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 early selling penalty is different for each fund. You can check those details in the Mutual Fund details section
The applicable taxes vary based on the fund category.
*Equity-based investments
*Debt-based investments
*Equity
Here, any returns earned after 1-year gets treated as Long-Term Capital Gain (LTCG).
LTCG on non-tax saving equity funds of up to ₹1 lakh are tax-free.
LTCG over ₹1 lakh gets taxed at 10% without indexation benefit.
Profit earned before the completion of one year gets treated as Short-Term Capital Gain (STCG).
15% is the STCG tax rate.
*Debt
Here, any returns you earn after 3 years gets treated as LTCG.
-It gets taxed at 20% after indexation.
Profit earned before the 3-year-long period ends gets treated as STCG.
-Tax remains as per your Tax Slab rates.
If you're wondering what indexation benefit means, it involves adjusting the profit for inflation. This is done by dividing the profit by the Cost Inflation Index.