Jupiter Money is a zero maintenance digital banking service having partnership with Federal Bank. In this blog we will discuss about the benefits, charges and offers of Jupiter Bank account. We will also see how to open Jupiter bank account online. You will come to know if its a good choice for you to go with this account and if Jupiter Bank account is safe.
Contents
Features of Jupiter Bank account
Minimum Balance
Jupiter Bank account is a zero balance bank account. There is no minimum balance that you need to maintain in the account.
Pots
Pots is a unique feature of the Jupiter Bank account. This can be considered as a digital piggy bank which helps you to save your money. This pot feature is completely free.
You can create as many pots as you like and name them according to your need. Also you can set a target amount for each pot.
The amount you put in a pot is kept separated from your normal savings account and hence, not accidentally gets spent in day to day transactions. This helps you not to miss your saving target and reach your goals easily. You can close any pot anytime you like and put the amount back to yours savings.
Transaction and spend Insights
Jupiter Money app has a special feature saying Jupiter Insights, which gives you an overview of your spends. Its shows your spends split by categories. This helps you track yours spends and know where your money is being spend most.
The categories are pre-defined in the app and the spends are auto categorized in most cases. But in some cases, if the merchant where you spent is not recognizable, then auto categorizations fails and the spend is incorrectly categorized. But nothing to worry about it, as you can always change the category of the spends manually.
Health Insurance (only for Jupiter Pro Salary account)
This is an upcoming benefit of Jupiter Pro Salary account. Here you get a ICICI Lombard’s health insurance cover of Rs. 2,00,000 and accidental insurance cover of Rs 5,00,000 (worth Rs. 2500 / year) from Jupiter’s partner (Onsurity).
On Demand Salary (only for Jupiter Pro Salary account)
This is an upcoming feature of Jupiter Pro Salary account. Here Jupiter is claiming that you can make any day your salary day with a interest free instant disbursement of salary.
How this feature will work and what are the terms and conditions, these are still not mentioned. We will keep this post updated once the feature goes live and these details are shared by the bank.
Charges of Jupiter Bank account | Jupiter account charges
Fund Transfer Charges
| Transaction | Charges |
|---|---|
| NEFT/RTGS/UPI | Free |
| IMPS | First 5 transactions free |
6th IMPS transaction onwards charges:
| Transactions | Charges |
|---|---|
| Below Rs 1000 | Free |
| Rs 1000 to Rs 1 Lakh | Rs 5 per transaction |
| Rs 1 Lakh to Rs 2 Lakh | Rs 15 per transaction |
| Above Rs 2 Lakh | Rs 17 per transaction |
Debit Card and Debit Card transaction charges | Jupiter transaction limit
Jupiter Bank account customers get a physical as well as virtual debit card. The debit card is lifetime free card. With no issuance fee and no annual fee. There card has a unique look as its vertically printed, with card details at the back and account holder’s name at front.
The Jupiter debit card supports chip as well as contactless payment as well. The colour of the card is either green or orange, depending on the account type. (We have shared the details about the account types in a section below).
The Jupiter Bank account debit card charges
| Get a physical debit card for 1st time | Free |
| Replacement debit card fees in case of wear and tear or lost card | Free |
| Yearly charges of physical debit card | Free |
| Transaction decline at stores due to insufficient funds | No charges |
ATM transaction fees of Jupiter Bank debit card
| At Federal Bank ATM | All transactions are Free |
| At Other Bank ATM | First 5 transactions Free per month After 5 transactions Rs 21 per transaction for cash withdrawal and Rs 10 per transaction for balance check or mini statement. |
| Cash withdrawal at ATM outside India | Rs 100 per cash withdrawal. Rs 100 per cash withdrawal + 3.5% forex fee on transactions beyond the specified limits: -> Rs 25,000 per month (savings account) -> Rs 1,00,000 per month (for Pro Salary Account) |
| Balance enquiry at ATM outside India | Rs 25 per transaction |
| International transaction charges | 0 forex fee on International spends up to: -> Rs 25,000 per month (savings account) -> Rs 1,00,000 per month (Pro salary account) 3.5% forex fee on spends beyond the above limit. |
| Transaction decline at ATM due to insufficient funds | Federal Bank ATM – No charges Other Bank ATM – Rs 25 per instance |
Jupiter Bank offers and reward system
In Jupiter Bank, cashback is rewarded in form of Jewels, which you can redeem directly to your Jupiter Bank account. 1 Jewel is equal to 1 Rupee. The jewels are rewarded as below:
| Transaction | Minimum amount | Cashback/Jewels | Maximum Cashback |
|---|---|---|---|
| UPI transaction on Swiggy, Zomato, Flipkart, Myntra, Amazon, Uber, Dunzo using Jupiter app. | Rs. 100 | 1% | Rs. 100 per month |
| All Debit card transactions | Rs. 100 | 1% | Rs. 150 per month |
Eligibility criteria to open Jupiter Bank account
- Indian Resident.
- Minimum 18 years of age.
- Must have Aadhaar and PAN card.
Different types of Jupiter Account
There are three types of Jupiter account available now – Basic, Savings and Pro Salary account.
When you first open a Jupiter account with your Aadhaar details, you get a Basic account. This account has validity of 1 year. After you do video kyc, your account gets converted to Savings account and your account validity is extended to lifetime.
You have the option to further upgrade the account to Pro Salary account. Here you get some more benefits over normal savings account. You need to have a in hand salary of more than Rs 25,000 to be eligible for Pro Salary account.
Comparison of different types of Jupiter Account
| Feature | Basic | Savings | Pro Salary |
|---|---|---|---|
| Zero Balance | YES | YES | YES |
| Account and Debit Card | FREE | FREE | FREE |
| NEFT, UPI, RTGS | FREE | FREE | FREE |
| Annual Interest Rate | 2.5% | 2.5% | 2.5% |
| UPI Rewards (on selected merchants) | 1% upto Rs100 | 1% upto Rs100 | 1% upto Rs100 |
| Jewels to cash | No | YES | YES |
| Pots | No | YES | YES |
| Account validity | 1 Year | Lifetime | Lifetime |
| Account Balance | Upto Rs 1 Lac | Unlimited | Unlimited |
| Receipts Limit | Upto Rs 2 Lac | Unlimited | Unlimited |
| Monthly card rewards | 1% upto Rs 150 | 1% upto Rs 150 | 1% upto Rs 500 |
| Zero Forex Fee | On spends upto Rs 25,000 / month | On spends upto Rs 25,000 / month | On spends upto Rs 1 Lac / month |
| Health Insurance | No | No | YES |
| On Demand Salary | No | No | YES |
Is Jupiter account safe ?
In short, YES. Jupiter account is in partnership with Federal Bank. So, if there is any problem and if that is not being resolved online by Jupiter service center, you can always go to any Federal Bank branch with the issue. So, even if it is a complete digital account, you do have a physical bank you can approach to.
Secondly, Jupiter account is RBI approved, so, you do get a assurance of Rs 5 lakhs just like other banks, if there is any issue that shuts down Jupiter Bank.
Should I open a Jupiter bank account? – Conclusion
Now coming to my conclusion and to the question if you should open an account in Jupiter Bank? To this my answer is Yes, you can. If you want to give a try or need a the zero balance account, with a free rewarding debit card you can definitely open an account with Jupiter.
But I would also suggest NOT to keep more than 5 lakh rupees at least for now, unless the bank becomes more stable (specially technically). And you should NOT go for Pro Salary account right now. I would suggest for now, its better to keep your salary account with a more stable bank, where it has much lesser chance of failing transaction (may be salary credit).
Do let us know in the comment section if you have any doubts, and I will try to answer them. Also do share your experience with Jupiter. Thank You!
Jupiter FAQ
What is Jupiter pots interest rate
Jupiter pots interest rate is same as Jupiter savings account interest rate, which is 2.5%
How to redeem Jupiter jewels?
You can directly redeem the jewels to your Jupiter account as cash or redeem the jewels as gold. You need to have at least 100 jewels to make the first redemption.
What is Jupiter account interest rate?
The interest rate for Jupiter savings account is 2.5%
An IT guy who keeps interest in blogging. Started blogging since 2017. He is the owner of the blog wheretosave.in and knowledgebear.com. A family man who loves Travelling, Gadgets and FOOD.
