Query regarding IND money Federal bank
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One of my friend is opening an account with INDmoney and they are opening a Federal Bank account through it.
He want to know if this Federal Bank account can be used as a regular account for all transactions. Will he receive a debit card with it?
Are there any limitations associated with this account?
Please let me know if you have any information regarding this.
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In past i had SBM Account auto opened and linked to Indmoney but now they parted ways ending partnership
and now Federal bank got this contract it seems
with SBM its just digital bank and 0 balance account and No debit card, and in the account we can transfer in and out.. and use regularly
but the thing is once the tie between INdmoney and SBM got over now.. i can't able to transfer anything in and out of the SBM account it stays active for around 1 year.. approx i think now recently i received email for being dormant
so in my opinion till Federal bank has tie up with indmoney nothing to worry about federal bank account use, but in future if tie up breaks you can't use the bank account easily
No debit card is sent. You get a savings account created which is used for remittance purpose. I haven't signed up for netbanking but I think one can do that (similar to SBM).
You can use it for normal transaction as well using NetBanking only. Since SBM was discontinued from Indmoney. I am able use it for normal credit/debit transactions, there will be no debit card be issued with indmoney federal bank account.
Federal bank has several Fintech sourced accounts namely fi -jupiter -sci etc all of them had particular shortcomings bit don't have any idea on particular to indmoney
Ind money should work similarly because whoever is the Fintech partner the core tech and api are same and is just layer is added to suit use cases.... This is really the case because I have heard thier team especially Shalini warrior speaking about it multiple times
So coming to the limitations assuming ita same for indmoney too.... The acc is like any digital acc for all practical purposes & complaince. So there would be customer id - digital acc - virtual/physical debit card - with almost no charges /restrictions on digital transactions
Next comes the limitations like you most probably wouldn't be eligible for other digital products of federal bank like another Fintech acc or a debit card or an offer or even core banking products of acc variant like celesta etc
You may face issue with other banking services like thier byom personal loan -demat -cheque payments - credit card etc
Then if any complaince issue you have to follow federal bank SOP that is standard like you may need to visit branch etc (which is rare inkst of my experience)
And there would be restrictions on branch transactions too like cash withdrawal /deposit subject to fair bare min limits
Hope that answers most questions
This is my personal experience please DYOR before taking any step
no debit card but you can use upi over it and the interest is also higher. you can also use the federal bank mobile app. upi pin can be set up via their mobile app or aadhar otp. it acts just like a normal account.
you can check with federal bank customer care they may also issue a debit card.
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