PurposeThe authors aim to study a conceptual model based on behavioural theories (UTAUT-3 model) to evaluate the adoption, usage and recommendation for neobanking services in India.Design/methodology/approachThe authors propose this model based on the UTAUT-3 integrated with perceived risk constructs. Hypotheses were developed to determine the relationships and empirically validated using the PLSs-SEM method. Using the survey method, 680 Delhi NCR respondents participated in the survey.FindingsEmpirical results suggested that behavioural intention (BI) to usage, adoption and recommendation affects neobanking adoption positively. The research observed that performance expectancy (PE), effort expectancy (EE), perceived privacy risk (PYR) and perceived performance risk (PPR) are the essential constructs influencing the adoption of neobanking services.Research limitations/implicationsLimited by geographic and Covid-19 constraints, a cross-sectional study was conducted. It highlights the BI of neobanking users tested using the UTAUT-3 model during the Covid-19 period.Originality/valueThe study's outcome offers valuable insights into Indian Neobanking services that researchers have not studied earlier. These insights will help bank managers, risk professionals, IT Developers, regulators, financial intermediaries and Fintech companies planning to invest or develop similar neobanking services. Additionally, this research provides significant insight into how perceived risk determinants may impact adoption independently for the neobanking service.