{"id":3856,"date":"2023-01-01T07:37:34","date_gmt":"2023-01-01T02:07:34","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=3856"},"modified":"2023-01-05T12:18:57","modified_gmt":"2023-01-05T06:48:57","slug":"fi-money-vs-jupiter-money","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/fi-money-vs-jupiter-money\/","title":{"rendered":"Fi.Money vs Jupiter.Money – Which One is the Best NeoBank?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Fi<\/strong> (Fi.Money) and Jupiter<\/strong> (Jupiter.Money) are two very similar Indian NeoBank<\/a> projects that came alive in 2021.<\/p>\n

Both are very similar in their looks, approach and marketing. But as a banking app, there are some differences between Jupiter and Fi.<\/p>\n

In this article, we are going to compare Jupiter and Fi side by side.<\/p>\n

I\u2019ll lay out some core differences as well as point out Pros n Cons between each Neobank so you can decide which one of these two is best for you.<\/p>\n

Let\u2019s begin with an Introduction for both, Fi and Jupiter.<\/p>\n

What are Fi and Jupiter?<\/span><\/h2>\n
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Fi and Jupiter are two Neobanks. Neobanks are all-digital banks that don\u2019t have any physical branches, no paperwork and are available as a mobile app rather than a web app.<\/p>\n

People who don\u2019t have access to banks can really use Neobanks to get started. It\u2019s easy to open an account, but the thing is, you don\u2019t have an option to deposit cash. So a combination of a conventional bank account to store cash, but using a Neobank to transact should help a lot of unbanked people.<\/p>\n

Both Fi and Jupiter started in 2019. They are very similar and almost identical in their marketing approach. Both target millennials and Generation Z audiences and preach that a new age of banking is coming with their product.<\/p>\n

Fi and Jupiter Both Share the Same Partner Bank<\/span><\/h3>\n

Jupiter as well as Fi, have partnered with Federal Bank. If you\u2019re an existing Federal Bank account holder, you can open a Fi savings account.<\/p>\n

But as of now, you can\u2019t open a Jupiter savings account. You will be able to, but there is no tentative date from Jupiter on this issue.<\/p>\n

One of the downsides of having the same bank as a partner bank for both Jupiter and Fi is you have no options and freedom of choice. Federal Bank, by no means, is a top-rated bank in terms of anything. However, they are reliable and have increased their focus on partnering with more Neobank projects in the future.<\/p>\n

Still, this means you\u2019re getting some level of security, capital protection and other services whether you choose Jupiter or Fi.<\/p>\n

Can you open an account on both Fi and Jupiter?<\/strong><\/p>\n

I did a test, it turns out, no. You can\u2019t open an account on Fi if you\u2019re already a Jupiter user and vice versa. But there is a way, you can contact Federal Bank and request a KYC update to migrate from Fi to Jupiter and vice versa. Still, you can\u2019t use both under the same KYC details simultaneously.<\/p>\n

Can you open an account in Jupiter and Fi if you\u2019re already a Federal Bank customer?<\/strong><\/p>\n

Nope.<\/p>\n

But with Fi, there is a way. You\u2019ll get an error that says something like this:<\/strong><\/p>\n

Looks like you already have a Federal Bank account. Please contact Federal Bank and ask them to update your KYC details to proceed.<\/em><\/p>\n

Fi allows you to complete a full KYC and open a savings account even if you\u2019re a Federal Bank customer. You just need to follow some extra steps.<\/p>\n

Jupiter seems to have an issue that doesn\u2019t allow you to do the same.\u00a0 However, the Jupiter team has promised they are working on this issue and it should be resolved soon.<\/p>\n

Comparing Jupiter and Fi Savings Account<\/span><\/h2>\n

Fi and Jupiter look pretty much the same on the front end. However, their savings account has a major difference.<\/p>\n

Jupiter Savings Account \u2013 Limitations<\/span><\/h3>\n

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On Jupiter, you currently get a limited account. Jupiter has two membership plans:<\/p>\n