Everything about Fi Money: Save And Invest Application
You’re tired of visiting a traditional bank and want to access all the services that a bank offers from the comfort of your own home with just one click? So, you come to the right place. A person who is too lazy and does not have enough money to open an account can open a zero-balance account online. And for that, you can use neo banks like Fi Money, Jupiter Money, and many other online banks like these. But here in this article, our main focus is on the Fi Money Application.
We can also see, the world is becoming more digital, and everyone wants to finish their work by just clicking a few buttons. And the UPI system has already spread throughout the world. We can pay at any time by simply clicking the pay button. As a result, the neo-bank system comes. So before going to fi money it is very important to understand what exactly neo bank is.
So neobank is an online bank that doesn’t have any physical locations or branches. In simple terms, we can say neobanks are “Digital only banks”. We can use these banks with our digital phones, so we don’t have to go anywhere or fill out forms to complete the banking procedure.
What makes Neobanks different from traditional banks?
Tradiontak bank has a physical structure, we can go there. Neobanks are online banks that don’t have physical locations. In a traditional bank, we have to fill out some paperwork and wait a while before we can open an account. In a neobank, we can easily open an account by clicking a few buttons from the comfort of our own homes. Customer support is 24*7 in neo banks and traditional banks are limited to some time frame.
What is Fi Money Application?
Fi Money Application is the best zero balance account opening online neobank. It is a platform for managing money that has partnered up with the Federal Bank, which is a traditional bank licensed by the RBI, to keep the process safe and secure. But it’s utilizing the services and backend of the federal bank only but providing these services on its own application by adding some extra features and functions for its users.
In short, we can say the Fi money application is a neobank that does not possess or pretend to hold a banking license and has its own features and profits but uses the federal bank as its base bank.
What is the use of the Fi Money Application?
Fi money applications help us to know about our money, its growth, and where our money is being spent. It also helps us save money for future short-term and long-term goals and organizes our funds more efficiently. Additionally, it allows you to link your other bank accounts. So that you may simply view your account balances and transactions within the Fi money application. You may also use the “Simply Ask Fi” function to inquire about your bank accounts and bank statements and receive instantaneous responses from their side.
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What are the features of the Fi Money Application?
In Fi Money, you have features of :
- It has the best “zero balance account opening online” feature which is no extra charge will be deducted if you don’t add any amount. Also, you can open this account with just zero rupees.
- It is one of the biggest and best money-saving apps in India which you can use by just sitting at home.
- The Fi Money app has an excellent user design, which allows us to quickly grasp what this application is all about.
- It helps us to enjoy fewer fees and gives better interest rates on our savings.
- We can deposit or make payments easily through our mobile at any time.
- They provide a 24*7 online support feature. In case of any convenience, we can directly contact customer care through chats that are available in our application.
- There is no membership in Fi Money as everyone gets the same account with the same features.
- They also provide a free VISA Debit Card and the replacement of a debit card in case you misplaced your debit card.
- There are no fees for account maintenance.
- There are no extra charges deducted for money transfers through RTGS, IMPS, NEFT and UPI.
- You will get a notification whenever you pay someone or take money from someone.
- You will get an instant Virtual Debit Card. In addition, the physical debit card will be mailed to the address you provided within the next 6–7 business days.
Who can open Fi money account?
So, the fi money application is mainly for working professionals including those who are doing their own start-ups but, in a few years, they are also planning to make it available for students also. Also, to open a Fi money, there is an age restriction that you have to be 18+.
What is needed to open a fi money account?
You only require a pan card, an Aadhaar card, and a mobile number that is linked to the Aadhar card to complete the process. If you have all these things then you can easily make an account in Fi Money.
How to open fi money account?
To open fi money account, you have to:
- First, download the Fi Money Application. We can download this application from their official website or Play store.
- After installing the Fi money application, we have to first signup to use this application. For that, you have to click on the “Signup” button.
- After clicking on the signup option, you have to enter your 10-digit mobile number. You will receive OTP on that number and the application will automatically detect that OTP.
- Next, you have to enter your email under the “Enter Email” textbox and your official name that is mentioned in your PAN card and Aadhaar card for verification in the “Enter Legal Name” textbox. After filling in both the text boxes, click on the “confirm” button and the “next” button.
- After this, you have to enter your pan card number under the “Enter your PAN” option and enter your date of birth in the textbox “Enter date of birth”. Then click on the “next” button.
- Then, this application will ask for your mother’s and father’s full name. You have to enter that. And if you want to add a nominee to your account, you can add that by clicking on the “plus button” where “Add Nominee” is written. Once you are done, then click on the “next” button.
- Then you have to attach your Aadhaar card details for KYC. To start your KYC process, click on the “next” button.
- Enter your Aadhaar card number and click on “next”. Afterward, they will ask for an OTP for verification. The OTP code will come on that number that is linked to your Aadhaar card.
- Once you enter the OTP, click on “next”. After that, you have to record a video for security purposes. So click again on “next” to start the video.
- To record the video you should be in a bright and quiet place and your face should be properly visible. Then 4 digit number will come on the screen, you have to speak that 4-digit number loudly on the screen and click on the “verification” button. Once you are done with this process, your account will be successfully verified.
- Then they will suggest you a name that will be printed on your Debit card. You can also change your name according to your choice. Along with the debit card name, you can also change your address, if you want. Else, click on the “check button” where it is written “You can ship my card to this address” then click on the “next” button to complete this process.
- To start your Fi account, swipe right and you successfully make your fi account. Now, you are good to go.
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But before using this application, you have to set a UPI code for the payment process. So for that, you have to select one sim and verify your mobile number. Once you are done you will receive a notification for fi money ” Congrats! Your Fi saving account is ready.”
How to grow your money with Fi Money deposit?
In Fi money, you can make a profit by investing your money in smarts and fixed deposits. So, The Fi money app has an in-built way to save money based on our goals. This feature is called “JARS.” So, Jars helps us save money based on our own short-term goals. These are smart deposits that give us a return of 6.75 percent per year on our online savings account opening.
Fixed deposits are also available for our long-term goals. So, with Fixed Deposits (FDs), we can earn up to 7.25 per cent per year in interest, which we can use in our long-term goals. In Fi Money, we can also create a Stash and deposit any amount that we want. When we reach our goal or complete the target to save a certain amount in a Stash, we will also receive a reward in the form of Fi coins.
How to earn fi coins?
Fi coins are the virtual points awarded by the Fi Money app. We can also easily convert Fi coins into cash at any time.
We can earn coins by:
- Making payments through any of the different payment options that are available on the Fi Money Application.
- If you deposit more cash into our savings account, we will be eligible for additional Fi-Coins.
- You will receive 10% of your pay in Fi Coins if you deposit it into your Fi Money account.
- Take advantage of the “fi money refer and earn” feature to increase your chances of receiving Fi-Coin as a reward. But, you should keep in mind that you should not simply refer to every social media or copy and paste your referral code everywhere to earn fi-coins, as doing so, you can cause your account to be frozen. So, you should only use the “fi money refer and earn” feature for the real refer purpose only.
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Once you’ve collected a sufficient number of fi coins, you’ll be able to put them to use by redeeming them for real cash, using for brands like Myntra, Amazon, sugar and many more, apply while ordering from Zomato, using these coins while booking tickets from travelxp, or even for gift cards.
What do people think about fi money app?
Fi money app has received a rating of 4.5 stars in the Google Play store. Also, more than ten million individuals have installed this application. But several users have requested the additional features of online recharging, paying electrical bills, and other similar features to be included in this application.
The majority of users love this application’s user interface and find that they frequently return to using it because it is very easy to manage their money in this application. Also, its size is quite manageable, which is just 47 MB.
What is the “fi money refer and earn” program?
So the “Fi money refer and earn program” is one of the best ways to earn money. We can invite up to 150 friends and earn at least 300 Rs from each referral. We can make 40 referrals in a year, earn at least twelve thousand from referrals, and can also get rewards or fi coins.
This program is one of the best ways to invite your friends to try the Fi money application and simply take benefits for this. So for that, you have to:
- Share your referral Fi.nite code with your friends whom you have to invite.
- However, to begin referring, you must first deposit Rs 1000 into your savings account. Second, to participate in this program, you must have an average balance of 1000 for at least 10 days.
- When one of your friends opens an account with Fi Money and deposits Rs 3000 in their savings account, you will receive a Rs 300 to Rs 500 money plan that you can withdraw in cash. And the person you refer will also receive Rs 100 and a reward if they deposit 3,000 Rs within 7 days of opening their account.
If you install fi Money directly from the play store or their application, you have to deposit 1000 rs to participate in the referral program, but if you install this application through a referral, you must deposit 3000 rs to participate in the “fi Money refer and earn” program.
What is the “Jump Peer-to-peer investing” Program?
Here you can earn up to 9% interest per year on your investment. The investment can be 10,000 rs to 1 lakh. Also, you can do instant withdrawals whenever you want. So, the “Jump Peer-to-peer investing” Program is one of the best want to do big investments.
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What are the additional charges taken by Fi Money Application?
- When we withdraw cash from an international atm, there is a fee of Rs 100 and an extra Rs 25 for non-financial transactions.
- You are eligible to receive two complimentary checkbooks every year. But to get more checkbooks, we have to complete the full KYC process and have to pay Rs 100 Rs with 18% GST.
- We can withdraw cash from any ATM, however, if we are using some other bank atm then after 5 withdrawals per month, we are charged Rs 21 for every transaction. And for any non-financial transaction, such as a balance inquiry, we have to pay Rs. 11 per transaction. But if you use an ATM from a Federal bank, it’s completely free.
How to do full KYC in Fi Money application?
You can do full KYC by clicking on, “upgrade your account”. After that, they will ask you for a video call. Be ready with pen and paper as they will ask for your signature and check your documents during the video call. Once you are done with the formalities, you are good to go to access more rewards, no money limit and many more benefits similar to these.
Is our money safe in the Fi Money application?
Yes, our money in the Fi money application is totally safe, as it is associated with an RBI-licensed Federal Bank and is protected up to 5 lakhs under the RBI’s insurance deposit scheme. If this application is compromised in any way, you will receive up to Rs 5 lakh of your money.
Difference between jupiterMoney and Fi money?
- Anyone can open an account with Jupiter Money, however, opening an account with fi money is restricted to working professionals only.
- Jupiter provides its users with two types of accounts: the regular account and the Jupiter pro salary account. However, there is only a salary account with Fi money.
- Fi money has zero forex charges. While Jupiter money imposes a penalty of 3.5% on amounts over 1 lakh.
- In Fi money, there is no health insurance and accidental insurance but in Jupiter money, they are providing both these insurances.
What is the fi money app review?
In regards to the Fi money app review, it has received a rating of 4.5 stars in the Google Play store. Also, more than ten million individuals have installed this application. But several users have requested the additional features of online recharging, paying electrical bills, and other similar features to be included in this application. The majority of users love this application’s user interface and find that they frequently return to using it because it is very easy to manage their money in this application. Also, its size is quite manageable, which is just 47 MB. Learn more about the INDmoney review.
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Can you make an account on Fi Money, if you already have an account on Federal Bank?
Absolutely, but to continue with the Fi Money Application, you will need to get in touch with Federal Bank and request that they update your KYC details to proceed with Fi Money Application. I hope after reading this article, you can now easily make an account on Fi Money and get to know why we actually need the Fi Money application. The team behind the Fi Money application is incredible, and they have plans to make the application even more useful over the next few months by adding more functionality that it does not currently have. So, there is no reason to second-guess your decision to use the FI money application to achieve both your short-term and your long-term goals.