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

Payzello review

Manage and track your finances on-the-go with this Indian neo-banking platform.

Payzello is one of the latest entrants in the Indian fintech space that puts your finances at your fingertips. With Payzello, users can access a wide array of mobile-only financial services including automatic saving, expense tracking, and bill splitting.

Learn more about Payzello, its features, and fees in this review before signing up.

No reviews yet. Write a review

₹0

Account Service

₹5,000

Average Monthly Balance (AMB)

₹0 p.a.

Physical Debit Card

Details

Product NamePayzello
Average Monthly Balance₹5,000
How to openMobile, Website
Fund TransferIMPS
More Info

How Payzello works

Payzello is a fully-digital neo banking platform based in Hyderabad, Telangana. It has partnered with multiple banks, including Laxmi Vilas Bank and Yes Bank, to provide users with a range of financial solutions through its smart mobile banking application.

Key features

  • Cashless payment options. Pay for your online or offline transactions with a virtual card, physical card, IMPS or Bharat QR.
  • Bill splitting. Split your shared expense with ease by sending a payment collection URL for the specified amount.
  • Transfer to other Payzello accounts. Enjoy convenient fund transfer to anyone with a Payzello account.
  • Saving goals. Create multiple sub-accounts and for funds to be automatically deducted from your linked bank account to achieve your savings goals.
  • Spend categorisation. The BudgetIQ Summary feature offer a clear overview of your expenses in various categories (e.g. shopping, dining, travel and entertainment).
  • Reminders. You’ll receive a notification if the pending transaction is going to exceed your set budget.
  • Real-time expense charting. The app updates your expenditure in real time so that you can track and assess your finances with ease.
  • Control auto-debits. Allow or restrict merchants you’ve authorised for auto debit with a single tap.
  • Advanced security. If your card has been compromised or misplaced, you may lock it instantly from the app. Simply unlock it once you’ve found your card.
  • Monthly statements. Receive a digital or physical statement for your monthly transactions.

Fees and limits

Payzello charges no account opening or management fees. However, the Rupay Platinum and Select cards are available at Rs. 199 p.a. and Rs. 399 respectively (one-time charge).

Service limitations

As of 30 March 2021, Payzello does not offer the following features:

  • Overseas money transfer service. Unfortunately, Payzello does not offer any facilities for international transfers.
  • Web banking platform. While Payzello offers a web banking platform that you can access from your desktop, its features are currently limited.
  • Cash or cheque deposits. Payzello does not offer any solution for cheque or cash deposit.

The verdict

If you’d like to try out mobile banking, Payzello is a good option to consider. It’s free to use and you’d only need to pay a nominal fee if you wish to order a physical card.

The Payzello app is also equipped with a range of convenient finance management features, allowing you to get on top of your spending with the budgeting tools and benefit from extra perks such as auto-debiting, cashless payment, and bill-splitting.

However, do bear in mind that the range of services offered by Payzello is still rather limited compared to those offered by its competitors, so it is best suited for users who only require it for day-to-day payment requirements and simple expense tracking.

If you prefer a more feature-packed account, make sure to compare Payzello with other similar option to find one that best fit your needs.

How to sign up

Applying for a Payzello account is a quick and simple process that may be completed online within minutes from the comfort of your home. Simply download the Payzello app (available on both Android and iOS) and register for your account.

Eligibility criteria

  • At least 18 years old
  • A resident of India with an Indian residential address

Required documents

Make sure you have the following details on hand when applying:

Compare a range of digital bank accounts in India

Name Product Monthly Account Service Interest Average Monthly Balance Fund Transfer
Kotak 811 Digital Bank Account
₹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.
Indus Delite
₹0
Up to 6% p.a.
₹0
N/A
Receive a rewards-packed Platinum Plus debit card with this zero balance savings account and benefit from attractive cashback, deals, complimentary insurance, and more.
HDFC Bank Instant Savings
₹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.
Jupiter Account
₹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.
Payzello
₹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.
Digibank Savings Account
N/A
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.
loading

Compare up to 4 providers

Frequently asked questions

Go to site