Federal Bank has announced updates to its service charges, impacting Federal Bank, Fi Money, and Jupiter account holders. Effective June 1st, 2024, customers will encounter revised fees across several banking services.
Virtual Debit Card Charges: The issuance of Virtual Debit Cards will incur a fee of ₹354 (including GST), representing an increase from previous pricing structures.
Physical Debit Card Charges: Customers will now face a flat fee of ₹399 (including GST) for the issuing and maintenance of Physical Debit Cards, applicable to all account types except Salary Accounts.
Account Closure Charges: Closure of Fi Money accounts beyond 14 days of creation will be subject to a charge of ₹299 (including GST). The email did not mention exemptions for long-term customers.
Zero Balance Accounts: Effective immediately, all account types, including Standard, Plus, and Infinite, will be required to maintain a minimum monthly average balance (AMB). Specific AMB requirements have yet to be disclosed, potentially affecting customers who opened accounts prior to 2021 when fees were lower.
Fi Money and Jupiter Money are two Neo Banking Solutions who give users new age banking experience which are backed by Federal Bank in this case. During the launch both of them had exciting offerings, low/no charges on debit cards, and many other charges being the highlighting feature. Now this new introduction of charges comes as a blow for its users.
Official Mail Link: Federal Revised Charges
