The January 2022 roundup of zero-balance neobank apps in India is a historical snapshot, not a list you can act on today. Fi, the app-led option that headlined the era, can no longer be opened as a new savings account, and its app was discontinued in May 2026. For any other app on that list, confirm the partner bank, the exact account product and its current fee schedule before relying on an older claim. The rest of this article explains what changed, how to separate an app from the bank account behind it, and how to check a “zero balance” promise yourself.
What the 2022 article covers, and where its count goes wrong
The piece, “Top 4 Best Zero-Balance Neobank Apps in India with Pros & Cons,” was published on January 2, 2022 by Ritik Singh on Gadgets To Use. Its headline says four apps, but its quick answer and body discuss five. The count does not reconcile, so treat the article as a five-entry historical comparison rather than a clean four-app ranking. Its descriptions of fees, debit cards and rewards reflect terms as they stood in early 2022 and should not be carried forward.
What has changed since 2022
Fi (epiFi): no new accounts, and the app is gone
Federal Bank’s official notice on the Fi partnership makes three points that rule out presenting Fi as an open option:
- New savings accounts cannot be opened through epiFi.
- The Fi partnership with Federal Bank ended on March 31, 2026.
- The Fi app was discontinued on May 6, 2026. Existing customers are directed to Federal Bank’s FedMobile app.
If you read about Fi as a zero-balance account in older coverage, that information describes a product that no longer accepts new customers.
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Jupiter Money: listed by Federal Bank, but terms must be checked directly
Federal Bank’s fintech partnership page currently lists Jupiter Money and links to Jupiter’s fees and charges page. That listing confirms a current partnership. It does not confirm any specific fee amount, reward or eligibility rule for an account you might open. Use Jupiter’s own schedule of charges as the authority, and do not rely on the amounts or benefits described in the 2022 article.
Other apps from the 2022 roundup
The sources reviewed do not establish current fees, eligibility or availability for every other app in the 2022 article. For any app you are considering, the test is the same: find the partner bank, confirm the partnership is still live on that bank’s own site, and use the bank’s current schedule of charges. If the bank cannot be identified, treat the app’s older claims as unverified.
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App versus bank account
A neobank app is an interface and service layer. The deposit account sits with a regulated partner bank, and that bank’s terms and account rules govern your money. Two apps can sit on the same bank with different products, and an app’s partner can change. The Fi case shows this: the partnership with Federal Bank ended in 2026, and the app itself was then discontinued.
A circular issued by the Reserve Bank of India (RBI) on April 19, 2022 consolidates rules for opening current accounts for borrowers with bank credit facilities. It concerns that account category. It does not make an app a bank, and it does not set the terms for ordinary savings accounts opened through apps.
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What “zero balance” means under RBI rules
RBI describes a Basic Savings Bank Deposit Account (BSBDA) as one with no minimum balance requirement and a defined set of basic services. Charges can apply to additional value-added services. “Zero balance” therefore describes the minimum-balance condition of a specific account type. It does not mean every feature, such as extra transactions or card-related services, is free.
An app-branded account is a BSBDA only if the partner bank says it is. Confirm that in the bank’s account terms rather than assuming it from the app’s marketing.
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Dated figures: the 2022 Twimbit app-experience scores
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| App | Twimbit 2022 app-experience score | What the score does not tell you |
|---|---|---|
| Jupiter | 4.60 | Current fees, eligibility or account safety |
| Niyo | 4.40 | Current fees, eligibility or account safety |
| Junio | 4.40 | Current fees, eligibility or account safety |
How to check a zero-balance neobank account before you open it
- Identify the partner bank. Find the bank named in the app’s account or legal terms, then confirm the partnership on that bank’s own website.
- Confirm the exact account product and whether the bank classifies it as a BSBDA.
- Open the bank’s current schedule of charges. Check the minimum balance, debit card issuance and annual fees, charges for transactions and cash withdrawals, and any account closure charges.
- Check eligibility and KYC requirements, the account’s limits, and whether the account is open to new customers.
- Check the support route. Confirm how to raise a complaint with the bank, not just with the app.
- Re-check the terms when you open the account and again each year, since partnerships and fee schedules change.
Use the 2022 article as a starting point for names, not as a source of current terms.
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