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.
Broken Period Interest (BPI) is an interest amount applied from the day you open a loan account to its first interest demand date. This amount — deducted upfront during loan disbursal — changes based on the date your loan gets processed.
For the math geeks, here's an explainer:
Loan amount: ₹1,00,000
Interest rate: 14.5%
Loan availed on: 3rd Nov, 2023
First interest demand date: 5th Nov, 2023
Days applicable for Broken Period Interest: 5th Nov - 3rd Nov = 2 days
BPI: 100000 x 14.5 x (2/36500) = ₹79.45