Jupiter vs Fi Money – Which One Is Better For Consumers?

Jupiter vs Fi Money

Jupiter vs Fi Money has been the talk of the town ever since the majority of Indian folks realized the advantages of neo-banking. The evolution of the internet in India gave rise to the rapid expansion of neo-banks.

Jupiter vs Fi Money

How? You may wonder.

Well, for that you need to understand its concept. In the segment of neo-banks in India, two names shine at the top despite being tough competitors of each other i.e. Jupiter vs Fi Money.

So, in this exploration, we will delve into the detailed analysis of Jupiter vs Fi Money from both consumer and business perspectives.

Stay tuned!

(A) Neo-banks in a Nutshell

Both Jupiter and Fi Money are neo-banks. Therefore, you need to understand the concept of Neo-Banking in detail.

(A.1) What are Neo Banks?

Neo banks refer to a new form of banking that operates entirely online to offer banking services in partnership with RBI-licensed banks. Yes, these are digital-only banks without any physical branches. Unlike traditional banks like SBI, Axis Bank, Punjab National Bank, etc. you won’t find any physical branch of Neo Banks.

So how do the consumers and bankers operate their money? Through the internet! Just as mentioned before, Neo Banks are digital-only banks.

You may assume them as money management platforms offering banking services in partnership with RBI-licensed banks.

It provides financial services and solutions through digital platforms such as mobile apps and websites. Jupiter is a mobile app whereas Fi Money is a website-based neo-bank. (Just for info, we will delve deeper into them in the upcoming sections).

Do you know what the best part of Neo Banks is?

Unlike traditional banks, neobanks leverage technology and innovative approaches to provide convenient, user-friendly, and cost-effective banking solutions to their customers. Guess what? You can open a neo-bank account in the comfort zone of your home.

(A.2) Services offered by Neo-Banks

Neo Bank

In India, neo-banks have gained popularity in recent years, offering a variety of services and benefits to meet the evolving needs of customers.

Some of the significant services of Neo-Banks are-

  • Online account opening
  • Mutual fund investments
  • Online payments
  • No-fee ATM withdrawals

Neo Bankers don’t even have to go through the hassle of opening physical bank branches in remote areas.

(A.3) Are Neo Banks Safe?

Yes, Neo Banks are safe because they are partnered with RBI-licensed banks. So, by default, they’re also regulated by RBI’s policies, just like any other bank.

Also, your deposits up to INR 5.00 lac is insured by the RBI-specified division of DICGC.

*DICGC: Deposit Insurance and Credit Guarantee Corporation

(B) Jupiter vs Fi Money: A Brief Overview

Let’s go through an overall comparison of Jupiter vs Fi Money-

ParticularsJupiter MoneyFi Money
IndustryNeo-BankingNeo-Banking
Operating SegmentMobile-only bankWeb-based bank
Regulating AuthorityRBI (Reserve Bank of India)RBI (Reserve Bank of India)
Founded in20192019
FoundersJitendra GuptaSujith Narayanan,
Suit Gwalani
HeadquartersMumbai (Maharashtra, India)Bengaluru (Karnataka, India)
Areas ServedIndiaIndia
Target CustomersMillennials & GenZ
(Young working professionals
of age 18-35 years)
Millennials & GenZ
(Young working professionals
of age 18-35 years)
Customer Base8,00,000 customers30,00,000
Market Valuation$710 million$540 million
Annual revenue (2023)$6.98 million$7.96 million
Financial StatusDipped in lossesDipped in losses
CompetitorsNiyo,
LXME,
Fi,
Open Financial Technologies,
Paytm,
Money Tap,
Escrowffrr,
Share India
Razorpay X,
Kotak 811,
FamPay,
Jupiter,
OCareneo,
Freo
Jupiter vs Fi Money

(B.1) Jupiter

Jupiter is an app-based virtual bank that provides comprehensive banking services through digital platforms, particularly mobile applications. It typically offers services such as account opening, money transfers, payments, and financial management tools, all accessible through its mobile apps. 

Recently, Jupiter obtained a non-banking finance company (NBFC) license from the Reserve Bank of India, indicating its expansion into lending services as well. For specific details about Jupiter, you can visit its website or contact them directly.

(B.2) Fi Money

Fi-Money is a neo-bank that offers banking services through a digital bank account called “Federal Bank Account.” You can access it through the Fi Money app.

Not only can you track your finances but also manage your money and perform various banking transactions. You can use all of its features seamlessly through your mobile devices.

Note: If you understand the structure of the banking system in India, then go through the article. It will help you get the details better.

(C) Businesswise Comparison of Jupiter vs Fi Money

The business wise comparison analysis is crucial to understand the status of the company in the market. Similar is the case with Jupiter vs Fi Money. 

Which one is doing better in the competitive Indian market? Let’s find out-

Business ParametersJupiterFi Money
Market Valuation$710 million$540 million
Annual Revenue (FY23)$6.98 million$7.96 million
Operating Revenue (FY22)₹42 lacs₹21 crore
Total Expenses (FY22)₹183 crore₹270.8 crore
Profit/Loss (FY22)Loss of ₹163.9 croreLoss of ₹245 crore
Businesswise Comparison of Jupiter vs Fi Money

Financially, both companies are drowned in losses. Do you know the prime reason for that? Their humongous expenses. Let’s see the segments carrying high expenditures of these Neo banking companies i.e. Jupiter vs Fi Money.

(C.1) Expenses Breakdown of Jupiter vs Fi Money (FY22)

Go through the following table for detailed information-

ExpensesJupiterFi Money
Advertising and promotional ExpensesRs.50.14 croreRs.159.2 crore
Employee Benefits ExpensesRs.68.6 croreRs.72.56 crore
IT & Communication CostsRs.20.31 croreRs.10.4 crore
Legal & Professional FeesRs.16.94 croreRs.1.86 crore
Other ExpensesRs.27 croreRs.26.8 crore
Total ExpensesRs.183 croreRs.270 crore
Expenses Breakdown of Jupiter vs Fi Money

To expand the customer base, both companies spent aggressively on promotional activities and communication. Also, their legal and professional fees hiked too.

(D) Jupiter vs Fi Money: Features Comparison

The following table describes the comparison analysis of Jupiter vs Fi Money based on their features-

FeaturesJupiterFi Money
Types of AccountsSavings Account for all,
Pro Salary Account for employees
Salary Account,
Deposit Account
Minimum Balance RequiredRs.0.00Rs.0.00
DICGC InsuredUp to Rs.5 lacsUp to Rs.5 lacs
Health InsuranceUp to Rs.2 lacsAbsent
Accidental InsuranceUp to Rs.2 lacsAbsent
Debit Card Rewards1%Present
On-Demand SalaryYesNo
Mutual Fund Investment (SIPs)YesYes
Instant LoanAbsentPresent with a pre-closure fee
(Paperless loans, instant disbursals)
Peer-to-Peer Investing PlatformAbsentFi Jump platform in partnership with Liquiloans
(earn 9% per year on your investment)
Rewards1% reward on Debit Card & UPI transactionsEarn Fi-Coins while making payments, adding money, or opening salary accounts.
Extra FeaturesHealth Insurance
On-Demand Salary (in Partnership with Liquiloans)
Zero Forex Charges
Connected Accounts
Ask.fi
Fi Jump
Instant Loan 
Jupiter vs Fi Money: Features Comparison

Apart from the features mentioned above, you can also avail some other alluring features on these neo-banks. Go through the next section, and you will find out!

(E) Other Significant Features: Jupiter vs Fi Money

FeaturesJupiterFi Money
Savings MechanismsPots (like a piggy bank)
2.5% interest on Pots
FIT Rules (or Jars) for automated savings
5.1% interest on savings for various goals
Financial TrackingAuto-categorization for finances
Quick and easy views of money flow
Auto-categorization for income and expenses
Reward Programs1% rewards on UPI and debit card purchasesFi Coins for various activities
Limited Fi Coins Validity
Redeemable for vouchers, gifts, or cash
Mutual Fund ServicesSelection from 1000+ mutual funds
Zero penalties on SIP
SDIY filter for mutual fund selection
60+ filters for personalized investments
Curated portfolio collections
Zero fees on missed SIPs
Other Significant Features: Jupiter vs Fi Money

(F) Jupiter vs Fi Money: Charges Comparison

You will be charged hardly a few pennies for using different services of Jupiter and Fi Money-

ParticularsJupiterFi Money
Account Maintenance ChargesRs.0.00Rs.0.00
Debit Card ChargesRs.299 (Card Issuance Fee- One-time fee)
Rs.0.00 Annual Maintenance Charges
No Card Issuance Fee
No annual maintenance charges for the salary account
Rs.199 for every issuance and annual maintenance for regular users.
ATM TransactionsFederal Bank: Rs.0.00
Other Banks: Rs.21 after free 5 transactions
Balance Enquiry: Rs.11
Federal Bank: Rs.0.00
Other Banks: Rs.21 after free 5 transactions
Balance Enquiry: Rs.11
International ATM ChargesRs.100 +3.5% forex chargeRs.100
Balance or mini statement at ATM outside IndiaRs.25 for balance enquiryRs.100
Card ReplacementRs.299Rs.199
Online Payments (UPI)Rs.0.00Rs.0.00
NEFT, RTGS (Online)Rs.0.00Rs.0.00
Online Payments (IMPS)Charges applicable from the 6th IMPS transactionRs.0.00
Forex ChargesRs.0.00 charges: Rs.25,000 per month (for Pro account) and Rs.1 lac per month (for Salary Account)
3.5% post the limit mentioned above
Rs.0.00
Jupiter vs Fi Money: Charges Comparison

(G) Are Jupiter and Fi Money safe?

When it comes to secure banking apps in India, both Jupiter and Fi Money have got you covered. They deliver a trusted banking experience in collaboration with the RBI-licensed Federal Bank of India, and your data is safeguarded through PCI DSS, ensuring robust data security.

Rest easy, as your investments are in good hands. Jupiter, under its parent company Amica Investment Advisers Private Limited, a SEBI-registered investment adviser, takes care of the security of your financial interests. 

Similarly, Fi Money ensures the safety of your investments through its SEBI-registered parent company and investment advisor, epiFi Technologies Private Limited.

All you need is a few documents for opening your account in Jupiter and Fi money-

  • PAN Card
  • Aadhar Card
  • Registered mobile number
  • Registered home address

In a nutshell, your information, data, savings, and investments are well-protected, giving you peace of mind without any need for worry!

(H) Final Verdict of Jupiter vs Fi Money: Which One is Better for Consumers?

Here, we arrive at the conclusion of a comparative analysis of Jupiter vs Fi Money. When comparing Jupiter and Fi Money, both are considered excellent options for consumers. They offer various features and services to manage savings accounts, track expenses, invest in mutual funds, access loans, etc.

However, you must note that the opinions and reviews about these neo-banks can vary.  How? See, if you are seeking alluring features like greater insurance coverage, a user-friendly interface, on-demand salary, etc. Then, undoubtedly you must go for Jupiter! Also, it offers zero forex charges on their debit card, which can be beneficial for international transactions

But, if you want to track all the savings accounts in a single account, peer-to-peer lending options, higher interest rate on savings, etc. Then, Fi Money is a perfect choice for you.

Overall, the best one depends on your needs and preferences. We hope that this article on Jupiter vs Fi Money will help you to make an informed decision while opting for a neo-bank. Jupiter vs Fi money!

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Published By: Supti Nandi
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