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

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Finance Ninja
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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 applies to all account types.

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.

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Federal Bank Charges Read it from Page no.9

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Top Comments
Blaze Blaze
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Why we need to close the account? Leave, it will go to dormant state after a year.

Benevolent Benevolent
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In the future, banks may start sending legal notice to recover the -ve balance which can occur due to these charges. Better to close.
Deal Cadet Deal Cadet
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Federal Bank has now crossed limits. It has introduced annual fee for fi Virtual Debit card. I am using this account for small transactions and never keep balance more than 3000. Really hard to continue the association with Fi. I will wait for official Fi communication and then decide to continue further or not.

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Deal Cadet Deal Cadet
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What are the account closure charges now ? I have FI Account and i dont think i can withstand mentioned criteria

Finance Ninja Finance Ninja
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when did you opened the bank account?
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Blogger Blogger
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When voting in this post, saw prev all 7 votes to close the account. Pls share trick, if any, to close the account without fees. (3 yrs old account).

Edit : This 299+gst for closing is coming into effect from 01June. What is the existing fee to close the account.

Finance Ninja Finance Ninja
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Close it before 1st June without Any Fees.
Blaze Blaze
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Why we need to close the account? Leave, it will go to dormant state after a year.

Benevolent Benevolent
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In the future, banks may start sending legal notice to recover the -ve balance which can occur due to these charges. Better to close.
Benevolent Benevolent
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Looks like their 2% and jewel quota is now expiring and no more accounts left to freeze.

Finance Ninja Finance Ninja
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Yes, True!

They are dependent on the Federal Bank.

Fi Money Charges is directly Proportional to Federal Bank Charges

Deal Cadet Deal Cadet
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Closed fi via app showing count down 21 business days

Post Mogul Post Mogul
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do you see this countdown anywhere in the app?
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Deal Cadet Deal Cadet
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Federal Bank has now crossed limits. It has introduced annual fee for fi Virtual Debit card. I am using this account for small transactions and never keep balance more than 3000. Really hard to continue the association with Fi. I will wait for official Fi communication and then decide to continue further or not.

The PostMighty The PostMighty
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Just a few days back I closed both these accounts Fi & Jupiter. Seemed shitty from the start

Deal Cadet Deal Cadet
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What is the closure procedure for Jupiter ?
Deal Cadet Deal Cadet
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Their reply (( Hi Karan,

Thank you for your email.

With reference to your query, as of now there are no charges for virtual debit card and charges for account closure will be applicable from June 2024

Mas ccloure may get some results else another dead product, both fishy since start

Helpful Helpful
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This is the change in trend for all banks, only timing is the difference, now or sooner but its inevitable.

Helpful Helpful
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What is the end game for these neo banks? What type of customers they are targeting? how would they attract normal customers with these charges. Only thing good in Fi is the US Stocks and Direct Mutual Funds in which you can fund and withdraw directly from your Fi account

Deal Cadet Deal Cadet
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I would hate to close FI as UI is pretty good, no UPI Failures.

But never heard charges for virtual debit card in my lifetime, that's gonna make me close my salary account with them even though no charges are there for salary holders

Deal Newbie Deal Newbie
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How to close the account?

Is it possible to close without visiting branch?

Finance Ninja Finance Ninja
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image

CLARIFICATION E-mail From Fi

Commentator Commentator
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Can you upload a clearer picture or paste the notes

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Deal Cadet Deal Cadet
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My account closure request is still in progres even after 21 business days, anyone facing same issue

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