– 100% digital banking experience with Freo Save
– Zero balance account with upto 7%* interest on savings
– Available in multiple Indian languages including English, Hindi, Tamil and more
Freo, India’s leading consumer neobank, today launched its digital savings account Freo Save, in partnership with Equitas Small Finance Bank. Freo Save offers industry-best interest on savings at 7%* and also offers access to other exciting products and services.
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, over 57% respondents stated that they rely on a savings account as their primary tool for financial growth. In addition to this, over 59% respondents said they bank online daily and would be happy using an app for their banking needs. Respondents also clearly highlighted that 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, Tamil, Telugu, Marathi, Kannada, Hindi, Gujarati, Malayalam, and Bengali.
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.
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 to provide the best digital savings account to customers. With Freo Save, we want customers to expect more from their savings and their savings accounts. We also want them to look at their savings account as a gateway to access other products & services that can help them do more and dream bigger.”
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.
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. 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.”
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.
Freo’s complete 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 plans to gradually introduce 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%.
Freo is a leading consumer neobank in India that is designed to serve the banking needs of millennials. For many of its offerings, the company has partnered with banks and financial partners to bring new solutions to its consumers. It is one of the fastest-growing consumer neobanks today, with a highly capital-efficient operation and robust business model. Freo’s vision is to bring consumers freedom from non-digital and painful experiences and provide simple, intuitive, and safe ways for people to access credit, manage their spends and save money through their smartphones.