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How to change Fi account to regular Federal Bank account?

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rusty17

rusty17

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Does anyone know about the process of switching from a Fi savings account to a regular federal bank account. I have some concerns about the stability and security of neo banks, especially after hearing some rumors that rbi might crack down on them.

I also think that having a direct relationship with the bank might give me some advantages in terms of getting loans or credit cards in the future. I have noticed that the bank's mobile app works fine with the account I created through Fi, and it seems like a normal account except for the branch name that says Neobanking. Does anyone have any experience or advice on how to do this conversion?
 
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rusty17 said:
Does anyone know about the process of switching from a Fi savings account to a regular federal bank account. I have some concerns about the stability and security of neo banks, especially after hearing some rumors that rbi might crack down on them.

I also think that having a direct relationship with the bank might give me some advantages in terms of getting loans or credit cards in the future. I have noticed that the bank's mobile app works fine with the account I created through Fi, and it seems like a normal account except for the branch name that says Neobanking. Does anyone have any experience or advice on how to do this conversion?
Click to expand...
Its quite simple

Talk to Bank directly
 
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rusty17 said:
Does anyone know about the process of switching from a Fi savings account to a regular federal bank account. I have some concerns about the stability and security of neo banks, especially after hearing some rumors that rbi might crack down on them.

I also think that having a direct relationship with the bank might give me some advantages in terms of getting loans or credit cards in the future. I have noticed that the bank's mobile app works fine with the account I created through Fi, and it seems like a normal account except for the branch name that says Neobanking. Does anyone have any experience or advice on how to do this conversion?
Click to expand...
You might have to open a new account.
You can try opening it online.
Their selfie account is zero balance.
 
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AritraSaha said:
You might have to open a new account.
You can try opening it online.
Their selfie account is zero balance.
Click to expand...
I think I will have to close the Fi account first before opening new account with federal. According to their customer care rep a customer cannot open more than one account via videokyc.
 
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rusty17 said:
Does anyone know about the process of switching from a Fi savings account to a regular federal bank account. I have some concerns about the stability and security of neo banks, especially after hearing some rumors that rbi might crack down on them.

I also think that having a direct relationship with the bank might give me some advantages in terms of getting loans or credit cards in the future. I have noticed that the bank's mobile app works fine with the account I created through Fi, and it seems like a normal account except for the branch name that says Neobanking. Does anyone have any experience or advice on how to do this conversion?
Click to expand...
usually conversion like this doesnt happen as neobanks have a different ifsc code and much more
i guess you would have to close this itself
 
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rusty17 said:
Does anyone know about the process of switching from a Fi savings account to a regular federal bank account. I have some concerns about the stability and security of neo banks, especially after hearing some rumors that rbi might crack down on them.

I also think that having a direct relationship with the bank might give me some advantages in terms of getting loans or credit cards in the future. I have noticed that the bank's mobile app works fine with the account I created through Fi, and it seems like a normal account except for the branch name that says Neobanking. Does anyone have any experience or advice on how to do this conversion?
Click to expand...
You don't have to convert.
Every user already have a Federal account and Fi is more of interface wrapper.
Explore the forgot User ID and forgot password method to login to Fednet. (By account number + mobile method)
Having said that, don't worry. Your money is already in regular Federal bank.
Continue with Fi only 🙂
 
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AritraSaha said:
You might have to open a new account.
You can try opening it online.
Their selfie account is zero balance.
Click to expand...
Afaik fed selfie can't be opened by existing users. And branch don't/can't open selfie account. They will sell regular accounts.

Branch is the way. They have multiple accounts variant ranging from 3k mab to hni whatever you may like.

Their normal accounts can be opened along with fi or jupiter in the same customer id
 
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Neo Banks are a great Idea in theory. Banks are not good at customer support, they are good at keeping RBI compliance and Neo Bank's could've provided a good frontend with customer support. But Indian startups butchered the Idea with their incompetence, look at Jupiter's CEO comments on forum, he doesn't deserve to run a brothel much less a Neo Bank. Fi is still OK but their customer support sucks.

As of now there are only two players left in NeoBanking sphere, Jupiter and Fi. NiyoX closed, Freo Closed. Galgal was recently launched but not available to everyone. There was one launched with Yes Bank but that's not zero balance. So there is nothing left to crack down on.
 
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