Freo Launches Digital Savings A/c Partnering With Equitas Small Finance Bank

Freo, one of India’s leading consumer neobank, on Tuesday 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 per cent 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 per cent interest on customers' savings for balances above Rs 5 Lakhs up to Rs 2 crore, 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.

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. 

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.”

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.”