Managing your bank accounts, Finances and investments all in one place is quite challenging and risky; this is where money management apps like Fi Money come in handy. But, even in today’s generation Z, there are still many who are unaware of how these platforms work. So, let’s start this detailed Fi Money review 2023 to help you understand the platform’s working.
Fi.Money is among the First Neobanks launched in India. With its services & features, Fi gained a lot of traction in such a short time.
Considering all this hype, we quickly downloaded the app and onboarded ourselves to understand the benefits & downsides of the platform. As delivering the most unbiased and best verdict remains our First priority, we develop a detailed analysis report through this review.
In this factual & in-depth Fi.Money Review 2023, we will determine how safe the platform is; whether it is worth downloading it; of course, talk about its fees and services.
What is Fi Money?
Fi.Money is a virtually-existed NEO bank established in 2019. As a broader term, Neo Banks refers to one that partners with leading banks and uses their infrastructure to offer Financial Services.
In this series, Fi has partnered with the world’s leading banks, including Federal Bank, HDFC, ICICI Bank, IndusInd Bank and Axis Bank, to provide banking & Financial Services.
Apart from delivering banking services, it also works as an advanced money management app that comes with an in-built zero-balance savings account and allows users to track and grow their investments.
Simply put, with Fi, you can enjoy every banking service and feature like a traditional physical bank without the hassle of visiting the physical bank branch.
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How Does Fi Money Work?
Fi.Money provides services through a digital savings bank account and investing channels. However, there’s no option for a current account.
The platform function exactly like a traditional bank in every way apart from having a physical existence. You can request a new bank account, track it and deposit money via UPI, NEFT/RTGS/IMPS or internet banking.
Just like a traditional banking system, there is a Debit-cum ATM card, an option to grow your capital via Fixed deposits, and access a chequebook, a Demand Draft option and physical statements.
Is Your Money Safe With Fi.Money?
Being a Neo bank, Fi.Money is not liable for your fund security. However, clients’ money is directly deposited in federal and partner banks, making them the ultimate controller of your funds.
The partner banks of Fi include Federal Bank, HDFC, ICICI Bank, IndusInd Bank and Axis Bank. They are well-regulated and adhere to the Reserve Bank Of India (RBI) regulations.
Additionally, it offers insurance upto ₹5 lakh as per the RBI’s insurance deposit scheme. According to the security report of this Fi.Money Review, the platform uses top-grade security as traditional banking systems, making itself the safest place to keep and grow money.
How Can You Make Money With Fi.Money?
Fi.Money offers users to grow their money while utilizing the banking services. Currently, there are three major ways to invest on the platform: Mutual Funds, Fi Jump and Deposits.
Through this detailed Fi.Money Review, let’s take a deep look at how you can grow your investment with the platform.
The platform allows investing in Mutual Funds through weekly, monthly or Lump sum SIPs. The part is that there are no penalties for missed payments.
- Zero commission
- Daily & Weekly SIPs
- One-click set up from savings account
- Easy to understand Fund information
- Curated Mutual Fund collections
- SIP Calculator
Fi Jump is the platform’s proprietary P2P investing option that promises an annual return of 9%. The minimum amount required for the scheme is set at Rs. 10,000. This P2P investing platform is under the partnership between Fi and Liquiloans.
- Anytime Withdrawal
- Daily Interest-Earning
- Start Instantly with No Additional Steps
The deposit option on the platform allows accountholders to make goal-based investments. With a high-interest rate of up to 5.95%, the platform takes you one step closer to your big future goals.
Whether you’re a small investor or a big shark, there’s always something for you. You can opt between Smart Deposits and Fixed Deposits. Both options offer a Fixed return on capital invested.
Confused about which one to choose. Here’s a comparison table between Fi.Money Smart and Fixed Deposits.
|Smart Deposit||Fixed Deposit|
|Maximum monthly limit||₹50,000||No limits|
What Are Fi.Money FIT Rules?
The platform has an advanced feature called FIT Rules, which lets users automatically deFine specific actions within their Fi account. For instance, automatically depositing a certain amount on a specific day every week.
These FiT rules help save and grow money passively. The benefit of having FiT Rules is to eliminate the active participation of the users.
Insights Into Zero-Balance Savings Account
Fi Money savings account is a zero-maintenance bank account that lets you save your money, earns you interest, and is packed with rewards.
The Zero-Balance savings account comes with free Fi.Money Debit card access, Insurance upto 5 Lakh, and one-click access to Investing.
Technically speaking, Fi Money’s bank account is far better than its rival Jupitar in terms of features, services, and rewards.
Here are some top features of Fi Savings Account:
- 5000 Fi-Coins on the First salary on Fi
- Zero Forex Charges
- Free Lifetime Debit Card
- Controlled and Regulated by RBI and Federal Bank.
How To Open Savings Account At Fi.Money?
Opening a digital savings account with Fi is relatively easy compared to traditional banks, where you’ll need to fill those lengthy application forms.
Conversely, to open a Fi digital saving account, you’ll need to follow these quick and easy steps:
- Download the Fi app on your android or IOS device.
- Sign up with your mobile and e-mail.
- Now, you’ll need to undergo a simple screening process to verify you are a working professional.
- Verify your employment status and your account will be activated in 5 minutes.
- Your Minimum KYC account will be activated instantly. You can later upgrade it to a full KYC account.
What Is The KYC Process Of Fi.Money?
To complete the KYC verification of your bank account on fi.Money, follow these simple steps:
- Click on your profile picture on the dashboard.
- Go to “My Profile” and if it is showing ‘Minimum KYC,’ your hold a min KYC account. So, it needs to be upgraded.
- Click on the green banner and follow the instructions to complete your full video KYC.
Fi Money Mobile Application And How To Download?
The platform offers a dedicated mobile application with a clean and intuitive user interface. It lets you invest, save and track your finances in just a click.
While writing this detailed Fi Money review 2023, we were really impressed with the features and the services of the app. You can download the FI app through a QR code available on the official website or from Google’s Play Store and Apple’s App Store.
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Rewards & Bonuses
The platform has a unique reward system that lets users win coupons and Fi Coins on every transaction. The available reward coupons include Zomato, Myntra, TravelXP, and Sugar.
Here’s how you can win the Fi Coins:
- Making Payments using Fi.Money
- Adding money to saving accounts
- Referring to your friends and families
Refer and Earn Program
The platform, through its generous referral program, allows users to win cashback and Fi coins. All they need to do is to share their unique referral link with their friend.
With every sign-up through the link, the user will get an FI referral reward. You can find your unique Fi referral code under your profile section.
Does Fi.Money Offer A Loan Facility Like Traditional Banks?
Fi.Money provides a paperless personal loan of up to Rs. 7,00,000. All the loans are processed by RBI-licensed Federal banks.
With services like an EMI calculator and payment tracker, you can easily calculate, track and repay your loans. Here are some of the features of the Fi Money Personal Loan Facility:
- Instant disbursal
- Pre-approved limits
- Deposited directly to your account
- Competitive Fi Money interest rates
- No pre-closure fees
- Multi-purpose loans
What Are The Fees Associated With Fi.Money?
The best part we came across while writing this detailed Fi.Money Review was the platform’s fee structure. It doesn’t charge hefty fees, and no minimum balance requirement makes it on the top.
Let’s have a detailed look at Fi Money Fee:
|Visa Platinum Debit Card||No Issuance Fee|
|Forex Markup Fee||Zero|
|International ATMs Charge||Rs. 100|
|Card Replacements||Rs. 250|
|Fuel Surcharge||2.5% of the transaction amount|
|Chequebook||10 cheque leaves book for Rs. 100|
|Stop Cheque Payment charges||Rs 100 per Cheque|
|Physical Signed Account Statement Delivery||Rs. 100|
|Balance Certificate||Rs. 100|
|Interest Certificate||Rs. 100|
|Outward Return Charges||If the cheque bounces –
|Inward Return Charges||Rs. 100|
Supported Payment Methods
The payment modes offered by the platform are probably the most impressive part of using Fi.Money services. You get a bunch of convenient payment methods to add funds to your savings account.
Here’s a list of supported payment methods of Fi.Money:
- Fi Debit Card
- Bank Transfer – NEFT & IMPS
Educational & Research Support
The educational and research section of the platform distressed us. There are limited resources for educational and research purposes. All you get are calculators for SIP & EMI and Blogs.
Our Thoughts: The educational & research section has room for improvement. Honestly speaking, it is not as good as offered by its rivals like Capitalix and Jupiter.
Fi Support Services
As per Fi.Money review, the platform offers good customer support. And when we tried contacting them, we received exceptionally great service from the other hand.
The executives were so polite and resolved queries in minutes. Additionally, we liked their phone support that instantly disburses any query related to its platform or banking services.
Here is how you can contact Fi.Money Customer Care:
- Fi Money Customer Care Number: 080 47485490
- Fi Money Customer Care Email Id: [email protected]
- Fi Bank Customer Care Number: 080 47485490
Fi Money vs Jupiter: Which Is Better?
As per our finding from Fi Money review 2023, the platform seems to be better than Jupiter in terms of features, UI and banking services.
However, Jupiter’s educational offerings are pretty extraordinary than Fi’s. Still, if you want to experience great banking and a smart AI assistant, Fi.Money is worth considering.
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Pros & Cons of Fi.Money
|Savings, Lending & Investing All In One Place||Limited to Indian Residents Only|
|No Need to Maintain Minimum Balance|
|Free Fi Money Debit Card|
|No Forex Markup Fee|
Our detailed Fi Money Review 2023 indicates only one thing the platform is a must-try. Considering the banking and investment services, it is a complete package.
However, the biggest drawback of the platform remains its limited investment options. So, apart from banking, if you want to access a bunch of investing access, you can opt for Capitalix, a complete investing and trading platform. It offers 250+ investing assets across all major markets, including Forex, Commodities, Cryptos, Indices and Stocks.
Is Fi Money Safe To Use?
Yes, Fi Money is totally safe to use as it implements the standard security protocols as traditional banks. Additionally, the funds deposited in Fi saving accounts are controlled by the federal bank. Overall, it can be concluded as a safe app management app.
How To Login In Fi Money?
Here’s how you can log in to your Fi.Money account:
- Download the Fi.Money app and run it.
- Click on the Sign In button and enter your Fi Money login Credentials.
- Click on Continue and you’ll be logged in to your account.
Is Fi Money RBI Approved?
Being a Neo Bank, Fi is exempted from any regulations of RBI. However, its partner banks are well-regulated and licensed by the RBI.
Is Fi Money Available For Students?
No, Fi.Money is currently not available for students. It is exclusively available for working professionals only.
Is Fi Money Scam Or Legit?
Fi Money is not a scam, as its partner banks include the World’s leading banking services providers. Including Federal Bank, HDFC, ICICI Bank, IndusInd Bank and Axis Bank. They are well-regulated and adhere to the Reserve Bank Of India (RBI) regulations.
Who Owns Fi Money?
epiFi Technologies Pvt. Ltd owns and operates Fi Money. The founders of the platform are Sujith Narayanan, Sumit Gwalani, Arvind TP, and Neeraj Bhope.
Fi Money App Is Safe Or Not?
According to the security report of this Fi Money Review, the platform uses top-grade security as traditional banking systems, making itself the safest place to keep and grow money.