I recently came across Jupiter and i am thinking about creating an account. However, all this fuss about accounts getting blocked/frozen left and right is frightening. I recently turned 18 and this will be my first and primary bank account, so i can’t take any chances. So my question is, can Jupiter be trusted as your primary account?
Edit: My concern is not about the security of my money, it’s about the accounts getting blocked/frozen. Also, i am especially concerned about it because i don’t have any federal bank branches around me.
Hello, @underthatdamnluck! Welcome to the Jupiter Community. You’re free to use Jupiter as your primary account if you wish to do so. Rest assured that your account will not be blocked or frozen without sufficient reasons.
But always keep in mind that Neo banks have several limitations compared to physical banks like:
- Limited range of banking products.
- No physical branches
- Limited cash services
You can open a normal account (as a secondary one) too as opening a physical bank account may provide benefits that neobanks cannot offer.
Hello, in our experience, Jupiter offers a holistic experience by combining traditional banking with new age technology. This is ONLY bank I have come across that engages it’s community for features and Issues.
The news around account freezing are case specific. As long as you are using the account without exposing it entities that are still in the grey area with regulatory authorities, you should be good.
My company uses Jupiter as it’s salary account partner.
One of the community champions @Abhishek_Ulayil says he super happy with the services and his opinion is seconded by many in this community.
Do accounts get blocked ?
Yes they do but not without a strong reason.
Jupiter has millions of users, a few dozen accounts being blocked for some reason does not mean everyone’s account are/will be blocked.
Can You use it as a Primary Account ?
If you have reached this community out, it means you would be knowing a bit about Jupiter already. So I would suggest you to go ahead try Jupiter.
If You have any problems with account/ Jupiter app, reach out to @Shawnpinto and support team they will help you.
Why am I so Pro-jupiter ?
The basic features and service is good, you wont face issues, I have used it for more than a year and it is always fun to use.
It is my first account after receiving my Pan Card, so I do have that attachment with it.
Well, neobanks are really attractive to me because of their online nature. As someone with social anxiety, i really don’t want to engage with people, especially about banks and stuff. And i am a student, so my monetary needs aren’t too high either: maybe a few thousands from there and there. Fi has made quite the reputation for themselves, though, for freezing accounts. And since Jupiter is connected to the same parent (?) Bank, it makes it difficult for new consumers to trust either.
As Abhishek has mentioned, if the accounts are getting frozen, that is only after the bank has done its due diligence and found a strong reason for it. And the bank does provide you with the opportunity to submit the information they have requested to ensure the flagged status is reviewed and removed if all information meets their requirement.
While Neo Banks provide us with the convenience to manage our banking needs online, they are also subjected to stricter controls not just from the RBI but also from Federal Bank as they are partnering with them. All of this is done to provide the users a safe banking experience.
For primary go with some advance technology… lowest charge traditional Bank…
U can use Jupiter for secondary account.
@sani are there any that you would recommend? As i have already said, my monetary needs aren’t too much. And i am from a place where there aren’t many physical bank branches are available so i need something that i can manage online. So ya, if you want to recommend any, I’d appreciate.
open account at sbi it’s zero balance and no faltu ka charges just mention that you don’t need a insurance along with account at branch . i opened one for me within 30 mins. use jupiter for upi and online transaction
You can definitely use Jupiter as your primary bank account, it can be a convenient and efficient choice. Also, it’s always advisable to have a backup account in a traditional physical bank. This ensures that you have access to your fund and financial services in case of any unforeseen circumstances or technical glitches.
But there’s also Debit card AMC, isn’t it?
Agree with Saurabh’s suggestion. Jupiter can be and should be your primary account. Realising, you are a student and starting your financial journey, this is an ideal account. Yes, this a zero balance account. However, there are debit card charges which are clearly mentioned on the website.
yes 125+gst close debit card after 5 6 months only use internet banking and yono. one can withdraw cash only with yono app
I continue to use my debit card because SBI allows to earn reward points on the debit card spends too. Also, I think SBI charges the lowest Debit card AMC.
@yagnesh01 yes, that’s what i was thinking. Knowing my situation, neo banks are perfect for me. However, the anxiety of it being randomly frozen still remains.
Regardless, I will take y’all’s suggestions into consideration. Thank you for your time evryone, really appreciate it.
don’t entirely rely on neo banks having a savings account along with neo bank will complement each other
sbi gives rewards ?? reward rate ??
1 Reward Point on every Rs. 100 spent. 1 Reward Point is equivalent to 0.25 rupees. Also, 5x points on selected brand voucher.
Kai, i can understand the anxiety. I really do. Here’s what I have learnt from all these situations - you stick to using your Jupiter within the bounds of the law, your account and the money is safe.
Currently, according to cases are being seen. It’s risky. @underthatdamnluck I would suggest that you open a Jan Dhan account (zero balance account) in State Bank of India or Punjab National Bank. Or else Bank of Baroda B3 Zero Balance Account will also open with Online Video KYC.
Before opening an account in Jupiter, you must open one of these accounts. Because even in the process of opening a Jupiter account, it would be better if the amount is deposited through an account in one’s own name.