Traditional banking finds it difficult to keep up with millennial demands. With deeper penetration of smartphones and digitisation of most aspects of modern life, tech-savvy millennials worldwide expect the same of their banking experience. The new age leaves little room for time-consuming, convoluted and stressful banking which involves loads of paperwork. Finances are already difficult to manage; banking experiences shouldn’t be – Niyo X is here to change the way you think about banking.
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What is NiyoX?
NiyoX is a product launched by Indian neo-banking pioneer Niyo in partnership with Equitas Small Finance Bank, designed to decode banking. It cuts the confusion out of the banking you know today and makes managing finances simpler, safer, and smarter. NiyoX’s fast and light neo banking app has been built specifically to serve the needs of millennials.
NiyoX is the first of its kind product in India that offers a 2-in-1 savings and wealth management solution, providing you both stability and support to achieve your savings goals. You no longer have to maintain two separate apps to manage all your finances. The integrated app also eliminates the need to go through the process of KYC 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.
NiyoX means convenience.
The NiyoX app is light and fast yet loaded with features that are bound to revolutionise your banking experience.
Instant paperless account opening: In times where most services are 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 visits to the bank, no filling up confusing forms and being able to open an online bank account from the comfort of your home. All you need is your PAN card and Aadhaar card linked with your current mobile number and voila! you can onboard yourself effortlessly in under 5 minutes.
7% interest rate on savings account: Who doesn’t like their money going the extra mile? As a NiyoX user, your savings account balance above ₹1 lakh earns an industry-best 7% interest p.a. 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 yields an interest of 7% p.a.
This yields gentle but constant growth to your savings. For example, for a savings account balance of ₹1,10,000, you will gain 3.5% on ₹1 lakh and 7% on the remaining ₹10,000. What’s more, NiyoX comes with a promise of ₹0 account maintenance charge, meaning there’s no charge for not maintaining an AMB (average monthly balance) of ₹10,000.
Virtual debit card: Does a virtual debit card sound interesting to you? Who knew one could start using a debit card as soon as they are onboarded? NiyoX comes with 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. Soon after opening your account, you can make an appointment to complete your full/biometric KYC. As a limited time offer, post full-KYC completion, you can order a physical VISA Platinum Debit Card absolutely for free. This card can then be used for all POS, ATM and E-commerce transactions. You can pick from a selection of two cool card designs – Morse code and Caricature – whichever resonates best with your personality.
0% commission on mutual funds: What is your take on investments? Growing up, many of us had the habit of savings ingrained in our minds, but 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. Mutual funds are a package of various stocks and bonds managed by professionals. They 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.
If you are a beginner and find it difficult to save enough money to add to your investments bucket, the in-app “Invest the Change” (Coming Soon) feature is tailor-made for you. It’s an innovative idea based on micro-investing, where all your debit card transactions are rounded off to the next hundred rupees and the difference amount is accumulated into a corpus. Once the corpus reaches the ₹500 mark, it can be invested in a mutual fund scheme of your choice! You can choose the scheme that best suits your needs based on in-app investment tips, your risk appetite and investment duration.
Safe & secure: 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 fret, NiyoX has you covered. You can rest assured that your account is secured with an insurance coverage of up to ₹5 lakh from the RBI. The app provides the convenience to set/reset your card PIN through the app and temporarily lock/unlock your card whenever required. As an additional security measure, you can permanently block the debit card through the app in case it is lost, stolen or misplaced. 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.
Equinox Reward Points: While you grow your wealth with NiyoX, you can also earn Equinox Reward Points for fund transfers and all POS and e-commerce purchases made using your debit card. These Equinox Points can be later redeemed for exclusive merchandise.
With seamless digital account opening, frictionless fund transfers and payments online and offline, easily accessible customer support, reward points programs, and a safe, secure and personalised wealth management platform, NiyoX makes your money grow along with you.