When it comes to Neo-Banks, NiyoX is a leading name that we come across. So what is NiyoX?
NiyoX is a product of GONIYO, an technology driven Fintech that has an foothold in this segment with industry first approaches and more. NiyoX is also my first experience in the world of Neo-Banking, so I will be sharing how good or bad is NiyoX and should you consider it or not.
NiyoX is a 2-in-1 savings and wealth management account in partnership with Equitas Small Finance Bank and VISA, designed to decode banking for millennials. ... The NiyoX app has grown at a fast pace to 10L+ active users since its launch in March 2021, with a new account opening every 30 seconds claims the company.
Personally, back in 2020-21 when I first heard of NiyoX ad campaign, I had no idea what was even an Neo-Bank was at first place. I blindly dived into the ocean of new digital banking! Account opening was hassle free, I have heard many complaining about the issues, but fortunately I did not face any issues. There was no Video KYC( VKYC), NiyoX had partnered with an service provider , an agent came to my place and took biometric (Fingerprint) and Aadhar details. So do I recommend it? Yes ofcourse. If you want to open an account do consider using the link provided , you will get 75rs as an welcome gift!
Features and benefits of NiyoX The NiyoX app is light and fast, yet loaded with features that are bound to revolutionise your banking experience.
Digital onboarding: 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 3 minutes.
7% interest rate on savings account balances: 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 offers a 0 balance account with no conditions.
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 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.
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.
To Open an Savings account : https://niyox.page.link/rtFWj86guPVVWw487
use the referral code:4USIS20
NIYOX DEBIT CARDS TO CHOOSE FROM 2 DESIGNS!!
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