Written by Archana Shivkumar

Published on September 30, 2021

FI Money Review 2021 # Everything About FI.Money App Explained !!

Are you seeking a Fi money review? Looking to Sign up with Fi.Money Banking App? If you seeking detailed information, then this article provides a meaningful review of the financial and banking app – FI money.

This FI Money review will begin with basic background information on FI money. Later, it will dig deeper into the varied features of the FI money app, notably compatible platforms, trading instruments supported, pricing, account types offered, payment methods supported, KYC (Know-Your-Customer) process, customer service, and value-added benefits.

In a nutshell, you may browse through this review, explore the FI money app, know its distinct features, and make a well-versed choice.

A Brief Synopsis Of The FI Money App And The Think Tank Behind It


Fi.money Review

The FI Money App is a digital banking app specially designed for working millennials. It is synonymous with a ‘neobank’ as it comprises a built-in savings account. The FI App is developed using groundbreaking technologies and is a one-stop solution for your financial management needs. It displays your current wealth balance, suggests money multiplication strategies, and aids in investment planning. It has collaborated with Federal Bank to offer users online savings accounts and VISA debit cards.

Headquartered in Bangalore, the FI Money App is the brainchild of ex-Google employees – Sumit Gwalani, Sujith Narayanan, Arvind TP, Neeraj Bhope, and ex-Netflix & Flipkart employee Prasanna. R. Using their years of robust fintech experience, the team has developed the FI app from scratch.

The FI Money App Soft-Launched On The Web And Android Mobile Platforms

Founded in May 2019, the FI fintech startup is currently in the initial growth and testing phase. Therefore, currently, the FI app is available only on the Android mobile and web platforms. However, the app’s iOS-compatible version is in the beta-testing stage for a closed group of individuals. It will be listed on the iOS app store soon. You may download the web-friendly version of the FI app for your desktop.

The FI Money App – An Ideal Virtual Platform For Investing In A Broad Range Of Financial Products And Availing Of Financial Services


FI Money App

The FI banking app enables you to invest in market-linked instruments like shares, mutual funds, bonds, ETFs, etc. You can also invest in commodities and FD (Fixed Deposit) schemes. Besides, you can buy insurance covers and invest in insurance-related products too.

In addition, with the FI Money App, you can avail yourself of investment advisory, portfolio management, wealth management, forex remittance, and online money transfer services. The integrated payment gateway helps you pay your utility bills and online purchases in a fast and safe manner. Transaction records, QR (Quick Response) codes, exclusive debit cards, credit score computation, lead generation, etc., are a few standout features of the FI app.

FI Money App’s Cost-Efficient Pricing Policies And Fee Structure Reviewed

  • Basic charges: As FI money has no physical banking infrastructure or branches, it can considerably reduce your banking charges. You can open online savings account with zero hidden costs and account maintenance fees with the FI app. 
  • Minimum deposit: There are no minimum balance requirements. Precisely, you do not incur a penalty if your saving account balance drops to zero. However, to experience all the value-added benefits offered by the FI App, you may save, spend, or deposit a minimum of Rs 20,000 each month. 
  • Interest rates: You can earn up to a 2.5% interest rate on your FI Money-saving account balances. Your fixed or smart deposits can earn an interest rate between 2.50 – 6.25% depending on your age and chosen investment duration. Moreover, only single deposits of Rs 2 crore and above attract a premature withdrawal penalty of 1%.
  • Debit card charges: FI.money awards you a Visa Platinum debit card with zero issuance and annual maintenance charges. You can seamlessly withdraw money from the FI savings account from any federal bank ATM at zero cost. 

FI Money Fees

If you use other bank ATMs to withdraw money, the first five transactions every month are free. After that, you incur Rs 20 per withdrawal. If you swipe the debit card outside India, you must pay Rs 100 per international transaction. Moreover, for all non-financial transactions, you must pay a nominal ATM fee of Rs 25. If your debit card is lost, stolen, or mutilated twice, you must pay a card replacement cost of Rs 250.

  • Free services: The FI money app offers the following banking services for free:
  • Digital payments via NEFT or RTGS.
  • SMS, E-mail, mobile-banking, or net-banking alerts and notifications.
  • Electronic debit card.
  • UPI or IMPS online money transfers.
  • Mini-account statements or account summary.
  • Two chequebooks with five leaves each every six months.
  • Demand draft (DD) up to Rs 1,00,000 per quarter.
  • One signed bank statement every month.
  • One interest certificate every year.

Other charges: The below table lists additional services offered and applicable fees for each.


Service Description Applicable fees for FI Money Customers
DD of above Rs 1,00,000 Rs 300
Stop cheque payment Rs 100
Stop processing of three or more cheques Rs 500
Additional signed physical account statements Rs 100 per copy + Rs 100 (if there are more than 40 listed transactions)
Proof-of-Funds Certificate  Rs 100
Additional physical copies of interest certificates Rs 100 per copy
ATM transaction decline charges (applicable to non-Federal bank ATMs) Rs 25
Cheque bounce charges First time – Rs 125

Second time – Rs 250

Every successive cheque bounce after that – Rs 500

Cheque return charges Rs 150
Collection of outstation cheques or inward LCC Based on the cheque amount, it will vary between Rs 15 – Rs 250.
ECS or NACH clearing charges Rs 2,750 + additional charges as applicable


An 18% GST will be added to all of the charges mentioned above.

A Fast And Secure FI Saving Account Hosted By Federal Bank


FI Money Partners

You can open an online FI saving account managed by its affiliate – Federal Bank. Moreover, the Federal Bank safeguards your money and deposits by following the highest safety protocols formulated by the apex bank. Plus, your money has protection cover up to Rs 5,00,000 under the RBI’s insurance deposit plan. In addition, the FI money app follows the PCI DSS (Payment Card Industry Data Security Standard) compliance scheme.

Initiate Online Fund Transfers Through The FI Money App Via Flexible Payment Modes

The FI Money App enables you to fund online purchases, top-up your account, withdraw funds, or remit money to loved ones in India or abroad. It supports all payment modes – NEFT, RTGS, IMPS, UPI, cheque, DD, debit card, and credit card.

A Bird’s-Eye View Of The FI Money App’s KYC Process

The FI app ensures that your KYC procedure is 100% complete as per RBI guidelines before delivering any service. You will receive an OTP on your Aadhar registered mobile number for e-KYC verification. 

However, you must complete IPV (In-Person Verification) to hold deposits exceeding Rs 1,00,000. You can finish IPV through C-KYC, video KYC, biometric validation, or physical verification at any of the Federal Bank branches. Apart from KYC authentication, FI money will conduct your brief background check and risk profile assessment.

The compulsory documents for the KYC process are identity proof, address proof, a passport-sized photograph, 3-month salary slips, PF account details, a cancelled bank cheque, and 3-month bank statements. A valid passport, driving license, election ID card, ration card, and Aadhar card are some valid identity and address proofs.

FI Money Customer Support

FI money has a full-fledged customer care team for virtual assistance and query handling. You can reach them via in-app chat. Besides, you can contact customer care on 080-47485490 or drop an e-mail at help@fi.care. Moreover, you can follow FI money on Twitter, Instagram, and Linkedin to get up-to-date details on their services.


The FI Money App is a one-stop destination for managing your finances. It gives valuable insights into your online expenditures, transaction data, account balance, and investments snapshot in an easy-to-understand format. Moreover, it follows advanced data security standards that ensure the non-leakage of personal data or sensitive information to miscreants. 

However, a major drawback of the FI Money App is that it is open only to salaried individuals. But, it will be released to all population classes in a phased manner as and when it may be possible. Thus, if you are contemplating opening a virtual bank account, FI money is a good platform.

Risk Warning: No platform/application is 100% hack-free and tamper-proof. Rare instances of illegal access or data breach are inevitable.


Q.1. What are the standout attributes of the Fi money app?

  1. Special rewards and offers: If you meet the eligibility conditions of an offer, you may receive exclusive rewards in the form of fi tokens, cashback, deposits in the FD account/smart deposit account/mutual funds/stocks. FI money will send you personalised or tailor-made offers as per your preferences.
  2. Early access: Presently, the FI money app is in the testing phase and constantly upgraded based on customer feedback. Thus, you have to sign up for gaining early access to the app by furnishing mandatory details. On the basis of your waitlist number and availability of a spot, you will receive a Fi.nite code to start using the app.
  3. Chief Broke Officer (CBO) program: This program is designed for working individuals aged 21 and above. If you qualify for this program, an amount equivalent to your take-home salary or Rs 1,00,000, whichever is lower, is credited to your FI savings account. You may gain early access to the app too.

About Archana Shivkumar

Archana Shivkumar is a personal finance and fintech writer holding double graduation in finance and commerce. With her Masters in Economics, she skillfully analyzes global financial and crypto markets and provides meaningful insights on their future prospects. As a blockchain enthusiast and digital asset buff, she likes to write about the latest developments in the DeFi space, especially NFTs, crypto gaming, and new blockchains touted as Bitcoin or Ethereum-killers.

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