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 ‘Interest Payout’ option is useful to investors who are looking for regular income from their FDs on a monthly or quarterly basis.
Let’s say you deposited ₹1 Lakh in an FD for 1 year at a 5.1% interest rate, and you opt for a monthly payout. Your ₹1 Lakh returns about ₹5,198 at the end of the year. You will then get this interest amount distributed on monthly basis. This works out to about ₹433.
On a quarterly basis, you should get ₹1,300.
For half yearly payouts, you get ₹2,599, and so on.
If you go for more than a year, you get a little bit more as your applicable interest is also compounded and used as principal amount for the next year's interest calculation. For year 2, the principal becomes ₹1,05,198.