Niyo X Equitas Small Finance Bank All Details + FAQ

This was originally posted by Ritik Singh on our FinTalks Facebook Group on 21st March 2021.

Just like Niyo DCB and Niyo IDFC, Niyo has now partnered with Equitas Small Finance Bank for neo bank.

Important Features of Niyo X Account:

  • Zero non-maintenance charges . They expect you to maintain 10,000 but there are no charges if you don’t. So, technically Zero Balance.

  • (Update) Lifetime Free Platinum VISA debit card- The Platinum Debit Card has no joining fees and comes at an annual fee of ₹150 + GST from the second year. However, if you maintain a minimum of 1k balance in your Account for at least 1 month in a calendar year, your Annual Fees will be reversed. You can select between two different debit card designs- one is funky other is minimal (image attached).

  • Unlike Niyo DCB or Niyo IDFC Account, it does NOT have 0% forex markup. You’ll have to pay the normal forex charges for international transactions

  • Interest Rate- 3.5 % for balance below 1 Lakh. 7% for balance above 1 Lakh. Incremental Basis (IDFC is currently offering a flat 6% irrespective of balance)

  • You can use the Niyo X app as well as the Equitas Mobile Banking app.

  • Instant account opening with Aadhar and PAN. The agent will come for KYC at your doorstep post which your account limit will be enhanced. They have partnered with Ecom Express for KYC.

  • Unlike, Niyo IDFC, you’ll get the IFSC code of the branch in your area.

  • App also has the option to invest in direct mutual funds.

  • Once you open an account, you will get a temporary VISA virtual card. But once the KYC has been done, the physical debit card will be shipped to you.

  • Yes, like scheduled commercial banks, small finance banks, too, are covered with up to 5 Lakh insurance by DICGC.

Niyo X Equinox Rewards Program:

The Niyo X Equinox is a Loyalty Program for Niyo X users. The unique thing about this is that you will earn reward points by using your debit card as well as your bank account IMPS or NEFT transactions and even ATM cash withdrawals.

Here’s the Reward Scheme:

  • Earn 2 points per ₹150 spent with VISA Platinum Debit Card.
  • Earn 1 point per ₹200 spent with Digital Debit Card.
  • Earn 5 points per NEFT Transaction. Maximum 50 points per month.
  • Earn 5 points per IMPS Transaction. Maximum 50 points per month.
  • Earn 5 points per ATM Withdrawal. Maximum 50 points per month.

You can redeem your rewards from the Niyo X Rewards Portal. You need to sign up with your customer ID or Debit card and go to redeem points tab where you can redeem it for exciting gift vouchers.

Reasons to Open Niyo X Savings Account:

  • If you need a spare good-looking VISA debit card.

  • If you want high interest but don’t want to use IDFC.

  • If you want a spare digital bank account without MAB.

  • Niyo X Equinox Rewards Program.

Reasons NOT to Open Niyo X:

  • Debit Card Charges 2nd year onwards.

  • Poor customer support.

  • Very average interest rate for amounts below 1L.

Thank you for reading. Don’t forget to join our FinTalks Facebook Group & FinTalks Telegram Channel for regular updates on banking and finance.