NeoBankDB

IN · INR

India digital banks

India is one of the densest digital-finance markets on earth. UPI made account-to-account payments free and instant, so the products that survive here win on credit, metal cards, US investing, and UX — not on transfers. RBI does not issue a generic neobank licence. Most consumer apps sit on a scheduled bank or an NBFC with a partner bank. That partner-bank name is the question. Open is business connected finance: partner-bank current account, not a consumer neo. RazorpayX is payouts plus a current account at partner banks. PhonePe is wallets: UPI layer, not a bank. Fi is graveyard: the wrapper ended 11 March 2026; the deposit was Federal Bank. Do not add a second Scapia, Niyo, or Jupiter file. Last checked 2026-09-17.

22Live on NeoBankDB

Regulator

Reserve Bank of India (RBI)

Deposit scheme

DICGC covers bank deposits up to Rs 5 lakh per depositor per bank

In this market

Licence still sits on the product
ProductScoreHQMonthlyFXUsersLicence
Interactive Brokers8.6Greenwich, United StatesNo inactivity on many accountsInstitutional-grade FX; a reason people open it3.3M accountsBroker-dealer / FCM
Wise8.6London, United KingdomFree personalMid-market plus a transparent conversion fee — the category benchmark16M+EMI (personal)
Revolut8.6London, United KingdomFreeFair-usage weekday mid-market; weekend markup on Standard50M+UK bank (eligible customers)
Ledger7.7Paris, FranceApp is free. The signer is a purchase.Buy, swap, and stake in the app are third-party services. Ledger is not the spread.8M+ signersNot a bank. French SAS that sells signers.
Trust Wallet7.6Global, United StatesFreeSwap aggregator200M+See review
Binance7.6Global / remote, United Arab EmiratesVIP fee tiersSpot/futures fees; tight on liquid pairs200M+VASP / exchange licences by country
Scapia7.5Bengaluru, IndiaNil joining / annual on the core travel card (confirm live offer)0% forex markup on the travel card — the whole pitch3M+Credit card issued by a scheduled bank
RedotPay7.5Hong Kong, Hong KongFree virtualStablecoin to fiat conversion + scheme FX2M+Card programme + VASP stack
MetaMask7.4New York, United StatesFreeMetaMask Swaps aggregator fee100M+See review
Kast7.3Singapore, SingaporeFree virtualStablecoin conversion + scheme FXTens of thousands of firmsStablecoin account + Visa BIN
Niyo Global7.3Bengaluru, IndiaProduct-dependent; forex often zero annualLive-rate pitch vs high-street; a spread still exists4M+Forex + partner-bank stack
Bybit7.3Dubai, United Arab EmiratesDerivatives fee scheduleTrading fees50M+VASP by market
RazorpayX7.2Bengaluru, IndiaConfirm live X planNot an RBI foreign-currency current account in the Airwallex senseStartup payoutsFintech overlay — current account at scheduled banks
PhonePe7.2Bengaluru, IndiaUPI is typically free at the handle. Confirm live wallet fees.Not a travel accountUPI scalePayments app / PPI + UPI stack — not a commercial bank
Open7.1Bengaluru, IndiaPlans sit on the live Open site. There is no single free plan we can print here.Not a foreign-currency EMISME connected financeFintech overlay / partner current account
Niyo7.1Bengaluru, IndiaProduct-dependent; forex cards often zero annualCore pitch — live rates vs banks, still a spread4M+Forex / partner-bank
Jupiter6.9Bengaluru, IndiaFree coreN/A on domestic UPI; card FX on overseas spend8M+Partner-bank / NBFC stack
FamApp6.7Bengaluru, IndiaLow / plan-basedN/A1M familiesPPI / UPI stack
Airtel Payments Bank6.7Gurugram, IndiaConfirm live tariffNot a travel-FX product (Niyo Global is the travel SKU in this catalog)India payments bankPayments bank — Airtel Payments Bank Ltd. Scheduled bank (Jan 2022). Banking Regulation Act s.22
Fino Payments Bank6.5Navi Mumbai, IndiaConfirm liveNot a travel-FX productIndia payments bank / merchant networkPayments bank — Fino Payments Bank Limited
India Post Payments Bank6.5New Delhi, IndiaConfirm live Rates & ChargesNot a travel productIndia Post payments bankPayments bank — India Post Payments Bank Limited
Slice6.3Bengaluru, IndiaCard-dependentDomestic UPI; overseas on card tariff10M+Credit / partner-bank

Closed in this market

Graveyard
ProductScoreHQMonthlyFXUsersLicence
Fi6.9Bengaluru, IndiaFree coreOn US-investing FX conversion5M+Partner-bank fintech

Do not open. Full file sits in the graveyard.

Questions

01

Are Indian neobanks RBI licensed?

The app brand usually is not. The deposit sits at a scheduled commercial bank or is an NBFC product. Always read the issuer line on the card and the account-opening T&Cs. DICGC protection applies to the partner bank, not to the brand.

02

Why do so many Indian apps pitch US stocks and metal cards?

UPI already solved payments. Differentiation moved to credit, lifestyle cards, and GIFT City / overseas investing. Score those features separately from whether the current account is a real bank account.

03

Where did Fi go?

The Fi app wrapper for the Federal Bank savings account ended 11 March 2026. The account remains a Federal Bank account. Channel is FedMobile, not Fi. NeoBankDB keeps /app/fi in the graveyard so the search does not 404.

Other markets

Cayman IslandsJapanIndonesiaPhilippinesBrazilFranceSwitzerlandGermanySingaporeUnited Arab EmiratesNigeriaCanadaAustraliaUnited KingdomUnited StatesSpainPortugalMalaysiaGhanaBelgiumCzechiaHong KongFinlandMexicoItalyTurkeyUzbekistanSouth AfricaAlgeriaSaudi ArabiaBahrainPeruSouth KoreaNetherlandsDenmarkEstoniaColombiaChileAzerbaijanUkrainePolandEgyptIcelandTaiwanMaltaMoroccoVietnamKyrgyzstanSri LankaNew ZealandIsraelPakistanCyprus

Cross-check the scoring weights and the graveyard before you treat a leftover landing page as live.