A Saving Account providing 7 per cent interest on the account balance has been launched by Niyo in partnership with Equitas Small Finance Bank. Interestingly, the interest price supplied on this savings account is more than the Fixed Deposit prices presently getting provided by the State Bank of India (SBI).
Fixed Deposit and Savings account price at SBI: The highest price provided by SBI on an FD account is 5.40 per cent for a deposit of 5-10 years. For senior citizens, the price for this tenor is 6.20 per cent. The interest price on the SBI Savings Bank Deposit Account with a balance up to Rs 1 lakh or above is just 2.70 per cent.
Niyo is digital banking fintech. Named Niyo X — the new savings account promises a state-of-the-art mobile banking answer for millennials. With the launch of this item in partnership with Equitas Small Finance Bank and Visa, the business aims to on-board 2M consumers by calendar year- finish 2021.
What millennials want
Niyo stated in a statement that ahead of the launch, it performed a nationwide survey amongst 8000 millennials residing in metro and non-metro cities to comprehend millennial’s banking demands post Covid-19 pandemic. The study revealed that 70 per cent of Indian millennials are now inclined towards digital banks, in particular for handy buyer help.
As quite a few as 55% of respondents stated they would switch banks for rewards and presents and 45% would switch banks for superior interest prices.
NiyoX attributes & Benefits
- NiyoX comes with ‘007 banking’ attributes such as % commission on mutual funds investment, ‘0’ account upkeep charges, and up to 7% interest on account balances via an app.
- Apart from the state-of-the-art mobile app, this account comes with a VISA Platinum Debit Card.
- NiyoX is also a 2-in-1 account that offers its customers access to a complete wealth management suite apart from the savings account.
- The complete wealth management suite powered by Niyo Money offers commission mutual funds, facility to track all your investments at one spot, robo advisory and a function that rounds up your costs and invests the alter.
- Niyo is quickly going to launch domestic and internationals stocks on the platform.
- NiyoX will also supply a multilayer reward technique comprising referral incentive, rewards points and scratch card-based cashback.
- Niyo also app presents a invest and savings analyzer, encouraging consumers to be prudent with their costs and inculcate superior savings habits.
Also Read: Prestige Estates highest bidder for Ariisto Developers’ Mumbai project
Commenting on NiyoX, the company’s co-founder and CEO Vinay Bagri stated, “As India’s leading digital banking fintech startup, our primary focus is on easing and enhancing customer experience, and the launch of the Niyo X is a testament to our commitment to the digital transformation of the banking space. We are delighted to launch our most ambitious product through our strategic partnership with Equitas SFB where we will provide the best possible savings account combined with a best-in-class investment account, all tied together with Niyo’s usual thought-through and delightful user interface. We are confident that this will become the most sought-after banking product very soon.”
Vaibhav Joshi, Chief Digital Officer (CDO), Equitas Small Finance Bank stated, “Neobanking is the next big thing in Banking. We are happy to partner with Niyo on this path breaking initiative. The need today is to create use case driven digital banking products and we aim to do just that with our Neobank & Fintech programs. We have developed an extensive API Banking suite that helps partners like Niyo develop a highly specialized and custom developed solution for its target audience. We are sure this program will break the shackles of the traditional banking mindset and establish a true Open Banking model.”