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.
TL;DR It depends on the plan you've invested in.
You cannot withdraw any amount till it matures i.e. 3 months
(a) If you invested before 31st October 2022
You can withdraw within 3 months with a penalty of 2% . After that, your withdrawals are penalty-free
b) If you invested after 31st October 2022
You can withdraw anytime after paying a 1.75% penalty(i.e. interest is calculated at effective interest rate of 7.25% p.a.). The penalty info will be visible on the order receipt & also during withdrawal.
You cannot withdraw any amount till it matures i.e. 10 months
NOTE: If you’ve invested in multiple plans, we will optimise your withdrawals to maximise your returns