Gone are the days when banking used to be cumbersome. You don’t need to visit your bank branch anymore for day-to-day work. In fact, this digital era has led to the evolution of neobanks, which mostly operate fully online, and offer competitive features that are a sweet spot for millennials.
Earlier, we had talked about Niyo IDFC Bank and Jupiter Money. In today’s post, we will have a look at another great alternative, Fi Money.
In simple words we can say that Fi is a Neobank aka online banking platform, that attempts to re-imagine the banking experience in India. You can do everything from the Fi App, including fund transfers, bill payments, and more. Fi is tied up with Federal Bank, so you will continue to enjoy all regular banking privileges offered by Federal Bank.
Fi is an app where you can manage, save, spend, borrow and share money. This makes you work better with your money. It helps you to know your money, grow your money and organize your funds in a better way. This app has been designed to help you take control and do big with your money. It enhances to meet your needs, your dreams, and your aspirations.
Before we begin, let me invite you to our Finance Discussion Community on Facebook: FinTalks. Here we share our experiences and discuss queries related to banking, debit cards, and credit cards, mutual funds, stock markets, and more. We started in September 2020, and at the time of writing this post in June 2021, we have over 7.6k members. A lot of offers and discounts related to credit cards are also discussed here. Click Here to Join FinTalks.
Here’s an overview of today’s post:
Fi Money Features and Rewards:
The two big highlights that Fi Money has in store is that, firstly, it offers a zero-balance account, so you don’t need to maintain a minimum balance at all. Secondly, it has zero forex markup. So, you won’t be charged extra currency conversion fees even if you transact in foreign currencies, such as US Dollars. Basically, it allows you to freely use your card for international transactions without worries.
Anyways, here are the other useful details regarding the app.
- 2.5% Interest Rates annually on your Fi Money Savings Bank Account.
- 5.1% Interest Rates annually on Fixed Deposits. For complete rates click here.
- No Minimum Balance or Account Maintenance Fees.
- Zero Forex Markup or international transaction charges.
- Unlimited Free ATM Withdrawals from Federal Bank ATMs.
- 5 Free ATM Withdrawals from Non-Federal Bank ATMs. After that ₹20 per transaction.
- Using INTERNATIONAL ATMs for withdrawing cash is chargeable at ₹100 per transaction.
- Fi Money VISA Debit Card Replacement cost ₹250.
- Zero IMPS, UPI, NEFT, RTGS Transaction charges.
- SMS, Email, Mobile Banking updates free of cost.
- Monthly account statements digitally via email.
- Get one free cheque book with 5 cheque leaves for free every six months.
- No demand draft charges up to 1 Lakh per quarter. Above that, ₹300 fees.
- For all other fees, click here.
- For all general FAQs, click here.
Eligibility Criteria:
Working Professionals residing in India are eligible for this account. This includes salaried and self-employed personnel. If you are a student, you might not be able to get your hands on the bank.
Also, if you are below 18 years, then you won’t get it sorry. 🙁
How to Join Waitlist of Fi Money Bank Account?
1. First of all visit the official website Fi.Money
2. Now click on the Get Early Access option.
3. A pop-up window will open.
4. Enter your full name and Mobile Number.
5. Enter the OTP received on the entered mobile number.
6. Now enter the Email Id and Company Name (if not working in any company then choose another option there or choose the Student option)
7. Completing the above-mentioned details you will successfully be joined in the Waiting List of the Fi Money Bank Account.
8. You will be notified as soon as he/she changes position in the waiting list of the Fi Money Bank Account.
Wait for your email which will say something like this. You will get access within 1-week maximum. Kindly wait patiently for the same.
One good thing about this platform is that No-delay conversation is provided. An assistant is all time available for the user. For any query, you can contact the attendant and the solution for your problem will be frequently provided.
Frequently Asked Questions
1. What is Fi Money Bank Account?
Fi Money is an all-in-one banking platform where you can manage, save, spend, borrow, and share money. It helps you with funds transfers, bill payments, and much more. Basically, Fi Money provides full access to all of your bank account.
2. Is there any charges for using Fi Money Bank Account?
Fi Money is a digital platform that does not have any physical branches so the banking charges are waived off. They do not charge any hidden fees from the customers.
3. Is there a minimum balance?
You do not require any minimum balance to open an account on Fi-Money. However, If you want to experience what they truly offer. Consider transacting/saving/deposit at least Rs. 20000 every month, since it unlocks the true potential of your Fi Money account, as it unlocks more money plans, Fi-coins and goodies. However, to clarify, your account remains a zero balance account without any restrictions.
4. Are there any forex markups?
Fi Money does not charge any conversion fees for international transactions. Zero Forex markup.
The Bottom Line:
So this was the post on How to make a Fi bank account. I mentioned everything in a step-by-step guide. In case if you feel any difficulty while creating the account you can simply ask us in the comment section or mail them at hello@fi.money. Join our Facebook community FinTalks for continuing the discussion and staying updated with the latest financial resources.
Thanks for reading. I will be back soon with another interesting update very soon. Keep visiting HiTricks. Don’t forget to join our Telegram Channel for getting the latest tech updates.
Anuj is a passionate blogger from Bareilly, Uttar Pradesh. Currently pursuing B.sc in Programming and Data Science from IIT Madras. Apart from being an avid learner and a tech enthusiast, he loves playing PC Games and likes to keep himself updated with the latest trends in the tech industry.
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