How To Open FREOSave Online Savings Account?

FREO is a credit-based Neobank in India that is the first of its kind and was thought of or created to fulfill the banking needs of millennials in India and other Southeast Asian nations.

The mission of Freo is to free customers from traditional banking services and provide them with straightforward, intuitive, and insightful means of obtaining credit and managing money in a convenient manner on their Smartphones with the assistance of an application designed specifically for Smartphones.

Customers of this credit-based Neobank system will have access to all of the financial tools necessary to build and manage their credit profiles, including Credit Limit, Credit Cards, EMI Cards, Deposits, and the Buy Now & Pay Later feature, as well as other financial services. With these tools, customers will be able to borrow money and save it easily, as well as spend their money in an elegant manner.

Concerning the Freo Company:

Late in 2016, with the release of the MoneyTap app, the parent company of Freo officially kicked out its business activities in India. Through the creation of a seamless product that paved the way for an entirely new category, the company’s mission was to expand consumers’ access to credit while simultaneously improving its flexibility and convenience. Since the debut of the app, MoneyTap has grown to become one of India’s largest and most successful financial technology firms. This growth has been made possible by collaboration with well-established banks and non-banking financial institutions (NBFCs).

As part of its strategy to strengthen its worldwide reach, FREO has introduced its financial services in Vietnam. The user experience offered by neobanks is one of the primary selling points for these institutions; nevertheless, in the absence of a reliable credit engine, it is very challenging for these institutions to turn a profit.

Because of its credit-based system, FREO is a unique type of neobank. This means that the company has a robust and genuine monetization model, which enables it to provide completely different financial products to its customers in a manner that hasn’t been successfully accomplished by any other neobank or fintech company in India up until this point. Freo has introduced a variety of financial products and services that make it easier to manage your expenses and also increase your credit limits.

MoneyTap is an application that enables you to get fast approval for a credit limit that is based on your CIBIL Score. The credit limit that you are approved for may be up to 5 lakh rupees. You are only responsible for paying interest on the portion of your credit limit that you have actually used. You may also choose your own personalized flexible EMI rate, and then make payments at a later date. You may obtain an immediate approval of your credit limit if you complete your Know Your Customer paperwork.

Freo Pay is a Pay Later app that was developed by Freo. With this app, you may obtain instant approval for a mini-credit limit that can vary anywhere from Rs. 500 to Rs. 3,000 depending on your credit profile. You may use this Credit Limit to pay your regular bills, as well as purchase at a variety of online retailers who accept UPI Payments. Both of these options are available to you. You will not be charged any interest on your credit limit for the first thirty days that you use this app, meaning that the interest rate for the first thirty days is 0%.

Credit – Using this software will allow you to check and enhance both your CIBIL Score and Credit Score at no additional cost.

This program also provides you with the ability to acquire a comprehensive analysis or insights on your credit report, both of which can help you improve your credit score to its full potential.

In addition to this, it will send you payment reminders so that you may settle all of your obligations on time, which is quite crucial for the upkeep of your credit score.

With the assistance of this application, you will be able to get an understanding of the significant aspects that may have an effect on both your credit score and your overall financial wellbeing.

These are some of the Freo goods and services you may use to strengthen your financial position and increase your credit line.

Now, in order to boost their clients’ existing financial activities, they are releasing two new financial services to its customers called Freo Save and Freo Card.

Features of Freo Save

Freo Save is a unique financial service that has been developed for Indian customers in collaboration with Equitas Small Finance Bank. Through this service, Indian customers can open a savings account without being required to maintain a certain minimum balance, and the service also assists in the development of their credit profiles. You have the ability to earn up to a rate of interest on your deposits that is up to 7%, which is fairly high, if you use this account to make deposits of up to one lakh rupees in this savings bank account. There are just four processes involved in building your credit profile.

Start a Freo Savings Account by making an initial deposit into the account after opening the account. Because there is no need for a minimum balance to establish an account, you may do so even if you do not have any money in it.
Now use your savings account to pay for all of your regular bills and expenses, such as your gas, water, and electric bills, as well as any postpaid bills you have.

You will get either a Freo Credit Line or a Freo Credit Limit based on the information in your profile. With either of these, you will be able to pay your expenses and make timely payments toward your credit limit.
The analysis of your credit insights, which will be based on the transactions and bill repayments that take place on the savings bank account, will allow you to raise your credit score via the use of this method.

How to Join the Waitlist for the Freo Savings Account? 

The Freo Save application will be available for download very soon, and if you go to the official Freo Save website, you may sign up for the waitlist.

You will be able to open an account for savings at this bank if you complete these steps:

Proceed to the main page of Freo Save’s website. You may also visit the website again by selecting one of the links below.

The main website will now be accessible. Now, in order to make a request for early access to the Freo Save app, the website will need your e-mail address as a required field.

Now, in the space provided, type in your email address, and then choose the option labeled “Request Early Access.”

After you have entered your e-mail address, it will tell you when you will get early access to this app as well as all of the features and perks of this savings bank account.

Additionally, it will reveal your current position on the waitlist, which indicates the number of people ahead of you in line for early access to this service coming from Freo and shows where you are in the queue.

You may also improve your place on the Waitlist by telling your family, friends, and coworkers about the referral link you have provided for them.

You will also earn certain special benefits on the app based on your place on the queue. Some examples of these rewards include a detailed credit report, Freo Pay features, a personal credit advisor, and so on.

If you want access to all of the features, your waitlist position has to be in the range of one to one thousand.

That concludes our discussion on FreoSave. Hope you like it. Thank you so much for reading. Join the FinTalks group on Facebook to get assistance and keep informed about the most recent events in the financial world. Don’t forget to join our Telegram Channel to obtain the most recent information about technological advancements.