Jupiter charges


Just received an email from federal Bank, will Jupiter not offer a 0 balance account anymore?

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@Shawnpinto in case of fi account the amb is said to be ₹5k but there is no information about Jupiter just a ₹200 penalty for non maintenance, can you please clarify this issue

I have also received such email from federal bank. Can Jupiter team clarifies about this.

Same concern here. If Jupiter is adding an AMB, while charging for account closure irrespectively, when their whole motto was to provide a “zero balance” account, then we must raise concerns to RBI Ombudsman. I should not need to pay to close my account because Jupiter could not keep their promises. I asked support.jupiter about it, actually, but instead of replying to my email, they simply closed the ticket, marking it as “resolved.”

We are in discussion with bank to not charge any existing customer onboarded prior to 30th April 2024.

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I hope you will be providing a life long solution (zero balance account) to us old users. If not, then atleast make sure the account closure is done free of cost.

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Hi @Jiten, any udpate on this? It’d be greatly appreciated if you guys can share a detailed update here. Thanks

@Jiten

Hi Jitendra, Any Update from bank ?

@Shawnpinto @Jiten

Any update on this charges from bank end ?

@Jiten we arr eagerly awaiting your response regarding this. Any updates?

Hello @Jiten We are waiting for the Update …

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Any Update ?

It’s been 12 days and we still haven’t gotten any update @Jiten.

Bro they are it talks with federal Bank, they don’t have much power because federal Bank is providing the banking services and paying for the maintenance charges but they are still trying for us, it’s going to take some tim. Kotak, au , sbi are good options for zero balance account right now but they might also charge in future

True but some update would be nice, no?

Absolutely, but they already told that they are discussing this matter with the bank so probably there will not be any updates, just the official statement regarding the charges

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Trying not just for us but for both Jupiter and us. and they cannot lock us in a situation where we either have to maintain minimum balance and pay AMC for card or pay to close account.

Hopefully things workout and we don’t have to maintain a minimum balance of ₹5000, because I will have to close my account then,others banks provide better value for that amount, I mainly use Jupiter for mutual fund and the good ui (old). Even if federal doesn’t agree for a zero balance account which is understandable, they should atleast provide a option to close the account without paying charges, had a great time using the app don’t want to end this on a bad note

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What is the AMB to be maintained? Looks like it has not been updated on the website. Will the FD and other amounts be considered while calculating the AMB?

@Jiten At least update us before 7 days .

So we can close our account if not zero AMC

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