Digital Savings Account - NiyoX
A digital bank—also known as an online bank, virtual bank, internet-only bank, and most recently popularized as neobank— is a bank that operates exclusively online without the presence of the traditional brick and mortar branch. Digital banking is not to be confused with the internet banking portal provided by traditional banks.
Digital banks are services provided by fintechs and have gained popularity with their mobile-first approach that provides the convenience of banking on the go for the new-age consumers. The aim is to provide a hassle-free banking experience.
Fintechs usually partner with established banks to provide digital banking services. All aspects of banking, right from account opening, making payments, fund transfers, to customer support are handled online through their mobile application.
Since the fintechs are free to partner with multiple banks and financial institutions, they are able to offer a wide range of segmented financial services. For instance, partnering with one bank to provide a savings account, another to provide a forex card, yet another for mutual fund investments, or a combination of services, and so on. As a consumer, you should check the focus of a product and what serves your need the best.
- About NiyoX
- Download the NiyoX app from App Store or Google Play Store
- Register with your mobile number and email address
- Verify your identity by providing your Aadhaar and PAN details to complete your virtual KYC
- Enter your personal information
Features and benefits of NiyoX digital savings bank account
Looking for hassle-free account opening in a jiffy?
NiyoX aims to simplify digital banking in India through a quick and seamless online onboarding process. All you need is your PAN, and Aadhaar card linked with your current mobile number and you can open your digital savings account online on the NiyoX app effortlessly in less than 100 seconds.
Want the perfect solution to handle saving and investing?
NiyoX offers a 2-in-1 savings and wealth management account to take charge of 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.
Would you like your money to go the extra mile?
NiyoX 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 up to ₹5 lakhs yields an interest of 5.25% p.a.
- Any incremental amount above ₹5 lakhs and upto ₹50 crores yields an interest of 7.00% p.a.
- All incremental amount above ₹50 crores yields an interest of 7.80% p.a.
NiyoX Savings Account Interest Rates
(w.e.f 2nd Nov 2023)
Savings Account Balance
Interest Rate Per Annum
Up to ₹1 lakh
₹1 – ₹5 lakh
₹5 lakh – ₹50 crores
Above ₹50 crores
Image caption: NiyoX Digital Savings Account Interest Rates
This yields constant growth to your savings. For instance, if you consider an 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.
The interest is calculated on the daily end-of-the-day balance and credited to your account on a quarterly basis.
Worried about having to maintain an average monthly balance in your savings account?
NiyoX offers a zero balance account with no strings attached. There are no charges for not maintaining a balance in your savings account at any point in time.
The NiyoX account comes with two kinds of VISA debit cards:
Virtual: A handy instant virtual VISA Classic Debit Card which can be used for all your online transactions as soon as you open your digital savings account with partial-KYC (pending biometric).
Physical: Soon after opening your account, you can order a physical International VISA Platinum Debit Card. 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. The card gets delivered to you as soon as you complete biometric KYC.
Got international travel or purchases on the horizon?
Your international VISA Platinum Debit Card comes with Niyo’s signature zero forex markup feature. 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.
What if you could control your card the way you want?
The NiyoX app comes with the convenience to set/reset your card PIN through the app and temporarily lock/unlock your entire card or individual payment channels (POS, ATM, ECOM, Spending abroad) 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.
Not sure about the safety of your digital account?
Neo-banking is a newer concept for many and with all things new with digital banking in India, 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 lakhs from the RBI. Your account sits tight on highly secure servers with strong encryption and constant monitoring round the clock.
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.
Do you think it takes a lot of money to start investing? Think again!
The newly launched Invest the Change feature is an automated digital piggy bank solution, that rounds off all your transactions (you can pick ₹10/50/100 round off) and makes a mental, umm…a digital note of it. Once you accumulate ₹100 in spare change, it invests your spare change in mutual funds of your choice. Selecting a mutual fund is easy with our in-app curated list of recommendations.
ITC is a nifty micro-investing tool for those who want to save and invest small amounts in mutual funds at their pace, effortlessly without any commitment.
Are you an online shopping enthusiast?
Your NiyoX app has a wide range of exclusive offers within the app for great savings on your online purchases, F&B orders, and many more. Don’t miss the opportunity to make the most of them!
While you grow your wealth with the NiyoX digital savings account, you can also earn Equinox Reward Points for fund transfers as well as POS and ECOM purchases made using your card. These points can be later redeemed for exclusive merchandise.
Want your family and friends to enjoy the perks of banking with NiyoX?
Sharing is caring! Spread the joy of digital banking, and refer your family and friends to NiyoX and earn attractive rewards for yourself and your friends. Check the NiyoX Referral Program.
Should you need assistance with your account at any time, we are here to help you 24X7 through our in-app live chat.
Digital Savings Account by NiyoX
Digital Savings Account by NiyoX
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