NiyoX Savings Account: New Age Banking System

• Posted By Amritesh
• On March 30th, 2021
• Comments: 5 responses

Banking & Financial Service Industry has witnessed massive transformation in the last decade, thanks to the technology upheaval. Many are of the opinion that future of retail banking & financial services is online, and I could not agree more. Banking Industry has started moving away from brick-mortar locations with focus on digitization and technological advancements. This allows the Banks not only to cut costs but also introduce innovative products & services for the retail customers. Understanding the need for digital banking platform, Niyo has introduced the NiyoX Savings Account, a paperless bank account.

Digital Banking has gained significance primarily among the millennials as they prefer to have the banking facilities available to them on their fingertips instead of the traditional bank branch visits. Hence, Banking Industry is focused on making the experience seamless & offer customized service to the Retail Customers. As I extend my research on digital banking space, I discovered how new entrants are upscaling technology to offer best of service to the millennials. Banking for millennials has become easy, be it account opening or availing any service, it is matter of few clicks either on app or web. To add to the list, one of the fastest growing Fintech firm Niyo plans to simplify the Digital Banking space in India with special focus on millennials.

Niyo is young and vibrant group with rich experience in the Banking space. Niyo in collaboration with Equitas Small Finance Bank intends to simplify the banking experience while offering top of the class banking service to its customers. Let’s take a quick look at the exciting prospect which Niyo intends to launch in the market.

NiyoX Equitas Savings Account: Banking made Simple

Niyo in collaboration with Equitas Small Finance Bank is coming with an innovative Savings account which will double up as Investment account too. Individuals will not only be able to avail normal banking services with their Savings account but also initiate and manage their Mutual Fund investments with the account. Moreover, one is not required to visit the Bank branch or fill lengthy forms to open their Bank Accounts. NiyoX Equitas Savings Account opening is completely paperless and Individual may complete the entire process from the comforts of their home or office.

NiyoX Equitas Savings Account does not stop there, it offers additional benefits which are hard to find with traditional Banks. To highlight a few,

#2in1 Savings Account, allowing Customer to invest in Mutual Funds using the same account. Individuals may open the account online just by using their PAN, Aadhaar and Registered Mobile Number.

#Investment in Mutual Funds Direct Plans using a single app, Zero Commission on Investment. Customers may easily manage their investments via the Niyo app.

#Up to 7% interest offered on the Savings Account Balance. Account Balance up to Rs 1 lac will earn an interest of 3.5% and balance beyond Rs 1 lac will earn 7% interest p.a.

NiyoX Savings Account Decode Banking (Try out the App & Signup Today)

#Even though minimum balance to be maintained is Rs 10,000/- but no penalty will be levied in case the average balance is not maintained.

#State of the art app is easy to use and offers high level of security to the customers. Along with seamless transaction experience.

#Physical Visa Platinum Debit Card will be issued to the Account holders, once the full KYC is done. Apart from that a virtual debit card will issued at time of opening the account.

#Individuals will be also eligible for the cashback offers and equinox points on transactions.

The above-mentioned points clearly highlight the advantages offered by the Niyo Equitas Savings account. It is not just a savings account but a tool which will help you manage your finances better. The two things which I really liked about the Niyo Equitas Savings Account is, Interest Rate offered on Savings Balance is the highest when compared to other banks, the second being the option to invest in direct plans of Mutual Fund schemes. These two features are something which really excites me as a Millennial.

Value Added Benefits

NiyoX Equitas Savings Account offers a lot more than just a Savings account to the Individuals. Since the focus is on the millennials, Niyo aims to offer its customers the best of service in the digital banking space. For the very same reason, additional customized features and rewards program is also being introduced for the customers. Few of them are highlighted below;

#Customers will have the option to chose the card design based on their preference. Currently, one may choose between the caricature and morse code designs.

#Customer experience is of utmost importance. So, Niyo is offering exciting onboarding offers and rewards for the customers.

#Last but not the least, every bank transaction qualifies for Equinox points which may be redeemed for merchandise. Each equinox point is worth 20-25 paise. Niyo promises to bring regular rewards and incentive programs for its loyal customers.

Hopefully, we will come to know more about the product once it is launched, but at the moment it does look to add value to the “Digital Banking Space”.

The following link may be used to download the NiyoX app and signup for the NiyoX account.

NiyoX Digital Savings Account Decode Banking

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Wealthtech Speaks or any of its authors are not responsible for any errors or omissions, accuracy, completeness, timeliness or for the results obtained from the use of this information. This article is for informational and promotion purpose only. Readers are advised to research further to have detailed knowledge on the topic. It is very important to do your own analysis and consult your Financial Advisor before arriving at any conclusion.