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.
You should add a nominee to mitigate money transfer worries in any case of unfortunate scenarios. Such as the death of the deposit holder. For now, adding a nominee is optional, but highly recommended. You can only add a nominee at the time of deposit creation. Editing it later is not possible just yet. If you do not add a nominee, then your Savings Account nominee (when you signed up on Fi), can claim your savings from Federal Bank by producing an heirship certificate.