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.
Based on the loan application's date, there are 2 BPI scenarios:
1: Loan availed ON or BEFORE the 5th of a month
2: Loan availed AFTER the 5th of a month
Note:
Our partner bank has a standardised EMI collection date.
It falls on the 5th of every month.
If your loan gets processed ON or BEFORE the 5th of a month:
EMI date: 5th of the following month.
Example:
Loan processed on 4th Nov, 2023
EMI date: 5th Dec, 2023
However, if your loan gets processed AFTER the 5th of a month:
EMI date: 5th of the month succeeding the next month (i.e. 2 months later).
Example:
Loan processed on 6th Nov, 2023
EMI date: 5th Jan, 2024