What is NiyoX Equitas Digital Savings account?
NiyoX Equitas Digital Savings account is one of the best bank accounts for your savings. This online savings account with Equitas Small Finance Bank is ideal for people new to neo banking with its instant savings account opening and simplified and transparent process. NiyoX is available on the Play Store and App Store, and through this, we want to demystify banking and make it simple, safe, and smart for the modern banker. You can open your NiyoX Equitas Digital Savings account in just a few minutes without having to wait in lines or visit your local bank.
To put things in perspective, here are a few hallmarks of this account:
- Zero balance savings account
- Highest interest rate savings account with a 7% interest*
- 2-in-1 offering of a savings bank account with wealth management as well
- Frequent rewards and offers
- Customizable Platinum Visa Debit Card
The industry-best interest rate that you get makes your money do the work for you. With each ECom/POS/UPI transaction, you get the chance to earn rewards. You also get a digital debit card and the option to order a customizable Platinum Visa Debit Card, because we know you like to flaunt your style and stand out from the crowd. All you need to do is download the NiyoX app to get started on your journey of neo-banking!
Features of NiyoX Savings account
NiyoX, a state-of-the-art neo banking solution for millennials, in partnership with Equitas Small Finance Bank and Visa, offers a 2-in-1 account that gives you access to a wealth management suite on top of a savings account. With NiyoX, we aim to decode banking for millennials with the ‘007’ package:
- 0% commission on mutual fund investments
- 0 account maintenance charges, which translates to a zero balance savings account
- Upto 7%* interest on account balances
In partnership with Equitas Small Finance Bank, NiyoX offers you more than its 007 package:
- Instant savings account opening to manage your wealth and savings easily
- Ability to track all your investments in one place with its comprehensive wealth management suite powered by Niyo Money
- Rounding up expenses and investing the change to help you with wealth management
- Customizable Platinum VISA Debit Card
- Chance to earn Equinox reward points with each transaction you make
- Wave feature where waving your hand over the account balance of your digital savings account to hides it from prying eyes
- Make international spends with0% Forex Markup*usingyour NiyoXaccount
In addition to these attractive features, we also focus on customer feedback to make the app experience as pleasant as possible. Our customers are always at the core of our decisions, and through NiyoX we regularly offer cashbacks and run rewards campaigns to make sure that this is the best bank account for savings that you can have.
Benefits of having NiyoX Savings account
With NiyoX, we aim to decode banking for millennials with the ‘007’ package of zero commission mutual funds, zero balance savings account, and 7%* p.a. interest rate. The NiyoX app is intuitive and simple to use, with the promise of making banking simple, safe and smart for all our customers.
NiyoX offers you an array of exciting features that make it the best bank account for your savings:
- Instant savings account opening to manage your wealth and savings easily
- Ability to track all your investments in one place with its comprehensive wealth management suite powered by Niyo Money
- Rounding up expenses and investing the change to help you with wealth management
- Customizable Platinum Visa Debit Card
- Chance to earn Equinox reward points with each transaction you make
- Wave feature where waving your hand over the account balance of your digital savings account to hides it from prying eyes
Steps on How to Open a NiyoX Digital Savings Account
Opening a savings bank account with NiyoX is quick and easy. All you have to do is:
- Download the NiyoX app from App Store or Google Play Store
- Register with your mobile number and email address
- Verify your identity by providing documentation and completing your virtual KYC
- Enter your personal information
The onboarding process once you download the app is pretty self-explanatory and simple to follow. It will help you open your NiyoX account and get started on your neo banking journey in no time. Just follow the steps and keep your PAN and Aadhaar handy to start using your zero balance savings account.
Documents Required to open your NiyoX Instant Saving account
To create your zero balance savings bank account with NiyoX, you will only need your:
- PAN
- Aadhaar
These documents will help us fetch your personal information and verify it for your KYC. This is also a requirement from the partner bank for opening a digital account.
We will send you an OTP during the onboarding process for your online savings account opening. The OTP is sent to your mobile number registered with your Aadhaar, so make sure you are not using the NiyoX app from a different number, or have the number registered with your Aadhaar handy.
NiyoX is here to make banking simple, safe and smart for you. Don’t waste another moment and open your NiyoX instant savings account now to avail of exciting offers and a 2-in-1 wealth and savings account!
What type of account is this?
This is a 2 in 1 Account. The Savings Bank Account is in partnership with Equitas Small Finance Bank and the Zero Commission Mutual Fund platform is powered by Niyo Money. Niyo Equitas Savings Bank account is a “ZERO” balance account i.e., there is no requirement of maintaining a specified monthly balance.
Who all can apply for a Niyo X account?
All resident Indians above the age of 18 years can sign up for a Niyo X Account.
How secure is NiyoX Digital Savings account?
This Savings account is provided by Equitas Small Finance Bank and follows all regulatory guidelines issued by the Reserve Bank of India. Your money is insured up to Rs 5 lakh covered under ‘Deposit Insurance and Credit Guarantee Corporation’, a wholly-owned subsidiary of the Reserve Bank of India. This is to provide the measure of protection to depositors.
What are the documents needed to complete KYC?
We will need your PAN and Aadhaar numbers, an OTP (sent to your Aadhaar-registered phone number) and some personal information.
How many nominees can I add to my NiyoX savings account?
You can add one nominee.
What is “Invest the Change”?
It is a feature in the NiyoX app that helps people who want to build a habit to regularly save and invest in mutual funds with small amounts.
How does “Invest the Change” work?
“Invest the Change” allows you to round up all your spending (food order, cab fares, OTT subscriptions, etc.) made with your NiyoX account to the next 10, 50, or 100 rupees and save the spare change. Your transactions made in person at the stores, online purchases, UPI, and fund transfers – basically, all debits in your savings account (except for mutual fund investments) count as spends. The spare change that gets created with each of these transactions, keeps accumulating. The moment the accumulated change reaches the INR 100 threshold, it automatically gets invested in a mutual fund of your choice.
