Fi Money Savings Account | Fi Money Debit Card | Features, Rewards, Charges

Fi Money offers a zero balance savings account and also a lifetime free credit card. Most of the services offered by Fi Money are free, but there are some features and charges you must know before you open this account.

In this article we will share with you all the details, benefits and charges that you must know before deciding to open an account with Fi Money.

Fi Money Partner Bank

Fi Money is a Neo Bank of India powered by Federal Bank. Hence, you can find similarities with Jupiter Bank account. If you open account with Fi Money, you will have your account actually in Federal Bank.

Hence, remember that to set UPI through phone pe or other UPI apps, you have to select Federal Bank as the bank. You will not see Federal Bank in the list.

This makes you get the facilities of Federal bank as well. You can use the Federal bank app to manage your account and use other features.

Fi Money Features at a glance

• Fi Money offers a zero balance account
• Fi Money has Jars system, which works like fixed deposits and you can add more the the Jars and withdraw the money whenever you like.
• Fi Money provides you a lifetime free Visa Platinum debit card.
• International forex mark up charges are NIL for the debit card.
• You get a Virtual Debit card as soon as you open an account ready to be used. The physical card is sent later on via post.
• You money is insured upto ₹5 Lakhs as per the RBI rules.
• You can open the savings account from home within few minutes. To unlock all the features, you have to do a full kyc which will be a video kyc sitting at home. You do not have to visit any branch.
• Using the Fi Money app, you can easily keep track of your spends and also you can invest in Mutual Funds with the app.

Fi Money account and debit card maintenance charges

• Fi Money Savings account is a zero balance free account without any need to maintain any minimum balance.
• The Visa Platinum debit card offered with this account is also a lifetime free debit card without any issuance or annual charges.
• The first card replacement of this debit card is also free. If your card gets damaged or lost, you can get a replacement card free of cost for the first time. After that there would be a charge of ₹250 for the replacement.

Fi Money debit card transaction charges

• Unlimited Free ATM transactions on Federal Bank ATMs.
• 5 free transactions on other bank ATMs.
• After 5 transactions, ₹21 will be charged per transaction on other bank ATMs.
• In case of cash withdrawal at ATM outside India, you have to pay a transaction fee of ₹100, but there are NO Forex transaction charges.
• There will be NO surcharge waiver for fuel transactions using POS at petrol pumps. You will have to pay 2.5% of the transaction amount or ₹10 (whichever is higher) as surcharge.

Fi Money Interest Rates

• For savings account you get a interest rate of 2.65%. (This value changes depending upon the Repo Rate of RBI).
• For a complete and updated rate of interest please visit Federal Bank website.
• The Fi Money Jars work as Fixed Deposits and gives interest rates upto 5%.

Balance Transfer Charges in Fi Money

• All UPI and IMPS transactions are Free.
• All RTGS and NEFT transactions are Free. You may use the Fi Money app or Federal Bank app to make the transactions.

Other Charges of Fi Money

• All SMS value added services are Free. You are not charged for the transaction or other sms alerts you receive on your phone.
• Cheque book issuance fee is ₹100 for 10 leaves cheque book. You get a Federal bank cheque book. ( Remember you can apply only if you have done the full kyc).
• ₹25 will be charged as fine for insufficient fund if you try to withdraw money from ATM greater than what you have in your account.

How to open Fi Money account

You can open Fi Money savings account with just few clicks. Here are the steps:

1. Download and install the Fi Money app on your mobile.
2. Open the app and register with your mobile number and Aadhaar card number.
3. You account will be opened immediately. But this will have limited features and offers. You will get your virtual debit card immediately.
4. Now you have to do complete KYC to gain full access to your account.
5. You have to provide your PAN details to start video KYC.
6. During the video call, the bank agent will ask you to sign on a white paper and show you PAN card. They will take your photo as well.
7. As soon as the video kyc is done, your account will be completely activated and all the features and offers will be unlocked.
8. You debit card will be sent to your registered address by post.

Fi Money Reward System

Fi Money app has a reward system. You have to save in Jars more, to earn more. There are FIT rules, that you can set, to automatically save some amount of money from you Fi Money savings account to any Jar.

The reward you get is saved as Fi Coins. You can redeem these coins in exchange of different brand vouchers and other items available.

Fi Money review by wheretosave

Always remember Fi Money is not a bank. It is a financial application. It does not have the authority or capacity to maintain accounts, so it takes help from Federal Bank to create and maintain the accounts of its customers. Hence, do not consider Fi Money as Federal Bank.

Regarding the safety, yes, it is safe. There are many such digital Neo banks being created now. They are mostly backed up by RBI up to Rs.5 lakhs. Fi Money provides a not of offers on different platforms, with a easy to create account and a lifetime free good looking debit card.

So should you open Fi Money account?

The answer will be YES. You should. BUT do not make this as your main bank account. You can use this as a daily spending account. Load your money time to time and spend. There are a lot of offers available in different online platforms on paying via Fi Money debit card or UPI. So, you can take benefit of those offers. We will suggest you not to keep more than 5 lakhs in these accounts for now.