Fi Money has been the talk of the town lately since many people in India have realized the benefits of neo-banking. The evolution of the internet has given rise to a huge expansion of the neo-banks. Let’s first understand what exactly neo-banks are and how to operate your transactions online.
What is Neo Banking?
The neo banks mainly refer to the new type of banking that functions online to provide a wide range of banking services in partnership with Reserve Bank Of India (RBI) licensed banks.
These are virtual banks with no physical branches. Compared to traditional banks such as Punjab National Bank, Axis Bank, SBI, etc. you will not find any kind of physical branch of the Neo Banks.
What is Fi Money?
On the internet! As mentioned before, the Neo Banks are digital banks. You can assume them as the money management platforms providing various banking services in partnership with RBI banks.
On a similar note, Fi Money is one popular neo-bank that provides banking services through a digital bank account named “Federal Bank Account.” Individuals can access this through the Fi Money app.
With this app, you can track all your finances and also manage your money, and carry out a variety of banking transactions. You may use all amazing features seamlessly from your mobile devices.
Fi Money Key Features
- No visit to your branch: Being a digital bank, Fi Money does not have any physical branches. For managing your account & accessing customer help you have an app, thus ensuring you will be able to access your account anywhere.
- Interest rate: Through Fi Money, consumers can earn a very attractive rate of interest of over 6% on their savings, thus helping them to grow their wealth much faster.
- 0 Balance: The main features of the Fi Money savings account are zero balance requirement & no maintenance charges.
- Zero foreign currency transactions charge: Traveling overseas? Not a problem! Fi Money won’t charge a 3.5% fee on your foreign currency transactions.
- Debit card: Though your account will be digital, Fi Money gives an optional Fi Money physical debit card for making purchases or withdrawing money from ATMs.
Fi Money Details
| Accounts types | Salary Account and Deposit Account |
| Minimum Balance | Zero |
| DICGC Insured | Up to INR 5 lacs |
| Health Insurance | Absent |
| Accidental Insurance | Absent |
| Debit Card Rewards | Present |
| On-Demand Salary | No |
| Mutual Fund Investment | Present |
| Instant Loan | Available with pre-closure fee (instant disbursals and paperless loans) |
| P2P Investing Platform | Fi Jump is in partnership with the Liquiloans (get 9% yearly on the investment) |
| Rewards | Get Fi-Coins when making payments, opening salary accounts or adding money. |
| Additional Features | Connected AccountsInstant Loan |
Is Fi Money Safe?
When looking for safe and secure banking apps, Fi Money keeps you well-covered. It delivers a highly trusted banking experience with the Federal Bank association, and your data will be protected through PCI DSS, thus ensuring strong and robust data privacy.
Rest easy, since your data and investments both are in good hands. Fi Money ensures complete security of your digital investments through their SEBI-registered company & investment advisor, named epiFi Technologies Pvt. Ltd.
You just need a few documents to open your account in Fi Money:
- Aadhar Card
- PAN Card
- Registered home address
- Registered mobile number
To conclude, your data, information, investments, and savings are well-protected, and provide you peace of mind with no hassle and worry!
Fi Money Pros & Cons
| Pros | Cons |
| Zero forex markup fee | Poor complaint resolution |
| Free IMPS, NEFT & RTGS transactions. | Paperwork charges like interest certificates, signed statements, and more |
| Rewards with partner apps | |
| No paperwork is required. Instant app-only onboarding process. | |
| Deposit insurance of Rs 5 lakhs is applicable on a Fi Money digital savings account. | |
| Fi Money team does not spam you with offers | |
| Payment and automated reminder rules. | |
| No paperwork required. Instant app-only onboarding process. |