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New Variant of Fi Money Account- Fi MONEY PRIME
- Thread starter Jatin Kumar
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Phonix_YT
TF Select
I did not received the reward
Someone please answer
1. Can I get cashback for adding money in amazon wallet ?
2. Is cash back eligible if paid via upi/dc for loan repayment?
3. Can I do account funding via UPI to Zerodha or Manually pay for Mutual Funds to get 3% cashback?
4. Also, From my understanding, It's as simple 1L MAB Prime account, where I need to do max txn of 1000Rs or 3333 per day right to hit cashback cap.
1. Can I get cashback for adding money in amazon wallet ?
2. Is cash back eligible if paid via upi/dc for loan repayment?
3. Can I do account funding via UPI to Zerodha or Manually pay for Mutual Funds to get 3% cashback?
4. Also, From my understanding, It's as simple 1L MAB Prime account, where I need to do max txn of 1000Rs or 3333 per day right to hit cashback cap.
Can someone please answer this even if you know partially.
Gau₹av
TF Legend
Fi Cashback is 2.4% now as 50000 Fi coins=4000 Fi points
That's because "Convert to cash" option lists 25000 Fi points=₹5000, NOT 24000 Fi points. 4000 Fi points can be earned max each month due to capping, in 6 months 24000 Fi points)
Daily max is 400 Fi points, which they FALSELY claim in new updated T&C is worth ₹100, it's actually ₹80. Since 25000 Fi points give ₹5K, 1 Fi point=₹0.20
If 400 Fi points were worth ₹100 as they claim, 4000 Fi points would be worth ₹1000 and 24000 would be worth ₹6000 (1 Fi point=₹0.25) which is not the case.
To earn the extra 1000 Fi points, additional spends of ₹8335 are required in the 7th month.
So 2.4% of 2,08,335 = ₹5000.04 which is what we are getting in 7 months (25000 Fi points), total fraud/misleading. instead of 3% of 2,00,000 in 6 months which would be ₹6250
I suggest everyone complain straightaway to RBI ombudsman after 30 days of initial complaint with Fi, after taking screenshots of FALSE calculations and FRAUD
This company is going down
That's because "Convert to cash" option lists 25000 Fi points=₹5000, NOT 24000 Fi points. 4000 Fi points can be earned max each month due to capping, in 6 months 24000 Fi points)
Daily max is 400 Fi points, which they FALSELY claim in new updated T&C is worth ₹100, it's actually ₹80. Since 25000 Fi points give ₹5K, 1 Fi point=₹0.20
If 400 Fi points were worth ₹100 as they claim, 4000 Fi points would be worth ₹1000 and 24000 would be worth ₹6000 (1 Fi point=₹0.25) which is not the case.
To earn the extra 1000 Fi points, additional spends of ₹8335 are required in the 7th month.
So 2.4% of 2,08,335 = ₹5000.04 which is what we are getting in 7 months (25000 Fi points), total fraud/misleading. instead of 3% of 2,00,000 in 6 months which would be ₹6250
I suggest everyone complain straightaway to RBI ombudsman after 30 days of initial complaint with Fi, after taking screenshots of FALSE calculations and FRAUD
This company is going down
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A ChatGPT explaination -
What Fi Claims
- Fi says you earn cashback by collecting Fi Coins, which convert to Fi Points, and then to cash.
- They promote it as 3% cashback — for example, if you spend ₹2,00,000 in 6 months, you should get ₹6,000 back (3%).
🔸
- Conversion Rate (Real vs Claimed):
- You need 25,000 Fi Points to get ₹5,000.
- So, 1 Fi Point = ₹0.20
- But they falsely claim 400 Fi Points = ₹100, which would mean ₹0.25 per point (not true).
- Monthly Cap:
- You can earn max 4,000 Fi Points per month.
- Over 6 months, that’s 24,000 points, worth only ₹4,800, not ₹6,000.
- To Reach ₹5,000 (25,000 points):
- You must spend more in the 7th month to earn the missing 1,000 points.
- At the actual cashback rate (₹0.20 per point), you need to spend ₹8,335 more to get those 1,000 points.
🔸
- You end up spending ₹2,08,335 over 7 months.
- You get ₹5,000 back (25,000 points).
- So, your real cashback = ₹5,000 ÷ ₹2,08,335 = ~2.4% cashback
🔸
- Fi advertises 3%, but due to caps and misleading conversion claims, you actually get ~2.4%.
- They inflate point value in T&Cs (say 400 points = ₹100), but that doesn’t match real conversion.
- This makes their cashback scheme misleading or borderline fraudulent.
Gau₹av
TF Legend
So what kind of returns would not be miniscule according to you? Approx for parking 1L, how much returns are ideal as per you - can you give an idea or a ballpark figure in terms of percentage or monthly/quarterly/yearly profit for parking 1L in other instruments besides savings? And where/which saving instrument?
What I understood from your earlier post is that you can earn maximum 800 Rs per month that's around 9600 a year. Also, you must be getting that savings rate of 2.75%. So net returns on 1 Lakhs = 9.6+2.75= 12.35% PA. But, Real returns may be lower than that, as other than 1L MAB, you must be keeping some balance in account to spend. Also, if they are genuine spends, you may be loosing cashback opportunities. Even, considering a genuine rotation scheme; I would consider that 9.6% returns as half your effort rest is half real returns = 4.8+2.75 = 7.55% (Real returns). Also, Banks like axis liberty also gives 2.5% return on UPI spends. So for net 0.5% returns it seems really useless. I am not apt with the current tricks working with FI money UPI, So incase you use for rotation do let me know the use case in DM.
Also, You may earn easily 9-12% annualized returns by investing in debentures and bonds ( Considering you know do a little research of the company raising money). Also, you may play with rate cycle by investing in Long term debt mutual funds ( In decreasing rate scenario you can usually get double digit returns on them). Even, RBI Floating bonds give 8.05% as of now. Smaller SFB's , were giving 8.5+% returns.
So, what kind of returns I prefer?
If effort is Minimal from my side - 7-11% ( FD, BONDS, DEBENTURES)
Medium effort high returns - 11-15% ( MF equity, Long term debt, Direct equity investing)
High effort high rewards - 18-35% ( P2P lending, Money rotation-Cashback . Direct Equity small cap investing, MTF trading) -Fi money in this category
FOMO / Gambling rewards - 50+% (IPO investing , FnO)
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Gau₹av
TF Legend
Yes your calculation is correct it comes to ₹800 per month=9600 per year. Thank you for valuable info.
I do have many other investments, one of them being lumpsum amounts in direct growth equity mutual funds (small cap, midcap, large cap) done years ago which are now rewarding very well despite the market being down. Was looking for insights into this exactly to know other users' opinions on Fi. Considering the effort required for Fi and their sudden devaluation without any notice, it may not be worth it at some point.
should i collect more point and convert to 5k cash or amazon pay voucher is better option ?
Offers can change anytime. Get the best you can with your points today.
thats what i m thinking, when i am close to point to converto cash they remove that option looks sus to me. so yeah agreed with you
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