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
Features
FAQs

About NiyoX

What is the NiyoX digital savings bank account?NiyoX is a digital banking app launched by Indian neo-banking pioneer Niyo in partnership with Equitas Small Finance Bank and VISA, designed to decode banking for the millennials. It’s the first of its kind product in India that offers a combined 2-in-1 savings and wealth management account to help you achieve your savings goals. You no longer have to maintain two separate apps to manage your finances.The account comes with a Tap and Pay International VISA Platinum Debit Card. The integrated app eliminates the need to go through the KYC process separately for your mutual fund investments account. Getting KYC done is usually a cumbersome process, but with NiyoX, one e-KYC completion applies to both your savings and wealth accounts – it’s as simple as that!With a new account opening every 30 seconds, the NiyoX digital banking app has grown at a fast pace to 10L+ active users since its launch in March 2021. With a capability of serving 26000+ pin codes across India, NiyoX aims to provide banking services to users in the farthest corners of the country, reaching the most underbanked.How to open a NiyoX digital savings account?Opening a savings bank account with NiyoX is quick and easy. Keep your PAN and Aadhaar handy and follow these simple steps:

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

Note: It is recommended to use your Aadhaar-linked mobile number

Once you download the app, the onboarding process is pretty self-explanatory. It will help you open your NiyoX account in a matter of a few seconds and start using your zero balance NiyoX digital savings account immediately.

The fast and light NiyoX app makes managing finances simple, safe, and smart. Don’t waste another moment and open your instant NiyoX digital account now to enjoy exciting offers and the benefits of a high interest 2-in-1 Savings + Wealth account!

Documents required to open your NiyoX digital savings accountAll you need is your PAN and Aadhaar. These documents will help our partner bank fetch your personal information and verify it for your KYC.During the onboarding process, an OTP will be sent to your Aadhaar-linked mobile number. So, make sure you are not using the NiyoX app from a different number, or have access to the mobile number registered with your Aadhaar handy.

Features

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 3.5% p.a.
- Any incremental amount above ₹1 lakh up to ₹5 lakhs yields an interest of 5.00% p.a.
- Any incremental amount above ₹5 lakhs and upto ₹25 crores yields an interest of 7.00% p.a.
- All incremental amount above ₹25 crores yields an interest of 7.8% p.a.

NiyoX Savings Account Interest Rates (w.e.f 2nd Nov 2023)
Savings Account Balance	Interest Rate Per Annum
Up to ₹1 lakh	3.5%
₹1 – ₹5 lakh	5%
₹5 lakh – ₹25 crores	7%
Above ₹25 crores	7.8%

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.

FAQs

What is a digital savings account?A digital savings account operates entirely online without the presence of a physical bank branch. Such accounts are usually provided by fintechs in partnership with established banks. Your money is safely parked with the partner bank and fintech provides additional features and benefits so you can take charge of your finances and make the most of it. For more information, check how does an online savings account work. What is the difference between a regular savings account and a digital savings account?A traditional savings account is provided by a bank directly and attached to the branch you opened your account in. It requires you to visit the branch and be present physically to open an account. Most of the banks provide internet banking services too that are usually considered quite difficult to navigate.A digital savings account is an online-only account without any physical branches. It is provided by fintechs in partnership with an established bank. All aspects of banking, including account opening, are handled online. Without the high cost of managing physical branches, they are able to pass on the benefits to their customers in the form of zero balance accounts, high-interest rates, and cashback rewards from time to time. Fintechs, basically technology companies, strive to provide a smooth digital banking experience with a smooth UI/UX experience through their apps and web portals.Is my money safe in a digital savings account?So long as you open an account with a bank that’s insured by the Reserve Bank of India (RBI), your money is insured up to ₹5 lakhs per depositor, in the case of a bank failure.Can someone lose money in a digital savings account?Your money in a digital savings account is actually parked with the partner bank. As long as you choose an account that’s insured by the RBI (up to ₹5 lakhs per depositor), you can’t lose your money. Savings accounts are safe products and are best to keep your emergency funds or the funds you might need in the near future. Savings accounts aren’t volatile like the stock market. However, interest rates may fluctuate at times.How to choose a digital savings account?Selecting a digital savings account could be a bit overwhelming for numerous factors. You should consider choosing the one that best fits your financial goals and charges the least fees.Although earning the highest interest rate might be your primary goal in selecting a savings account, you should also consider other factors such as ease of access, customer experience, and convenience. It’s best to pick an account that aligns with your goals, even if it means earning a slightly lower interest rate. Which banks provide the best interest rates for digital savings accounts?Interest rates on savings accounts generally vary and banks shift their rates often. To find the best high-interest digital savings accounts, it’s best to research online and compare thoroughly before narrowing down on one.Do all digital savings accounts offer zero balance accounts?It differs across products. It is recommended to check with the account provider before opening your digital savings account. For instance, NiyoX certainly is a zero balance account and comes with the promise to not charge you any fee for not maintaining a balance at any point in time.How to open a digital savings account?The digital account opening process differs across products. In general, most of them would require downloading an app and verifying your identity with Aadhaar and PAN, sharing personal details including name, age, employment details, permanent/communication address, etc. What is e-KYC (Electronic Know Your Customer)?Financial institutions such as banks are required to verify the credentials of a customer before providing them with financial services. This is known as KYC (Know Your Customer). Nowadays, to make it easier on the customers, the KYC process which is mandatory for opening a digital savings account in India, can be completed electronically via Aadhaar-based verification. The details of your Aadhaar, such as name, address, gender, date of birth, mobile number and email address are accessed by the bank from the database of the Unique Identification Authority of India (UIDAI). Thus, Aadhaar-based eKYC (often called paperless KYC) provides your proof of identity and address to the bank instantly, taking away the need for tedious in-person verification. How do I transfer funds using a digital savings account?It’s pretty much simple and similar across different products. You add a payee/beneficiary to your account right within the app, wait for the cooling-off period, and then transfer the amount through OTP authentication. The amount is instantly transferred to your payee’s account. Fund transfer limits and account balance details are handy within the app.