Revised schedule of fees and charges for your Federal bank Savings Account

News from Jupiter
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Hi everyone,

As India’s most loved financial wellness app, we’re also committed to being the most transparent. That means you’ll always know our fees and charges clearly, with no hidden fine print.

This is to inform you about the revised fees and balance requirements for your Federal Bank Savings Account on Jupiter. Federal Bank also communicated these on 30 April 2024 and will be effective on 1st October 2024.

We will be covering 3 parts here:

  1. Debit Card annual fee
  2. Average monthly balance requirement
  3. Requirements for upgrading to PRO

Debit Card annual fee

As communicated during your account creation or in our email dated 19th April 2023, a Debit Card fee will be charged to your account every year. This year’s fee of ₹199 (excl. taxes) will be debited soon if you’ve not met the waiver criteria. This fee going forward has been revised to ₹299 (excl. taxes) and will be applicable to you on your next year’s due date.

This fee helps provide the best-in-class security features and domestic and international offers on lifestyle, dining, entertainment, and travel on your Federal Bank co-branded Debit Card on Jupiter.

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These charges can be waived off by:

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FAQs

  1. What is Debit Card Annual Fee?

Debit Card Annual Fee is charged by Federal Bank to the user in order to keep the debit card active, operational and have best in class offers across shopping, entertainment, dining, travel on the card.

  1. What is the amount charged for Debit card Annual Fee?

The amount charged for Debit Card Annual Fee is INR.199/- (Exclusive of taxes) and this is being revised to INR.299/- (Exclusive of taxes) from Oct 2024 Onwards

  1. Is it charged on Physical or Virtual cards?

Annual Debit card Fee is valid on physical and virtual Debit card forms (only one charge will be applied), this is in line with our communication on 19th April 2023 and new users boarded after this date during onboarding.

  1. How can I avoid this charge?

You can avoid these charges by taking the below-mentioned actions:

  • Make eligible spends of a minimum ₹25K or more in the applicable year i.e. 12 months on eligible MCC codes
  • Be a PRO or Salary Account holder for any 6 months during the last 12 months

Average monthly balance requirement

All users would have received an email communicating primarily three changes, Balance Criteria, Debit Card Annual Fee, and revised qualification criteria for PRO.

However, if you see the following: The ‘minimum balance criteria’ do not apply to you (Refer to the image below). No fee will be levied on you for non-maintenance of balances.

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However, to build financial wellness we recommend that you take any of the actions below

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FAQs

  1. From when is this fee effective?
  • The AMB fee does not apply to you.
  • The Debit Card Annual fee (if you are eligible) stands revised to INR.299/- effective Oct 2024.
  • The Pro Criteria has changed and is effective Oct 2024

  1. Is there a fee for opening the Federal Bank Savings account on Jupiter?
    No. Opening of Federal Bank Savings account on Jupiter is completely free.

  2. Who is charging the fee?
    Your Savings account on the Jupiter app is issued by Federal Bank. Federal Bank is the only regulated entity authorized to charge the user any fee. Jupiter does not charge any fee for platform usage.

  3. Why is there a fee?
    This fee helps provide the best-in-class banking features, like free NEFT, RTGS, ATM withdrawals, free IMPS up to 5 transactions, and free 1st cheque book.

  4. What if I do not maintain the average monthly balance?
    Nothing changes, you will not be debited with a fee. However, we would love you to maintain balances, save for the future and contingencies.

Revised criteria to upgrade to PRO

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FAQs

  1. Why do I need to maintain balances?

Maintaining incremental balances helps you save for the future, earn interest on your balance, and make payments easily. However if you don’t maintain balances, you will not be charged.

  1. When will these charges be implemented?

Rest assured, these changes are not being implemented immediately and you can maintain balances or upgrade to PRO by October 2024. In case of a low balance, a fee will be charged in November 2024.

  1. How can I know if I’m meeting the balance requirement?

You can track your average monthly balance in real time on Jupiter.

If you have any queries on the fees and charges, please let us know in the thread below. The team will help in clarifying your doubts.

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So Jupiter now charging 200 rupees fee if you failed to maintain 5k average monthly balance …
Debit card charges are separate.

They still advertise zero balance account shamelessly…Why don’t you apply this conditions on new customers.

I think it’s time to.close the account
(Leave you thoughts on this)

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@Honey5197 You are not being charged. The email which we have sent also states the same.

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So do the older customers still have a Zero Balance account? Are the fee updates for new users?

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The emails says ‘currently’ so I’m sure you are going to levy charges at some point of time in future.

The only reason I opened an account with Jupiter was because of zero balance. I was okay with the debit card fee but now this. You guys offer me nothing which I can’t get at any other bank. This bait and switch tactic is pathetic.

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I am planning to close the account too…
I don’t need another bank account be it neo or physical account, if I have to maintain a MAB.

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it’s stupid because I’ve been using Jupiter for a year now, using it as my main account yet I didn’t get this offer. While my mother, who created the account 2 months ago and barely uses it (she has an ICICI account), got it. I imitated account closure.

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I wrote a detailed thread on the community regarding all the charges and queries I had but It was sent to review instead of posting and It was never published. At least yours was not restricted.

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Can you elaborate

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@axa Please DM me your Registered Mobile No to get it checked.

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@jayd_prabhu If you have received the waiver email, you will not be charged.

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@Honey5197 If you have this text in the email which you have received, you will not be charged.

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Got this Email, Debit card changes for non-pro holders was acceptable but, Maintains balance of 5000 or 20000 FD? Thats not fair.

Alredy Maintain 10k FD & I think 10k FD is enough according to provided benifits.

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@Omkar18 You will not be charged for this. The email which we have sent also states the same.

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Do the older customers have the same fee structures or will the older users be given a zero balance account along with charges for debit card?

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It says currently. So can you give it in writing this won’t change in future?

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Your reply isn’t helping anyone nor addressing the concern raised by the OP.

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At this point Jupiter has set the bar way too high, so no one can even stay being pro unless they have 10k in savings or 40k FD?

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@Siddharth_B_R There is no classification of Old and New when it comes to users. anyone who has received a waiver in the email will not be charged.

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@alok There are inherent benefits when you convert to Pro. You can earn rewards in form of Jewels when you upgrade to Pro.

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Is it for a specified duration like for the next few months or will our accounts be considered as a zero balance account? I am asking this as I would have to maintain the balance apart from the FDs if the waiver is only for a few months.