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How many of you would have been told by your parents to go to the bank and deposit money in your bank account?
Yes, I can hear you saying “why?”.
Technology and innovations in Banking have changed our lives and they’re all shaking up the worlds of money and tech, redefining how we interact with one another financially.
And it’s barely even begun.
Banks and financial institutions are gearing up for the next generation of digital customers by adopting new technologies, such as AI, machine learning, blockchain, and chatbots.
For this purpose, they are partnering with FinTech startups to explore new and innovative ways of improving the customer experience.
In this article, I am going to review all the products offered by Niyo Solutions Inc. – India’s leading Fintech, which is making banking simpler and smarter by placing your bank account, investments, and payment cards in one place.
About Niyo
Year of inception: 2015
Founders: Vinay Bagri and Virender Singh Bisht
Top Investors: Tencent, Social Capital, Horizon Ventures, Prime Ventures Partners, and JS Capital
No. of Customers: More than 1.5 Million Customers
Products: NiyoX, Niyo Global, Niyo Bharat, Niyo Money
I’ve checked all the amazing products from Niyo.
Here’s my review of Niyo and NiyoX plus other fintech products they offer.
NiyoX (Also known as NiyoX-Equitas)
As a millennial myself, I know how annoying it can be when you want to open a bank account, but you have to choose between going to a bank branch in person or using the slow-moving mobile App.
We aren’t happy with the banking system. We complain that it is too expensive, too slow, and doesn’t offer enough convenient options.
Niyo partnered with Equitas Small Finance Bank to create NiyoX – a Neobank.
NiyoX is trying to solve those problems by providing a 2-in-1 Neobank account that takes care of both your savings and investments.
It offers a Bank Account with zero commissions on mutual funds and up to 7% interest per annum on savings.
Here are the best features of the NiyoX Account:
- You will get a Zero Balance Savings Account (‘no maintenance of minimum balance’)
- You will not have to pay any type of commission while purchasing Direct Mutual Funds through NiyoX (‘0% Commission on Mutual Funds’)
- You get up to 7% Interest* p.a. on your Savings
*3.5% upto Rs 1lac,
6% above Rs. 1lac and upto Rs. 5lacs,
7% above Rs. 5lacs and upto Rs. 50lacs,
5.5% above Rs. 50lacs
- One of the unique features that I like the most is that you can choose the design on your Debit Card which suits your Persona.
- You can choose to Auto-invest the spare change every time you spend. The system will automatically invest the spare change when it accumulates to Rs. 100/-
- It provides up to ₹5 Lakh insurance covered by DICGC, a wholly-owned subsidiary of RBI.
- You can Lock/Unlock your card or Set/Reset your Card PIN on your own via the App.
- Another innovative feature is that you can hide your balance from the screen in Mobile App with a wave of your hand.
- NiyoX App comes with Equinox Reward Program and you can also earn rewards by referring your friends.
Two more exciting features which are coming soon are:
- You can import and track your entire Mutual Fund portfolio easily from one portal i.e. NiyoX.
- You can invest in FD and earn exciting Interest Rates.
There is only one problem which I found in overall experience is that NiyoX is currently unavailable in Andaman & Nicobar Islands, Arunachal Pradesh, Assam, Bihar, Dadra & Nagar Haveli, Daman & Diu, Goa, Jammu & Kashmir, Jharkhand, Lakshadweep, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, West Bengal & Eastern UP.
Verdict: Digital Bank Account within 100seconds using only PAN and Aadhar is miraculous.
So NiyoX is changing lives and is 100% recommended.
In addition to it, in the future, Niyo may partner with more banks to scale and increase its reachability. For more details, click here to find the term and conditions of NiyoX.
Click below to download the NiyoX App and open an account online
Niyo Global
If you travel abroad often, then having a Forex card can be a lifesaver.
Having the correct currency is essential because of the higher rate you pay in conversions. Plus, carrying cash everywhere isn’t ideal — it gets lost easily and becomes a burden on your wallet.
The Forex Cards have the advantage of allowing you to convert several currencies into one single currency, so you don’t have to deal with several different cards for your international trips.
Niyo Global is a new aged Forex card that comes with a bundle of features making it unique, affordable, and awesome.
For students, Niyo has launched a student Forex Card considering the requirements of a student studying abroad. Click here for more details.
Let’s see what makes Niyo Global superior to other Forex Cards:
- You will get a Visa Card with zero markup fees. Isn’t it awesome? However, I would like to add that Visa currency exchange fees of 1% will be applicable.
- You can load your account with INR and spend in more than 150 countries.
- Savings in your account balance can get up to 5% returns while you are traveling.
- Features like ATM Locator, Chat Support, and Live Currency Converter are available on the App.
- The best feature that I like is access to various Airport Lounges across the world. This is conditional and varies according to your account.
- You can Lock/Unlock your card or Set/Reset your Card PIN on your own via the app.
- It provides up to ₹5 Lakh insurance covered by DICGC, a wholly-owned subsidiary of RBI.
Cons:
- Low acceptance in some countries like Thailand, Indonesia, etc.
- Feature of loading money through Credit Card is not available.
- Low acceptance in services like Cabs etc.
Verdict: No doubt, Niyo Global is an amazing product loaded with so many features, but I would recommend you to carry an alternate forex card as well in case of low acceptance in any place.
Note: Currently, two variants of Niyo Global are available:
Niyo Global DCB and Niyo Global SBM
There are very few differences between the two cards.
You can choose the card of your choice. I have covered Niyo Global SBM in this review.
However, you can click below to find the schedule of charges and the terms and conditions of both cards.
- Niyo Global SBM Terms and Conditions
- Niyo Global SBM Schedule of Charges
- Niyo Global DCB Terms and Conditions
- Niyo Global DCB Schedule of Charges
Niyo Bharat
A digital salary account is a kind of new-fangled payroll. It’s for anyone who has a job that pays by the hour or day.
Niyo Bharat is like that, but it’s not just a payroll; it’s also a savings plan and a pension plan.
More than that, it can be used to book travel, send money to friends and relatives, pay utility bills, buy stuff online, and pretty much do anything you normally use a wallet for.
Niyo Bharat platform empowers the unbanked population in India with the zero balance yet powerful selected banking services.
I find it a simple, scalable, and ultimately empowering system for financially underserved segments of communities through innovative models of social enterprise driven by an exemplary team with real-life expertise.
The key highlights are zero-balance, free usage, and an interoperable platform – enabled by digital connectivity in a card-based system.
Like any new thing in India, Niyo Bharat was controversial at first. Now there are no problems with it at all. People love it.
Here is the list of best features of Niyo Bharat:
- You will get a lifetime free zero-balance prepaid card.
- It is one of the most secured cards and apps with lock/unlock/block card options.
- Banks like ICICI, Yes Bank, and DCB have partnered with Niyo Bharat.
- One of the features I like the most about Niyo Bharat is that options for 10 vernacular languages are available in the App. You can choose the language of your convenience.
- You can view the passbook, download custom statements, and raise support tickets, all in your native language.
- You can transfer funds to Niyo users with just a single click.
There is only one problem that I found is that iOS App for Niyo Bharat is yet to be developed.
Verdict: Currently being used by more than 11 lacs users and 9 thousand corporates, Niyo Bharat is a product that is bringing convenience and transparency. More and more businesses are beginning to accept digital currency nowadays, and if you’re a fan of online shopping or even just saving money every time you make an online purchase, Niyo Bharat is worth looking into!
Click here to download the Niyo Bharat App and open an account online.
Niyo Money
Making and saving money is a dream for most. Getting rich is just not that easy.
But, there’s Niyo Money to the rescue! Niyo Money is a smart wealth management app that lets you invest in direct mutual funds (MFs), ETFs, and stocks.
With Niyo Money, you get Robo-advisory from India’s best MF portfolio managers, helping you grow your money for life.
Sounds crazy, but Niyo Money wants to shake up the financial advisory industry with a hybrid advisory and robotics platform. The wealth management app integrates artificial intelligence with human advisors to create a “hybrid of the future.”
Let us see the best features of the all-in-one investment App called Niyo Money:
- You can invest in more than 5000 Direct Mutual Funds with absolutely zero commission charges.
- You can easily track your short-term and long-term investments in one place. Short-term goals are any money you want to turn around and spend within the next 12 months.
- With One-Click Portfolio Rebalancing, you can automatically adjust your asset allocation to fit your investment targets.
- You can Open a 100% Online Stock Trading account which is hassle-free and easy to use. Opening your online stock trading account is quick and easy, and you can be up and trading in minutes.
- You don’t have to pay Account Opening Charges with a Flat Brokerage Plan of up to ₹20 per trade. Niyo Money offers one of the lowest AMC charges across the industry!
Two more exciting features which are coming soon are:
- You can invest in International Stocks like Amazon, Google, etc.
- You can invest in FD and earn exciting Interest Rates.
Verdict: I think that Niyo Money is a great online platform for investors looking for a one-stop shop to get started with their new investment portfolio. Their fees are competitive and their customer service is on the ball.
They offer everything from stocks to funds, so your options are limited only by how much of your money you want to invest. And best of all, they stay successful because they truly have your back and care about protecting your money.
For more details, click here to find the term and conditions of Niyo Money.
Click here to download the Niyo Money App and open an account online.
The banking industry has seen a lot of change in the past decades, but it is still challenging for smaller companies to compete with bigger companies.
Niyo wants to break these barriers, which is why they have built the ultimate banking service for small and medium-sized businesses. Whether you are managing funds or need help keeping your books in order, Niyo has it all.
Niyo Banking services are designed to help you manage your finances and make the best possible financial decisions.