Freo partners with Equitas Small Finance Bank to launch digital savings account

Bengaluru-based neobanking platform Freo has launched its digital savings account ‘Freo Save’ in partnership with Equitas Small Finance Bank. With this launch, it has become the first consumer neobank in the country to provide full-stack neo-banking products, including smart savings account, credit and payments products, cards and wealth-growth products. The neobank is planning to open one million new accounts in the next ten months.

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Features of Freo Save:

• Freo Save will offer quick access to credit & shopping and through its partnership with Equitas Small Finance Bank. It will provide up to 7 per cent interest on customer savings for balances above ₹5 lakh up to ₹2 crore.
• Freo Save will be available in multiple Indian languages, including English, Hindi, and Tamil. 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.

About the Freo:

Started as MoneyTap in 2016, Freo is India’s first credit-led neobank. Currently, Freo offers a wide range of financial products, including credit line, credit cards, EMI cards, deposits & savings, buy now, pay later (BNPL) products in partnership with banks and financial institutions.

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