I am kind a new to to this bank , I wanted to know that does this bank come under the guidelines of(BSBDA)and if so can I open another 0 balance bank account in other bank because it says " * You do not hold a BSBDA with any other bank" in their guidelines?
BSBDA and neobanks are different entities. BSBDA is type of account under all physical banks while neo banks are intermediaries to the customers and partner physical banks such as Jupiter partener bank is Federal Bank.
Neo banks helps customers in a hassle-free frictionless digital banking and these also help to physical banks to acquiring customers.
These type of banks have low maintenance cost per customer because they not have any physical branches so they offer great interest rates or features.
Hope it helps you to understand.
This isn’t BSBDA .
As I know you can hold as much BSBDA As you need , but with Full KYC .
if you haven’t done Full KYC , should must not try to open other similar category bank account.