What is a Neo-bank?
Neo-banks are fintech companies providing 100% digital, cutting-edge banking services. They have done away with physical branches by moving all their services online and crafting digital banking solutions. The lack of physical branches helps neo-banks save on their banking overheads and extend extra benefits to their customers by cutting fees and expanding their services to the underbanked segment.
In the recent years, the penetration of smartphones has increased manifolds and all services imaginable are available at the tip of your fingers. Millennials worldwide are looking at services in a different light altogether and they expect the same of their banking experience. Traditionally, banking has been associated with a network of physical locations and cumbersome processes, but the current times do not leave much scope for this. Managing finances is difficult and confusing already. Millennials relate better to the mobile-first, simple and user-friendly banking experience provided by neo-banks.
Expectations of millennials
Millennials are on the lookout for hassle-free, simple, fast, and stable digital banking experiences. This includes important features such as effortless digital onboarding and transparent, frictionless end-to-end transactions.
As a pioneer in the Indian Neo-banking space, Niyo
has partnered with Equitas Small Finance Bank to create NiyoX
, a one-stop-shop solution that caters to millennials’ demands. The perfect blend of a savings account and a mutual funds management platform, NiyoX is crafted with this segment in mind, and offers a plethora of features to create a holistic digital banking experience.
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. The app provides the convenience to set/reset your card PIN through the app and temporarily lock/unlock your card whenever required. As an additional security measure, you can permanently block the debit card through the app in case it is lost, stolen or misplaced. The app is handy on-the-go with a cool new feature to gently wave your palm to hide/unhide your account balance from prying eyes.
Rewards & referrals:
While you grow your wealth with NiyoX
, it also brings you exciting offers and rewards with scratch cards, cashbacks, etc. The referrals program is a great opportunity to earn some extra cash for you and your friends too. You earn points for fund transfers and all purchases made using your debit card which can be later redeemed for exclusive merchandise.
With a capability of serving 26000+ pin codes across India, NiyoX aims at providing its banking services to users in the farthest corners of the country, reaching the most underserved.