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How To Open a Savings Account Online with Fi

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Created on
February 8, 2022


What’s Inside

What’s the first thing that comes to mind when you think of opening a bank account? Endless dotted lines? Complicated words? Or perhaps just waiting in line for your turn in the bank. 

In an era where everything from food delivery to cab services has become digital, thinking about dotted lines and hectic paperwork before opening an account seems archaic. Doesn't it? This was one of the things that Fi wanted to solve.

Fi Money financial app envisions a future where your banking experiences are digital, simple, smooth and hassle-free. You can open a Savings account through the Fi app and it will be hosted by its partner the Federal Bank. Fi allows you to open a fully virtual bank account from the comfort of your home. Amazingly, the entire process is so quick that it will be completed before you finish your cup of coffee. Here is all about opening a Savings Account through Fi.

How to  Open a Bank Account with Fi?

First things first, you need to download Fi from the Play Store or App Store. Now, hit ‘Sign me up’ on the home screen, and start by entering your mobile number and email ID. We verify this information by sending you a secure code. Once this is done, you’ll be taken to the T&C screen. We’ve made sure that the language here is simple and jargon-free, so you can understand them properly before clicking on agree. Then we move forward to the next step.

Step 1: Employment Check  


The app is open to working professionals including salaried people, business owners, and freelancers. It is also open to self-employed professionals - including doctors, CAs, lawyers, etc. Depending on what fits your job description there are multiple ways in which you can verify your work status. You can enter your company name, add your LinkedIn URL, enter your credit score, and more.  

Once this is done, we verify your PAN card details & Aadhaar details. To access all the account benefits, complete a 3-minute video KYC verification call with our agents — it's an easy process where they verify some details via a video call.

Step 2: Verification of Identity

Next, we would need to complete identity verification. This is a fairly straightforward process where you would need to switch on the front camera, place your face in the Oval, and recite the 4 numbers that pop up on the screen. The only things to keep in mind are that you have proper lighting and that there are no people in the background. 

And that was it!  That was the final step for onboarding!

Getting Your Debit Card

To get your Fi-Federal Debit Card, you would just need to confirm your current address and it would be sent over in a few days. The tracking details will be sent to you as well. 

Now, just choose the SIM card matching your registered phone number, and you're done. You could also set your ATM and UPI PIN from the app. Until the time you get your physical Debit Card, you can activate and use a virtual Debit Card right from your app!

Features that help you on your saving journey

Once you have opened a savings account through Fi, you can explore its features. All of them are designed to help you save more, grow your money, and declutter your finances.


Take smart deposits, for instance, these are like state-of-the-art piggy banks that help you with goal-based savings. Meaning, you could save for a vacation, a new car, or a new iPhone in different Smart Deposits and earn up to 5.1% interest on each of them.

You could even link these SDs to FIT rules. These are recurring saving rules that get executed every time a certain event happens. For instance, you could set FIT rules to save ₹100 every time Kohli hits a 6, or a rule to save ₹150 every time you order from Zomato, or set a rule to simply save a little bit every week, day, or month.

With the Connected Accounts feature you could also link your other bank accounts to Fi. Meaning, you could keep an eye on all your transactions across bank accounts with just one app. This one’s a real time saver!

The goal is simple, to make a user’s relationship with money stronger. All the other features in the app are built to do the same. So the next time you think of opening a bank account, we hope the only thing you think of is putting on a kettle of coffee to brew. 


Banking has not been a smooth experience in the past and it has involved a lot of paperwork and spending many hours waiting in the queues. Fi, however, is changing the rules of the game and has brought a customer-friendly and convenient model for opening a Savings account. You can now open the Fi-Federal savings account from the comfort of your home. It is a digital, simple, and quick process.

Start Saving Via Fi With Zero-Balance

Fi Money offers a zero-balance online Savings Account in partnership with Federal Bank. You can easily sign up for free & open a Savings Account online in 3 minutes. You can also use this Savings Account to safely stash your savings in deposits, earn additional interest, send/receive money instantly, analyse expenses, or budget smarter. If you upgrade to other account plans within Fi — you get access to premium features like Jump, zero Forex, US Stocks, Mutual Funds, etc. & up to 4x rewards for all payments!

Frequently Asked Questions

1. How long does it take for a Fi-Federal debit card to arrive?

You will get your debit card within 7-14 days after opening your Fi-Federal account. You can track the delivery details of your card from the Debit Card page.

2. What happens if I miss my debit card delivery?

If you miss your delivery, the agent will attempt to deliver your card to your address 2 more times.

You can track the delivery of your card from the Debit Card page. ‍Please note that it takes up to 3 days from the time of account opening for the tracking details to be updated on the app.

3. Can I track my debit card delivery?

Yes, you can track the delivery of your Debit Card from Fi. First, you will have to install the Fi Money app. Login to the app using your credentials and click on the debit card icon in the upper left corner of the application. Click on 'view details' option to track the delivery status of your debit card.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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