6 Must-Know Features of the NiyoX Savings Account

Features and benefits of NiyoX digital savings account

1. 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. 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.

3. 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. 

4. 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.

5. 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. 

6. 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.