https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10068424
CLARIFICATION E-mail From Fi
Are You Going to Close Fi Money and Jupiter Accounts?
Total Number of Votes :
11 days left
Federal Bank - Fi Money and Jupiter Hike Service Charges for Savings Accounts from June 1st, 2024
- 1213
- 28
-
- Last Comment
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 applies to all account types.
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.
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
Top Comments
27 Comments
|
16 Dimers
- Sort By
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10068814
Can you upload a clearer picture or paste the notes
View 1
more reply
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10058111
How to close the account?
Is it possible to close without visiting branch?
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10051403
What is the end game for these neo banks? What type of customers they are targeting? how would they attract normal customers with these charges. Only thing good in Fi is the US Stocks and Direct Mutual Funds in which you can fund and withdraw directly from your Fi account
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10055254
I would hate to close FI as UI is pretty good, no UPI Failures.
But never heard charges for virtual debit card in my lifetime, that's gonna make me close my salary account with them even though no charges are there for salary holders
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10050883
This is the change in trend for all banks, only timing is the difference, now or sooner but its inevitable.
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10050797
Their reply (( Hi Karan,
Thank you for your email.
With reference to your query, as of now there are no charges for virtual debit card and charges for account closure will be applicable from June 2024
Mas ccloure may get some results else another dead product, both fishy since start
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10050357
Just a few days back I closed both these accounts Fi & Jupiter. Seemed shitty from the start
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10067571
What is the closure procedure for Jupiter ?
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10050223
Federal Bank has now crossed limits. It has introduced annual fee for fi Virtual Debit card. I am using this account for small transactions and never keep balance more than 3000. Really hard to continue the association with Fi. I will wait for official Fi communication and then decide to continue further or not.
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10049373
Closed fi via app showing count down 21 business days
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10049422
do you see this countdown anywhere in the app?
View 1
more reply
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10049739
Yes, True!
They are dependent on the Federal Bank.
Fi Money Charges is directly Proportional to Federal Bank Charges
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10048967
Why we need to close the account? Leave, it will go to dormant state after a year.
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10049285
In the future, banks may start sending legal notice to recover the -ve balance which can occur due to these charges. Better to close.
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10048900
When voting in this post, saw prev all 7 votes to close the account. Pls share trick, if any, to close the account without fees. (3 yrs old account).
Edit : This 299+gst for closing is coming into effect from 01June. What is the existing fee to close the account.
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10048774
What are the account closure charges now ? I have FI Account and i dont think i can withstand mentioned criteria
https://www.desidime.com/discussions/federal-bank-fi-money-and-jupiter-hike-service-charges-for-savings-accounts-from-june-1st-2024?page=1#post_10048853
when did you opened the bank account?
View 5
more replies
Click here to reply
Reply
![HP 65W 4.5mm Smart Adapter 65W Power delivery, Type-C USB AC Adapter [40% Coupon]](https://cdn2.desidime.com/topics/photos/1793123/medium/IMG_20240520_005341.jpg?1716146694)
![realme Pad WiFi+4G Tablet (3GB + 32GB) [40% Coupon]](https://cdn2.desidime.com/topics/photos/1793098/medium/61S6M85oiWL._SL1500_.jpg?1716145462)
![Lava Magnum XL 3GB RAM, 32GB ROM 10 inch with Wi-Fi+4G Tablet [40% Coupon]](https://cdn0.desidime.com/topics/photos/1793088/medium/413Pwwb1fHL.jpg?1716145049)
Why we need to close the account? Leave, it will go to dormant state after a year.
Federal Bank has now crossed limits. It has introduced annual fee for fi Virtual Debit card. I am using this account for small transactions and never keep balance more than 3000. Really hard to continue the association with Fi. I will wait for official Fi communication and then decide to continue further or not.