What is Fi Money | Fi Money Review
Fi money is a neo bank, a completely digital bank with no physical branches. Neo banks are new types of digital banks that are gaining popularity these days in India
Right now, Neo banks are mainly popular among millennials and gen-z
These banks provide the latest digital banking features with the help of the latest technologies like AI and others. This makes money management easy and interesting.
Fi is not a complete bank; it is just a digital banking platform partnered with other banks to provide financial services. Fi is not a bank as it does not have a banking license from the reserve bank of India. All the neo bank work like that
Fi money is partnered with the Federal bank to provide financial services
Your money will be deposited in a Federal bank. Whereas fi is an intermediary between you and the federal bank.
Your account will be hosted on Federal bank as Fi money is partnered with the Federal bank for its banking services.
Fi bank provides a digital banking platform that makes digital banking smooth.
A partner bank hosts a visa debit card and fi saving bank account; fi is just providing you digital banking experience with their technology.
Fi bank is the intermediary between you and their banking partner bank.
They follow all the security standards rules set by the reserve bank of India
Money in your saving account is safe and insured for up to 5 lakh as per the RBI insurance deposit scheme.
Fi account features that Fi app offers
Fi offers a wide range of services like fund transfer, p2p & bill payments. This app has great features; it makes banking hassle-free. Let’s check the various features that this app provides
Ask. Fi is the financial assistant you get when you open an account with fi. You get insights or analytics of your spending that you did throughout the year. Ask.
Fi works much like google assistant or Alexa. But it sticks to fi app and provides info regarding your fi account.
You can ask how much you spent on ola rides this year or show the best credit card offers. Suppose you want to know the IFSC code of your branch; you can ask this assistant to get a quick reply
This ask assistant can perform various tasks just with voice command
It has an auto bot that allows users to make rules that help automate processes like paying, saving, and reminding.
Because of this feature, you can add all your bank accounts in the Fi money app. After adding all accounts in the fi app, you can check all your bank account balances in one place.
You can also check all the transactions and spending habits using the Fi app’s insights or analytics tools.
Your other bank data is fetched using RBI approved method; they do not read your SMS. Additionally, your data is encrypted, so you need not worry about your data’s security.
Zero commission on mutual funds
You can also invest directly in mutual funds through Fi app without fees or commissions.
You can also make a sip investment without fear of penalties for a missed payment. It is a just one-click setup if you have a saving account with fi
Fi Jump is peer-to-peer investing where you can earn up to 9% interest on your investment. This peer-to-peer platform is set up in partnership with Liquiloans.
Pay with Fi
Various payment options are available, such as UPI, debit card, IMPS, and direct bank transfer.
You also get rewarded when you make payments through Fi. Fi debit card is powered by visa and has zero forex charges; you can enjoy international payments at no extra cost
Fi app has a tap-and-pay feature with which you can make payments with one tap. You can make contactless payments with the Fi app
All the card control is in the Fi app; you can freeze or unfreeze your card from the Fi app. You can also set transaction limits using the mobile app
you can check various card offers from time to time from the Fi in the app itself.
Fit rules for smart deposit
Make fun rules that automatically invest from your deposit; this is a unique feature in the app. Using this feature, you can define specific actions like depositing ₹10000 every time Virat Kohli hits a century or depositing 1000 every Monday.
Once you set this rule on the fi app, it will automatically take care of your savings. Investment triggers whenever a predefined rule happened
Other innovative feature that the fi app has
- SIP 2.0
automate saving into mutual funds on a monthly, weekly, or daily basis
- Smart Deposit
you can design your savings around your short-term and long-term goals.
automate your savings, payments, and investments
- Instant money transfer
Instant money transfer with zero transaction fees
- Card control In the app
control your Cards online using the Fi app; you can enable and disable cards through the app; contactless payments feature is also available
Fi savings account
Opening a Fi saving account is easy and takes a few minutes. The process is completely online. Fi saving account is a zero balance saving account.
Fi is a money management app that comes with various features like expense tracking, automated payments, zero commission on mutual funds, zero forex charges, no hidden fees, withdrawal from any atm, money insured up to ₹5 lakh, and 24/7 customer support
Using the Fi app, you can track all your bank accounts in one place. If you have many bank accounts, you can add all of them In the app and check their balance and transaction right there in the Fi app.
You can use ask fi to get the answer for any of your bank accounts across all your bank accounts
You can also activate the auto investment feature using the fi app. You can choose from 100s of funds & use fit rules for auto-investing in them. Like you can set how much you invest in a mutual fund every time you shop online.
You can set this rule, and the app will invest for you every time you shop online
In this app, you will also find a reward system; you get rewarded for some tasks.
Using technology like AI, it can recognize your good financial habits and reward you for that.
Fi Salary Account Features
If you are a salaried person, you can open a salary account with fi. It has a salary account that gives extra benefits on opening a salary account rest is the same as a savings account
In the salary account, you get fi-coins every month and an additional 10% of your salary as fi coins. You also get an additional 20% of your debit card spending as fi-coins.
When you open a salary account, you get free 5000 fi-coins. You can use these fi-coins for online shopping or buying gift vouchers.
Other than the salary account special features rest of the features are the same as Fi saving account.
Fi debit card features
When you open a Fi account, you get a free virtual debit card immediately later; you can apply for a free plastic debit card.
If you lose one card, you can get the second one again without paying any charges. But after that, you have to pay a replacement cost ₹250 plus 18% GST
When you open a fi-federal account, you can apply for a free debit card which you can get within 7-14 days after opening the account through the post.
Virtual debit card you can get immediately even if you did minimum KYC, but if you want a plastic debit card, you have to complete full KYC that includes video KYC
Fi does not charge forex charges; only VISA exchange rates are applied on international transactions.
Fi card has zero annual card maintenance charges
Withdrawals are free from any federal bank atm and five free withdrawals for any atm in India; after five transactions a month, you have to ₹21 per transaction
Pros and cons of fi
Pros of fi
- Transactions like NEFT, IMPS, and RTGS are free.
- Zero markup fee on international transactions.
- You get a free debit card.
- You can transfer money among federal bank branches for free.
- No balance or zero balance account.
- The account opening process is online, so there is no need to stand in a queue or do tiresome paperwork.
Cons of fi
- Charges for paper-based work like signed statements or interest certificates.
- Federal bank digital banking is not very good; only the fi app is available for digital banking.
- Fi neo bank only exists virtually, so if you want a personal banking experience, you can not, as they can only be contacted online or via phone.
- Currently, open only to working professional that resides in India.
- Service is only available on a mobile platform or through an app.
The main feature of the fi account
- Zero balance.
- 3% interest rate on the Fi saving account.
- Zero account maintenance fees.
- Each user gets a Free visa platinum debit card without any issuance fees and with zero annual maintenance charges.
- Zero forex fees on debit cards, no transaction charges on international payments.
- Unlimited ATM withdrawals from federal bank ATMs and five free withdrawals from other bank ATMs.
- Free digital transactions like NEFT, RTGS, UPI, and IMPS.
- Free ready-to-use virtual card when you order the Fi visa debit card.
- No Hidden fees; every charge is mentioned on their website.
- 24/7 customer support.
Fi money is popular in metros cities, especially among millennials and Genz. This is because it provides a great online banking platform and experience, which millennials and Genz want most.
However, it is still a long way to go, as neo-banks are new in India compared to traditional banks.
I would say you should give them a try as a secondary bank and compare the digital experience with your existing bank account.