Fi Money Review — The Best digital savings account

7 min readJan 8, 2023

What is Fi Money?

Fi Money is a neo-bank and exists virtually. Customers with accounts at Federal Bank, HDFC, ICICI Bank, IndusInd Bank and Axis Bank can also use the Fi Money app to manage their accounts and track transactions with these banks. Fi Money Savings Account is a zero balance account with no maintenance charges, allowing users to take advantage of features such as no foreign transaction fees.

This fee is typically 3.5% in banks. Like any other digital savings account, there are two variants. One with his limited KYC and one with full KYC.

The one with limited KYC has less features and it can be considered more of a digital wallet than a savings account as they have the features of a digital wallet with prepaid cards rather than a savings account. It is mandatory to upgrade to a full KYC account within one year of opening. A KYC full account has all the features of a regular savings bank account with a checkbook and many other features.

Specification:

Get a free Visa Platinum Debit Card.
Waived off international transaction charges on Debit Card
Withdraw money from any Federal Bank ATM without charges.
You can make international transactions.
No minimum balance is required.
Get a 3.00% interest rate on your savings.
Free NEFT, RTGS online transactions.
Get notified each and every time when you pay or get paid.
Get an instant Virtual Debit Card.

Other specification:

Customers can opt for a physical debit card if they have completed full KYC.
On opening a Fi Money Savings Account, each user gets a free VISA Platinum Debit Card. Without any issuance fees and no annual card maintenance charges.
International ATM transaction charges are INR 100 per transaction
Cheques can be collected from the customers for deposition at a fee depending on the amount of the cheque starting with INR 15.
There is a surcharge on purchase of fuel, which is 2.5% of the transaction amount or INR 10, whichever is higher.

APPLY FOR FI MONEY APP

Benefits of Fi Money Debit Card

A fi debit card is issued together with a fi money savings account. Fi cards offers a variety of features. such as No forex markup fees, discounts, rewards, insurance benefits, free transactions, etc.

The Fi Debit Card is a Visa Platinum card issued in physical and virtual form when you open a Fi savings account. Fi Money has partnered with the Federal Bank to offer this debit card. Fi is a digital money management platform that helps you manage your finances by opening a Fi-Federal Savings Bank account through which you can pay, invest, manage and monitor your spending. Here you can manage your finances by opening a single savings account at 3% interest rate.

Fi debit cards, just like credit cards, extends certain features and benefits for the cardholder. These benefits are best utilized when you receive your physical card after full video KYC verification. Features include:

No minimum balance: You do not have to maintain any minimum balance in the Fi savings account.
No Maintenance Fee: Fi Money does not charge any annual maintenance fee, so there are no additional hidden expenses will be levied on the Fi Savings account.
Zero Forex Markup: Fi Card does not charge any additional fee or forex markup charges for any international transactions. In addition to regular credit card benefits, you can also check credit cards with overseas travel benefits that allow you to receive benefits when you make transactions while traveling abroad.
ATM Access: Fi debit cards can be used worldwide wherever Visa cards are accepted. Get 5 free transactions per month when you withdraw from Federal Bank ATMs.
Insurance Benefits: The money deposited in Fi Money Savings Account are up to Rs. 5 lakh as per RBI’s Insurance Deposit Scheme.
Multiple Transaction Types: Fi Cards can be used for both domestic and international transactions. Fi Money physical cards can be used for many different types of transactions, like at ATMs, POS, online, and even contactless.
Digital Cards: Fi Money provides account holders with both digital and physical cards.The virtual debit card will be issued upon completion of his minimum KYC and can only be used for online transactions within India.
Free Transactions: Fi does not charge any additional transaction fees for digital payments made via NEFT, RTGS, UPI and IMPS.We also send SMS and email updates on your transactions for free.
Discounts and Offers Across Multiple Categories: With your Fi Money Card, you can take advantage of top brand benefits with regular offers and discounts across multiple categories, from lifestyle and shopping to travel and food.

How do Fi Money Rewards work?

We do not work in mysterious ways! No hanging carrots here.Use Fi regularly to make smart financial decisions and earn rewards.Rewards can be received in the following formats:

Cashback: We all know what it means!
Smart Deposits: Funding existing flexible funds
Fi-Coins: Our virtual currency.

We also have curated offers for our users.

Intrinsically cool things and experiences you can get in exchange for Fi-Coins.

You may be able to choose between two prizes.

Use the Money Plant to reveal such selection rewards.

Example: “Get €500 Fi-Coins now” or “Smart Deposit saves him €200”?

Remember that with great power comes great responsibility.

Looking for a catalog of offers you’ve used or collected?

Go to Collected Offers.

Need to check your total Rewards earnings on Fi Money?

Notifies you about earned rewards, earnings, fi-coins, etc.

Each offer has its own set of rules or “terms and conditions”.

Don’t roll your eyes yet! We write in plain English — no legal jargon

Should I open a Fi Money Savings Account?

FI MONEY is as secure as any other Indian bank. All Fi users get a bank account with the Federal Bank, a bank regulated by the RBI. If you trust RBI-regulated private banks, you can trust Fi Money. I am a happy fi money user. If you are salaried professional, you should open an account well.

REGISTER FI MONEY APP

FAQs

Q. does Fi offer credit cards?

A. Not right now. Fi says they keep things simple between cool-looking debit cards a super smooth payments on the Fi app. But plans are there to start offering credit cards in near future.

Q. Does Fi money offer loans?

A. No, right now, Fi does not offer loans

Q. What is the minimum balance required for the savings account?

A. Fi does not take balance fees. However, for a true experience of every feature Fi offers to its clients, the company suggests maintaining a minimum balance of Rs 20,000 including transactions, deposition, and savings in total.

Q. Can the customers directly call Federal Bank about issues with their Fi account?

A. The customers can do that if they wish. But for quicker resolutions, it might be best to reach out to Fi finally. The customers can call at 080–47485490 or they can send e-mails at help@fi.care to contact Fi customer care representatives. The customers, using Fi app can also talk to care specialists if they ping Fi customer care through the chat feature on the app. However, to contact Federal Bank directly, the customers can call 1800–425–1199 and 1800–420–1129.

Q. Can the customers get passbooks at Fi?

A. Fi savings account does not generate a passbook. However, a free and comprehensive snapshot of the cash in the customers’ accounts s sent by Fi executives Otherwise if customers can send emails through the Fi money app then their bank statements will arrive at the customers’ registered e-mail IDs as secured PDF formats.

Q. Is Fi a debit card or a credit card?

A. Fi card is a debit card. It is a type of Visa Platinum card which is accepted across the global ATM network. If you are looking for a debit card, you can apply here.

Q. Is Fi card free of cost?

A. Yes, Fi cards are issued free of cost for everyone who has a Fi-Federal Bank savings account. This card is available in both digital and physical forms.

Click a link below to apply

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