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Fino Payments Bank on Tuesday said it has entered into a tie-up with Sequoia Capital-backed fintech Hubble to introduce India’s first spending account.
The bank, in a statement, said customers can park their funds, spend (on categories such as food ordering, shopping, travel, entertainment etc.) and save up to 10 per cent on all purchases made from the account.
Further, users can track spends across categories of over 50 brands that Hubble has partnered with and save up to ₹20,000 a year, it added.
Also read: Editorial. Payments banks should be allowed other income streams to help them sustain
“The spending account is integrated with the bank’s digital savings account operated through its mobile app FinoPay…users earn an interest rate of 2.75 per cent per annum on the funds parked in the account,” the bank said.
Mayank Bishnoi, Co-founder, Hubble said, “With 90 per cent of people’s lifestyle spending happening through their own funds using UPI or debit cards, there is a need for an account to manage spends effectively. Our initiative helps people budget and manage spends across categories and at the same time rewards them.”
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