How to Open Account in Fi Money: Fi Money is an Indian neobank that provides digital-first banking, including those with salaried professions. So, say you want to open a zero-balance savings account with Fi Money in 2025, and that is why you need to read this guide as it will take you through all the processes involved, eligibility, documentation, and what to note among others. Fi Money offers a convenient mobile application, fast digital registration, therefore, gaining great popularity among millennial and Gen Z clients who use this financial institution as a quick and comfortable bank.
What is Fi Money?
Fi Money is a neo bank of Federal Bank that includes digital savings accounts, fixed deposits, and financial instruments through their very own mobile app. Fi Money does not possess physical branches just like normal banks. All that is the opening of account to managing your money is online.
Who Can Open a Fi Money Account?
Fi Money primarily targets working professionals in India. To be eligible, you must:
- Be at least 18 years old
- Be an Indian citizen with a valid Aadhaar and PAN card
- Be a salaried professional with proof of employment or income
Steps to Open an Account in Fi Money in 2025
- Download the Fi App
Start by downloading the Fi Money app from Google Play Store or Apple App Store. The app is lightweight and quick to install. - Sign Up with Mobile Number
Enter your mobile number linked with Aadhaar. You will receive an OTP to verify your number. - Enter Basic Details
Provide your name, date of birth, email address, and employment information. You may be asked to enter your LinkedIn profile or upload a salary slip to confirm employment status. - KYC Verification
Fi Money offers both Aadhaar-based OTP eKYC and full video KYC.
- For eKYC, verify using your Aadhaar number and OTP. However, accounts opened via eKYC come with limited access such as a ₹1 lakh balance cap and limited monthly transaction limits.
- For full KYC, you’ll need to do a live video call, show your PAN card, and confirm your identity. This process removes restrictions and allows full access.
- Get Your Account Details
Once verified, your savings account is instantly created. You will receive an account number, IFSC code, and a virtual debit card. You can immediately start using UPI, NEFT, and IMPS services. - Order Physical Debit Card (Optional)
You can request a physical debit card from the app. Delivery usually takes 5 to 7 working days. Charges may apply depending on the plan you choose (Standard or Plus).
Documents Required to Open a Fi Money Account
- Aadhaar card (linked with mobile number)
- PAN card
- Selfie or live video for face verification
- Employment proof (LinkedIn, offer letter, or payslip)
Features of Fi Money Account in 2025
- Zero balance account with no maintenance fees under the Standard Plan
- Smart financial tools to categorize and analyze your spending
- Fixed deposits at competitive interest rates via Federal Bank
- Instant UPI ID creation and mobile payments
- Earn interest on savings with options for auto-sweep to FDs
Charges to Know Before You Begin
While Fi offers a zero-balance account, some charges apply:
- Debit card replacement: ₹299
- ATM withdrawals beyond limit: ₹20 per transaction
- International ATM use: ₹200 per withdrawal
- Forex markup on Standard Plan: 3.5 percent; on Plus Plan: Zero
How to Avoid Penalty Charges
Unlike many banks, Fi does not impose a minimum average balance (MAB) penalty on its Standard Plan. However, if you choose the Plus Plan or upgraded features, some monthly charges may apply. Always read the pricing section on their official website or app to avoid surprises.
Common Issues Reported by Users
Some users have reported slow customer service response times and account freezing due to suspicious transactions. It’s important to keep your account usage transparent and maintain updated KYC to avoid service interruptions.
Is Fi Money Safe and Secure?
Yes. Fi Money is partnered with Federal Bank, a well-regulated Indian bank. Your deposits are insured up to ₹5 lakh as per RBI norms. The app uses 256-bit encryption, biometric login, and device-level security for transactions.
Conclusion
Opening a Fi Money account in 2025 is easy, fast, and completely digital. It’s best suited for tech-savvy users and working professionals who want to manage their money without the hassle of visiting a bank branch. With no hidden charges under the Standard Plan and powerful financial tools, Fi offers a modern alternative to traditional savings accounts. Just make sure to understand the features and choose the right plan based on your usage. If you’re looking for a smart, zero-balance banking experience in India, Fi Money is worth considering.
–FAQs
1. Can a student open a Fi Money account?
Currently, Fi targets working professionals. Students without income proof may not be eligible.
2. Is there any hidden fee in Fi Money?
No hidden fees under the Standard Plan, but charges apply for premium services and card replacements.
3. Can I use Fi for international transactions?
Yes, but forex markup fees apply unless you’re on the Plus Plan.
4. How long does it take to open an account?
You can complete the entire process in 10 to 15 minutes if all documents are ready.
5. Is Fi better than traditional banks?
Fi is ideal for digital users who want control and smart features. However, it lacks offline branches and may not suit those needing in-person banking.
Braj Verma is a resident of Rajgarh in Madhya Pradesh and is a content writer and freelancer by profession. He has a degree in Political Science from Barkatullah University, Bhopal. He has expertise in subjects like credit cards, banking, loan, insurance, political analysis and digital marketing.