Let’s be honest. Paying a monthly subscription to an app just to tell you that you’re broke feels... counterintuitive.
In India, we love "Free." But in the app world, "Free" usually comes with a hidden price tag: your data.
However, after testing dozens of expense trackers on the Play Store, I’ve found a few gems that offer genuinely useful AI tracking without forcing you to buy a premium plan—or spamming you with 50 loan offers a day.
If you are tired of wondering where half your salary disappeared to by the 20th of the month, here are the best Free AI expense trackers available in India right now.
The Reality of "Free" Apps in India
A quick heads-up before you download: Most free trackers in India work by reading your SMS.
Because 99% of our transactions (UPI, Debit Card, Netbanking) trigger an SMS alert, these apps use AI to "scrape" that text and convert it into a neat graph. It’s brilliant, it’s automatic, and it requires zero effort.
The trade-off? You are giving an app access to your messages. If you are privacy-paranoid, stick to manual entry apps. For everyone else, the convenience is unbeatable.
The Top Contenders
1. Axio (Formerly Walnut) – The Undisputed King
If you ask any Indian finance nerd what they use, 7 out of 10 will say Axio.
It has been around for years (back when it was Walnut), and frankly, it’s still the best at un-messing your financial life.
- The AI Magic: It flawlessly categorizes "Vadapav seller" as Food and "Uber" as Travel. It rarely gets it wrong.
- The "Free" Part: The core tracking is completely free. They make money by offering "Buy Now Pay Later" (BNPL) services, but you can easily ignore that tab.
- Killer Feature: It tracks splitwise balances and even ATM withdrawals.
2. Fold (The Modern Privacy Choice)
Fold is the new kid on the block, and it is beautiful.
Unlike Axio, Fold uses the Account Aggregator (AA) framework. This means it connects directly to your bank securely, rather than just reading SMS.
- The AI Magic: It detects recurring subscriptions (Netflix, Spotify, that gym membership you don't use) and lists them out, helping you cancel the waste.
- The "Free" Part: Their basic "See everything in one place" tier is free and very robust. They have a Pro plan, but you probably don't need it just to track expenses.
- Why I like it: It feels premium. No clutter, no ads for loans, just data.
3. Your Own Bank App (The "Hidden" Option)
Surprise! You might already have an AI tracker installed.
Banks like HDFC (SmartBuy), ICICI (iMobile), and Cred have started building expense analysis directly into their apps.
- The "Free" Part: You are already a customer.
- The Catch: They only track what you spend through them. If you have an HDFC account but use a SBI credit card, the HDFC app sees only half the picture.
- Verdict: Good for single-bank users, useless for everyone else.
4. Google Sheets (The Ultimate DIY)
Okay, this isn't an "AI App," but it is the most powerful free tool on earth.
If you want absolute control and zero privacy risk, use a Google Form linked to a Google Sheet.
- The Setup: Create a shortcut on your homescreen. Tap it, enter "200", select "Food", submit.
- The "AI" Part: You can use Gemini (Google’s AI) inside Sheets now to ask questions like "Create a pie chart of my food spending."
- Why use it: It never tries to sell you a loan.
Which One Should You Pick?
- If you want Zero Effort: Download Axio. It works in the background. You’ll forget it’s there until it sends you a "You overspent on dining out" notification.
- If you want Bank Accuracy: Try Fold. It’s cleaner and more modern.
- If you are a Control Freak: Build a Google Sheet.
A Final Word of Advice
Don't get obsessed with tracking every single rupee to the point where it becomes stressful. The goal of these free tools is awareness, not perfection.
If an app saves you from paying one late credit card fee or helps you cut one useless subscription, it has done its job. And since they cost ₹0, you have nothing to lose.