What You Need to Know About the Fi Money App

Fi Money offers a seamless along with comprehensive solution for managing your cash flow, ranging from opening a zero-balance Savings Account via the internet in under 3 minutes to tracking expenses, maximizing savings, requesting instant personal loans and credit cards, automating UPI payments, investing in Mutual Funds, and building wealth. FI money is backed up by Federal Bank which is RBI regulated.

In simple words, Fi is a money management app encouraged by cutting-edge tech. Fi helps you know your money, grow your money and organise your funds. Fi Money streamlines money management with features like SIP 2.0 for investment automation, FIT Rules for automated savings, and a stylish VISA Debit Card with no FOREX fees. Their focus on transparency, with no hidden fees, and customer-friendly policies like no minimum balance requirements and 24/7 customer support, makes it an appealing option for anyone seeking efficient and rewarding financial management. Fi money has 4.3/5 rating with 232k reviews along with more than 10 million downloads. Founder of Fi Money is Sujith Narayanan.

More About Fi Money

Fi Money functions as a virtual neo bank. Clients can use the Fi Money app to manage their accounts at Federal Bank, HDFC, ICICI Bank, IndusInd Bank, and Axis Bank. They can also use the app to follow their transactions in these banks. Fi Money’s savings bank account has no maintenance fees, zero balance account, and no fees for foreign currency transactions a tax that banks normally impose of 3.5%. Similar to other digital savings accounts, it comes in two varieties i.e one with complete KYC and the other with full KYC. The one with restricted KYC has less features and it can be measured a digital wallet rather than a savings account as it has features of a digital wallet with a prepaid card somewhat than a savings account. It is compulsory to update it to a full KYC account within one year of opening. The full KYC account has all the abilities of a proper savings bank account with cheque book along with many other features.

Features

• Average Monthly Balance to Maintain: ATM: Zero interest rate (2.40% for less than 5 crores).
• You can make unlimited debit card withdrawals at Federal Bank ATMs and five at other banks’ ATMs.
• Visa Platinum Debit Card (Digital)
• NEFT/RTGS is free if done through net banking.
• IMPS is free if done through internet banking.
• INR 100 for a cheque book containing 10 cheque leaves.
• Cash deposits up to INR 2 lakh per month are free at any branch; deposits over INR 2 lakh cost INR 3.25/1000.
• Because the bank has no physical branches, cash withdrawals are only possible at ATMs or through internet transfers.

Other features:

• Customers who have completed full KYC can choose to receive a physical debit card.
• When you open a Fi Savings Account, you will receive a complimentary VISA Platinum Debit Card. There are no issuance costs or yearly card maintenance charges.
• International ATM transactions cost INR 100 per transaction.
• Cheques can be collected from clients for deposition for a cost based on the amount of the cheque, which starts at INR 15.
• Fuel purchases have a surcharge of 2.5% of the transaction value or INR 10, whichever is greater.

Methodology

The Fi Money digital savings account was rated based on the following criteria:

• Charges for NEFT/RTGS/IMPS transactions.
• If the account is devoid of any hidden fees.
• Hassle-free formalities.
• Other than the essential facilities, the bank also provides additional services.
• Pocket-friendly deposits if any.

Pros of Fi money

• Majority of the users are happy about how fast and easy it is to open up their savings account.
• Many people love the app for its smoothness, UI design and ease of use.
• They include intelligent deposit, fixed deposit options, investment plans as well as rewards like cash back which are much appreciated by the users.
• This zero Forex markup on transactions is considered an advantage feature.
• Users appreciate app’s security measures and encryption.
• Offers 0% markup fee on international transactions (my fav part)
• Free money transfer through Federal bank branches.
• Free debit card (fee applies if you lose it twice)
• Free IMPS, NEFT, RTGS transactions

Cons of Fimoney

• Poor customer support such as long wait times, unresponsive chat support and unable to call for assistance has been complained by a large number of customers.
• Issues with account freezes as reported by some users include delayed verification processes and no communication or resolution from the application’s support team at all!
• Slow loading times, glitches, errors during transactions/account management including features that fail to respond within the app such as inability to edit UPI IDs or create deposits or search functionality problem in this particular app have been mentioned by some users.
• Only Application is available (you can log in to your account on the Federal bank site but they’re not that good)
• They mostly charge money for paper base work such as balance or interest certificates, signed statements, etc

Charges

Conclusion

Fi Money is an app which manages money, and has Federal Bank as its supporter; it also provides services like zero-balance Savings Accounts, expense tracking, personal loans, credit cards, UPI payments, Mutual Fund investments, and wealth building. Being transparent in its operations to facilitate customer-friendliness and the use of cutting-edge technology such as SIP 2.0 for investment automation and FIT Rules for automated savings make it stand out among other apps. Fi Money’s current account does not charge any maintenance fees from its users while there are no minimum balance requirements stipulated; therefore, this account comes along with a chic VISA Debit Card that does not require FOREX fees either. However, despite offering various benefits that include free IMPS, NEFT, RTGS transactions and zero Forex markup on international transactions, some users lamented poor customer support response timeframes together with freezing of accounts or even occasional bugs in the app. In conclusion Fi Money is an attractive solution to efficient financial management because of its available features and customer focus approach.