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.
If you choose to auto-renew, Fi will take the amount accrued (principal + interest) at the time of maturity and create a new FD, using it as principal for the same time as the previous one.
Here is an example: Suppose you open a Fixed Deposit worth ₹1 lakh. Duration: 1 year.
Then, your applicable interest rate becomes 5.1%, and you earn approximately ₹5,198 as interest.
If auto-renewed, Fi will reinvest ₹1,05,198 in a new Fixed Deposit for a 1-year duration.