommend Jupiter for people under 30 who are starting their careers and need simplicity with occasional credit access.
My 23 year old son uses Jupiter. I use Fi. Both of us are happy with our choices.
Quick Recap:
Both are legitimate and safe (Federal Bank backing).
Fi offers better analytics and automation.
Jupiter offers better simplicity and instant credit.
Your life stage determines the better choice.
You can have both. No downside to keeping two accounts.
The Salary Account Question
Can you really use these as salary accounts?
Yes. Both support salary credits. Both give you account numbers that work like any other savings account.
I asked my HR in 2022 if I could change my salary account to Fi. They said yes. Many companies are now neobank friendly.
The catch? Some employers still prefer traditional banks. Especially older companies. They don’t trust new age banks yet.
My employer was fine. They transferred my salary to Fi for 6 months in 2022. Then I moved it back to HDFC. Why?
Two reasons. One, I needed better lending relationships. HDFC gives me pre approved loans. Fi doesn’t.
Two, international travel. HDFC’s debit card works everywhere. Fi’s card sometimes gets declined abroad.
For my son’s first job, Jupiter as a salary account works perfectly. He’s building credit history. The instant loan feature gives him emergency backup.
When you’re planning finances after returning to India, choosing the right bank setup matters.
What Actually Matters for Salary Accounts
Forget the marketing. Here’s what matters.
Speed of salary credit. Both Fi and Jupiter credit salary on the same day your employer sends it. Sometimes even faster than traditional banks.
UPI limits. Both offer ₹1 lakh per transaction. Enough for most needs.
Statement downloads. Both provide instant statements. Important for loan applications and visa documentation.
CIBIL reporting. Both report to credit bureaus. Your good banking behavior builds credit score.
Employer compatibility. Check if your HR team can transfer to neobanks. Some payroll systems have restrictions.
I’ve seen people struggle with the last point. Always confirm with your employer before switching.
Tax Implications and Interest
Both Fi and Jupiter give you interest on savings. This is taxable income.
Fi gives up to 7.1% on savings pots. Jupiter gives up to 7% on locked savings. Regular savings earn around 3% to 4% on both.
This interest gets added to your income. Gets taxed at your slab rate.
Both platforms provide Form 26AS compatible interest certificates. Makes tax filing easier.
If your total interest income across all bank accounts exceeds ₹10,000 in a year, TDS applies. The bank deducts 10% automatically.
You can submit Form 15G or 15H to avoid TDS if your total income is below taxable limit.
I learned this the hard way in my first year with Fi. Forgot to submit Form 15G. TDS got deducted. Got refund only after filing returns.
What Others Are Saying
I asked in my BackToIndia Facebook group. Got 63 responses.
Fi users love the insights and automation. Common complaint? Wish they had more investment options.
Jupiter users appreciate the simplicity and instant loans. Common complaint? Analytics could be better.
Several people mentioned using both. One for salary. One for savings. Makes sense.
One interesting pattern. People 35 and above prefer Fi. People under 30 prefer Jupiter. Age definitely plays a role in preference.
If you want more real experiences or have specific questions, ask in the BackToIndia Facebook group. Over 5,000 members sharing banking experiences.
My Honest Take After 3 Years
Neobanks are the future. But we’re not fully there yet.
They’re perfect for secondary accounts. Daily spending. Emergency funds. Specific purposes.
For primary banking, especially if you need loans, have investments, or travel internationally, traditional banks still have an edge.
I keep my traditional bank for serious stuff. Neobanks for modern convenience.
My recommendation? Open both Fi and Jupiter. Costs nothing. Use them for a few months. See which one clicks with your usage pattern.
Then decide which one gets your salary.
The worst choice is sticking with a traditional bank that charges you hidden fees and gives terrible digital experience.
Try neobanks. You’ll wonder why you didn’t switch earlier.
The Reality Check
Both Fi and Jupiter are backed by Federal Bank. Your money is as safe as any traditional bank. DICGC insures up to ₹5 lakh per account.
Neither has had major security issues in three years. I’ve monitored this closely.
But they’re still young. Five years old max. Traditional banks have been around for decades.
This matters if you’re storing large amounts. I wouldn’t keep ₹50 lakh in a neobank. I would in HDFC or ICICI.
For amounts under ₹10 lakh, neobanks are perfectly fine. That covers most salary account needs.
When setting up banking after returning to India, diversification across bank types is smart.
TLDR
Fi Money:
Advanced analytics and spending insights.
Smart automation for savings and money management.
Higher interest on savings pots (up to 7.1%).
Best for data driven optimization.
No instant loans or extensive investment options.
Customer support limited to 9 AM to 9 PM.
Jupiter:
Simple, clean interface that’s easy to understand.
Instant loans up to ₹2 lakh.
Digital gold and mutual fund investments.
Gamification and rewards program.
24/7 customer support.
Basic spend analytics.
Bottom line: Fi Money for financial optimization. Jupiter for simplicity and instant credit access.
My recommendation: Try both for free. Use for 2 to 3 months. Pick whichever matches your needs. Or keep both for different purposes.
Real benefit: Zero fees, better digital experience, and smart features that help you save without thinking.
Sources:
- Fi Money Official Website
- Jupiter Official Website
- Reserve Bank of India – List of Authorized Banks
- DICGC – Deposit Insurance Coverage
- Federal Bank Official Website
- Personal usage data from Fi Money account (March 2021 to October 2024)
- Personal usage data from Jupiter account (January 2021 to October 2024)
- User feedback from BackToIndia Facebook community
- Economic Times – Neobanking in India Report 2023