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.
As per the regulatory guidelines, a Min KYC account is opened after electronically verifying a customer's credentials (e-KYC). Usually, such e-KYC processes revolve around a One-Time-Password (OTP).
Min accounts have certain restrictions as per bank policies:
If your account was created before 1st of September 2023
A min KYC user's account balance cannot exceed ₹1 Lakh.
Total amount added to this account cannot exceed ₹2 Lakh.
Min KYC accounts only have a validity of 350 days, after which it expires & the account is closed unless such account is upgraded to a Full KYC Account.
If your account was created on or after 1st of September 2023
A min KYC user's account balance cannot exceed ₹1 Lakh till validity of the min KYC account
Total amount added to this account in a financial year cannot exceed ₹50,000 till validity of the min KYC account.
Min KYC accounts only have a validity of 350 days, after which it expires & the account is closed unless such account is upgraded to a Full KYC Account.
So, if you are a min KYC user, please complete your video-KYC verification before the 350 day mark. It's easy to complete the verification & go from a Min account to a Full account!
Just complete a quick 3-minute video KYC verification call.