Issues with Bank Tranfers

I was exploring the Jupiter App for like a week now, I know yoy guys are new here, so I don’t expect the app to be 100% perfect, but if you guys are open to feedbacks and take necessary actions based upon them it would be very soon a perfect neo-banking experience I belive.

Today, I made my first Bank Transfer from the Jupiter App to my Physics Teacher. My teacher sent me his bank account credentials like Account Number, IFSC to do the transfer. I went straight to the Jupiter App, intially I thought that I would do the trasfer simply via the UPI, like we used to do in Google Pay/PhonePe/Paytm such applications. But I found that I can only send money to a UPI ID or to a QR Code via UPI from the Jupiter App, I can not deposit money using UPI with their Bank Account details from the Jupiter app, but this feature is already present in Gpay/Phonepe/Paytm or other UPI apps.

Being unable to do the transfer via UPI, I moved to the next option which was “Bank Transfers” in the Jupiter App and thought I would simply send the money by doing an NEFT. I filled all the details, Account Number, IFSC and procedded with the transfer, but at the next stage I saw there was a option as “Time for Transfer” and it was set to “Instant-Via IMPS.” But the unfortunate thing was the option was set by default so as I wanted I can’t change that into NEFT as per my will.

As we all know NEFT transactions are fully free in the Jupiter App, so I considered it to be a better mode of transfer, but the IMPS transactions are only free for the first 5 transactions and are chargable afterwards. So technically as we don’t have any kind of option to chnage the Transfer Mode from IMPS to NEFT because the IMPS is selected by default, we are bound to pay additional fees after our 5 transactions.

I don’t feel this is a good way for taking charges from the users, I would rather say it’s a very tricky way, and I truly disliked that.

I think the users should have a choice to choose their preffered mode of Transfer as per their needs, so I suggest it to the Jupiter Team to introduce transfer to Bank Account via UPI and also an option to choose between IMPS/NEFT in case some one is doing a fund transfer. By this way the user will have complete freedom over their tranfers, but also will not be bound to pay any charges for them.

Today I lost my 1’st Free IMPS Transaction unnecessarily, I could have easily done it via Google Pay, but still if you take this feedback and introduce the options then my effort will be worth it. Thanks.

@Shawnpinto Sir If you can possibly send this feedback to your technical teams.

We optimise rails for consumers based on how they can optimise fees. After first 5 free, you would be automatically prompted for NEFT.

Officially Federal bank won’t charge IMPs fees because I have FedBook Selfie Account and I have done txn 10-20 in a month.

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@Jiten Thanks Sir for replying on my thread, it’s always fun and exciting to hear the message directly from the CEO, I wish other companies to be more frank like this. I just Loved this support and you have made my day with it. A huge thanks for that. :slightly_smiling_face::blush::heart::heart_eyes:

Thanks for sharing the knowledge that after the 5 Free IMPS we will get the option for NEFT, thats great to hear, I just couldn’t found this information on the website or in the chat support as well. I tried to contact with the in-app chat support specialist before making this post, and he skipped this info Sir. If i would got that info in chat this thread wouldn’t exist then. :joy:

Anyways I just wondered why the app in like pushing me to use IMPS which is chargable afterwards when a free facility like NEFT is already present. You know we have used typical physical banks and branches for so many years long and often they play this kinda game with us to take additional charges, so by default our nature we became kinda suspicious, I hope you understand that.

Thanks to you again for sharing the information, I really do appreciate that. :hugs::star_struck: