Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Mobile-only banks

Find out about the benefits of a bank that lives in your smartphone.

Banks are evolving in India, offering customers a whole new range of digital features aiming to make money management simpler and more convenient. A new type of bank is launching with a view that banking can be done entirely on your phone. These new institutions are referred to as mobile-only banks.



This guide will explain mobile-only banks, their features and their pros and cons so that you can decide whether they are right for you.

What is a mobile-only bank?

Mobile-only banks are a new type of bank that is designed to be accessed from an app on your smartphone. Unlike traditional banks, there are no bank branches and usually no option of Internet banking via a desktop. They are also called digital banks or neobanks. In India, these banks started launching in 2016 with many more due to launch in 2021 and the years to come. The majority will only offer a few products, such as a transaction account, a savings account and a debit card, but all come with innovative features designed to make banking easier.

Compare mobile-only banks in India

1 - 20 of 21
Name Product Mobile view digital banks Monthly Account Service Interest Average Monthly Balance (AMB) Fund Transfer
Kotak 811 Digital Bank Account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 4% p.a.
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    IMPS

₹0
Up to 4% p.a.
₹0
IMPS
Access essential banking services such as NEFT / IMPS transfers and virtual debit card payments, without having to complete a full KYC verification.
AU Bank ABHI Savings Account
AU Bank ABHI Savings Account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 7% p.a.
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    IMPS, NEFT, RTGS

₹0
Up to 7% p.a.
₹0
IMPS, NEFT, RTGS
The AU ABHI Savings Account offers rates of up to 7% with fee-free fund transfers, monthly interest payout options, and a virtual debit card amongst other benefits.
Equitas Bank Savings Account
Equitas Bank Savings Account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 7% p.a.
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    IMPS, NEFT, RTGS

₹0
Up to 7% p.a.
₹0
IMPS, NEFT, RTGS
The Equitas Regular Savings account comes with no maintenance charge, attractive reward points, and a 7% p.a. interest for amounts above Rs 5 lakhs and up to 2 crores.
Axis Bank EASY ACCESS Savings Account
  • Monthly Account Service

    ₹10

  • Interest

    Up to 3.5% p.a.
  • Average Monthly Balance (AMB)

    ₹10,000
  • Fund Transfer

    IMPS, NEFT, RTGS

₹10
Up to 3.5% p.a.
₹10,000
IMPS, NEFT, RTGS
This interest-bearing account offers coverage for personal accident and lost card liability, allowing you to save and spend with peace of mind.
Axis Bank PRIMESavings Account
  • Monthly Account Service

    ₹10

  • Interest

    Up to 3.5% p.a.
  • Average Monthly Balance (AMB)

    ₹25,000
  • Fund Transfer

    IMPS, NEFT, RTGS

₹10
Up to 3.5% p.a.
₹25,000
IMPS, NEFT, RTGS
Meet your everyday banking needs and more. Enjoy features such as enhanced transaction limit, purchase protection, and other exclusive lifestyle privileges.
ICICI Bank Insta Save Account
ICICI Bank Insta Save Account
  • Monthly Account Service

    ₹0

  • Interest

    N/A
  • Average Monthly Balance (AMB)

    ₹10,000
  • Fund Transfer

    IMPS, NEFT, RTGS, UPI

₹0
N/A
₹10,000
IMPS, NEFT, RTGS, UPI
The ICICI Bank Insta Save Account is a completely digital savings account with 24x7 online access to all its banking facilities, along with exciting rewards and benefits.
Open Startup
Open Startup
  • Monthly Account Service

    ₹500

  • Interest

    N/A
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    IMPS, NEFT, RTGS, UPI

₹500
N/A
₹0
IMPS, NEFT, RTGS, UPI
Enjoy a full suite of business banking features, including automated bookkeeping, low commissions, access to developer APIs, and more.
Digibank Savings Account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 4% p.a.
  • Average Monthly Balance (AMB)

    ₹5,000
  • Fund Transfer

    IMPS, NEFT, RTGS, UPI

₹0
Up to 4% p.a.
₹5,000
IMPS, NEFT, RTGS, UPI
Benefit from competitive interest rates, spend analytics and effortless payments with this fully digital savings account.
Slice card
Slice card
  • Monthly Account Service

    ₹0

  • Interest

    N/A
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    UPI

₹0
N/A
₹0
UPI
Benefit from cashback, no-cost EMIs features and more with Slice’s free Visa debit card. Available in both physical and virtual form
YES Bank Savings Account PRO Max
YES Bank Savings Account PRO Max
  • Monthly Account Service

    ₹0

  • Interest

    Up to 5.5% p.a.
  • Average Monthly Balance (AMB)

    ₹75,000
  • Fund Transfer

    IMPS

₹0
Up to 5.5% p.a.
₹75,000
IMPS
This account provides premium banking benefits, including high transaction limits and discounted asset pricing, and puts all your finances at your fingertips.
Jupiter Account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 2.5% p.a.
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    IMPS, NEFT, RTGS, UPI

₹0
Up to 2.5% p.a.
₹0
IMPS, NEFT, RTGS, UPI
Take control of your finances with advanced spend analytics, live insights and more. Earn 1% cashback on all purchases with a free debit card.
Axis Bank BURGUNDY Savings Account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 3.5% p.a.
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    NEFT

₹0
Up to 3.5% p.a.
₹0
NEFT
A personal banking account that comes with premium features such as 24/7 concierge service, complimentary airport access and exclusive privileges.
Walrus Debit Card
Walrus Debit Card
  • Monthly Account Service

    ₹0

  • Interest

    N/A
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    UPI

₹0
N/A
₹0
UPI
This contactless debit card is offered by Walrus, a digital banking and payments app that comes with convenient on-the-go money management features.
Airtel Rewards123
Airtel Rewards123
  • Monthly Account Service

    ₹25

  • Interest

    Up to 2.5% p.a.
  • Average Monthly Balance (AMB)

    ₹500
  • Fund Transfer

    N/A

₹25
Up to 2.5% p.a.
₹500
N/A
The Rewards123 account is a digital savings account that offers exciting cashbacks and rewards on every spend made using the account.
Payzello
  • Monthly Account Service

    ₹0

  • Interest

    N/A
  • Average Monthly Balance (AMB)

    ₹5,000
  • Fund Transfer

    IMPS

₹0
N/A
₹5,000
IMPS
Benefit from a host of banking and payments features, plus a three-in-one smart card with integrated debit, credit and forex functionalities.
IPPB Digital Savings account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 2.5% p.a.
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    IMPS, NEFT, RTGS

₹0
Up to 2.5% p.a.
₹0
IMPS, NEFT, RTGS
Take control of your finances and access essential banking services digitally with this zero balance account.
Niyo IDFC First Savings Account
Niyo IDFC First Savings Account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 6% p.a.
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    IMPS, NEFT, UPI

₹0
Up to 6% p.a.
₹0
IMPS, NEFT, UPI
Get everything you need to manage finances and more, including a free platinum debit card, 0% forex markup and effortless investment tools.
HDFC Bank Instant Savings
  • Monthly Account Service

    ₹0

  • Interest

    Up to 2% p.a.
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    N/A

₹0
Up to 2% p.a.
₹0
N/A
Choose and open a new HDFC savings account instantly at the comfort of your home. All you need is a valid mobile number, Aadhaar, and PAN details to get started.
Axis Bank PRIORITY Savings Account
  • Monthly Account Service

    ₹0

  • Interest

    Up to 3.5% p.a.
  • Average Monthly Balance (AMB)

    ₹200,000
  • Fund Transfer

    NEFT

₹0
Up to 3.5% p.a.
₹200,000
NEFT
Enjoy personalised banking services with this priority savings account. Benefit from locker discounts, reward points and more.
Open Solo
Open Solo
  • Monthly Account Service

    ₹0

  • Interest

    N/A
  • Average Monthly Balance (AMB)

    ₹0
  • Fund Transfer

    IMPS, NEFT, RTGS, UPI

₹0
N/A
₹0
IMPS, NEFT, RTGS, UPI
A free business current account that helps you manage your company’s cashflow and invoicing needs with ease.
loading

Compare up to 4 providers

How do they differ from online banks?

While mobile-only banks and online banks are similar, there are a few key differences that set them apart.

  • Access. Mobile-only banks are called as such because you can only access them through your smartphone or, sometimes, your tablet device.
  • Technology. Some online banks are part of larger international finance groups or using the infrastructure of big banks (Axis Bank and ICICI Bank). Mobile-only banks may still partner with larger banks but are usually building their own bank from the ground up to be able to be nimble with their products and features.
  • Product offerings. Online banks that have been around for a lot longer than mobile-only banks also tend to have a more diverse product offering. For instance, Open offers bank accounts, credit cards, payroll, accounting features and more. Mobile-only banks, for now, tend to only offer one or two products.

What are the features of mobile-only (digital) banks in India?

Features do differ between these new mobile-only banks, so it pays to compare, but you can expect to find any of the following:

  • Spending insights and budgeting tools. Features such as automated spending categorisation, the option to set spending limits and detailed insights into your spending history are available.
  • Travel benefits. Travel features include being able to hold multiple currencies in one account, no foreign transaction fees and no international ATM fees. Some also let you make international money transfers at the market exchange rate.
  • Bill detection and automation. Some banks can automatically detect when you’re manually paying a bill each month or when you have a direct debit being taken out regularly. It will then either allow you to automate the process and get the app to pay the bill for you or send you a reminder to make sure you have sufficient funds in your account for the direct debit.
  • Easy payment splitting between friends. This is a common feature of mobile-only banks. You can send money to your contacts or request a payment. You can also split a bill between friends if you need to.
  • Security. There are many innovative security features on offer including the ability to lock and unlock your card instantly if it’s lost or stolen, 24/7 live chat assistance and location-based security, which means your card can’t be used if you aren’t near it.

Are mobile-only banks safe?

It’s good sense, especially in the case of banks, to make sure that any new financial players in the market are going to keep your money safe. Here is what you need to know about mobile-only banks:

  • Licensing. The existing regulatory architecture in India does not allow a fully licensed digital-only bank. As such, the digital-only banking model is structured as a partnership between a licensed bank and a non-bank, commonly referred to as the neobanks.
  • Security features. Many mobile-only banks offer innovative security features. These include the ability to lock and unlock your card if it’s stolen or lost.
  • Contactable. Most mobile-only banks offer 24/7 live chat help within the app should you need assistance, and are easily contactable if you need help.
  • Experience. While these banks are new, many of these companies have experienced banking professionals on their founding team. If you are uncertain about banking with a new bank, find the “About us” or “Our team” page on the bank’s website to see what kind of experience it has.

Pros and cons of mobile-only banks: Decide if they are right for you

Pros

  • Easily accessible. All of your banking products and services are accessible from your smartphone whenever you need them.
  • Product design. These new digital banks leverage new technology to be able to respond to their customers’ needs quickly. They usually have beta tests for products before they go live, so you can give your feedback as the product is being created.
  • Competitive pricing. Similar to online banks, mobile-only banks have no physical branches and fewer overheads that allow them to keep products competitive.

Cons

  • No Internet banking website. If you have constant access to Internet banking, then you may find mobile-only banks restricting. You’ll only have your smartphone or, in some cases, your tablet device, to complete all of your banking needs.
  • Small range of products. Mobile-only banks are only just starting to launch their products, which means there isn’t a wide suite available. If you’re looking to do all of your banking with one institution, then a mobile-only bank may not be for you.
  • Product limitations. Some mobile-only banks have restrictive ATM withdrawal limits or, in the case of prepaid card offerings, restrictive load limits. Check what limits and restrictions apply before you take out an account to make sure the account is right for you.

How to sign up for a mobile-only bank

The sign-up process for mobile-only banks differs depending on the individual bank, but most offer quite a fast and simple process. You will need one or two forms of identification, usually your Aadhaar and PAN card details, as well as your personal details such as your full name and address.

Before you sign up, check that the mobile-only bank is compatible with the device you have (iOS or Android). You can find out more about the sign-up process on Finder’s digital bank review pages.

Back to top

More guides on Finder

  • Airtel Payments Bank review

    This article provides a complete overview of the Airtel Payments Bank account. Read all about its features, fees, drawbacks, and how to open an account.

  • ICICI Bank Insta Save Account review

    This article provides a complete overview of the ICICI Bank Insta Save account. Read about its features, fees, drawbacks, and how to open an account.

  • Pockets by ICICI Bank review

    This article provides a comprehensive review of Pockets by ICICI Bank. Read about its features, fees, drawbacks, and how to open an account.

  • Axis Bank ASAP Review

    This article provides a complete overview of Axis Bank’s ASAP Account. Read all about its features, fees, drawbacks, and how to open an account.

  • HDFC Bank Instant Savings review

    This article provides a full review of HDFC Bank’s Instant Savings account. Read about its features, fees, drawbacks, and how to open an account.

  • Jupiter Review

    Earn assured cashback with every transaction and avoid hidden bank charges and fees. Learn more about the neo bank for the millennial.

  • Banks with Google Pay in India

    This article provides a complete list of the banks that support Google Pay in India, plus how to set up the digital wallet in your device.

  • YONO SBI details and review

    Learn more about the YONO SBI platform and a range of SBI bank account to decide whether it’s a good fit for your needs.

  • Slice review

    Designed with the credit and payment needs of India’s millennials in mind, Slice offers a great way to borrow and transact at zero fees.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site