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.
Hopefully, Jupiter will pick them up when they can.
What other features do you use?
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.
I haven’t used it in last 6 months, but users might still ask for it. (Not everyone who has a smartphone use netbanking/UPI)
If I had these features, I will be willing to ditch traditional bank and keep neo banks account only, I understand that this will take more time.
I would simply shift they provide me with merchant names in a clean manner on where I spent. I will atleast make that account as an expense account.
What is the use case for this @dhanvi ?
Is this used for applying visa?
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.
PS: Thank You! for making it topic of the week
Online changing of address, a swift customer care that actually solves a problem are the basics on top of what @dhanvi wrote.
Ability to get all my accounts inside jupiter app would be mind blowing.
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?
I agree that it’s already blurring! I was wondering what’s stopping you from closing the traditional bank account.
PS: DBS charges Debit card annual fee (second year onwards) https://www.dbs.com/digibank/in/rates-and-fees.page
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.