Hardeep Singh
Neo-banks are fintech organizations that provide completely modern, cutting-edge banking services. They have discarded physical branches by transferring all of their services online and creating computerised financial arrangements. The lack of physical branches helps neo-banks save money on their financial overheads and give more benefits to their consumers by decreasing expenditures and expanding their services to the underbanked segment.
Cell phones have proliferated in recent years, and all services are now available at the tip of your fingers. Recent college graduates in general are looking at services from a different angle and expecting something similar from their financial experience. Banking has always been associated with the organisation of physical locations and cumbersome processes, but current circumstances do not give much room for this. Managing finances is now difficult and perplexing. Twenty to thirty-year-olds prefer the varied app-based, basic, and user-friendly banking experience provided by neo-banks.
What are the Millennials expecting?
Recent graduates are looking for problem-free, simple, quick, and dependable digital banking experiences. This includes major aspects like simple computerised onboarding and simple, frictionless start to finish transactions.
As a pioneer in the Indian Neo-banking field, Niyo has collaborated with Equitas Small Finance Bank to create NiyoX, an all-in-one resource arrangement that focuses on the needs of new college graduates. NiyoX is the right blend of a savings account and mutual funds for the executive’s stage. It offers a plethora of aspects to produce an all-encompassing advanced banking experience.
Features of NiyoX
The NiyoX app is simple and speedy, yet packed with features that will undoubtedly change your banking experience.
Digital onboarding: In an age where most services are at the tip of your fingertips, NiyoX intends to work on your financial experience as well through a quick and consistent digital onboarding procedure. This means no trips to the bank, no confusing frameworks, and the ability to create an internet-based bank balance from the comfort of your own house. All you need is your PAN card and Aadhaar card linked to your current mobile number, and you can onboard yourself in less than 3 minutes.
7% interest fee on savings bank accounts: What would they do if their money exceeded everyone’s expectations? As a NiyoX client, your bank account balance above 1 lakh receives an industry-leading 7% interest p.a.
To be more specific, a balance in an investment account of up to 1 lakh earns a 3.5 percent interest p.a. Any incremental sum in excess of one lakh earns an interest p.a rate of 7%. This results in cautious but steady growth for your investment capital. For example, if you have a bank account balance of 1,10,000, you will get 3.5 percent on the first lakh and 7 percent on the remaining 10,000. Furthermore, NiyoX provides a 0-balance account without any conditions.
Virtual credit card: Who knew you could start using a credit card as soon as you have a job. When you create an online account with partial KYC, you can use a virtual VISA Classic Debit Card (pending biometric). This Virtual Card may be used for all of your internet transactions. You can aim to complete your full/biometric KYC shortly after opening your account. As a limited-time offer, after completing full KYC, you can obtain a physical VISA Platinum Debit Card for free. This card may then be used for any POS, ATM, and E-business transactions.
0% commission on mutual funds: What is your take on investments? Growing up, many of us had the proclivity for saving money instilled in us, but few of us were officially walked through the concept of smart money management. Furthermore, investing directly in the equity market without much information might be risky. Everything sounds terrifying, and there is often a tendency to dismiss it completely.
NiyoX combines a DIY investment stage with in-app market research and analysis to help you manage your mutual funds. Mutual funds are a collection of several stocks and bonds that are managed by specialists. They are an awesome method to build your reserve money in a unique, low-cost, and tax-effective manner, and NiyoX is ready to aid you with taking responsibility for your investments. All immediate mutual funds are available for investment within the application at a 0% commission.
Safe and secure: For some, neo-banking is a novel concept, and as with everything new in banking, clients’ well-being and security are top priorities. Don’t worry, NiyoX has your back.
You may be certain that your record has been obtained with a protection inclusion of up to 5 lakh from the RBI. The program allows you to set/reset your card PIN through the application and momentarily lock/unlock your card at any time. As an added precaution, you may permanently ban the check card through the program in the case that it is misplaced, stolen, or lost.
Rewards and referrals: As you build your wealth with NiyoX, it will also send you exciting offers and rewards such as scratch cards, cashback, and so on. The referrals program is a fantastic way to get some extra money for yourself and your friends. You get points for all reserve transfers and purchases made with your credit card, which may then be redeemed for certain products.
NiyoX, with a capability of covering 26000+ pin codes across India, aims to provide financial administration to customers in the most remote regions of the country, reaching the most underserved.
