Time to close Fi Bank account?

[blubber]

Fi debit card will now no longer be free if you don't upgrade your account. You can opt out of the physical card, and have a free virtual debit card though.

 

[vine]

Don't close it. They will just waive the charges if you complain to rbi ombudsman about the other service which they are not providing.

They informed in advance as they should have. RBI can't ask banks to stop their 'offers'.
And to address the elephant in the room - Federal Bank - I don't want to deal with them. ReKYC of my FI account was an absolute disaster.
I sent email to close this account as part of my annual clean-up, just one day before the news of debit card charges came out

 

[suhasa010]

Tbf, Federal Bank first revised charges, Fi just passed it on.

 

[prash1161]

i closed acc 10 months ago . It shows closed on fi app. But still I can use that account, hehe

 

[CardGame]

i closed acc 10 months ago . It shows closed on fi app. But still I can use that account, hehe

Maybe they suspended/closed your Fi account(app access) not the actual savings account with federal Bank.

 

[prash1161]

Maybe they suspended/closed your Fi account(app access) not the actual savings account with federal Bank.

Which I also didn't knew .
Got 5k when closed fd based cc and I was shocked wtf how is this possible.
Jupiter one was closed by bank to

 

[hgupta]

What if I keep only 1 rupee in the account to tease them? Do they do balance in negative?

 

[prc1990]

What if I keep only 1 rupee in the account to tease them? Do they do balance in negative?

Logically they can't as this is not a loan account and you don't owe them.

 

[hgupta]

Logically they can't as this is not a loan account and you don't owe them.

And if I add some amount for one day and charges are pending ? Mostly I use this account just to use ATM withdrawal. Transfer and ATM withdrawal.. not keeping amount in it.

 

[Shraaj]

I'm surprised that they're now charging fees for debit cards, especially for customers who opened their accounts when they were offering zero-balance accounts with no debit card issuance or annual fees. I didn't receive any email from them about this change. After seeing some tweets on X, I checked with their support team and they confirmed that charges are now applicable. I mentioned that we were told there would be no fees, but they said the terms and conditions have changed. Currently, I'm on the Fi Money Infinite Plan, maintaining a monthly balance of 50K, mainly because I receive 2% cashback on my UPI spends for credit card payments, which gives me 500Rs each month. However, if they discontinue this offer, I'll consider leaving them. I have accounts with two Federal Banks: Fi Money and INDMoney. The latter was opened for me for a US stock account, which has zero balance and no debit card. It's worth noting that Federal Bank has had issues with compliance with RBI regulations in the past, particularly regarding credit cards and KYC. Additionally, Fi Money has a reputation for freezing accounts. Even if you're only using the bank account for small transactions, their algorithm for managing accounts is not very efficient.

 

[prc1990]

I'm surprised that they're now charging fees for debit cards, especially for customers who opened their accounts when they were offering zero-balance accounts with no debit card issuance or annual fees. I didn't receive any email from them about this change. After seeing some tweets on X, I checked with their support team and they confirmed that charges are now applicable. I mentioned that we were told there would be no fees, but they said the terms and conditions have changed. Currently, I'm on the Fi Money Infinite Plan, maintaining a monthly balance of 50K, mainly because I receive 2% cashback on my UPI spends for credit card payments, which gives me 500Rs each month. However, if they discontinue this offer, I'll consider leaving them. I have accounts with two Federal Banks: Fi Money and INDMoney. The latter was opened for me for a US stock account, which has zero balance and no debit card. It's worth noting that Federal Bank has had issues with compliance with RBI regulations in the past, particularly regarding credit cards and KYC. Additionally, Fi Money has a reputation for freezing accounts. Even if you're only using the bank account for small transactions, their algorithm for managing accounts is not very efficient.

Once 2% cashback is over, can't we block the card to avoid getting charged?

 

[Shraaj]

Once 2% cashback is over, can't we block the card to avoid getting charged?

I think we can use a Virtual Debit Card for a Free. https://fi.money/features/accounts#standard

 

[ankkitt08]

Font name bro?

 

[Shraaj]

Font name bro?

Not my screenshot @Vaasu Annan it's his screenshot