• Post last modified:October 1, 2020
  • Reading time:9 min(s) read

Niyo is a leading fintech that aims to leverage technology to make Banking more rewarding for customers. Established in 2015, Niyo has introduced many products which offers convenience along with various discounts.

What is Niyo?

Niyo is a leading Fintech which works jointly with traditional banks to offer financial solutions to customers by leveraging the use of technology. Niyo has tied up with DCB Bank, Yes Bank & IDFC First Bank to offer more rewarding banking experience. Niyo helps the customer to improve personal finances by spending safely and smartly by offering various banking services at one place.

Niyo (NiYo Solutions) is headquartered in Bangalore, India, and is founded by Vinay Bangri along with Virender Bisht in 2015. Vinay Bangri has almost two decades of experience in the corporate world and has worked with many renowned organizations like 3M, ICICI Bank, Parle Standard Chartered Bank & Kotak Mahindra Bank. Virender Bisht is an experienced professional in the field of technology having 16 years of experience in creating software products. The founders have secured funding of $49M to date from various Marquee investors. The Niyo serves more than 1 million customers at present and targeting a customer base of 5 million in the next 3 years. Niyo recently acquired Goalwise to make a foray into the field of mutual funds.

What is Niyo IDFC First Savings Account?

Niyo, in partnership with IDFC First bank, has launched Niyo IDFC First Savings account in May 2020 which was an instant hit among the youth. In less than 20 days, 70000+ people had signed up for the account and Niyo stopped taking further applications. The interested persons may join waitlist of 70000+ users on Niyo IDFC first bank waitlist. The users can move up the waitlist by referring to family & friends.

Features of Niyo IDFC Savings Account

  • Niyo IDFC First Savings Account offers up to 7% interest rate on deposits.
  • Niyo IDFC First Savings Account comes with free international Platinum Debit Card. The Niyo card can be used to withdraw money without any charges. The card can be used for daily purchase limit of Rs. 500000.00 & daily ATM withdrawal of up to Rs. 100000.00.
  • The account can be used for investment in mutual funds without any commission. Further, the account can also be used to invest in international markets.
  • Niyo IDFC First Debit Card is a Zero Markup card and the users are only required to pay real-time exchange rate. The card can be used in 150+ countries. The conversion rate is VISA exchange rate which is one of the best rates available to customers.
  • The users are required to download Niyo mobile banking app to complete KYC using Pan Card & Aadhar Card. The account is offered in selected cities at present. On completion of KYC, the account is opened instantly.
  • The Niyo IDFC First Debit card, which is sent to customers after account opening, can be activated through Niyo app.
  • The Niyo IDFC First Debit Card is linked to Niyo mobile banking app which can be used to check real-time currency conversion rates, check account details like account number, IFSC code, etc., lock/unlock card, Check available limit, get account statements, Transfer funds to other accounts, send money to international bank accounts,  change ATM pin and locate ATMs abroad.
  • The Niyo mobile banking app can be used to lock a particular payment channel like online transactions, POS, or cash withdrawal from ATM.
  • Niyo IDFC First Debit card can be used to do POS transactions, online purchases & to withdraw money from ATM.

What is Niyo DCB Global Card?

Niyo DCB global card is a Debit card which is offered to travellers travelling abroad. The card offers a variety of benefits to students studying abroad, employees on official trips, and leisure travellers. The card is accepted in 160+ countries and can be used to make payments in 90+ currencies. As per Niyo website, there are 100000+ users of Niyo DCB global card

Features of Niyo DCB Global Card:

  • It is a Zero Markup card and the users are only required to pay real-time exchange rate. The Niyo DCB Global Card can be loaded in INR & can be used at any Visa accepting merchants around the world. The amount loaded in INR can be converted into 90+ currencies in 150+ countries. The conversion rate is VISA exchange rate which is one of the best rates available to customers.
  • The amount can be transferred instantly through NEFT/UPI/IMPS into the account linked with Niyo DCB Global Card (A digital account with unique account number & IFSC code) from users’ saving accounts and there is no cost of loading money.
  • The Niyo DCB Global Card can be used to withdraw money abroad, make POS and online purchases without any extra charge.
  • The balance amount after visiting abroad can be used for domestic payments.
  • The Niyo DCB Global Card is linked to Niyo app which can be used to check real-time currency conversion rates, check account details like account number, IFSC code etc., lock/unlock card, Check available limit, get account statements, Transfer funds to other accounts, change ATM pin and locate ATMs abroad.
  • The Niyo app can be used to lock a particular payment channel like online transaction, POS or cash withdrawal from ATM.
  • In case the card is lost, it can be blocked from Niyo app.
  • The business travellers can submit bills for expenses abroad from Niyo App., it helps to remove the hassle of keeping physical bills, vouchers etc.
  • The validity of the Niyo DCB Global Card is 5 years and there is no minimum balance required to be maintained. Further, there is no interest offered on the amount loaded in the card.

What is Niyo Bharat?

Niyo Bharat is a product which is offered to blue-collar employees of corporate and helps them maximise their take-home salary. The account is offered to employees of corporate who have tied up with Niyo.

The corporate may credit the allowances which are non-taxable to Niyo Bharat account. The employees can then spend the money on a particular expense like food, medical; fuel etc. and the receipts are stored in Niyo app. The receipts can be shared with the employer as and when required removing the hassle of maintaining physical bills, vouchers etc. The receipts may also be used to claim reimbursements.

Features of Niyo Bharat

  • Niyo Bharat is offered to employees of Indian Nationality of corporate who have tied up with Niyo.
  • Niyo Bharat account is a lifetime zero balance salary account and can be continued even if the account holder switches the job.
  • The documents required for onboarding are PAN card & Aadhar Card.
  • The account holders are provided with a Welcome letter, Card & ATM Pin. The validity of Niyo card is 5 years.
  • The card can be used to withdraw money from ATM & to make online purchases. Further, the account holder may avail the facility of the supplementary card for family members.
  • The Card offers accidental death insurance of Rs. 100000.00 (Rs. 1 lac )
  • The account holders can download Niyo Bharat app from google play store & register on app by using Card details, DoB & OTP at registered mobile phone. The account details are also stored in the app.
  • Niyo Bharat app is available in ten Indian languages and can be used to transfer funds, make online purchases, bill payments etc.

Is it Safe to use Niyo?

Niyo is offering banking solutions in partnership with DCB Bank, Yes Bank & IDFC First Bank.

The banking products that Niyo offers belong to these banks which work under the supervision of Reserve Bank of India. Hence the products offerings are considered safe. However, as Niyo is relatively new, the users may try the specific product if they feel it is useful for them and may not shift their primary bank accounts to Niyo.

What are the benefits/features of Niyo Products?

Promote digital payments: The Niyo products help in promoting digital payments through the use of Debit Cards & Online payments. All Niyo products are linked with Niyo app which can be used to do a variety of transactions. Further, in the case of Niyo Bharat account, the app is available in ten Indian languages. Further, Neo improves customer experience with the use of technology.

Help in optimizing Salary: Niyo Bharat helps Blue-collar employees maximise their take-home salary. The corporate, who have tied up with Niyo, may credit the allowances which are non-taxable to Niyo Bharat account. The employees can then spend the money on a particular expense like food, medical; fuel etc. and the receipts are stored in Niyo app.

Additional Customer Benefits: Niyo products come loaded with various benefits like free debit card, High Saving account interest rate, allow Investments at no commission, Zero Markup of forex transactions and free ATM transaction etc.

Easy Onboarding process: The KYC is a simple process and is done online with the use of Pan card and Aadhar card.

Security: Niyo products are linked with Niyo app which comes with lock/unlock & block features. In the case of need, the Card can be locked temporarily or can be blocked permanently.

Conclusion

Niyo is offering banking solutions in partnership with DCB Bank, Yes Bank & IDFC First Bank. Niyo leverage technology to improve customer experience and offer customized solutions for a niche segment like Niyo Bharat for blue-collar employees of & Niyo Global travel card for foreign travellers.

The banking products that Niyo offers belong to these banks which work under the supervision of Reserve Bank of India. Hence the products offerings are considered safe. However, as Niyo is relatively new, the users may try the specific product if they feel it is useful for them and may not shift their primary bank accounts to Niyo.

To follow and know the latest offers, links to Social media profiles of Niyo are as under:

Niyo Linkedin – https://in.linkedin.com/company/niyo-solutions-inc

Niyo Twitter –  https://twitter.com/theniyo

Niyo Instagram – https://www.instagram.com/go_niyo/

Niyo Facebook – https://www.facebook.com/getniyo/

Niyo Youtube – https://www.instagram.com/go_niyo/

Niyo Helpline number – For Niyo/Global- 18602586496, For Bharat- 18002583009

Niyo Global Card Customer Care Email ID- [email protected],

Niyo IDFC First Customer Care Email id- [email protected]

Niyo App – https://apps.apple.com/in/app/niyo-global/id1451275528 (ios)

Sources

https://www.goniyo.com/

https://www.goniyo.com/global/

https://www.goniyo.com/bharat/

https://static.goniyo.com/faq/index.html


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