Fi Money Review: Is Fi Money the Best Neo Bank in India? A Comprehensive Review

Fi Money is a neo bank that operates virtually, allowing you to carry out all your banking needs from the comfort of your own home.

But here’s the kicker: it’s associated with Federal Bank, which means you can be assured of its reliability and trustworthiness.

What’s more, customers of select banks can operate their accounts using the Fi Money app, making it even easier to manage your finances.

Imagine having all your banking needs met with just a few taps on your phone – no more waiting in queues or dealing with complicated paperwork.

We are here with Fi Money review for you in details.

So, What is Neo Banking ?

In simple terms, neo banking is a modern-day banking approach that relies heavily on technology to provide financial services.

Unlike traditional banks that have physical branches, neo banks operate entirely online.

So, why is neo banking gaining so much attention?

Well, In one word, It’s way more convenient than tradional banks.

Customers can use their accounts from their smartphones or laptops without visiting any physical branch.

Another reason is the low fees and charges.

Neo banks save alot by offering everything digitally, which allows them to offer better rates and fewer fees than traditional banks.

Neo banking fits the bill perfectly by offering instant transactions, real-time notifications, and intuitive mobile apps.

Moreover, neo banks are challenging the traditional banking model and forcing traditional banks to adapt to new technologies and customer demands.

In a nutshell, Fi Money is a next gen neo banking and is here to stay.

Fi Money Account: Digital Zero Balance Saving Account

Imagine a world where you can manage your savings account without the hassle of maintaining a minimum balance or paying pesky maintenance charges.

Well, that’s exactly what Fi Money’s savings bank account offers!

This virtual bank has given traditional banking a run for its money by providing users with a zero balance account that’s absolutely free of any maintenance charges.

But that’s not all – Fi Money goes the extra mile to make your banking experience a breeze. Say goodbye to the 3.5% foreign currency transaction charges that you typically see in banks.

Get a free savings account unlike any other:

No minimum balance 🤘
Zero forex markup ✨
Withdraw from any ATM 💳
No hidden fees 🔎
Money insured up to ₹5 lakh ✅

Types of Fi Money Accounts:

Now, let’s talk about the two variants of the account – limited KYC and full KYC.

The limited KYC variant requires basic information, whereas the full KYC variant requires additional information such as proof of address and identity.

Don’t fret, though – updating from the limited KYC variant to the full KYC variant is easy and mandatory within one year of opening your account.

Fi Money’s savings bank account is a game-changer in the world of banking. With zero balance, no maintenance charges, and free foreign currency transactions, it’s no wonder that Fi Money is quickly becoming a go-to for savvy savers.

Fi Money Digital Savings Account Features

Fi Money’s digital savings account is packed with features that make it stand out from traditional banks.

fi money review

Here are some of the key features you can enjoy with a Fi Money account:

  • Interest rate: With Fi Money, you can earn an attractive interest rate of upto 6% on your savings, helping you grow your wealth faster.
  • No Branch visits: As a virtual bank, Fi Money doesn’t have physical branches. To manage your account and access customer support you have the app, ensuring you can access your account anytime, anywhere.
  • Zero Balance: One of the key features of a Fi Money digital savings account is the zero balance requirement and no maintenance charges.
    You can use the account without worrying about maintaining a minimum balance or paying unnecessary fees.
  • Physical Fi Money debit card: While the account is entirely digital, Fi Money offers an optional physical Fi Money debit card that you can use to make purchases and withdraw cash from ATMs.
  • Fuel surcharge waiver: Fi Money understands the pain of paying extra when filling up your tank with fuel. That’s why they offer a waiver on fuel surcharges at petrol pumps, helping you save more money.
  • No charges on foreign currency transactions: Traveling abroad? No problem! With Fi Money, you won’t be charged the typical 3.5% fee on foreign currency transactions.

How to Open a Digital Zero Balance Savings Account with Fi Money ?

Opening a digital savings account with Fi Money is a breeze, thanks to its user-friendly app and quick verification process.

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Step 1: Download the App

The first step is to download the Fi Money app from the Google Play Store by clicking here.

Step 2: Enter Your Details

After downloading the app, click on “Sign me up” on the home screen, and enter your mobile number and email ID. Fi Money will verify this information by sending you an OTP.

Once verified, you’ll be taken to the T&C screen, where you can read and accept the terms.

Step 3: Employment Check

Fi Money is open to working professionals, including salaried employees, business owners, freelancers, and self-employed professionals such as doctors, CAs, and lawyers.

To verify your work status, you can enter your company name, add your LinkedIn URL, enter your credit score, and more.

Step 4: PAN Card and KYC Verification

After verifying your employment details, Fi Money will verify your PAN card details and check if you have Central KYC records.

If you don’t, you can complete your KYC with Federal Bank, which is a super quick process. You can choose to do an Aadhaar KYC with them and open a minimum account with Fi, or you can choose to do a video KYC and open a full account.

Note: If you have already completed an Aadhaar-based KYC with Federal Bank, you will need to complete their video KYC to open an account with Fi.

Step 5: Identity Verification

Next, Fi Money will verify your identity. This is a straightforward process where you need to switch on the front camera, place your face in the Oval, and recite the 4 numbers that pop up on the screen.

Ensure proper lighting and no people in the background for a smooth verification process.

Step 6: Get Your Fi Money Debit Card

To get your Fi Money Debit Card, confirm your current address and it will be sent to you within a few days. You will receive the tracking details as well.

Step 7: Start Using the App

Choose the SIM card matching your registered phone number and set your ATM and UPI pin from the app.

You can also activate and use your virtual Debit Card from the app until you receive your physical Debit Card.

Congratulations! You are now a proud account holder with Fi Money. Enjoy the convenience of banking with India’s leading neo bank!

Fi Money Rewards Program

One of the great things about Fi Money is their rewards program, which offers a variety of benefits for using the platform.

Card Offers

fi money review

Fi Money offers a range of discounts and offers through their debit card, including:

  • Flat ₹200 off on Mynta
  • 20% off on Zomato
  • 10% off on flight bookings with travelxp
  • 10% off on SUGAR cosmetics


Fi-Coins are a unique way to earn rewards for using Fi Money. You can redeem them for cash, Fi exclusive goodies, and gift cards from your favourite brands.

How to Win Fi-Coins?

  • Make payments using any of the payment methods on Fi and get a money plant with Fi-Coins.
  • Add more money to your savings account and stand to win more Fi-Coins.
  • Make Fi Money your salary account and win a flat 10% of it as Fi-Coins.
  • Refer people to Fi and win cash and Fi-Coin rewards.

With the Fi Money rewards program, you can save money and earn rewards simply by using the platform.

Get a free savings account unlike any other:

No minimum balance 🤘
Zero forex markup ✨
Withdraw from any ATM 💳
No hidden fees 🔎
Money insured up to ₹5 lakh ✅


After analyzing the various features and feedback of Fi Money, it is evident that the neo-banking app has several advantages and disadvantages. Here’s a quick summary:

Our Score


  • Zero Markup Fees on International Transactions
  • Free Money Transfers through Federal Bank Branches
  • Simple and Quick Onboarding Process
  • Rewards System for Saving


  • Not for Primary Bank Account: as it lacks some essential features like checkbooks and overdraft facilities.
  • Limited Number of Transactions
  • Customer Support Needs Improvement

Fi Money Customer Care Number

Need help with your Fi Money account? No worries, Fi Money offers multiple ways to get in touch with their customer care team.

  • Phone: You can contact them via phone at 080 47485490 or
  • Email: Shoot them an email at
  • Chat: If you prefer to chat, you can use the in-app chat feature to connect with a customer care representative.


What is Fi Money?

Fi Money is a neobank that offers digital banking services and rewards for saving.

Is Fi Money safe to use?

Yes, Fi Money uses bank-grade security measures to protect user data and transactions.

Can I use Fi Money for international transactions?

Yes, Fi Money offers 0% markup fees on international transactions, making it an ideal choice for frequent travelers.

Does Fi Money offer a rewards program?

Yes, Fi Money’s rewards program offers discounts, cashback, and Fi-Coins that can be redeemed for cash, goodies, or gift cards.

How can I contact Fi Money customer care?

Phone: You can contact them via phone at 080 47485490 or
Email: Shoot them an email at
Chat: If you prefer to chat, you can use the in-app chat feature to connect with a customer care representative.

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