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.
Your profits from investments in the US stock market are covered under the DTAA or Double Tax Avoidance Agreement. This is an agreement between the Indian and US governments to ensure the same income is not taxed twice. Dividend income from US stock investments is taxed at 25% for Indians and can be claimed as Foreign Tax Credit on domestic tax fillings (through to DTAA).
While capital gains are immune from taxation in the US, in India, it attracts a 20% long-term capital gains (LTGC) tax levied on holdings of two years or more. Capital gains for a short-term holding (less than two years) are added to your annual income and taxed as per your income slab.