I earned almost 500 via this method on Jupiter Money as jewels.
If they are targeting salaried professionals then those annual debit card charges should be there in the salary account holders instead (along with some suitable benefits for them which only comes with salary account).
Users with Pro and Non-Pro should be left with free virtual Debit card and chargeable physical debit cards with Annual fees.
That’s where the users felt like they are being cheated. If they only changed it for new users, the it would not have created chaos among existing users. I understand that in Business, we need to be fair and charge reasonably and there’s nothing wrong with charging annual fee for debit card but doing so you are stabbing on the back of existing customers who came to this platform for exactly the reason that it would be a charge free account. They’ll migrate to other platforms. Many already did. It’s in the hands of Jupiter to retain those customers (because of which this app gained such popularity) or look our for working professionals who don’t even care charges levied for the services that they get.
PThis is BSBDA account powered by governor for those people who has no account comes from rural area.
It is not for a student account, but student can opean it with rbi guidelines.
You can not compared this with jupiter.
So next time resarch before posting something.
I know it very well. That’s the only product I came across which is available right now considering the user’s demand.
An account without any tension of fees and charges (unnecessary as per users)
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I’m facing this issue any solution?
As you all know, every bank in India should allow the opening of a Basic Savings Bank Deposit Account (BSBDA). The only eligibility criterion is Indian residency. Additionally, according to a Reserve Bank of India (RBI) circular, any customer can convert their existing savings bank account to a BSBDA account by approaching their bank.
Rbi Circular link Reserve Bank of India see question no 27
Iam interested in converting my account because the BSBDA account has zero AMC on debit cards. This would be beneficial for users who rarely use Jupiter but still need to keep their debit cards active. Jupiter cannot say that they do hoy have such facility. Its an RBI rule. You should have such facility for conversion.
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As you all know, every bank in India should allow the opening of a Basic Savings Bank Deposit Account (BSBDA). The only eligibility criterion is Indian residency. Additionally, according to a Reserve Bank of India (RBI) circular, any customer can convert their existing savings bank account to a BSBDA account by approaching their bank.
Rbi Circular link Reserve Bank of India see question no 27
Iam interested in converting my account because the BSBDA account has zero AMC on debit cards. This would be beneficial for users who rarely use Jupiter but still need to keep their debit cards active. Jupiter cannot say that they do hoy have such facility. Its an RBI rule. You should have such facility for conversion.
Just FYI, Jupiter itself is not a bank. It has partnered with Federal Bank to provide account facilities. In case you need a BSBDA account, contact Federal Bank directly as Jupiter has allowed only two variants of Federal Bank on its platform. If you want a BSBDA account, you would have to lose access to jupiter platform and instead use the Fednet app.
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i have no problem with that. but want to use existing account number. I don’t want to open account i want to convert account to BSBDA account
You can directly contact Federal Bank regarding this issue. If debit Card fees are your only issue, you can block your debit card and not reorder a new card to avoid fees as technically you will not be having any active debit card. You can still use UPI and other options for payments.
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I don’t think this hack will work. I think this was previously discussed in the community.
Would they still be charged the fee after blocking their debit card? If they do not have a debit card, why would they be charged?
I understand that Jupiter currently does not provide the option to convert existing savings accounts to BSBDA accounts. However, as per the RBI Circular that I have attached, banks are mandated to implement this process for converting existing accounts to BSBDA accounts.
I kindly request you to consider my request for account conversion. Failure to do i will escalate the matter to the RBI ombudsman.
Having extensive knowledge in banking can be dangerous.
@UNNIKRISHNAN_T_R
I don’t think so that’s how it works. You could raise a request to federal bank and get your Jupiter scheme account converted to any account within in the BSBDA scheme. You can’t really hope to get the maintain the same scheme and have the BSBDA profile. Imagine having a imperia scheme with HDFC and asking them to make it a BSBDA account.
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You are forgetting the reality that Jupiter is not a bank. BSBDA is provided by the bank, Not by their non banking partner. You are wasting time here by requesting this to Jupiter.
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I think you are wrong. Although, Private bank never help to opean BSBDA account in their bank .
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Since Paytm wallet is dead, did you find a replacement for it?