Federal Bank - Fi Money and Jupiter Hike Service Charges for Savings Accounts from June 1st, 2024

[Shraaj]

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 is applicable to all account variant

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.

Federal Bank Charges Read it from Page no.9

 

[Strange]

Placed closure request for Fi today 🙂 happy life now.

How did you do it? Through chat or email?

 

[the_collector]

How did you do it? Through chat or email?

None of those needed.

Go to settings under your profile, all the way at the bottom you should see " tap here to permanently closed your account".

Follow the steps shown and it will close in 10 business days

 

[pinki]

None of those needed.

Go to settings under your profile, all the way at the bottom you should see " tap here to permanently closed your account".

Follow the steps shown and it will close in 10 business days

Same 👍 .

 

[image]

I opened my account in Sep'23. I was on Infinite Plan (50K) for a few months but now on Plus Plan (10K) since last month.

I have an upcoming trip in June where I want to use (or keep it for backup) it for ZERO forex markup fee. I might upgrade to Infinite plan for that month, just in case I need to spend more than 30k.

If I close my account in July, do I need to pay 299+GST as closing charges?

PS: For Forex use:
1. I have RBL World Safari LTF CC for Zero Forex Markup. It (as well as Fi Debit Card) worked flawlessly in UAE in Jan'23.
2. I plan to use BOB JCB Rupay CC for 25% cashback but not sure if it will work properly or not (because it is not visa/master).
3. I also have a OneCard (by federal bank) which has 1%+GST Forex Markup fee.

 

[praful47]

I opened my account in Sep'23. I was on Infinite Plan (50K) for a few months but now on Plus Plan (10K) since last month.

I have an upcoming trip in June where I want to use (or keep it for backup) it for ZERO forex markup fee. I might upgrade to Infinite plan for that month, just in case I need to spend more than 30k.

If I close my account in July, do I need to pay 299+GST as closing charges?

PS: For Forex use:
1. I have RBL World Safari LTF CC for Zero Forex Markup. It (as well as Fi Debit Card) worked flawlessly in UAE in Jan'23.
2. I plan to use BOB JCB Rupay CC for 25% cashback but not sure if it will work properly or not (because it is not visa/master).

If they will charge at that time .... Withdraw everything and let account go dormant

 

[falcon007]

So, what is the crux?
Close both Fi and Jupiter?
I have Jupiter Pro by maintaining 10k FD?
Should I close FD, move funds to other account and request account closure?

 

[praful47]

So, what is the crux?
Close both Fi and Jupiter?
I have Jupiter Pro by maintaining 10k FD?
Should I close FD, move funds to other account and request account closure?

Why maintain 10k fd in Neo banks move to some other private banks ... You will get better offers and services.
They are increasing their charges like any other banks with less facilities.

 

[falcon007]

Why maintain 10k fd in Neo banks move to some other private banks ... You will get better offers and services.
They are increasing their charges like any other banks with less facilities.

I had maintained this account to have penny transactions for UPI and to avoid AMB and AMC on DC I have maintained 10k FD.

Now, thinking to close this account since they're anyways levying DC charges.

 

[praful47]

I had maintained this account to have penny transactions for UPI and to avoid AMB and AMC on DC I have maintained 10k FD.

Now, thinking to close this account since they're anyways levying DC charges.

They have started charging non maintenance charges... It's no more zero balance account.
But jupiter is silent they betraying their customers by not informing them.
Federal has already communicated their customers with changes in charges.

 

[falcon007]

Jupiter Pots account is showing as dormant (when fetched from Federal website)

I transferred some amount to it and it's successful, but unable to withdraw from it now.

Chat support is available on weekdays. 😵‍💫

 

[finforgo]

Fi used to be so good for me, but over the last year my experience has turned sour...
Does anyone know what can we do if we have fd with them

 

[praful47]

Jupiter Pots account is showing as dormant (when fetched from Federal website)

I transferred some amount to it and it's successful, but unable to withdraw from it now.

Chat support is available on weekdays. 😵‍💫

Nodalofficer@jupiter.money mail Here

 

[praful47]

Fi used to be so good for me, but over the last year my experience has turned sour...
Does anyone know what can we do if we have fd with them

Cancel that fd

 

[falcon007]

Nodalofficer@jupiter.money mail Here

Shots have been fired.

 

[Slayer]

@Shraaj @the_collector any reviews/opinions about NiyoX by equitas?

I feel as a bank equitas sfb has been quite transparent and i have seen their journey over the last couple of years

 

[the_collector]

@Shraaj @the_collector any reviews/opinions about NiyoX by equitas?

I feel as a bank equitas sfb has been quite transparent and i have seen their journey over the last couple of years

Pretty good overall. I personally don't have it but a friend does.

You can get it either with equitas or utkarsh sfb.

I think overall they've maintained their value prop and not made significant changes.

I still would not consider it as I've lost my trust with Neo banks. I was using FI for small UPI transactions for over 2 years now. And I've seen the trajectory. It's not worth thinking it's going to be the same when the Neo bank is dependent on a main bank. When the policies change from the main bank, the Neo bank has no option but to comply and it severely hampers their value prop.

I will be traveling abroad this year and will definitely get niyoglobal though.

 

[falcon007]

Nodalofficer@jupiter.money mail Here

Nodal officer says the pots account is marked as dormant.

Now, I want to know is there any RBI guideline where banks have to inform users about account status being converted to dormant before it happens?

 

[image]

Pretty good overall. I personally don't have it but a friend does.

You can get it either with equitas or utkarsh sfb.

I think overall they've maintained their value prop and not made significant changes.

I still would not consider it as I've lost my trust with Neo banks. I was using FI for small UPI transactions for over 2 years now. And I've seen the trajectory. It's not worth thinking it's going to be the same when the Neo bank is dependent on a main bank. When the policies change from the main bank, the Neo bank has no option but to comply and it severely hampers their value prop.

I will be traveling abroad this year and will definitely get niyoglobal though.

I had Niyo Global (SBM) but I closed my account when SBM had issues.

Should I get Niyo Global (Equitas) saving account for zero forex markup fee?

 

[Shubham Yadav]

None of those needed.

Go to settings under your profile, all the way at the bottom you should see " tap here to permanently closed your account".

Follow the steps shown and it will close in 10 business days

Where bro

i am unable to find ? 🤔

CC: @pinki

 

[NShah]

Where bro

i am unable to find ? 🤔

Fi app > Profile > Help > Search-(close) How do I close my account >Tap here