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FI Money the Neobank! The Neobank is latest term, and it alludes to a digital-only banking system. Neobanks aren’t your typical financial institutions. They’re more of a digital bank that works totally online. They offer a diverse range of financial services to today’s tech-savvy clientele. Neobanks work with physical banks regulated by the RBI to hold your money while also providing digital and mobile-first financial services.
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What is FI Money, and how does it work?
Fi is a financial app that includes a zero-balance savings account for working professionals. It assists you in keeping track of your spending, growing your money, and organizing your finances. It also has certain unique characteristics that have the potential to change the way money is handled in the financial world.
So, how can Fi Money help you?
Fi enables better banking. It raises the bar for banking by allowing for a more personalized money-management system. With Fi, you don’t only receive a bank account; you also get a variety of other incredibly useful features:.
• A new method to save money: Fi’s bot FIT invites you to set away a specific amount as ‘savings’ every time you spend or even when Virat Kohli knocks a six! Fi, for example, may put Rs.100 into your savings pocket for every purchase you make on an e-commerce site or every time you order takeout, allowing you to save even more! It even rewards you for good saving habits with cashbacks and Fi coins.
• Fi gives you more options—not only can you take money from any ATM, but you can also manage your card from your phone. At the touch of a button, you can freeze your card. Fi also allows you to start a new account with no minimum balance (great!).
• Save smarter and on your own terms- Fi’s Smart Deposit (Jars) combines the best of the popular Fixed Deposit (FD) and Recurring Deposit (RD) to allow customers to save on their own time toward their goals. A Smart Deposit allows you to choose the amount and frequency of your investments.
• Organize your Money- With Fi, you can save money in Jars according on your goals, such as a Rainy Day Jar, a Retire at 40 Jar, or a Get the New iPhone Jar. You may organize your finances this way without having to create different bank accounts.
• Assists you in spending wisely- Fi achieves this by providing you with millisecond-by-millisecond insight on where your money has gone.
Ask Fi answers inquiries like “How much did I spend on food last month?” and provides insights without requiring you to open an excel spreadsheet.
• Assisting you on your financial journey: Fi’s customer service is available 24 hours a day, 7 days a week to answer your questions in plain English. It has no hidden costs and protects your personal information with the greatest level of security and confidentiality.
FI Money Savings Account
| FI Money Savings balance savings account offered by FI.Fi savings account that comes with a Visa debit card that you'll want to show off. You can know your money, increase your money, and organize your assets in less than 5 minutes by opening an account online.Account is a Zero |
FI Money Savings Account is a Zero balance savings account offered by FI.Fi savings account that comes with a Visa debit card that you’ll want to show off. You can know your money, increase your money, and organize your assets in less than 5 minutes by opening an account online.
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The Fi Savings Account has the following features:
| Money is covered up to Rupees 5,000,000 |
| There is no minimum balance requirement. |
| On debit cards, there are no foreign exchange fees. |
| There are no hidden costs. |
| Rewards that have been hand-picked. |
FI Money Smart is a feature that allows you to save money. Smart Deposit is a flexible approach to save that is tailored to you and your objectives.
Automate your payments: As you go, create rules or set reminders.
Instant money transfers: Fi Protocol determines the most efficient route of transmission while avoiding transaction fees.
Fi will generate a unique UPI ID for you automatically! Simply create a secure UPI PIN and use BHIM to send/receive money right now.
FI App.
Although others prefer the phrase ‘neobank,’ Fi is a financial app with an in-built savings account. Fi, powered by cutting-edge technology, assists you in understanding your money, growing your money, and organizing your assets.
Download here the Android Fi App
Download here the IOS Fi App
Is Fi a Bank or financial institution?
They are not the same as traditional banks.FI Money is a Neobank (a bank that exclusively works online). Fi is an online banking platform that has collaborated with Federal Bank, an RBI-licensed bank. They supply us Savings Account and VISA debit card through this financial connection. There are no physical branches. There will be no time-consuming paperwork.
Is FI Money a bank regulated by the RBI?
All of the accounts are still subject to the Bank’s and RBI’s relevant requirements. Through our relationship with RBI-licensed Federal Bank, users may access Fi’s Savings Account and VISA debit card.
FI Money Fees & Charges
| (MOB) Minimum balance requirement for FI Money saving account | There are no fees for having a low balance! However, we recommend that you transact/save/deposit at least Rs.20,000 every month to fully use all of Fi's features. | ||
| Account Maintenance | No Fees Rs.0 | ||
| Debit Card Charges: | Each user will receive a free VISA Platinum Debit Card when they create a Fi Savings Account. There are no issuance costs. There are no yearly card maintenance fees. | ||
| ATM Transactions | "Withdrawals are free at any Federal Bank ATM. At other ATMs, you'll get five free transactions each month. After that, each transaction costs Rupees 20. | ||
| International ATM charges | "Your Fi Debit Card can be used everywhere VISA is accepted. We charge a fee of Rs.100 when you withdraw cash from an international ATM. There is a minimal charge of Rs.25 for any non-financial transactions (such as requesting a Mini Statement) at these ATMs." | ||
| Multiple Card Replacements | The cost of a 2nd replacement card is Rs.250 | ||
| Fuel surcharge | "Expect a fee on POS purchases at Petrol Pumps. It's either 2.5 percent of the transaction amount or ten rupees, whichever is more ""More." |
Interest Rates on FI Money
| Structure | Closing Balance of the Day | Rates of Interest (Per Annum) |
|---|---|---|
| 1 | Less than ₹5 Crores | 1.50% below RBI's Repo Rate |
| 2 | ₹5 Crores and above | 1.50% below RBI's Repo Rate for amount up to and including ₹1Lakh |
| 3 | 0.20% below RBI's Repo Rate for the remaining balance above ₹1Lakh |
Fixed Deposits and Smart Deposits are two types of deposits.
| Period | Single Deposit Less than ₹2 Crore - General Public | Single Deposit Less than ₹2 Crore- Senior Citizen |
|---|---|---|
| 7 days to 29 days | 0.025 | 0.03 |
| 30 days to 45 days | 0.0275 | 0.0325 |
| 46 days to 90 days | 0.03 | 0.035 |
| 91 days to 180 days | 0.0375 | 0.0425 |
| 181 days to 270 days | 0.04 | 0.045 |
| 271 days to less than 1 year | 0.044 | 0.049 |
| 1 year | 0.051 | 0.056 |
| Above 1 year to less than 16 Months | 0.05 | 0.055 |
| 16 Months | 0.0525 | 0.0575 |
| Above 16 months to less than 2 years | 0.05 | 0.055 |
| 2 years to less than 5 years | 0.0535 | 0.0585 |
| 5 years and above | 0.056 | 0.0625 |
Note: Rates for Resident Term Deposits are applicable as of November 17, 2021.
FI Money Rewards
FI Money Rewards is a program that rewards people who save money.
The following are examples of possible rewards:
• Cashback: We’re all familiar with this term.
• Smart Deposits: They make it easier for you to save by adding money to your current flexible fund!
• Fi-Coins are a virtual money that can be used.
They also have specially selected discounts for our customers. In other words, cool items or experiences that may be had in return for Fi-Coins. They’ll occasionally give you the option of choosing between two incentives.
A Money-Plant is used to reward a choice. For instance, would you want to ‘Win 500 Fi-Coins right now’ or ‘Save Rs.200 in your Smart Deposit’?
Conclusion:
Finance-management applications are now being used by both the young and the old to help people keep track of their money and better plan their investments. Digital natives can rest certain that their money will work for them in a better, more efficient way thanks to groundbreaking applications like Fi altering the neobank environment with its strikingly simple, intuitive, and relevant money-management capabilities. Federal Bank is where I already have a bank account.
Fi Money FAQ
Q.1) Is it possible for me to open an account with Fi?
Ans: Yes, you certainly can! Simply finish your Full KYC procedure with Federal Bank if you already have a partial KYC account with them. After that, submit the identical ID information that appear in your current Federal account when you sign up for a Fi Savings Account!
Use your current Federal account’s PAN card or Aadhaar number, cellphone number, and date of birth. That’s all there is to it.
If you’re still having difficulties setting up a Fi account, give us a call at 080-47485490, and our Fi Care experts will help you out!
Q.2) Is it possible to register a Fi account without having a PAN card?
Ans: You can’t sign up for Fi without a PAN card, unfortunately. It’s a necessary step in the account verification process. Try again once you’ve obtained a valid individual PAN card.
Q.3) Is it possible to register a Fi account without an associated mobile number on my Aadhaar ID?
Ans: Yes, if you have a valid CKYC ID, you may still establish a Fi account (Central Know-Your-Customer ID).
Make sure your CKYC records include a valid Proof of Address (POA).
• Your Driver’s License, Voter’s ID, or Aadhaar Card are all valid POAs in your CKYC records.
Q.4) Do you have a CKYC username and password?
Ans: YES: You may start a Fi Savings Account in minutes after signing up. NO: You must update your Aadhaar card and link it to a valid phone number. Then try enrolling for Fi again.
Q.5) Is Fi a secure place to put my money?
Ans: All monies placed with Fi are safe and secure since they are held by Federal Bank, a Reserve Bank of India-regulated partner bank. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India, insures your money up to Rs. 5 lakh.
To top it off, the Payment Card Industry Security Standards Council, a global body, has recognized our cutting-edge solution. The Payment Card Industry Data Security Standard (PCI DSS) has been granted to us. It’s the ‘gold standard’ compliance approach for credit and debit card data security.
Q.6) Are the numbers on the physical and digital debit cards the same?
Ans: Yes, the card numbers are same. Your digital Debit Card is an exact replica of your actual Debit Card.
Q.7) Is fi money a real currency?
Ans: Your funds are always secure with Federal Bank, our FI banking partner, and are protected up to $5 lakh under the RBI’s insurance deposit plan.
Q.8) What is fi money and how does it work?
Ans: UPI, NEFT/RTGS/IMPS, and online banking are all options for depositing money into your Fi savings account. You’ll receive a debit card, as well as the ability to create fixed deposits and modest smart deposits for certain life objectives. Apart from having a physical presence, Fi functions just like a typical bank.
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