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Niyox Bank (Zero Balance Account)
Niyo has collaborated with Equitas Small Finance Bank to develop NiyoX, a one-stop shop that meets the needs of millennials. NiyoX is the ideal combination of a savings account and a mutual funds management platform, and it offers a wealth of features to create a comprehensive digital banking experience.
This cutting-edge mobile banking solution for millennials includes a digital savings account as well as a wealth management package. NiyoX wants to demystify banking for millennials and onboard 2 million users by the beginning of 2022 with its breakthrough ‘007 banking’ package of 0% commission on mutual fund investments, 0% account maintenance expenses, and up to 7% interest on account balances.
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NiyoX Savings Account
The NiyoX Equitas Digital Savings account is one of the greatest savings accounts available. With its rapid savings account setup and streamlined and transparent approach, this online savings account with Equitas Small Finance Bank is suitable for persons new to digital banking. NiyoX is now available at the Android Google Play and Apple IOS App Stores, with the motive of demystifying banking and making it simple, safe, and smart for the present day banker. You may start a NiyoX Equitas Digital Savings account in minutes without having to wait in line or visit a bank.
| NiyoX Highlights |
|---|
| Zero Balance Savings Account |
| You may earn up to 7% p.a.* on your savings. |
| Invest in 'Direct' Mutual Funds and pay 'Zero' commissions with the NiyoX App. |
| With 'Invest the Change,' you may invest spare change every time you spend it |
NiyoX Features
To put things into perspective, here are a few distinguishing features of this account:
• Savings account with facilty of Zero balance.
• The highest interest rate savings account, with a 7% interest rate*.
• A savings bank account with wealth management as a two-in-one product.
• Consistent prizes and promotions.
• Personalizable Platinum Visa Debit Card
The industry-best interest rate you receive makes your money work for you.
You may earn awards with every ECom/POS/UPI transaction. You also get a digital debit card and the opportunity to buy a personalized Platinum Visa Debit Card, because we know you want to stand out from the crowd.
All you have to do is download the NiyoX app to get started with neo-banking!
NiyoX Savings Account features.
NiyoX, a cutting-edge neo banking solution for millennials, in collaboration with Equitas Small Finance Bank and Visa, offers a 2-in-1 account that includes a wealth management suite in addition to a savings account. With the ‘007’ bundle, NiyoX aims to demystify banking for millennials:
• 0% commission you don’t have to pay extra on mutual fund investments
• No account maintenance fees, resulting in a savings account with a zero balance.
• Up to 7% * interest on account balances
NiyoX, in collaboration with Equitas Small Finance Bank, provides you with more than just the 007 package:
• Open an instant savings account to quickly manage your money and savings.
• Its complete wealth management suite powered by Niyo Money allows you to track all of your investments in one spot.
• Rounding up costs and investing the difference to aid in wealth management.
• Personalizable Platinum VISA Debit Card
• The opportunity to earn Equinox reward points with each transaction.
• The Wave function allows you to hide the account balance of your digital savings account from inquisitive eyes by waving your hand over it.
In addition to these appealing features, we pay close attention to client feedback in order to keep the app experience as pleasant as possible. Our clients are always at the center of our decisions, and via NiyoX, we give cashbacks and run incentives programmes on a regular basis to ensure that this is the finest bank account for savings that you can have.
The advantages of owning a NiyoX Savings account.
With the ‘007’ bundle of zero commission mutual funds, zero balance savings account, and 7 percent * p.a. interest rate, NiyoX aims to demystify banking for millennials. The NiyoX app is easy to use and promises to make banking simple, safe, and smart for all of our clients.
NiyoX has a plethora of intriguing features that make it the finest bank account for your savings:
• Open an instant savings account to quickly manage your money and savings.
• Its complete wealth management suite powered by Niyo Money allows you to track all of your investments in one spot.
• Rounding up costs and investing the difference to aid in wealth management.
• Personalizable Platinum Visa Debit Card
• The opportunity to earn Equinox reward points with each transaction.
• The Wave function allows you to hide the account balance of your digital savings account from inquisitive eyes by waving your hand over it.
Process to Open a NiyoX Digital Savings Account
It is quick and simple to open a savings bank account with NiyoX.
All you need to do is:
1. Get the NiyoX app from the App Store or Google Play.
2. Sign up using your phone number and email address.
3. Provide paperwork and complete your virtual KYC to verify your identity.
4. Fill up your personal details.
After you download the app, the onboarding process is self-explanatory and simple to follow.
It will let you open your NiyoX account fast and get started with your new banking experience.
Simply follow the steps and have your PAN and Aadhaar card handy to start using your zero balance savings account.
NiyoX App
A versatile 2-in-1 account that integrates Savings and Wealth Management in a single app.
Documents Required for NiyoX account
Opening a NiyoX Instant Savings Account Requires the Submission of the Following Documents.
They will simply need your: to open a NiyoX zero balance savings bank account.
• PAN.
• Aadhaar.
These papers will assist us in retrieving and verifying your personal information for your KYC. This is also required in order to open a digital account with the partner bank.
NiyoX will email you an OTP throughout the onboarding process for your new online savings account. The OTP is sent to the cellphone number linked with your Aadhaar, so ensure that you are not using a different number or that you have the number associated with your Aadhaar handy.
NiyoX is here to make your banking experience easier, safer, and more convenient. Don’t put off opening your NiyoX rapid savings account to take advantage of fantastic bargains and a 2-in-1 wealth and savings account any longer!
NiyoX Interest Rate
Interest rate of 7% on savings account balances: Who doesn’t appreciate it when their money goes the extra mile? As a NiyoX subscriber, your savings account balances in excess of 1 lakh earn an industry-leading 7 percent p.a. To be more precise:
• A savings account balance of up to 1 lakh receives 3.5 percent p.a. in interest.
• Any additional sum beyond 1 lakh earns a 7% p.a. interest rate.
This results in gradual but consistent increase of your funds. For example, if you have a savings account balance of Rupees 110,000, you will get 3.5 percent on the first lakh and 7% on the remaining 10,000. Furthermore, NiyoX provides a 0 balance account with no restrictions.
NiyoX Debit Card
(NiyoX is a virtual debit card.)
Do you think a virtual debit card would be useful? Who knew you could start using a debit card as soon as you’re approved? NiyoX has a convenient immediate Virtual VISA Classic Debit Card that you may use as soon as you establish your online account with partial-KYC (pending biometric).
This Virtual Card may be used for any online purchases. You may schedule an appointment to complete your full/biometric KYC as soon as you open your account. For a limited period, after completing full-KYC, you can order a real VISA Platinum Debit Card for free.
This card may then be used for any POS, ATM, and online purchases. You may choose between two fantastic card designs: Morse code and Caricature, depending on which one best fits your personality.
NiyoX Debit Card Charges
The NiyoX Platinum Debit Card has an annual charge of Rs.150 + GST. In all likelihood, the price would be waived anyhow depending on some usage/account balance criterion.
Niyox Insurance
The RBI’s Deposit Insurance Scheme. Your money is protected with Deposit Insurance Scheme’s insurance coverage of up to 5 lakh rupees (insured by DICGC, a wholly owned subsidiary of RBI).
Niyox customer service phone number
| Niyo/Global: | 1860 258 6496 |
|---|---|
| India | 1800 258 3009 |
| SME | 1800 258 3010 |
Niyox Rewards Redemption
Earn Equitas Bank Points when you shop, pay bills, and do other things with your Equitas Bank Debit Card, whether online or in person. Every time you swipe your card, you earn points that you may redeem later!
This is how redemption works:
How to Use Equinox Points to Redeem.
Equinox Rewards makes it simple to redeem your rewards. All you have to do is log in to your Equitas Rewards Portal with your customer ID and password and check the available reward points.
Go to the ‘Redeem Points’ tab and select whether you want to utilize your reward points on the Product Catalogue or Gift Cards/E-Vouchers. After you’ve chosen your gift card or product(s), you may redeem them against your reward points and pay the balance using your debit/credit cards.
Go ahead and use your points before they expire!
Niyox Review
NiyoX is the ideal combination of a savings account and a mutual funds management platform, and it offers a wealth of features to create a comprehensive digital banking experience.
The NiyoX app is small and quick, yet it’s packed with features that will change the way you bank.
NiyoX strives to simplify your banking experience with a quick and easy digital onboarding process in an age where most services are available at the tip of your fingertips. This means no more trips to the bank, no more filling out complicated papers, and the ability to create an online bank account from the comfort of your own home.
All you need is your PAN card and Aadhaar card connected to your current mobile number, and you’ll be up and running in about 3 minutes.
Interest rate of 7% on savings account balances:
Who doesn’t appreciate it when their money goes the extra mile? As a NiyoX subscriber, your savings account balances in excess of 1 lakh earn an industry-leading 7 percent p.a.
To be more precise:
A savings account balance of up to 1 lakh receives 3.5 percent p.a. in interest. Any additional sum exceeding 1 lakh earns a 7% p.a. interest rate.
This results in gradual but consistent increase of your funds.
For example, if you have a savings account balance of Rs.110,000, you will get 3.5 percent on the first lakh and 7% on the remaining 10,000.
Furthermore, NiyoX provides a 0 balance account with no restrictions.
NiyoX FAQ
Q.1) What is the nature of this account?
Ans: This is a two-in-one account. The Savings Bank Account is provided in collaboration with Equitas Small Finance Bank, while the Zero Commission Mutual Fund platform is provided by Niyo Money. The Niyo Equitas Savings Bank account has a “ZERO” balance requirement, which implies there is no necessity to have a set amount in the account on a monthly basis.
Q.2) Who is eligible to apply for a Niyo X account?
Ans: All native Indians above the age of 18 can open a Niyo X Account.
Q.3) Is the NiyoX Digital Savings account safe?
Ans: Equitas Small Finance Bank offers this Savings account, which adheres to all regulatory criteria imposed by the Reserve Bank of India. Your money is guaranteed up to Rs 5 lakh by the Reserve Bank of India’s wholly-owned subsidiary, the Deposit Insurance and Credit Guarantee Corporation. This is to give depositors with some level of protection.
Q.4) What papers are required to complete KYC?
Ans: Your PAN and Aadhaar numbers, an OTP (given to your Aadhaar-registered phone number), and some personal information will be required.
Q.5) How many nominations am I allowed to add to my NiyoX savings account?
Ans: You may add one more nominee.
Q.6) What exactly is “Invest the Change”?
Ans: It is a function in the NiyoX app that assists users who wish to develop a habit of saving and investing in mutual funds on a regular basis with little sums.
Q.7) How does “Invest the Change” function?
Ans’: “Invest the Change” allows you to round up all of your NiyoX account spending (restaurant orders, cab fares, OTT subscriptions, etc.) to the nearest 10, 50, or 100 rupees and save the change. Your in-store purchases, internet purchases, UPI, and fund transfers – in short, any debits in your savings account (except for mutual fund investments) qualify as expenditures. The spare change generated by each of these transactions continues to accumulate. When the accumulated change exceeds INR 100, it is immediately invested in a mutual fund of your choice.
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