Fi Money has become the first choice for working professionals since the service is currently targeted and available only for salaried millennials. Another reason for its popularity is the zero balance digital savings account, which can be opened in less than 5 minutes.
Fi Money also offers a free Debit card with zero annual card maintenance charges. It can be used for online and offline purchases as well as to withdraw money from a Federal Bank ATM without any charges. Full-KYC users can also get a chequebook delivered to their doorsteps for just ₹100. With all features, most of us have a question in mind – Is Fi Money RBI Approved? Is Fi Money Safe? Read on to get complete clarity on these questions.
Is Fi Money RBI Approved?
Fi Money is not RBI approved since it is not a bank. Fi Money does not hold a banking license and never claims to have a banking licence. They are an online banking platform, also known as neobank, which provides new-age banking services in partnership with RBI-licenced Federal Bank. Fi Money claims to follow all security standards as per the regulations of the Reserve Bank of India (RBI).
Is Fi Money Indian Company?
Fi Money is an Indian fintech company headquartered in Bengaluru, Karnataka. The company was founded in 2019 by Sumit Gwalani and Sujith Narayanan. Both have previously worked for Google Pay and have great expertise in the ever-growing fintech industry.
Is Fi Money Safe?
Fi Money is entirely safe and follows all security standards per the RBI regulations. Fi Money claims that all our money is in the safe hands of their banking partner, which is Federal Bank. As per the RBI’s insurance deposit scheme, our money is insured up to ₹5 lakh.
Can We Trust Fi Money?
Yes, Fi Money is a trusted Fintech company. Fi Money has ten investors, including Qcm Holdings, Temasek Holdings, Alpha Wave Global and Oceanview Capital Partners. Fi Money has raised $136.6M until August 2022.
Is It Safe To Use Fi App?
Yes, Fi Money app is completely safe to use, and it is always recommended to download apps from the official app stores on your Android and Apple phones. Fi Money app has a rating of 4.4 on Google Play Store and a rating of 4.5 on Apple App Store.
