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

 

[falcon007]

An account becomes dormant when there are no transactions within 12 or 24 months .
You didn't do single transaction?
Nodal officer didn't say anything why it is marked dormant ?

I never used Pots feature.
Nodal Officer didn't say anything about 'why' it turned dormant.

When I asked the bank should have informed me about the account being marked as dormant, before it actually does, NO said they have taken it as a feedback and requested me to visit the branch.

Will see how it goes.

 

[falcon007]

Banks shall undertake atleast an annual review in respect of accounts, where there is no customer induced transactions for more than a year. In cases where there is no explicit mandate to renew the term deposit, the banks should review such accounts if the customers have not withdrawn the proceeds after maturity or transferred these to their savings/current account in order to prevent such deposits from becoming unclaimed. The banks shall inform the account/deposit holders in writing through letters or email or SMS (if the email and mobile number are registered with the bank) that there has been no operation in their accounts/deposits in the last one year, as the case may be. The alert messages shall invariably mention that the account would become ‘inoperative’ if no operations are carried out during the next one year and, the account holder would be required to submit KYC documents afresh for reactivating the account in such case

Great.. time to fight.. else send the request to RBI BO..

If Fi and Jupiter are going Axis way, then they need the special treatment aka Vishesh treatment..

 

[praful47]

Great.. time to fight.. else send the request to RBI BO..

If Fi and Jupiter are going Axis way, then they need the special treatment aka Vishesh treatment..

fi and jupiter are acting oversmart nothing else .

 

[praful47]

I never used Pots feature.
Nodal Officer didn't say anything about 'why' it turned dormant.

When I asked the bank should have informed me about the account being marked as dormant, before it actually does, NO said they have taken it as a feedback and requested me to visit the branch.

Will see how it goes.

Large amount is stuck over there ?

 

[John Since]

fi and jupiter are acting oversmart nothing else .

Mainly Jupiter CEO is infamous for floting RBI guidelines and twisting the rules. He's got no credibility.

 

[praful47]

Mainly Jupiter CEO is infamous for floting RBI guidelines and twisting the rules. He's got no credibility.

Then he needs some good treatment from RBI .

 

[John Since]

Then he needs some good treatment from RBI .

Already he was rapped up by RBI on BNPL product. Dilip Asbe taunted him in the launch event of Jupiter Rupay Credit card. You can find the video of it.

 

[BhaiyaJi]

requested me to visit the branch.

But Neo banks dont have any branch.

 

[BhaiyaJi]

Have they revealed AMB requirements of Fi and Jupiter?

 

[praful47]

But Neo banks dont have any branch.

Federal bank visit karne bola hoga

 

[doraemon]

W

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.🤣

Well said

None of those needed.

Go to settings under your profile, all the way at the bottom you should see " tap here to permanently closed your account".

Follow the steps shown and it will close in 10 business days

How to close Jupiter

 

[falcon007]

Large amount is stuck over there ?

20 rs I transferred today itself to check if account status converts to normal after deposit.

 

[falcon007]

But Neo banks dont have any branch.

Federal Bank branch.. it's around 2-3 KMs away

 

[praful47]

20 rs I transferred today itself to check if account status converts to normal after deposit.

Deposit won't work in case dormant account.
Withdrawal is restricted not deposit

 

[pointhacker]

I talked to Fi customer care team again....they are telling that virtual DC charge will not be applied only. Confusion confusion

But they told that they cannot put virtual DC charges without letting users cancel virtual DC. And they cannot cancel virutal DC because it is needed for UPI PIN setting

In short they cannot charge!

 

[praful47]

I talked to Fi customer care team again....they are telling that virtual DC charge will not be applied only. Confusion confusion

But they told that they cannot put virtual DC charges without letting users cancel virtual DC. And they cannot cancel virutal DC because it is needed for UPI PIN setting

In short they cannot charge!

Bharosa nahi inlogo ka ..
Federal bank clearly charges mention Kiya hai .
Agar charges debit hogaye to customers kuch nahi kar payenge .. kyu ki federal ne pehle hi intimate kardiya hai .
So keep your account on your own risk.

 

[newinnov]

Just remember, you are not dealing with Fi or Jupiter here, Federal Bank H*utiya bank tha, hai or rahega! (H=C)

 

[praful47]

1 week se jyada hogaya RBI ko mail kiye .. abhi tak koi reply nahi

 

[Strange]

1 week se jyada hogaya RBI ko mail kiye .. abhi tak koi reply nahi

Mail for? .

 

[praful47]

Mail for? .

I mailed that ... jupiter account was supposed to be a zero balance account for life time and debit card was also lifetime free but every now and then rules are changing and they are levying charges.