Like most other rainbowfish, this species varies in color depending on where they were collected, but all varieties have a distinct dark mid-lateral band and bright red/yellow dorsal, anal, and caudal fins.

[2] The banded rainbowfish is an active shoaling fish, that typically occurs on the surface and in mid-level areas of fresh water environments.

[2] The banded rainbowfish lives in a wide variety of habitats, such as rivers, lagoons and slow moving streams.

It prefers areas with strong water flow, sandy substrate, dense sub-surface vegetation and submerged logs and branches.

This discrepancy is due to the original museum specimen described by Rendahl having had its pattern altered by being preserved in spirits.