Last Updated on April 9, 2021 by Gopal Gidwani
Digital disruption in banking
In today’s modern world, technology led digitisation has disrupted almost every sector. Banking is not exception to this trend. Digitisation has disrupted banking in a positive way, the benefits of which are being enjoyed by banking customers. New age bank Equitas and fintech Niyo have teamed up and come up with NiyoX savings bank account that fully embraces new age banking and brings all banking services to the customer’s fingertips. Let us look at some of the exciting features of this new age banking product.
1) Instant account opening: Gone are the days of traditional banking when we had to visit a physical branch to open a savings bank account. No more physical form filling and submitting photocopies of Know Your Customer (KYC) documents. You can open a NiyoX savings bank account online from the comfort of our home. All you need is your PAN and Aadhaar number. Account opening is completely online, paperless, hassle free and instant.
2) Virtual debit card: As soon as your online account is opened, you get access to your virtual debit card. Today’s millennials need instant gratification, which is what NiyoX, the new age banking product provides. You can start using the virtual debit card for online transactions right away.
3) Choice of physical debit card design: While you can use the virtual debit card for online transactions, you still need the physical card for offline transactions and ATM cash withdrawals. Once you open the account, you need to complete your full KYC and place a request for the physical debit card. The Visa Platinum Card comes with set of exclusive privileges from Visa. You can choose from two card designs which include Morse code or Caricature. The best part is, as an introductory offer, these cards will come for free.
4) High interest rate of up to 7% p.a.: From 2011, the interest rates on savings bank account has been deregulated by the Reserve Bank of India (RBI). This allows new age banks to offer the benefit of high interest rates to their savings accountholders. Along with the latest features, millennials prefer high interest rates on the balances they maintain in their savings account. To cater to the needs to such accountholders, NiyoX pays an interest rate of 3.5% p.a. on balances of up to Rs. 1 lakh. For incremental balances above Rs. 1 lakh, the interest rate will be 7.0% per annum, one of the best in the banking industry.
5) Higher insurance cover: The high interest rate of up to 7.0% p.a. is very lucrative, but people get anxious about the safety of their money when they maintain a high balance in their savings account to benefit from the high interest rate. If you have any such worries, then there is a very straight forward solution for that. Up to Rs. 5 lakhs of your balance in all bank accounts is protected by the insurance provided by RBI subsidiary Deposit Insurance and Credit Guarantee Corporation (DICGC). So, you can maintain a high balance in your NiyoX account without any worries and enjoy the high interest rate of up to 7.0%.
6) No MAB charges: While on one hand, NiyoX pays a high interest rate of 7% for balances above Rs. 1 lakh, on the other hand, it does not penalise customers who do not maintain the required monthly average balance (MAB) of Rs. 10,000. Niyo believes in a simple principle. Keep all customers happy irrespective of the balance amount they maintain in their savings account.
7) 2 in 1 account: These days, millennials prefer to have all investment options in one account. You can earn a high interest of up to 7% p.a. on your savings account balance in your NiyoX account. But, some accountholders prefer to earn even higher returns by investing elsewhere. NiyoX Team has thought through the requirements of such accountholders and has made NiyoX a 2 in 1 account (savings account + wealth account). Through NiyoX, you can invest in mutual funds also. There is no need to register separately for mutual fund KYC.
8) Zero commission on mutual funds: What is your financial goal? Building a fund for your child’s higher education or marriage or your own retirement? NiyoX allows you to invest in ‘direct’ plans of all mutual funds. When you invest in direct plans of mutual funds, you have save up to 1.5% p.a. in the form of commissions paid to mutual fund distributors. Over the long run, this annual saving of 1.5% p.a. can lead to substantial savings. You can also import your existing mutual fund portfolio into the Niyo App by sharing the Consolidated Account Statement (CAS). Thus, you can view all your investments at one place.
9) Best in class security: On one hand, digitisation has made life easy for us. But on the other hand, it has also lead to higher number of financial frauds. To protect accountholders from falling prey to hacks, the Niyo App comes with the best in class security features. You can set a PIN for unlocking the App. You can also hide the account balance by waving your hand above the App screen. The App also comes with the feature to activate/deactivate your debit card whenever you wish to. So, you don’t plan to use the card for some time? You can always deactivate it temporarily to protect yourself from any possible frauds.
10) Discounts and cashback offers: When you open a NiyoX account, you will be onboarded with great offers in the form of discounts and cashbacks. The celebrations don’t stop there. You will keep getting regular discounts and cashback offers on your NiyoX account from merchant partners. You will also get Equinox points for your various NiyoX transactions such as fund transfers, online/offline purchases. These points can be redeemed for various merchandise.
NiyoX savings account: Your one stop solution for all banking requirements
Before launching the NiyoX savings account, the Niyo Team has done a lot of market research to study the customer requirements. Based on the feedback that they got, they have tried their best to incorporate all possible features in NiyoX savings account so that it becomes your one stop solution for all your banking requirements. You can instantly open the NiyoX savings account online, choose your debit card design, earn high interest rate of up to 7.0% p.a., invest in zero commission mutual funds, avoid MAB charges, enjoy discounts and cashback offers, etc. What more do you want as a savings account holder?