What is niyox | Niyox Review
Niyox is a neo bank that operates entirely online they do not have any physical branches.
All the neo banks only operate online with no physical branches.
There are many neo-banks in India. It’s a new type of bank, with only an online presence makes them different from traditional banks.
However, all the neo bank partners with well-established banks to provide all the banking services
Niyox bank has a partnership with Equitas small finance bank and visa.
Niyox bank is neo bank that provides many banking services. In addition, it has 2-in-1 saving and wealth management services.
Niyox has more than 1 million users in a short period. Niyox was launched in march 2021; since then, it has managed to acquire more than 1 million users, or you can say new account every 30 seconds
It is currently serving more than 26000 pin codes across India.
Niyox Digital Saving Account Benefits & Feature
Niyox bank provides a savings bank account in partnership with Equitas small finance bank. You can earn interest up to 7% per annum on this bank account. Let’s check all the features that Niyox digital saving account provides
In the Niyox digital saving account, you get up to 7% interest on your deposit.
-if you maintain a balance of up to 1 lakh in your account – the interest you get is 3.5% p.a.
– if you maintain a balance of 1 lakh to 5 lakh – the interest you get is 6% p.a.
– if you maintain a balance of 5 lakh to 2 crores- the interest you get is 7% p.a.
-Above two crore, you get 5% interest p.a.
No commission on mutual funds
Niyox comes with a DIY investment platform where market research and data resources are available for making investment decisions.
You can invest in mutual funds using their app. You don’t have to pay commissions for investing in mutual funds using Niyox app. There is 0% commission charges
Zero forex markup
You get two kinds of debit cards with a Niyox account; both are VISA platinum debit cards. But one is a physical card the other is a virtual card.
The virtual card you get immediately when you open a bank account with partial KYC
Whereas for the physical debit card, you need to complete full KYC via video call. You can order this card through the app. You can use this card on ATM, POS, or online payment.
Paperless account opening
Niyox simplifies the bank opening process it’s completely online and paperless.
You don’t need to visit the bank to open an account in this neo bank.
You can open an account online without a physical visit if you have a pan and Aadhaar card. You also need a mobile number linked to your Aadhaar card. Account opening is easy and user friendly
Niyox provides 2 in 1 account where you get savings and wealth management features.
You don’t need a separate app; this one app has both the solutions
Niyox has highly secure servers that have strong encryption and monitoring. They also provide several other in-app features that secure your bank account.
You also get insurance of 5 lakh from the Reserve bank of India, which means up to 5 lakhs in your bank account is totally secure
Niyo other products
Niyo global SBM
Niyo global is a bank account service for you if you are an international traveller.
It offers ultimate features like zero forex markup; you can save 3-5% on each forex transaction. It is accepted in over 100 currencies and 150 + countries.
Niyo Global app helps locate ATMs in nearby places. You also get complimentary airport lounge access in India
Niyox salary account
If you want to open a salary account, then the Niyox salary account can give you ultimate benefits like a 7% interest rate, cashback, zero commission on mutual funds, lifetime zero balance account, zero forex markup
Niyox Equitas Saving Bank Account
Niyox Equitas is a zero-balance savings bank account. You can get up to 7% interest on your savings in this bank account. Zero commission on mutual funds purchase and 0% forex markup on international payments
Niyo money is a wealth management app that is built with Robo-advisory. Using this app, you can invest in mutual funds and stocks. You can create goals in this app and invest according to your goals
Niyo DCB/Niyo Global
Niyo global is a bank account for travellers. This account has many benefits, like zero forex markup fees and airport lounge access.
It makes payments easier in foreign currency.
This type of account makes international banking simple. Niyo has a partnership with visa and SBM bank India
Niyo Bharat is a zero-balance prepaid card for blue-collar employees that provides easy fund transfer.
Moreover, a lifetime zero balance card remains the same even when you change jobs.
Niyo Bharat has no hidden fees and transparent pricing. Niyo Bharat has partnered with Yes bank, DCB bank, and ICICI bank
Frequently asked question/FAQ
Is Niyox debit card free
It’s a zero maintenance charge card for one year, then from the second year, you have to pay ₹150+GST annual charges. But if you maintain ₹1000 in your account as the average balance, this fee gets waived off
Niyo forex card worth it
Niyo global card is the ultimate card and comes with great features like zero forex markup, free airport lounge access, Niyo global integrated app, live currency converter, visa accepting merchants in 150+ countries, ATM locator, 5% interest per annum on saving account
Is Niyo global better than forex card
Yes, Niyo global is better if we consider charges and conversion rate on a other forex card
What is Niyo salary account
NiyoX digital salary account rewards you with each salary credit. It’s a zero-balance account. If you make international payments using this card, you can save forex markup. They have 0% forex markup fees. Interest is up to 7% p.a.
You also get scratch cards that reward up to ₹250 per scratch.
In NiyoX saving account, you can earn cashback on your salary up to 10000 p.a.
How secure is niyox
Just like any other bank, you get insurance coverage of up to 5 lakh from the RBI. Other than RBI security, you can get security features in the app like card pin, lock/unlock card, hide/unhide account balance
Servers of NiyoX banks are also highly secure with strong encryptions and constant monitoring
Is Niyo RBI approved
Niyo is a neo bank that operates as a banking correspondent and a banking technology service provider to other well-established banks. They are allowed to do this under RBI regulations. They do not have a banking license. But they are RBI approved for what they are doing.
Is Niyox free
Yes, Niyox is free as of now; you also get good interest on your saving account up to 7% p.a.
How do I get a Niyo card
You can request a card using their app. Once you generate a card request, it takes up to 15 days to deliver the card to your address
Is Niyo zero balance account
Yes, Niyo Equitas saving bank account is a zero-balance account. If you have opened this type of account, you don’t need to maintain any monthly balance in this account
How to deposit cash into Niyox account
You can deposit money to the equitas small finance bank branch or through their atm machines. You can locate nearby atm machines using their app. If that ATM has a deposit feature, then you can deposit cash in their
Who owns Niyox | When was Niyox founded
Niyo was founded in 2015 in Banglore, and Vinay Bagri is a co-founder of Niyo. Vinay bagri is also CEO of niyo. Before this venture, he was working as business head at Kotak Mahindra bank.
Does Niyox have UPI
Yes, you can create UPI in the Niyox app and do real-time money transfers. First, open a third-party app like Phonepe or Gpay, then add a bank account; select your bank there, you can select Equitas. After that, follow the regular procedure, and you can set to use UPI. UPI setting process is similar to any other bank.
What documents are required to open an account in the Niyox account
You need Aadhaar, PAN and mobile number that is linked to your Aadhaar
I hope you find this article useful; if you have any suggestions or questions regarding this article, you can ask us in the comment section