Is Jupiter app safe?

The rise of Fintech companies has transformed how people manage their finances. Mobile apps have gained immense popularity for banking, investing, and other financial transactions. One app that’s gained attention is Jupiter, offering a range of banking services. However, with concerns over online security and data privacy on the rise, it’s natural for users to question the safety of such platforms.

This article discusses Jupiter’s security features, a few things to consider before using the app, and whether it is safe to use.

Also read: Is Probo app safe?

Security features

• Banking partnership: Jupiter isn’t a bank itself, but it partners with Federal Bank, a reputable RBI (Reserve Bank of India) licensed institution. This means your money benefits from an established bank’s regulations and security measures.
• Deposit insurance: Just like traditional banks, Jupiter accounts come with deposit insurance. In the event of a bank failure, up to ₹5 lakhs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This offers a safety net for your funds.
• Industry-Standard compliance: Jupiter claims to prioritise security by adhering to industry-established standards like ISO and PCI compliance. These certifications indicate that Jupiter follows best data protection and information security practices.

Things to consider

Here are a few things that you should consider before using Jupiter:

• New player: Jupiter is a relatively new player compared to traditional banks. While its security measures seem promising, it may not have the same long-standing track record as established institutions.
• Your risk tolerance: If you plan to store large sums of money exceeding the DICGC insurance limit, you might want to consider spreading your funds across different accounts for extra protection.
• Your responsibility: Secure financial practices are crucial regardless of the platform. Be cautious about online scams, avoid sharing your PIN or OTP, and keep your app updated.

Is it safe?

You can consider it for managing your finances, especially for everyday transactions and storing amounts within the insured limit. However, traditional banks might be a better fit if you prioritise established institutions or need to store significant sums.

Also read: Is Kreditbee safe?