Imagine opening a bank account. What's the first thing that you think of? Dotted lines? Complicated words? Well, that's about to change.
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 a time where everything from food delivery to cab services has become digital, thinking about dotted lines before opening an account seems archaic. Doesn't it?
This was one of the things that Fi wanted to solve. Fi comes under the ‘neobank’ category which literally means a ‘new kind of bank’. Broadly speaking, a neobank’s goal is to make banking simpler, and it does this by making it fully digital.
For starters, it doesn’t have a physical presence and exists completely online. So that list of tasks that run in your mind before opening a bank account? Those don’t bother you anymore.
Because Fi allows you to open a fully digital bank account sitting at home, in the time it takes you to make a cup of coffee.
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 off 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.
The app is open to working professionals including salaries 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 and dusted we verify your PAN card details and check if you have Central KYC records. If you don’t, you would need to do complete your KYC with Federal which is, again, a super quick process. You can choose to do an Aadhaar KYC with them and open a minimum account with Fi, or you can choose to do a video KYC and open a full account.
One thing to note here is that if you have already done an Aadhaar based KYC with them before, you will have to complete their video KYC to open an account with Fi.
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!
To get your Fi Debit Card, you would just need to confirm your current address and it would be sent over in a few days. The tracking details would 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 activate and use your virtual Debit Card right from your app!
Once you have opened a savings account with Fi you can start exploring 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 SDs 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.