Ok ok, I get it.
No one wants to lose customers, but I’ve come to a realization banks have great authority over their policies which is clearly my mistake for not considering. After seeing what’s happened with Niyo Savings, I’ve got a bit of a feeling that Jupiter can increase the minimum balance from 0 in the future as they wish and that is not something I’d fancy. Not saying Jupiter will do it, it’s just something they can.
So, I went into a chat and asked how I can close an account just to be aware of the process in case to which I was informed, I’d have to visit the branch to do so. Fair enough, every bank is that way.
However, this is Jupiter and with such a seamless and a wonderful onboarding process so I’d imagine the customer should be just as easy to leave to service as it is to join the service. This is the way we must be heading. And it also encourages Jupiter/Federal to make the experience more fun to retain customers which in the long term will definitely be worth it.
I am not sure if there is any RBI Regulation on this matter, I’d like to apologize in advance if this is something RBI does not allow.
