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.
Fi is a money management platform that re-imagines the banking experience in India. The Federal Bank Account offered through our App, is a digital bank account that gives you the fastest way to open a bank account online.
You can do everything from the Fi App, including p2p payments, fund transfers, bill payments, and more, with features to automate every action. You also get a Debit Card, spends insights and tools to grow your investment and earn rewards.
The difference lies in data.
If you disconnect
All data sync stops.
That is, your Federal Bank Savings Account on Fi & your other bank accounts will stop communicating.
If you delete
Fi cannot retrieve any data.
Plus, all historical data will also vanish.
It also affects your search results on Ask Fi.
When an account is disconnected:
Data that was previously provided to Fi stays on the app. So, insights & search features will work on the existing data.
When an account is deleted:
-All data is lost, like it never existed.
In addition, Fi will no longer be able to communicate with your bank. Your Ask Fi search results will get affected as well.
Bottom line
Disconnect: Previously retrieved data is seen & Ask.Fi can be used on that data.
Delete: Absolutely nothing will be available.