India
activeBusiness banking
- HQ
- Bengaluru
- Fee
- Confirm live X plan
Open
Business payments for Indian companies. The current account sits at a partner bank, not at Open.
Legal entity: Open Financial Technologies Private Limited
Rate this app
7.1Solid
AlternativesFive questions
At a glance
Is it a bank?
No. Open is not a bank. Your money sits with the partner bank named on your statement — Open lists ICICI Bank, State Bank of India, Axis Bank, Yes Bank and others.
If it fails?
If the current account is at a scheduled bank, DICGC can cover eligible deposits up to ₹5 lakh per depositor per bank at that bank. Open itself is not insured. Read the bank name on your statement.
Salary?
You can run payroll from Open once the partner-bank current account is live. Open itself is not a salary bank.
Open from abroad?
No. Open is for Indian companies. Directors go through firm KYC in India. An App Store page does not mean a foreign company can open.
Monthly fee
Plans sit on the live Open site. There is no single free plan we can print here.
Account number
Indian current account at the partner bank. This is not a European IBAN.
NeoBankDBVerdict
Licence first · score second
7.1
/10 · Solid
Open is the dashboard a lot of Indian companies use to pay vendors, run payroll, and see balances in one place. The current account is at a scheduled bank — Open’s own site names ICICI Bank, State Bank of India, Axis Bank, Yes Bank and others. Open is the software. Compare it with RazorpayX, not with Jupiter.
What it is
Open Financial Technologies Private Limited started in Bengaluru in 2017. Anish Achuthan and Mabel Chacko founded it. You can link a current account you already have, or apply for a new one through Open with a partner bank. Zwitch is their API product for other businesses — it is not where your cash sits. Last checked 17 September 2026. Not advice.
Best for: Indian private limited companies and LLPs that want one dashboard on a named bank current account.
Last checked 2026-09-17. Not advice.
What it does well
- +The current account is at a named Indian bank, not in an Open vault
- +One dashboard for payouts, payroll and linked bank balances
- +Zwitch is labelled as an API, not as the place cash sits
What to watch
- −The partner bank can differ by product — always read the statement
- −If Open the app stops, you still need the bank’s own app. Fi already taught this on the consumer side
- −This is not a foreign-currency account
Legal entity, not the app icon
Who is behind it
- Legal name
- Open Financial Technologies Private Limited
- Founders
- Anish Achuthan and Mabel Chacko
- Offices
- Bengaluru, India
The product, not the brand colour
The account
- Platforms
- Web, iOS and Android
- Account types
- Current account at a partner bank, plus payments, payroll and expense tools
- Partner bank
- ICICI Bank, State Bank of India, Axis Bank, Yes Bank and other Indian banks named on open.money
- Who can open
- Indian private limited companies, LLPs and similar firm KYC
- Availability
- India — Indian companies only
- IBAN country
- Indian current account at the partner bank. This is not a European IBAN.
- Remote open
- No. Open is for Indian companies. Directors go through firm KYC in India. An App Store page does not mean a foreign company can open.
- Onboarding
- Indian company documents and director KYC. Open says a new current account can take a few business days.
- KYC documents
- Company and director papers as the partner bank asks — typically CIN, PAN, GST where relevant, and director ID.
- Salary / payroll
- You can run payroll from Open once the partner-bank current account is live. Open itself is not a salary bank.
- Local rails
- IMPS, NEFT, RTGS and UPI from the connected bank account
How money actually moves
- Who holds the cash
- Current account at a partner bank
- How money moves
- UPI / INR
- Built for
- Business
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Fintech reviews can pause inbound while they check a transfer
- Card
- Open lists a physical card and a virtual card. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
If the current account is at a scheduled bank, DICGC can cover eligible deposits up to ₹5 lakh per depositor per bank at that bank. Open itself is not insured. Read the bank name on your statement.
Who holds the money: the partner bank named on your statement — Open lists ICICI Bank, State Bank of India, Axis Bank, Yes Bank and others
- RBI (the partner bank holds the licence)Fintech overlay / partner current account · India
Fees
- Monthly
- Plans sit on the live Open site. There is no single free plan we can print here.
- FX markup
- Not a foreign-currency EMI
- ATM
- Partner-bank rules
Features
- –IBAN
- –Fee-free core
- –Multi-currency
- –Apple Pay
- –Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- ✓Business
- –Kids
- –Halal
- Connected banking
- Payouts
- GST and expense tools
Before you tap Sign up
How to open
Step 1
Name the bank on the account
Open the software is not the bank. The current account is with a partner bank named on your statement.
Step 2
Use Indian company papers
This file is for Indian firms. Directors go through KYC. A tourist cannot open this as a travel IBAN.
Step 3
Keep the bank app too
If Open ever stops, the account stays at the partner bank. Download that bank’s own app and keep the account number.
Official help: open.money
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 7.2
- Fees20%
- 7.4
- Features15%
- 8.0
- App15%
- 7.6
- Global15%
- 4.6
- Support10%
- 6.8
Change log
Full logLicence
Opened file on Business. Partner-bank current account.
Open Financial Technologies Pvt Ltd. Not a consumer neo.
Available in
Straight answers
FAQ
01Is Open a bank?
No. Open Financial Technologies is a Bengaluru software company, not an RBI-licensed bank. The current account is opened with a partner bank that already holds a banking licence. Read the bank name on the account, not the Open logo.
02How is money protected?
Eligible deposits at the partner scheduled bank can sit under DICGC, up to ₹5 lakh per depositor per bank. That cover follows the bank on your statement. Open as an app has no deposit insurance of its own.
03Where is Open available?
Open is built for companies registered in India. You need Indian firm documents and KYC. We list India on this file. A foreign company cannot treat this as a travel or IBAN product.
04Does Open give a debit or business card?
Open can offer business cards through the partner stack. Physical and virtual cards may appear depending on the product you pick. Confirm the network and the issuer in the live Open app before you treat it as a card file.
05Can I open Open from another country?
Not as a tourist or as a foreign company looking for an IBAN. Open asks for Indian company KYC. Directors who live abroad still need the Indian entity paperwork. An App Store listing is not onboarding.
06What is the legal name behind Open?
Open Financial Technologies Private Limited, based in Bengaluru and founded in 2017 by Anish Achuthan and Mabel Chacko. That company runs the dashboard. It is not the bank that holds the current account.
07If Open shuts, where is my money?
At the partner bank named on your statement. An Indian app can stop while the bank account stays — Fi already showed that on the consumer side. Download that bank’s own app and keep the account number.
08Is Zwitch the same as the current account?
No. Zwitch is Open’s API layer for other businesses. Your cash sits in the partner-bank current account, not inside Zwitch. Treat API docs and the deposit as two different products.
09Can I receive salary or run payroll on Open?
You can run payroll tools from the Open dashboard once the partner-bank current account is live. Staff still get paid into bank accounts. Open itself is not a salary bank and not a personal savings account.
10Which banks does Open work with?
Open’s site names ICICI Bank, State Bank of India, Axis Bank, Yes Bank and other Indian banks for connected banking. The live footer on your account is the one that matters. Do not assume every bank is available for a new current account.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
Alternatives
activeNeobank
- HQ
- Bengaluru
- Fee
- Free core
activeBusiness bankingVirtual card
- HQ
- San Francisco
- Fee
- Card program; rewards-funded for eligible start-ups