Benefits of opening your digital savings account with NiyoX
Advances in technology and widespread digitization of every aspect of our lives is rapidly changing the way we bank too. Read on to learn how the new-age digital banking is revolutionizing the banking system we’ve known to be cumbersome and time-consuming to cruise through.
What is NiyoX?
Is digital/online banking synonymous with neobanking? The simplest way of answering this question is that neobanks provide services over and beyond digital banking. Neobanks operate entirely online without the presence of a brick and mortar bank branch. The account management as well as all transactions are carried out securely online within a mobile app or the fintech company’s website. Often times the fintechs partner with well established traditional banks to provide banking services and beyond.
NiyoX is a 2-in-1 savings and wealth management account in partnership with Equitas Small Finance Bank and VISA, designed to decode banking for millennials. The core idea is to make banking simple, safe and smart for all. We are decoding banking so you can make informed choices and your money can grow along with you.
The NiyoX app has grown at a fast pace to 10L+ active users since its launch in March 2021, with a new account opening every 30 seconds. With a capability of serving 26000+ pin codes across India, NiyoX aims at providing its banking services to users in the farthest corners of the country, reaching the most underbanked.
Digital Banking with NiyoX
Features and benefits of NiyoX digital savings account
- Instant 100% paperless account opening
In times where every service imaginable is available at the tip of your fingers, NiyoX aims to simplify your banking experience too through a quick and seamless digital onboarding process. This means no visiting the bank, no filling up confusing forms, and opening a digital bank account from the comfort of your home. All you need is your PAN and Aadhaar card linked with your current mobile number and voila! you can onboard yourself effortlessly in 100 seconds. Open your NiyoX account today to experience the sheer speed, it’s truly amazing.
- 2-in-1 Account
NiyoX account is the first of its kind in India that offers a 2-in-1 savings and wealth management solution, providing you with both stability and support to achieve your savings goals. You no longer have to maintain two separate apps to manage your finances. Usually, getting KYC done is a cumbersome process, but with the integrated NiyoX app, one e-KYC completion applies to both your savings and wealth accounts – it’s as simple as that.
- 7% interest rate on savings account balances
Would you like your money to go the extra mile? Your NiyoX digital savings account comes with the industry-best interest rate, to be more specific:
- Savings account balance of up to ₹1 lakh earns an interest of 3.50% p.a.
- Any incremental amount above ₹1 lakh to ₹5 lakhs yields an interest of 6.00% p.a.
- Any incremental amount above ₹5 lakhs to ₹2 crores yields an interest of 7.00% p.a.
- All incremental amount above ₹2 crores yields an interest of 5.50% p.a.
This yields gentle but constant growth to your savings. For example, for a savings account balance of ₹20,025,000, you will gain 3.5% on ₹1 lakh, 6.00% on the next ₹4 lakhs, 7.00% on the incremental ₹19,500,000, and 5.50% on the remaining ₹25,000. What’s more? NiyoX offers a zero balance account with no strings attached.
- Zero forex markup
The NiyoX account comes with two kinds of VISA Platinum Debit Cards:
- Virtual: A handy instant Virtual VISA Classic Debit Card which can be used as soon as you open your online account with partial-KYC (pending biometric). This Virtual Card can be used for all your online transactions.
- Physical: Soon after opening your account, you can make an appointment to complete your full KYC through a 3-minute video call. You can order your Physical International VISA Platinum Debit Card right through the NiyoX app. This card can be used for all POS, ATM, and E-commerce transactions. You can pick from a selection of two cool card designs — Illustration style/Light halftone and Dotted/Dark halftone — whichever catches your fancy.
Got international travel or purchases on the horizon? Your card comes with Niyo’s signature zero forex markup feature, meaning you can use it to make transactions with international merchants while travelling abroad or on international websites to make purchases from right here in India and Niyo will not charge you any extra fee. All your transactions will be charged as per the VISA exchange rate at the time of settlement.
- Enhanced security control
Not sure about the safety of your digital account? Neo-banking is a newer concept for many and with all things new in banking, safety and security are major concerns for users. Not to worry, NiyoX has you covered. You can rest assured that your account is secured with insurance coverage of up to ₹5 lakh from the RBI. Your account sits tight on highly secure servers with strong encryption and constant monitoring around the clock.
The NiyoX app comes with the convenience to set/reset your card PIN through the app and temporarily lock/unlock your card and payment channels whenever needed. As an additional security measure, you can permanently block your card through the app in case it is lost, stolen, or misplaced (note: blocking the card is irreversible). The app is handy on the go with a cool new feature to gently wave your palm to hide/unhide your account balance from prying eyes.
- 0% commission on mutual funds
How proficient are you with making investments? Growing up, many of us had the habit of savings ingrained in our minds, but very few of us were formally walked through the concept of investing. Furthermore, investing directly in the equity market without much knowledge can be risky. It all sounds quite intimidating, and there is often a tendency to ignore it altogether.
NiyoX includes a DIY investment platform with in-app market research and analysis that helps you manage your mutual funds effortlessly. Mutual funds are a great way of growing your savings in a diversified, low-cost and tax-efficient way, and NiyoX is here to help you take charge of your investments. All direct mutual funds are available for investment within the app with 0% commission.
The newly launched Invest the Change (ITC) feature is an automated digital piggy bank solution, that rounds off all your transactions and invests your spare change in mutual funds. ITC is a nifty micro-investing tool for those who want to save and invest effortlessly in mutual funds in small amounts.
Digital Banking with NiyoX
Make the most of your NiyoX account
- Ensure a secure Passcode for your app. Note: Attempting to login with incorrect Passcode more than 3 times will lock your app for 24 hours and you’ll have to reach out to the Equitas Bank customer care team to reset it.
- For the safety of your account, never share your Passcode, OTP, or ATM PIN with anybody
- Your Virtual VISA Classic Debit Card comes with one-year validity and the limitation of use only for online transactions. So, completing your biometric KYC to get your Physical VISA Platinum Debit Card brings in the freedom to use it anywhere.
- Complete your biometric KYC to enjoy upgraded account limits and interest rate
- Completing your biometric KYC lets you invest in mutual funds and take charge of your investments
- Did you know? You can earn Equinox Points on every transaction you make with your NiyoX account and redeem them for exclusive merchandise.
- Should you need assistance, our in-app Support team is available to help you 24*7
- Our vibrant 50K+ strong Niyo Community is an open platform where you can discuss any Niyo-related or trending banking topics with other active members
With seamless digital account opening; frictionless fund transfers, online and offline payments; easily accessible 24*7 in-app customer support, reward points program, and a safe, secure and personalised wealth management platform, NiyoX makes it your best banking partner.
While these are just a few of the most significant features of the NiyoX account, it has a lot more to offer. Open your NiyoX account now and experience the brilliance of digital banking!