WilfredAlmeida - So many neo/payments banks opt...
Which neo/payments bank to use after Paytm.
I've been using Paytm payments bank for 3 years now. I don't have a physical debit card with any other banks, this one worked for my UPI usage and metro tickets.
I'm moving away now because of the new RBI rules. I looked at neo banks like Fi money, Jupiter, and payment banks like AU, Jio and Kotak 811. I'm quite confused.
My primary use is UPI and some fees payments in GBP. Paytm has charged me a lot of markup in the past. But servers never went down and they never called to sell loan.
I've heard that some platforms don't have any forex markup but I'm not aware of any hidden/daily charges. I'm middle class and cry for the 30rs SMS charges bank deducts so I definitely don't want any. A debit card with international payments will be convenient as well.
21 Replies
Ok, any payments bank you'd recommend?
Unknown User•11mo ago
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I don't plan to use much services except the debit card and UPI. Kotak has good reviews but it's a private bank and they come with charges
Unknown User•11mo ago
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Other than physical debit card charges (if you're ok with virtual debit card there are no charges for it) there aren't any charges in Kotak 811. Have been using for two-three years now.
Okk, have you done any forex transactions with it? What's the markup for that? Can you use the card internationally?
I haven't done any forex transactions via kotak 811 account. Better ask @ppatra about it.
Unknown User•11mo ago
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Heard too bad opinion about Fi (and even Jupiter Money) redirecting customer issues to Federal Bank and Federal Bank redirecting it back to Fi. That's why personally i moved to Kotak 811. It's full fledged bank account with everything available to me. I have even mapped this account for my emergency MFs (liquid funds)
Unknown User•11mo ago
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ICICI was a cunt to me on the other hand. Tried opening zero balance account with them. Link didn't even open. Later tried opening 10k MAB account - PAN and Aadhaar name mismatch happened online (which would be obvious coz PAN would have fathers name in expanded manner if we have any initials). Went to branch itself and the branch officer was like "open salary account with us" and on rejecting that she was pushing me to open FD or at least a 50k savings account and all that and for all the process she wanted me to give a cheque for every process even when i was agreeing for doing a NEFT or RTGS to that 50k amount (which i haven't even used for 16 years of my banking history). Rejected them totally
Unknown User•11mo ago
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Kotak 811 on the other hand started process in evening 5:30 pm and i had account by night 10:30 pm and by next morning 10:00 am everything was totally ready. ICICI, HDFC, SBI i have used (my own and my mothers account). ICICI have very good interface, SBI though looks quite old design but never ever failed for me at transactions (offline and customer support is totally shit at this point), HDFC on the other hand has bad tech and even support is bad.
Salary account ICICI will give with so much enthusiasm. But for normal savings account too much issues
I'm bank of maharashtra customer, I know more about their services then they do
My accounts are such that income is received BoM acc & I spend from paytm, so it becomes easy to track & manage
I'm getting good reviews about Niyo global for international payments. I guess fi money has that too
Unknown User•10mo ago
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Yes. Totally online process, zero balance account with free virtual debit card (if you require physical debit card then pay 299 p.a)
Unlike some other apps like jupiter/fi who transfer call from there end to federal bank and federal bank to neo bank end kotak 811 doesn't do that. It's full scale account and could be used for everything.
Unknown User•10mo ago
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Web app or mobile app?
Unknown User•10mo ago
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Try others banks then. Mostly axis or icici.
Unknown User•10mo ago
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