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About Us
Cards
Features
Pay with Fi
Automate
Rewards
Borrow
Accounts
Salary Accounts
Scan QR to get the Fi app
Frequently Asked Questions
Account Details
What is a Min-KYC account or a Min account?
As per the Reserve Bank of India's guidelines, a Min KYC account is opened after electronically verifying a customer's credentials (e-KYC). Usually, such e-KYC processes revolve around a One-Time-Password (OTP).
Min accounts have certain regulatory restrictions:
- If your account was created before 15th of July 2023
- A min KYC user's account balance cannot exceed ₹1 Lakh.
- Total amount added to this account cannot exceed ₹2 Lakh.
If your account was created on or after 15th of July 2023
- A min KYC user's account balance cannot exceed ₹50,000 till validity of the min KYC account
- Total amount added to this account cannot exceed ₹50,000 till validity of the min KYC account.
Min KYC accounts only have a validity of one year, after which it expires & the account is closed.
So, if you are a min KYC user, please complete your video-KYC verification before the 1-year mark.
It's easy to complete the verification & go from a Min account to a Full account!
Just complete a quick 3-minute video KYC verification call.
Fi partners with the best to secure your money
ISO 27001:2013
Our partner bank hosts your Savings Account and follows all security standards per applicable regulations.
Your money is always safe with our banking partner - Federal Bank, is covered under the Deposit Insurance and Credit Guarantee Corporation Scheme. This insures your money up to ₹5 lakh.
Fi itself is not a bank and doesn’t hold or claim to have a banking license.
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