πŸ“˜ Neobanks – Legal FAQs

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❓ What is a neobank?

A neobank is a digital-only bank that offers banking services through mobile apps or web platforms without physical branches.

❓ How are neobanks different from traditional banks?

Neobanks operate entirely online, offer lower fees, faster onboarding, and user-friendly interfaces, but they may partner with licensed banks to hold customer deposits.

❓ Are neobanks safe to use?

Yes, most neobanks are regulated and partner with licensed banks. They also follow security standards like encryption, 2FA, and KYC norms to protect user data and funds.

❓ Can I get a debit card with a neobank account?

Yes, most neobanks offer virtual and physical debit cards linked to your account for seamless online and offline transactions.

❓ Do neobanks offer loans or credit facilities?

Many neobanks offer personal loans, credit lines, and BNPL services, often with simpler eligibility and faster approval compared to traditional banks.

❓ Do neobanks offer interest on deposits?

Yes, some neobanks offer competitive interest rates on savings and fixed deposit-like products, often higher than traditional banks.

❓ Can I use a neobank for business banking?

Yes, many neobanks offer business accounts with invoicing, expense tracking, and multi-user access tailored for startups and SMEs.