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

Shraaj

TF Premier
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.

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Federal Bank Charges Read it from Page no.9
 

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I can think of 2 good options:

- Kotak 811
- SBI

In Kotak 811, you get a zero balance account along with a virtual debit card.

In SBI, you also get a zero balance account, but there is an annual debit card fee. However, you can opt out of the physical debit card and opt in for a virtual debit card through the Yono App.
Kotak 811 cant be Opned due to Recent Banned/Restrictions on Kotak Banks Digital Infrastructure!
 
If Jupiter starts charging for virtual debit cards too, they're a goner.

This was the reply from Jupiter Founder & CEO on Jupiter Community when users raised concerns. Let's hope the "discussion" bears fruit or lots of people will walk away.

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I'm pretty sure this discussion only covers max one year. When Apple removed the charger every other major brand confidently said they would supply with their phones and made fun of Apple but started following them from next year's release lol.
Apple exists in the market because people buy it for luxury.
This brand will last until some strong competitor arrives in the market . ( Near to impossible)
So , removing charger from the box will not affect its sale .

But in case of jupiter , it's a Neo bank and majority population don't have any idea about Neo banking .
If they will charge like other primitive banks , then people will switch from jupiter .
No physical branch not so good customer support.
It will not sustain in the market .
 
If they planning to charge Neo bank users like this, then they should give access to physical branches, ability to change branch, directly contact federal Bank customer care instead of fi or Jupiter
 
If they planning to charge Neo bank users like this, then they should give access to physical branches, ability to change branch, directly contact federal Bank customer care instead of fi or Jupiter

Perhaps Federal thinks everyone using Jupiter is under 30+ and willing to pay whatever is charged.

Also, wouldn't Federal customer care be worse than Jupiter? The experience with Federal VKYC executives when signing up for Jupiter has been pathetic. They all seem to be underpaid, WFH people who delight in pointing an error and disconnecting the call immediately because they don't give a damn about whether Jupiter gets an account or not.
 
Perhaps Federal thinks everyone using Jupiter is under 30+ and willing to pay whatever is charged.

Also, wouldn't Federal customer care be worse than Jupiter? The experience with Federal VKYC executives when signing up for Jupiter has been pathetic. They all seem to be underpaid, WFH people who delight in pointing an error and disconnecting the call immediately because they don't give a damn about whether Jupiter gets an account or not.
No federal Bank employees paid on par with govt bank employees. Assistant Manager's salary is 12lpa
 
Perhaps Federal thinks everyone using Jupiter is under 30+ and willing to pay whatever is charged.

Also, wouldn't Federal customer care be worse than Jupiter? The experience with Federal VKYC executives when signing up for Jupiter has been pathetic. They all seem to be underpaid, WFH people who delight in pointing an error and disconnecting the call immediately because they don't give a damn about whether Jupiter gets an account or not.
I've had pathetic experience with Fi customer care. They don't know anything and take way way too long to actually revert back with the query I have.

That being said, I have no experience with federal customer service so if it's worse than FI then that must be terrible.

That being said access to a physical branch is important if they want to start charging for accounts.
 
I've had pathetic experience with Fi customer care. They don't know anything and take way way too long to actually revert back with the query I have.

That being said, I have no experience with federal customer service so if it's worse than FI then that must be terrible.

That being said access to a physical branch is important if they want to start charging for accounts.

I was referring to Jupiter, not Fi. Yeah, haven't heard anything good about Fi.

Jupiter has been quite good when it comes to customer care. You rarely need it and when you do they are good. Also there's the Jupiter community forum for even faster resolution, especially if the matter relates to some bug, etc.

Fully agree that access to a physical branch is important if they want to start charging.
 
I was referring to Jupiter, not Fi. Yeah, haven't heard anything good about Fi.

Jupiter has been quite good when it comes to customer care. You rarely need it and when you do they are good. Also there's the Jupiter community forum for even faster resolution, especially if the matter relates to some bug, etc.

Fully agree that access to a physical branch is important if they want to start charging.
But in that case do we need another bank in India! 🤔 We have already way more banks than we need.

I mean with all the charges doesn't it becomes unnecessary because by the new soc it's charging way more than a physical branch without any improvement in service.

And also breaking their promises every month with everything like life time zero mab, life time free cards no charges nada... Etc etc

Time to give farewell to Neo banks.
 
Federal bank ko laga hoga Ambani ji ka trick apna te hai .
Jaise jio ko india me launch Kiya tha .
Pehle 0 balance account khulwaya aur debit card wo bhi rewarding wla free me Diya .
Ab ek sal bad 10k fd wala chochla .
Fir ek sal bad aur Sara charges laga do .

Lekin ye socha hi nahi India me free ka saman kha kar log bhul jate hai ..
 
Federal bank ko laga hoga Ambani ji ka trick apna te hai .
Jaise jio ko india me launch Kiya tha .
Pehle 0 balance account khulwaya aur debit card wo bhi rewarding wla free me Diya .
Ab ek sal bad 10k fd wala chochla .
Fir ek sal bad aur Sara charges laga do .

Lekin ye socha hi nahi India me free ka saman kha kar log bhul jate hai ..
Plus inko ye samjhna chahiye ke market mai bohot saare banks hai.
 
I mailed to their nodal desk regarding the charges they imposed every year in phases .

See what they have to say

Is this Jupiter? Because on the app they are still showing this for Pro Customers (10K FD or MAB gets you Pro). While the Federal Bank communication suggests all customer types with Virtual Debit Cards need to pay annual charges.

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