New Variant of Fi Money Account- Fi MONEY PRIME

[suryatejad]

I got whatsapp message saying check out the prime, i didn't know, i just clicked it, later i found themat it is upgrade option, which requires to maintain 1 lakh+ balance, I spoke to customer care, they confirmed it, we will get cashback as per the Infinite plan we already earned, however if we don't maintain 1 lakh+ , after few days it will automatically downgraded to infinity account as earlier .

 

[Larry2001]

Everyone who's getting option to upgrade to Prime from Infinite - are you salaried or self-employed? I'm self-employed and it has never shown me any option beyond Infinite. Where do we see this option?

i am salaried, but i don't receive salarry on Fi i got this option bcz i usually maintain 1 LAKH there and i have been in infinity plan from the starting 2023 . I was just checking my infinity benefits and saw there is option for me to join prime so i did bcz anyway i keep 1 Lakh there.

 

[Larry2001]

Well 1L in savings account of Federal Bank Fi @ 3% interest=₹3000 for 365 days so ₹8.21 per day, or ₹246.3 monthly interest (assuming 30 day month) + ₹1000 in cashback every month = 1246.3 for parking 1L. I dunno if Fi Prime is going to get Fi coins, is it and can they be encashed to Amazon Pay vouchers?

At FD interest rate of say, for example, 7.99% which is highest for non-senior citizen in some private bank e.g. IndusInd or IDFC=₹7990 annual interest income, ₹21.89 per day or ₹656.7 per month, higher if compounding interest FD

So the ₹1000 cashback+246 savings interest is still higher than creating a compounding interest FD of ₹1L.

I think even with compounding interest FD in some Small Finance Bank offering 8.5% or 9% FD, it will still be lower than ₹1246.

So still worth it, what do others think? Now if you invest in equity mutual funds or directly in stock market, that's an altogether different level of profit.

I wish Fi's debit card had its own cashback separate from Fi UPI/CRED combination for people who park 1L in savings

Then it could've competed with the likes of HDFC Platinum/Millennia DC, RBL Signature+, IndusInd Exclusive, IDFC Wealth etc. But still it's better than any ICICI Bank account/debit card which has like the 0 rewards

i did the same math yesterday before i join prime, bcz its like doing FD only but the return on the 1 Lakh is pretty nice if you earn 1000 casback everymonths + the interest rate of saving account.

 

[iamdhamo]

Well 1L in savings account of Federal Bank Fi @ 3% interest=₹3000 for 365 days so ₹8.21 per day, or ₹246.3 monthly interest (assuming 30 day month) + ₹1000 in cashback every month = 1246.3 for parking 1L. I dunno if Fi Prime is going to get Fi coins, is it and can they be encashed to Amazon Pay vouchers?

At FD interest rate of say, for example, 7.99% which is highest for non-senior citizen in some private bank e.g. IndusInd or IDFC=₹7990 annual interest income, ₹21.89 per day or ₹656.7 per month, higher if compounding interest FD

So the ₹1000 cashback+246 savings interest is still higher than creating a compounding interest FD of ₹1L.

I think even with compounding interest FD in some Small Finance Bank offering 8.5% or 9% FD, it will still be lower than ₹1246.

So still worth it, what do others think? Now if you invest in equity mutual funds or directly in stock market, that's an altogether different level of profit.

I wish Fi's debit card had its own cashback separate from Fi UPI/CRED combination for people who park 1L in savings

Then it could've competed with the likes of HDFC Platinum/Millennia DC, RBL Signature+, IndusInd Exclusive, IDFC Wealth etc. But still it's better than any ICICI Bank account/debit card which has like the 0 rewards

I think we can go for it if one has 1L cos for 34K spending we get 1000 n also saving acc interest though the saving account interest will be taxable which is the same case in fd return as well

 

[Gau₹av]

i am salaried, but i don't receive salarry on Fi i got this option bcz i usually maintain 1 LAKH there and i have been in infinity plan from the starting 2023 . I was just checking my infinity benefits and saw there is option for me to join prime so i did bcz anyway i keep 1 Lakh there.

Today I got an email to update to Fi Money Prime.

 

[messypenguin]

Got the email this evening. However I'm unsure about the upgrade. 1L with fi is kinda risky. I don't have federal branches near me if things go south.

FYI to the user few posts above. Android user here currently on Infinity.

 

[iamdhamo]

Got the email this evening. However I'm unsure about the upgrade. 1L with fi is kinda risky. I don't have federal branches near me if things go south.

FYI to the user few posts above. Android user here currently on Infinity.

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I don't think u can ask federal bank if it goes bankrupt cos fi is only Fintech who is tied up with federal Bank

Like the dggi insurance won't be applicable right for fd with fi

 

[iamdhamo]

I don't think u can ask federal bank if it goes bankrupt cos fi is only Fintech who is tied up with federal Bank

Like the dggi insurance won't be applicable right for fd with fi

Just now saw and it is under the act n so we are safe for amount upto 5L I suppose

 

[messypenguin]

I don't think u can ask federal bank if it goes bankrupt cos fi is only Fintech who is tied up with federal Bank

Like the dggi insurance won't be applicable right for fd with fi

if federal bank goes down dicgc should cover savings account as well. but my apprehension is more towards the reliability of their service and sudden freeze of accounts. Up to 50k is risky as is, but doubling the amount for a mere 1% more is a much bigger risk.

 

[iamdhamo]

if federal bank goes down dicgc should cover savings account as well. but my apprehension is more towards the reliability of their service and sudden freeze of accounts. Up to 50k is risky as is, but doubling the amount for a mere 1% more is a much bigger risk.

Hmm I dint face any problems so far n using it for more than a year n yes it's 1% per month. I m planning to stay in infinite itself as I can't keep 1L

 

[pennywisepoundwise]

Are there any exclusions for this 3% back like wallet load etc, on fi coins some merchants like Amazon wallet, swiggy money are restricted

 

[Gau₹av]

Are Fi coins also going to be given on this Fi Prime 3% up to ₹1000 plan? Because they were going to discontinue Fi coins for the 2% up to ₹500 Infinite plan.

 

[iamdhamo]

Are Fi coins also going to be given on this Fi Prime 3% up to ₹1000 plan? Because they were going to discontinue Fi coins for the 2% up to ₹500 Infinite plan.

I think no coins from March1

 

[SnowLucifer]

Are there any exclusions for this 3% back like wallet load etc, on fi coins some merchants like Amazon wallet, swiggy money are restricted

there is no restriction i have done wallet load on amazon from debit card and upi. got both cashback and coins

 

[SnowLucifer]

Are Fi coins also going to be given on this Fi Prime 3% up to ₹1000 plan? Because they were going to discontinue Fi coins for the 2% up to ₹500 Infinite plan.

in this month prime giving 2× fi coins. No idea about march

 

[messypenguin]

there is no restriction i have done wallet load on amazon from debit card and upi. got both cashback and coins

What was the merchant name for wallet load?

 

[SnowLucifer]

What was the merchant name for wallet load?

amazon.in merchant name

 

[ronakshah]

amazon.in merchant name

This merchant name might be visible on OTP page. Can you confirm what was the merchant name after transaction was done or in the statement?

 

[SnowLucifer]

This merchant name might be visible on OTP page. Can you confirm what was the merchant name after transaction was done or in the statement?

on message it came as WWW AMAZON
in statement amazon.in

 

[messypenguin]

on message it came as WWW AMAZON
in statement amazon.in

And cashback is issued for this or only the protection for now?

Can you get us know the approx txn date for this. Thanks!