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

 

[iamabhisekagar]

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

 

[6ix9ine]

Man even virtual, I had opted out of the physical DC (referring to Fi) when they sent the last email. It seems like they have also removed the Zero Forex.

 

[Vasuki]

I closed these crap last yeae

 

[Shraaj]

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

Sadly, yes fi is destroying there own business

 

[iamabhisekagar]

Sadly, yes fi is destroying there own business

This is not justified...even Axis doesn't charge for account closure after 1 year

 

[Shraaj]

This is not justified...even Axis doesn't charge for account closure after 1 year

99% banks do not charge if you close account after 1 year.

 

[pointhacker]

I just called to Fi customer support team and after many attempts I was able to connect

They told that virtual card charges will not be applicable for anyone and that they are sending clarification email in the next 1-2 days

 

[Shraaj]

I just called to Fi customer support team and after many attempts I was able to connect

They told that virtual card charges will not be applicable for anyone and that they are sending clarification email in the next 1-2 days

Do not believe in Fi, They are just tech Backend is Federal even last time they promised that Fi Debit Card is free LTF for People who opened their accounts in 2021 but in Jan 2024 they started debiting because Federal Bank increased there Charges on Debit Card. So,Fi is just the Front Face but Bank is Federal Bank

 

[COSMOCRAT]

Neobanks trying to be banks. At least for actual banks we have physical branch to fallback to. For neo banks we are at the mercy of online support only.

Good thing I never completed Jupiter KYC and it got auto closed after 365 days.

 

[COSMOCRAT]

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

Don't close. Withdrawal everything, leave it dormant and never look back.

 

[pointhacker]

Do not believe in Fi, They are just tech Backend is Federal even last time they promised that Fi Debit Card is free LTF for People who opened their accounts in 2021 but in Jan 2024 they started debiting because Federal Bank increased there Charges on Debit Card. So,Fi is just the Front Face but Bank is Federal Bank

They told that they will not charge atleast till they make a feature to cancel the virtual card (so that we can opt out from this feature and charges). They did same with physical card also (gave option to cancel card if we don't want to pay charges). Personally I am using them for 2% cashback on Infinity account so no problem for me

But many thanks for the detailed article. Usually nobody takes effort for this, so RESPECT

 

[BhaiyaJi]

Ab to ye haal hai, har mahine ye new rules, eligibility criteria, MAB, debit card charges track karna padta hai.

 

[ramirami]

I will be closing Fi before the new terms apply in order to avoid account closure charges - so before 1 June. The account offers no rewards and has debit card charges and now they want some monthly balance too. Not worth it at all.

 

[BhaiyaJi]

Fi or Jupiter is not mentioned I think, I guess these are only for core Federal bank accounts.

 

[its_karan]

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

Attachment dekhne ke baad

Acha hai Download karne ke charges nahi lagaye Fed ne

 

[BhaiyaJi]

Vo din bhi durr nahi jab banks debit card or UPi use karne ke bhi paise lega

 

[prc1990]

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

FI Schemes Ultimate means Infinite right? Why the FI Account Types are not termed properly leading to confusion and chaos 🦁.

 

[BhaiyaJi]

It looks like a service hike day

AU hikes Service Charges for Digital Savings Accounts from June 1st, 2024

www.technofino.in

 

[6ix9ine]

Fi or Jupiter is not mentioned I think, I guess these are only for core Federal bank accounts.

It seems like you didn’t even open the PDF file, there’s more information at the end.