Even though I have been using neo/digital bank for quite some time, I still continue to hold a traditional bank account for the reasons/features mentioned below.
Personally I haven’t used checks in a while, except where a cancelled cheque is required for Bank proof (But account statements work as a substitue in most cases)
Where else do you use a cheque? And do you receive them even?
Use of cheque for the salaried millennial is very less. As the TA of Jupiter is salaried millennial, chequebook and chequedeposit might not be a feature of high importance.
Yep like @sss said it could be used for visas. This is a very specific use case, I had to transfer all my funds into a traditional bank to get this. I understand bank statements should ideally replace this. So the feature request could boil down to atleast download bank statements.
I have a digibank account which I opened 4 years back through AADHAAR KYC on their mobile app. A bank representative then came to collect the hard copies for document verification. I have not visited their branch since last 4 years. Little higher interest than SBI bank a/c. There are no charges for IMPS transfers. You can transfer funds without adding a beneficiary first and waiting for approval. Instant Loans, Bill payments, Mutual funds investments can also be done but I don’t use them there. Debit card has no annual charges. Customer support is great. Paperless banking. No physical account statements.
So, isn’t the line between a traditional and neo banks already blurring. What would Jupitor bring to the table?
My PPF account is in SBI which was opened way back in 2008. Few times in a year I have to do in cheque payments because it is required so for documentation purpose or the other person does not accept digital payments. Or when I want to make a payment at a future date, I use cheque. My salary account is also in SBI because it gives me extra privileges as corporate salary account. I have joint accounts with my parents as well. So there are many reasons I can’t discard the SBI account. But what’s interesting is it is almost dormant. Once salary hits my SBI account, I transfer it to Digibank. So all day to day transactions happen through the Digibank account. While I continue getting privileges of SBI salary account.
Regarding the charges for Digibank debit card, so I think I had opened the account during some offer period, do I am not charged annually.
Jupiter Money / Jupiter Edge is wholly owned and operated by Amica Financial Technologies Private Limited. It has no affiliation, partnership, or connection whatsoever with Jupiter Capital Private Limited, Bangalore or any of its associated entities.