• Launches Digital Savings Account ‘Freo Save’
• Aims to open 1 Million Accounts in the next 10 months

Bengaluru : Freo, India’s leading consumer neobank, today launched its digital savings account Freo Save, in partnership with Equitas Small Finance Bank. With this launch, Freo becomes the first consumer Neobank in the country to provide full-stack neobanking products comprising a smart savings account, credit and payments products, cards, wealth-growth products, and more, slated for the future.

According to the RBI, almost 60% of Indians still use public-sector banks. Also, in a survey conducted in 1000 cities where Freo is present, respondents said they wanted a digital savings account that offers them a wide variety of products and features including easier access to credit, higher interest, and better ways to grow their money all accessible digitally at the touch of a button.

The above is why Freo Save offers quick access to credit & shopping, & through its partnership with Equitas Small Finance Bank provides up to 7%* interest on customers’ savings for balances above Rs 5 Lakhs up to Rs 2 Crores, all within an easy-to-use app. To underscore accessibility, Freo Save is also the only digital savings neobank app that will be available in multiple Indian languages including English, Hindi, Tamil, & more.

Freo’s digital savings account has been integrated with Equitas’ infrastructure on the Freo Save App and has seamless UPI integration, making it a 100% digital experience. Freo Save also offers the flexibility of a zero balance account and enables customers to transfer funds and make payments 24×7 with ease and convenience, via UPI, NEFT, RTGS and all other digital ways to transfer funds, as allowed by the RBI.

Freo Save also offers its customers easy access to great shopping and credit products. Simply by using Freo Save, customers will be able to unlock access to Freo Pay, a QR scanner-enabled pay later product that offers the convenience of easy 1-click payments for daily needs. Customers will also be able to unlock access to MoneyTap, India’s no. 1 personal credit line app, which offers them credit starting from Rs. 10,000 at 0% interest up to Rs. 5 lakhs, with interest only charged on what they use.

Through Freo Save, customers can also avail of a debit card (virtual and physical) that can be completely managed on the app. All-in-all, with Freo Save, customers can expect a world-class banking experience within the palm of their hand.

Anuj Kacker, Co-Founder, Freo stated, “The launch of Freo Save in partnership with Equitas Small Finance Bank is an integral step in our vision towards providing end-to-end financial products to the country’s millennials, digitally and on the app. At Freo, our aim is to empower individuals at various stages in their life to achieve their financial goals, and with the launch of Freo Save, we have now become a full-stack neobank that will allow consumers to save, spend, and borrow with Freo’s help, all at the tap of a button. I am confident that with Equitas’s rigorous banking processes and our best-in-class digital solutions, we will be able to offer users a seamless digital banking experience, enabling them to do more and dream bigger.”

Commenting on the partnership, Murali Vaidyanathan, Senior President & Country Head – Branch Banking – Liabilities, Products & Wealth, Equitas Small Finance Bank, said,  “At Equitas, we believe in being customer-first and ensuring that consumers can avail of banking services that are simple,  affordable and convenient. As we increasingly transition into a digital-first world, financial inclusion and independence become imperative. For us, convenience and the propositions provided for the customer are the key for every collaboration and I am sure this is such a partnership. Freo Save brings together our expertise in banking services and Freo’s strength in lending to offer consumers a world-class consumer-first digital banking experience. I am confident that Freo Save will find wide acceptance across our existing and potential customer base and provide a new way of banking to individuals.”

Freo Save’s vision has always been to help users take charge of their finances and start their financial journey early in life. Apart from its industry-best launch features, Freo Save will soon incorporate a number of game-changing features that will help it stand out even further from its competitors. Some of these features include a multi-tier banking experience designed for premium and regular customers and teenagers and young adults, ‘Boxes’ that let customers get higher returns, achieve goals, earn delightful rewards, and a lot more.

The above will further solidify Freo’s standing as India’s first and foremost full-stack consumer neobank and Freo Save’s promise of being better than its competitors.  

Freo’s full-stack neo banking products are currently available in over 16,000 pin codes – over 85% of India’s pin codes – ensuring that it provides banking services to the farthest corners of the country, reaching the most underbanked. Freo also aims to open 1 million accounts over the next 10 months with Freo Save,  and gradually include investment and wealth management products as part of a customer’s financial journey.

*Interest rates up to Rs 1 Lakh : 3.50%; Above Rs 1 Lakh upto Rs 5 Lakhs : 6%; Above Rs 5 Lakhs upto 2 Crores : 7%; Above Rs 2 Crores : 5.50%.