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

 

[Shraaj]

Yeah, I have also opened the account in 2022.

Actually by default our account is standard which means zero balance , but just for the sake of 2% cashback i am on infinite plan maintaining 50k BALANCE.

 

[the_collector]

Actually by default our account is standard which means zero balance , but just for the sake of 2% cashback i am on infinite plan maintaining 50k BALANCE.

What about the debit card fees?

 

[Shraaj]

What about the debit card fees?

It is free for Infinite and Salary Account Variant. Rest Other Account Variants Chargeable

 

[Strange]

Rest Other Account Variants Chargeable

Even virtual debit card?

 

[Shraaj]

Even virtual debit card?

Look, Federal Bank has Stated that From 01st June Except Salary/Infinite Account will not be Charged even for Virtual Debit Card but they stated all Account Variants are Chargeable but Fi is saying Virtual is Free for All Accounts. So,it's Duality that's why this email is a proof but still I believe Federal Bank because they are the banks so even if we filed a complaint we have to file it against Federal and not Fi Money because Bank is Federal.

 

[praful47]

It is clearly mentioned in the pdf sent by the federal bank about the new charges which is being changed from 1st June onwards .
If jupiter and fi starts deducting ₹200 for non maintenance without official notification also , we cannot do anything.

Although they are saying zero balance but we cannot trust them blindly.

 

[pinki]

Sab milke hmko pagal bna rhe hai 🤷

 

[Shraaj]

It is clearly mentioned in the pdf sent by the federal bank about the new charges which is being changed from 1st June onwards .
If jupiter and fi starts deducting ₹200 for non maintenance without official notification also , we cannot do anything.

Although they are saying zero balance but we cannot trust them blindly.

Yes, that is what I am saying that do not trust Fi and Jupiter because Ultimately Bank is Federal so whatever they are saying we should consider that as a Relevant Information.

 

[praful47]

I had conversation with the nodal officer of jupiter on Monday he said we are unaware about the new charges .
He said I have sent mail to federal bank , when they will revert I will let you know ... But till now no mail .

 

[Shraaj]

I had conversation with the nodal officer of jupiter on Monday he said we are unaware about the new charges .
He said I have sent mail to federal bank , when they will revert I will let you know ... But till now no mail .

Are you sure he is Nodal Officer 🤣, These Fi and Jupiter Guys are Purely IT Guys. How can they increase charges without Notifying there Partners. I am sure there must have been several Meetings with fi and Federal then only they can come up with this Situation otherwise they would have not allowed this or may have changed Partner Banks

 

[praful47]

To remain on the safe side one most close their accounts .
Other private banks are offering better service.

 

[praful47]

Are you sure he is Nodal Officer 🤣, These Fi and Jupiter Guys are Purely IT Guys. How can they increase charges without Notifying there Partners. I am sure there must have been several Meetings with fi and Federal then only they can come up with this Situation otherwise they would have not allowed this or may have changed Partner Banks

The way he spoke seemed to be a professional and experienced person

 

[Shraaj]

To remain on the safe side one most close their accounts .
Other private banks are offering better service.

Why we should close Account with Fi

1. No Proper Bank (It's a Technology Partner) with Federal Bank.
2. No Transparency on Service and Charges (Federal is saying we will charge and Fi is saying we won't)
3. Account Freezing issue (Many People have reported Fi freezes the account in said of Illegal or Cyber crime related Activities)
4. No Proper Support even if we are maintaining 50k Balance. ( if we keep this much balance in any Indian A/c we would have given a Special Person from Bank,whom we can contact by just call)
5. No Physical Branches or Person (It is important for us to have Physical Branches where we can interact with Official if issues )
6. No Guarantee on Long Term Services like these bank will exist for Several Years and No Offering of Credit Card directly (Federal Bank is Bank,so they only can issue Cards) Other Banks they are Neo Banks and Not Banks so consider opening Traditional Accounts other than Fancy Banks)
7.No Guarantee that tomorrow they will charge for even Opening an App and Using its Features.🤣

 

[the_collector]

I would recommend whoever wishes to keep fi/ Jupiter, they write and email and get it in written format from customer care. If they charge later you can use this proof.

Neo banks can't be trusted. They'll just say that federal changed the rules and we can't do anything

 

[ritwik2000]

I would recommend whoever wishes to keep fi/ Jupiter, they write and email and get it in written format from customer care. If they charge later you can use this proof.

Neo banks can't be trusted. They'll just say that federal changed the rules and we can't do anything

even if they charge I dont think charges can be reversed cause even if you complain to rbi they will say Fed bank intimated this earlier and fi/jp is not under our vicinity.

 

[the_collector]

even if they charge I dont think charges can be reversed cause even if you complain to rbi they will say Fed bank intimated this earlier and fi/jp is not under our vicinity.

But you have proof that fi said it would not be charged that's why you continued?

I'm sure that'll hold with RBI as Neo banks are under scrutiny already

 

[newinnov]

Why we should close Account with Fi

1. No Proper Bank (It's a Technology Partner) with Federal Bank.
2. No Transparency on Service and Charges (Federal is saying we will charge and Fi is saying we won't)
3. Account Freezing issue (Many People have reported Fi freezes the account in said of Illegal or Cyber crime related Activities)
4. No Proper Support even if we are maintaining 50k Balance. ( if we keep this much balance in any Indian A/c we would have given a Special Person from Bank,whom we can contact by just call)
5. No Physical Branches or Person (It is important for us to have Physical Branches where we can interact with Official if issues )
6. No Guarantee on Long Term Services like these bank will exist for Several Years and No Offering of Credit Card directly (Federal Bank is Bank,so they only can issue Cards) Other Banks they are Neo Banks and Not Banks so consider opening Traditional Accounts other than Fancy Banks)
7.No Guarantee that tomorrow they will charge for even Opening an App and Using its Features.🤣

100% agree. Also, Federal cs is one of the worst in industry.

 

[ramirami]

Also, even if they don't charge, I don't want to have an account which is so poorly managed that the two entities which manage it say opposite things and clearly cannot sync up and formulate one common policy.

Have submitted closure request.

 

[pinki]

Placed closure request for Fi today 🙂 happy life now.

 

[the_collector]

Placed closure request for Fi today 🙂 happy life now.

Placed closure request few days ago too

Dont have to deal with the countless problems and poor CS for the 2% CB every month