How To Open FREOSave Online Savings Account?

FREO is a first-of-its-kind credit-based Neobank in India conceived or designed to meet the banking requirements of millennials in India and Southeast Asian countries. Freo’s vision is to liberate consumers from non-digital banking services and deliver simple, instinctive, and smart ways to get credit and manage money conveniently on your Smartphone with the help of a Smartphone application.

Through this credit-based Neobank system, consumers will have access to all the financial tools like Credit Limit, Credit Cards, EMI Cards, Deposits and Buy Now & Pay Later feature and other financial services, to build and manage your credit profiles through which you can borrow the money and save them easily and spend your money elegantly.

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About Freo Company:

Freo’s parent company began its operations in India in late 2016 with the launch of the MoneyTap app. Its objective was to make credit flexible and convenient at an affordable price through a seamless category-creating product. Since the launch of the app, MoneyTap, in cooperation with established banks and non-banking financial institutions (NBFCs), has grown to become one of India’s biggest and most effective Fintech companies.

FREO also established its financial services in Vietnam to build a strong global presence.  Neobanks attracts a great number of consumers because of the experience they provide; however, without an efficient credit engine, it becomes very hard to monetize the business.

FREO is a different type of Neobank because of its credit-based system, which means it has a strong and authentic monetization model that enables it to provide completely different financial products to its consumers in such a way that hasn’t been effectively done by any other Neobank or Fintech Company in India so far Freo has launched different financial products and services to easily manage your expenses and also enhance your credit limits.

MoneyTap– With this app, you can get instant approval of a credit limit for up to Rs. 5 lakhs rupees (which is based on your CIBIL Score). You’ve to pay the interest only on the amount which you’ve used from your credit limit. You can also select your own flexible EMI rate and pay later. By completing your KYC, you can get instant approval of your Credit Limit.

Freo Pay– It is a Pay Later app from Freo where you can also get quick approval for a mini-credit limit which ranges between Rs. 500 to Rs. 3,000 as per your Credit profile. You can use this Credit Limit to pay your daily bills and also for shopping through various online merchants where UPI Payments are accepted. You can enjoy your Credit Limit on this app for 30 days without any interest rate i.e. 0% interest rate on 30 days.

Checkout FreoPay

Credit– This app helps you to check and improve your Credit Score or CIBIL Score for free. You can also get a detailed analysis or insights of your Credit report in this app through which you can enhance your Credit Score perfectly. It also sets payment reminders to clear all your dues on time which is very important for the maintenance of your Credit Score. You can also understand the important factors that can impact your Credit Score and financial health with the help of this app.

These are some of the Freo products and utilities through which you can boost your financial strength and credit line. Now, they’re launching two new financial services to their consumers to strengthen their financial activities – Freo Save and Freo Card. 

Features of Freo Save:

Freo Save is a special financial service for Indian customers in partnership with Equitas Small Finance Bank, where they can open a savings account without any minimum balance requirement and also helps to build your Credit Profile. Through this account, you can deposit up to Rs. 1 lakh rupees in this savings bank account and can earn up to a 7% rate of interest on your deposits which is comparatively high. You can build your credit profile in just 4 steps

  • Open a Freo Savings Account and deposit a certain amount in the savings account. As there is no minimum balance requirement, you can open this account with zero balance also.
  • Now, pay all your daily bills and expenditures with this savings account like your gas, water, electricity, postpaid bills, etc.
  • Based on your profile, you will get a Freo Credit Line or Freo Credit Limit through which also you can pay your bills and repay the amount of the credit limit on time.
  • Through this, you can improve your credit score by analyzing your credit insights which will be based on your transactions and bill repayments on the savings bank account.

How to Join the Waitlist for the Freo Savings Account? 

The Freo Save application will launch very soon and you can join the waitlist on the main website of Freo Save. By following these steps, you can register yourself for this savings bank account –

  • Go to the main website of Freo Save. You can also revisit the website by clicking below

Visit FreoSave

  • The main website will open. Now, the website will ask for your e-mail address so that you can request early access to the Freo Save app.
  • freosaveNow, enter your e-mail address on the box and click on the Request Early Access option.
  • After entering your e-mail ID, it will display the date where you can use the early access of this app along with all the features and benefits of this savings bank account.
  • It will also display your current Waitlist position which signifies that how many people are on the waitlist position for early access to this service from Freo. 

You can also increase your Waitlist position by sharing your referral link with your family members, friends, and colleagues. Based on your position on the waitlist, you’ll also get some specific rewards on the app like Detailed Credit Report, Freo Pay features, Personal Credit Advisor, etc. To avail of all the features, your waitlist position has to be around 1 to 1000.

That’s all about FreoSave. Hope you enjoy it. Thanks for reading. Join the FinTalks community on Facebook to stay updated about the latest financial news and get help. Don’t forget to join our Telegram Channel for getting the latest tech updates.

Anuj Kumar
Anuj Kumar

Anuj is a passionate blogger from Bareilly, Uttar Pradesh. Currently pursuing in Programming and Data Science from IIT Madras. Apart from being an avid learner and a tech enthusiast, he loves playing PC Games and likes to keep himself updated with the latest trends in the tech industry.

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