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One Account To Rule Them All

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One Account To Rule Them All

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“The more the merrier.” It’s an adage that rings true in many cases. Parties, shoes, bank balance. But what about bank accounts? And before you answer, remember that having more bank accounts doesn’t necessarily mean more bank balance. In fact, it can even result in the exact opposite, but more on that later.

Now we aren’t here to talk about the ideal number of bank accounts one should have since that depends on how you choose to manage your money. But if we were to take a shot at it, our answer would this -

"One account to rule them all,
One account to find them,
One account to bring them all,
And in Connected Accounts bind them."

Lord of the Rings references aside, we don’t mean to by cryptic. We mean it, all you need is one Fi savings account to rule all your other bank accounts. How so? Let’s set the stage. If you have multiple bank accounts, and you probably do, then you already know what a headache it is keeping track of it all.

The more the not-so-merrier

Imagine this, you’ve got one account that’s your current salary account which you use to accumulate cash. There’s another account, the salary account from a previous job, that you use for expenditures and withdrawing cash. Let’s say you’ve got your credit card linked to this account. And yet another one, from your first job, which you’ve linked to your demat account for investments and mutual fund SIPs.

Now, it already seems a bit complicated but consider this. It's the last day of the month and your credit card bill is due. You’ve set up auto-payments so you’re not worried. “Payment failed”, flashes an alert on your phone. The account’s low on balance and you scramble to transfer funds in the nick of time, crisis averted. You're all set for the start of the next month but wait, you forgot to replenish your investments account and you’ve missed your SIP payment date.

And we haven’t even got to how you could end up losing money with more bank accounts. Picture this, you’re at the ATM because your cab driver doesn’t have UPI. You use your credit card to withdraw an amount that just isn’t there and bam! You’ve been hit by an ATM decline fee. Chances are you’ve also been charged for not maintaining a minimum balance. The possibilities are endless. It’s like the entire system is conspiring against you.

You (and Fi) against the world

If you're thinking there’s no one on your side in this woebegone world of due dates, fees and charges, hold that thought. Fi’s Connected Accounts is here to help. Gone are the days when you needed to switch between multiple apps or sites to check your balances and make sure everything is in place. You can now simply connect your alternate accounts on the Fi app to get a total view of all your account balances put together.

Total balance in Connected Accounts

Not just that, you even get to see each individual bank account balances in one place. No more below minimum balance charges. Before sliding that card into the ATM, whip out the Fi app and check your balance, no more ATM decline fees. Just tap on Fi and forget about late fees on credit card dues. Don’t miss another SIP payment with….you get the point.

But wait, before you think, “this is too good to be true”, it gets better. Linking your bank accounts with Fi only takes a matter of minutes. Fi has partnered with RBI-licensed financial intermediaries to make sure the process is as smooth as possible so you don’t have to worry about a thing.

Time to switch to Fi. Smart banking and only that.
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