What is a zero balance savings account through Fi Money? And how is it different?
Fi Money is a fintech app that offers a zero balance savings account through its partner, Federal Bank. But it's more than just a savings account - Fi Money aims to revolutionise the way you interact with your money by helping you save, track, and invest quickly and easily. And unlike other cluttered and buggy financial apps, Fi Money provides a visually pleasing experience to users.
Opening a zero balance account has never been easier thanks to digital account opening. While several banks offer this service, Fi Money stands out because it's not a bank, but instead works with licensed partners to provide superior services. During the pandemic, regulatory authorities enabled KYC-based account opening through online linkage of Aadhaar and PAN, making the process even more convenient.
So if you're a working professional looking for a zero balance savings account, Fi Money might be worth checking out. You can sign up in less than 5 minutes with no paperwork or hidden fees. Plus, you'll get to save up, invest wisely, and analyse your expenses all in one place. And if you decide to upgrade to other account plans within Fi, you'll get access to premium features and up to 4X rewards. Read on!
Opening a Zero Balance Savings Account through Fi Money
As a working professional receiving regular income, you might consider Fi Money for your zero balance savings account. Here's what you get with it:
- No paperwork or hidden fees
- Working professionals in India can sign up in less than 5 minutes
- Fi, alongside its licensed partner Federal Bank, provides secure digital banking
- Helps you save up, invest wisely, and analyze your expenses
- Upgrading to other account plans within Fi gives access to premium features and up to 4x rewards
- Fi is an online banking solution that helps you get smarter with your money in a fun and uncomplicated manner.
Savings Account types (Plans) on Fi Money
Fi Money offers various zero-balance savings account plans to working professionals in India, each with its own set of benefits and rewards.
‘Plus’ plan on Fi Money
Fi Money's 'Plus' plan is packed with benefits for users. This includes:
- Free physical debit card for all transactions
- 2x rewards on all spends to help save more money
- Zero forex charges up to ₹50,000 per month
- Access to up to 8% returns via Jump
- The ability to save, invest, and analyze expenses in a fun and uncomplicated manner
Eligibility: Upgrade to Plus by maintaining ₹10,000 in your savings account.
'Infinite' from Fi Money
Upgrade your zero balance savings account by maintaining ₹50,000 and enjoy limitless benefits, such as:
- Free physical debit card
- 2% cash back on UPI & debit card spends (up to ₹500/month)
- Unlimited transactions at 0 Forex charges
- Priority customer support
- Access to 'Jump' to grow your wealth by up to 9%
The Standard plan from Fi Money
This is a great option for everyone interested in a zero balance savings account with Fi Money. Here's what you get:
- Free virtual debit card
- Zero balance account
- Access to 'Jump' to grow your wealth by up to 7%
- Fi Coins to redeem for cool rewards
Note that if you're a Min KYC account holder, you will only be able to access the 'Standard' Plan. However, after completing your Video KYC, you will be eligible to upgrade to the 'Plus' or 'Infinite' plans.
What else can you get on Fi Money?
- Mutual Funds: Commission-free investments in over 900 direct mutual funds with automatic payments and SIP options.
- Savings Account: Zero-balance savings account with Federal Bank partnership, a VISA Platinum debit card, and smart deposit options.
- US Stocks: Invest in top US companies with industry-best forex rates, intuitive UI, and no brokerage fees.
- Salary Account: Cashback, Fi Coins, exclusive deals, and a ₹500 Amazon voucher as joining bonus for salary program users.
- Instant Loans: Pre-approved personal loans with competitive interest rates and complete transparency.
- Investing: Short-term and long-term investment options with Jump, Smart Deposit, and Fixed Deposit features.
- Analyser: AI-powered insights on expenses, nudges for savings and investments, and credit score tracking.
- Personal Finance Management: Zero-balance savings account, Ask Fi (a personal finance assistant), easy expense categorisation, and goal-based saving with FIT rules.
- Credit Card: Co-branded credit card with Federal Bank, 5% valueback through rewards, accelerated rewards up to 5X for top 21 brands, airport lounge access, and personalised reminders.
Steps to open an account through Fi Money
- To begin, download the Fi Money app from the Play Store or the Apple App Store.
- To proceed with account creation, you will need a valid set of KYC documents, including PAN and Aadhaar linked to your bank account.
- The Fi app should guide you through the account opening process, which should be self-explanatory.
- If required, you may be asked to complete a video KYC. In such cases, this article should be helpful.