{"id":4425,"date":"2022-05-16T06:29:06","date_gmt":"2022-05-16T06:29:06","guid":{"rendered":"https:\/\/bankkaro.com\/blog\/?p=4425"},"modified":"2022-06-02T11:41:14","modified_gmt":"2022-06-02T11:41:14","slug":"niyox-savings-account-review","status":"publish","type":"post","link":"https:\/\/bankkaro.com\/blog\/niyox-savings-account-review\/4425\/","title":{"rendered":"NiyoX Savings Account Review"},"content":{"rendered":"\n<p>NiyoX is a neo banking platform that caters to the GenZ audience. NiyoX allows customers to instantly set up their bank account with a few clicks. The platform collaborates with Equitas Small Finance Bank, and therefore, when you sign up with NiyoX, your bank account will be linked to Equitas instantly. NiyoX serves as a two-in-one savings and wealth management account, providing youngsters with a new level of banking comfort.<\/p>\n\n\n\n<p>Here is our review of NiyoX, where we delve deep into the pros, cons, rewards, cashback, and more. We attempt to answer the question of whether you should apply for the NiyoX savings account is for you or not? Here you can also check some of the <a href=\"https:\/\/bankkaro.com\/blog\/best-bank-for-salary-account\/4459\/\">best bank for salary account<\/a>.<\/p>\n\n\n\n<h2 id=\"fees-and-charges\" class=\"wp-block-heading\"><strong>Fees and charges<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-gray-200-background-color has-background has-fixed-layout\"><tbody><tr><td> Processing fee <\/td><td> Nil <\/td><\/tr><tr><td> Insurance fee <\/td><td> Nil <\/td><\/tr><tr><td> Preclosure fee <\/td><td> Nil <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 id=\"pros-cons\" class=\"wp-block-heading\">Pros &amp; Cons<\/h2>\n\n\n<div class=\"i2-pros-cons-icons i2-pros-cons-main-wrapper theme-i2pc-theme-03 no-title no-button has-space-between-column no-outer-border has-round-corner no-heading-icon\"><div class=\"i2-pros-cons-wrapper\"><div class=\"i2-pros\"><strong class=\"i2-pros-title\">Pros<\/strong><div class=\"section\"><ul class='has-icon'><li><i class='icon icon-thumbs-o-up'><\/i>0 account maintenance charges<\/li><li><i class='icon icon-thumbs-o-up'><\/i>For an amount up to Rs 1 lakh, NiyoX offers interest rates of 3.5% and 7% per annum on savings up to Rs 5 lakh.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>With NiyoX you can also invest in mutual funds at a 0% commission<\/li><li><i class='icon icon-thumbs-o-up'><\/i>Immediate bank account setup, zero physical work.\u00a0<\/li><li><i class='icon icon-thumbs-o-up'><\/i>Customisable Platinum Visa Debit card.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>Easy gesture functioning (Palm Wave) to operate your saving accounts.<\/li><li><i class='icon icon-thumbs-o-up'><\/i>An instant handy virtual debit card that can be utilised for all sorts of transactions.<\/li><\/ul><\/div><\/div><div class=\"i2-spacer\"><\/div><div class=\"i2-cons\"><strong class=\"i2-cons-title\">Cons<\/strong><div class=\"section\"><ul class='has-icon'><li><i class='icon icon-thumbs-o-down'><\/i>No standout features when it comes to the UI or rewards<\/li><li><i class='icon icon-thumbs-o-down'><\/i>Customers are complaining about floating rate of interest<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n<h2 id=\"interest-rates-and-tenure\" class=\"wp-block-heading\"><strong>Interest rates and tenure<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-gray-200-background-color has-background\"><tbody><tr><td> <strong>Interest rate<\/strong> <\/td><td> <strong>Interest rate: <\/strong>&lt;Rs 1 lakh \u2013 3.5%  >Rs 1 lakh \u2013 7% <\/td><\/tr><tr><td> <strong>Tenure<\/strong> <\/td><td> N\/A <\/td><\/tr><tr><td> <strong>Processing time<\/strong> <\/td><td> Instant <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"minimum-and-maximum-amount\" class=\"wp-block-heading\"><strong>Minimum and Maximum Amount<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-gray-200-background-color has-background\"><tbody><tr><td> Minimum <\/td><td> Rs 1 lakh <\/td><\/tr><tr><td> Maximum <\/td><td> Rs 50 Lakh and above <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"who-should-use-niyox-savings-account\" class=\"wp-block-heading\"><strong>Who Should use NiyoX Savings Account?<\/strong><\/h3>\n\n\n\n<p>Neo-banks deliver a mobile-first, simple, and user-friendly banking experience that millennials and GenZ prefer. Customers who want a 100% digital process can go for NiyoX as it saves you from the hassle of physical visits to bank branches. <\/p>\n\n\n\n<p>NiyoX also provides unique referral options through which you can get discounts and offers; The referrals program is a good route for you and your friends to earn some extra cash. Fund transfers and all transactions made with your debit card earn you points, which can be redeemed for products as well.<\/p>\n\n\n\n<h3 id=\"eligibility-criteria\" class=\"wp-block-heading\"><strong>Eligibility Criteria<\/strong><\/h3>\n\n\n\n<p><strong>Age<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Applicant should be at least 18 years old<\/li><\/ul>\n\n\n\n<p><strong>Location<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Indian Resident<\/li><\/ul>\n\n\n\n<p><strong>Documents required<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Aadhaar card<\/li><li>Bank Account Statement<\/li><li>Passport size photograph<\/li><li>KYC Address proof<\/li><\/ul>\n\n\n\n<h3 id=\"ratings-and-reviews\" class=\"wp-block-heading\"><strong>Ratings and Reviews<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Eligibility 4\/5 \u00a0<\/strong>NiyoX streamlines clients&#8217; banking demands and experiences by providing quick and seamless solutions. Customers must give a PAN card and an Aadhar card connected to their contact number. And, in less than one minute at the convenience of your home, a digital bank account can be set up with a few processes at your fingertips.<\/li><li><strong>Rewards 4\/5 \u00a0<\/strong>Customers can earn Equinox rewards points for purchases made with the debit card at the point of sale and on the internet transactions. Equinox reward points can be used to purchase products\/ services and merchandise.<\/li><li><strong>Overall 4\/5 \u00a0<\/strong>Since its launch in March 2021, the NiyoX application has seen a massive increase in clients, with over 10 lakh active users. NiyoX now serves at 26000+ pin codes across India, intending to expand its services to the most remote parts of the country and underbanked communities.<\/li><\/ul>\n\n\n\n<h2 id=\"conclusion\" class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>The fundamental concept of NiyoX savings account is to give all consumers a safe and simple financial solutions platform. Neo banks run entirely online, eliminating the need for physical visits. The account holder&#8217;s transactions and account information are maintained secure and carried out safely within the application. You can also check about the <a href=\"https:\/\/bankkaro.com\/blog\/best-private-bank-of-india\/4546\/\">best private bank of India<\/a>.<\/p>\n\n\n\n<h2 id=\"faqs\" class=\"wp-block-heading\"><strong>FAQs<\/strong><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1654166801093\" class=\"rank-math-list-item\">\n<h3 id=\"is-niyox-rbi-approved\" class=\"rank-math-question \"> <strong>Is NiyoX RBI approved?<\/strong> <\/h3>\n<div class=\"rank-math-answer \">\n\n<p>You can rest easy knowing that your NiyoX account is protected by the RBI&#8217;s insurance coverage of up to Rs. 5 lakh.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1654166809067\" class=\"rank-math-list-item\">\n<h3 id=\"is-niyox-a-bank\" class=\"rank-math-question \">Is NiyoX a bank?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>NiyoX is a digital banking app developed by an Indian neo-banking pioneer.\u00a0 Niyo collaborates with Equitas Small Finance Bank and VISA to help millennials understand banking better.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<h3 id=\"is-niyox-rbi-approved-2\" class=\"wp-block-heading\"><strong>Is NiyoX RBI approved?<\/strong><\/h3>\n\n\n\n<p>You can rest easy knowing that your NiyoX account is protected by the RBI&#8217;s insurance coverage of up to Rs. 5 lakh.<\/p>\n\n\n\n<h3 id=\"is-niyox-a-bank-2\" class=\"wp-block-heading\"><strong>Is NiyoX a bank?<\/strong><\/h3>\n\n\n\n<p>NiyoX is a digital banking app developed by an Indian neo-banking pioneer.&nbsp; Niyo collaborates with Equitas Small Finance Bank and VISA to help millennials understand banking better.<\/p>\n\n\n\n<h3 id=\"is-niyox-a-zero-balance-account\" class=\"wp-block-heading\"><strong>Is NiyoX a zero balance account?<\/strong><\/h3>\n\n\n\n<p>You&#8217;ll get a Zero Balance Savings Account with no minimum balance requirement.<\/p>\n\n\n\n<h3 id=\"is-the-niyox-debit-card-lifetime-free\" class=\"wp-block-heading\">Is the <strong>NiyoX debit card lifetime free?<\/strong><\/h3>\n\n\n\n<p>Yes, NiyoX zero balance saving account is free.<\/p>\n\n\n\n<h3 id=\"is-niyox-reliable\" class=\"wp-block-heading\"><strong>Is NiyoX reliable?<\/strong><\/h3>\n\n\n\n<p>Neo-banking is a novel notion for many individuals, and as with everything new in banking, customers are worried about their safety and security. NiyoX has customers covered with all the safety and security and the account is insured for up to Rs. 5 lakhs.<\/p>\n","protected":false},"excerpt":{"rendered":"NiyoX is a neo banking platform that caters to the GenZ audience. NiyoX allows customers to instantly set&hellip;\n","protected":false},"author":5,"featured_media":4427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[11],"tags":[],"class_list":{"0":"post-4425","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-reviews","8":"cs-entry","9":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/posts\/4425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/comments?post=4425"}],"version-history":[{"count":4,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/posts\/4425\/revisions"}],"predecessor-version":[{"id":4739,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/posts\/4425\/revisions\/4739"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/media\/4427"}],"wp:attachment":[{"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/media?parent=4425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/categories?post=4425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bankkaro.com\/blog\/wp-json\/wp\/v2\/tags?post=4425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}