Federal Bank - Fi Money and Jupiter Hike Service Charges for Savings Accounts from June 1st, 2024

[Shraaj]

Summary: Federal Bank & Fi Money customers will experience increased service charges from June 1st, 2024. This affects Virtual & Physical Debit Card issuance, account closure, and AMB requirements.

Article: In an email, Federal Bank notified customers of changes in service charges for Federal Bank-Fi Money & Jupiter Accounts. From June 1st, 2024, customers will face revised fees in various banking areas.

Virtual Debit Card Charges: The issuance of a Virtual Debit Card will now cost ₹354 (including GST), an increase from previous pricing.

Physical Debit Card Charges: Customers will be charged a flat fee of ₹399 (including GST) for the issuance and maintenance of Physical Debit Cards. This applies to all account types except Salary Accounts.

Account Closure Charges: Closure of Fi Money accounts after 14 days of creation will cost ₹299 (including GST).. This is applicable to all account variant

Zero Balance Accounts: All accounts, including Standard, Plus, and Infinite, must now maintain a minimum monthly average balance (AMB). Specific requirements have not yet been disclosed. These changes may disappoint customers who opened accounts in early 2021 when fees were lower.

Federal Bank Charges Read it from Page no.9

 

[SpidySpider]

रिश्ता आप से है
क्यूँकि वसूली भी आप से है

 

[ashsahu]

already submitted closer request for fi account, thinking about jupiter also

can we close both of them online or have to visit branch?

 

[Shraaj]

can we close both of them online or have to visit branch?

you can close it by application also

 

[Batman]

I have

• Neo (0 Forex),
• Jupiter (for extra UPI limit if daily limit reached on BHIM/GPay)
• Fi.

Based on this PDF, I think I should close all 3 before June.

Is there any other DC/account with 0 Forex? I do have RBL World Safari cc.

And UPI daily limit tweak, is that possible on any other card?

 

[hema220]

can we close both of them online or have to visit branch?

fi account closed online. Jupiter need to check

 

[cardy]

So time to say goodbye to these accounts that have become peacock by adding feathers of peacock in crow body.

What they don't know is
Still they are crow.

 

[Humanbeing]

Not able to fathom that these Neo banking programs started with zero balance account with no DC or zero other charges to get the users base, but within a span of 3 years, they have changed their T&C 360 degree, especially the banking partner.

 

[iamabhisekagar]

I have

• Neo (0 Forex),
• Jupiter (for extra UPI limit if daily limit reached on BHIM/GPay)
• Fi.

Based on this PDF, I think I should close all 3 before June.

Is there any other DC/account with 0 Forex? I do have RBL World Safari cc.

And UPI daily limit tweak, is that possible on any other card?

Why Close Niyo?

 

[ashsahu]

fi account closed online. Jupiter need to check

Thanks, Wish all the banks adopt this online closure option as in FI

 

[praful47]

Any other substitute for jupiter .... 0 balance account with free debit card ?

 

[Vishal N]

Now older accounts will also have to pay for closing this account....what nonsense!

Is charging account closing charges even legal?

HDFC atleast doesn't charge if you close it after a year.

These neo banks are so scummy. Who charges account closing charges. That too after starting as 0 balance etc

 

[tharun]

I closed these crap last yeae

I have closed the account in February and Fi cs team told me they closed the account however when I mistakenly add federal Bank to UPI in my new mobile it was linked
Did the same thing happened to you or how did you is the account completely closed or not

 

[Vishal N]

Any other substitute for jupiter .... 0 balance account with free debit card ?

Open SBI. It will be the last bank to close 0 balance.

 

[Batman]

Why Close Niyo?

I may have been mistaken. I was under the assumption that Niyo is also a neo bank under the same parent bank as Jupiter/Fi Money.

 

[NShah]

I have closed the account in February and Fi cs team told me they closed the account however when I mistakenly add federal Bank to UPI in my new mobile it was linked
Did the same thing happened to you or how did you is the account completely closed or not

After submitting the request for account closure it takes 21 days to close the account, but if in these 21 days any amount is deposited in the account then your account closure request will be automatically cancelled.

 

[praful47]

Open SBI. It will be the last bank to close 0 balance.

Any limitations in this account?
Debit card charges ?

 

[NShah]

Any limitations in this account?
Debit card charges ?

NO.
200 + GST

 

[praful47]

NO.
200 + GST

Any LTF debit card ?

 

[NShah]

Any LTF debit card ?

Virtual Debit card

 

[image]

I was using Fi Debit card primarily for ZERO forex markup. Will it be 1.18% now?

I have RBL World Safari LTF CC for this purpose and for backup Onecard LTF with 1.18% markup.

Should I close Fi?

Also, I have Fi physical debit card, will it be chargeable annually now?