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.
Essentially, we need these to safeguard your Savings Account.
They allow us – and our banking partner – to verify your phone number & SIM card.
These permissions also help make UPI transactions more secure.
It's why the National Payments Corporation of India made it a mandatory requirement.
And in case there's a new SIM used in your phone:
This feature makes sure your Federal Bank Savings Account on the Fi app remains safe even in worst-case scenarios: like phone theft, etc.