Neobank Fi and Federal Bank have teamed up to offer an instantaneous savings account.
The three-minute savings account is geared toward digital-first millennials.
Fi, a financial services company for salaried millennials based in Bengaluru, has announced a partnership with Federal Bank to offer an instantaneous savings account with a debit card in three minutes.
Fi, is a financial services company for salaried millennials based in Bengaluru, has announced a partnership with Federal Bank to offer an instantaneous savings account with a debit card in three minutes.
Fi was founded by google employees to help people do better with money and to create an intelligent bank layer that helps millennials understand their money, save more, and spend wisely.
Fi was founded in 2019 by ex-Google employees who pioneered Gpay. It provides a digital banking experience that is interactive, personalised, and transparent. Users have access to a cutting-edge savings account as well as money management tools that help them understand, develop, and organise their assets. Fi's goal is to help consumers with their financial journeys beyond digital payments, such as insurance, financing, and investment opportunities. as stated in the press release
Fi enables smarter banking. It raises the bar for banking by allowing for a more personalised money-management system. With Fi, you receive more than simply a bank account; you also get a variety of other useful features listed below:
The new method to save money- Fi's bot FIT asks you to set aside a specific amount as 'savings' every time you spend Fi, for example, can put INR 500 into your savings jar for every purchase you make on an e-commerce platform or every time you order takeout, allowing you to save even more! For good saving practises, it even rewards you with cashbacks and Fi coins.
Fi gives you more options: not only can you take money from any ATM, but you can also manage your card from your phone. At the touch of a button, you can freeze your card. Fi also allows you to start a new account with no minimum balance (great!).
Save smarter and on your own terms with Fi's Smart Deposit (Jars), which combines the best of the popular Fixed Deposit (FD) and Recurring Deposit (RD) to allow customers save on their own terms toward their goals. A Smart Deposit allows you to choose the amount and frequency of your investments.
Organize your Money- With Fi, you can save money in Jars based on your goals, such as a Rainy Day Jar, a Retire at 40 Jar, or a Get the New iPhone Jar. You may organise your money this way without having to open different bank accounts.
Fi assists you in spending wisely by providing you with millisecond-by-millisecond insight into where your money has gone. Ask Fi provides answers to inquiries such as "How much did I spend on food last month?" and insights without requiring you to open an excel sheet.
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