Niyox is the name that we have heard many times but never got to get into its details. And we know there must be people who wish to know what the platform is all about.
So, here we have a brief analysis of Niyox and should you go for it. We have researched, used the platform to give an experienced review that would guide people and help them use it effortlessly.
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What is Niyox?
Niyox or Niyo is a focused platform that promises to create banking in a simpler way. Customers can have safe and smart financing with the latest technology. The team at Niyox brings the best of the banking industry and technology.
It works with discipline to make online trading easier. The principles of its operation are quick actions, customer focus, innovation, integrity and teamwork. The company was founded by Vinay Bagri and Virender Singh Bisht.
Founded in 2015, the company has a team strength of 800 plus and total funding of 179 million.
Products at Niyox
Niyox offers its clients with various products. Customers can access these products to trade online and make efficient investments. Below we have the products that they can access:
NiyoX
NiyoX helps traders to decode banking. It has the following facilities:
- zero balance saving account
- 0% commission on mutual funds
- 7% interest per annum on savings
- 0% forex markup on international payments
Niyo Global
Niyo global is for traders to go global. Travellers can use the Niyo global card for easy online payments across countries and makes travelling comfortable. It provides the following benefits:
- Zero forex markup
- Free domestic and international airport lounge access in India
- Earn upto 6.5% interest per annum with monthly payout
Niyo Money
Niyo money is the product which makes investing easy. Traders can use it to grow their money with the wealth management app of the platform. It is an in-built robo advisor. Users can trade in:
- Mutual funds
- Stocks and others
Niyo Bharat
Niyo Bharat is the best app and prepaid card for new India. The features of the card are:
- Lifetime zero balance prepaid card for blue employees
- Easy fund transfer
- Multilingual app
- Banking partners like ICICI and Yes bank
Is NiyoX Safe?
NiyoX is a trusted and secure app or platform. The digital accounts of the neo bank are 100% recommended by the users. It has partnerships with the top banks and network partners.
DCB, Yes, ICICI, Equitas and SBM bank are its banking partners. While VISA, Mastercard and RuPay are the network partners.
The digital banking app in any country requires validation from the financial authorities. Therefore, the platform is secure as it has governance of the law of India.
Also, the platform has its presence on social media platforms like Instagram, Youtube, Twitter, Facebook, and Linkedin.
NiyoX Trading Accounts
NiyoX provides the clients with two significant account types. They can use the account to trade and use the features available online. These work properly like bank accounts but have some unique facilities differentiating them.
Below we have the two NiyoX trading accounts:
NiyoX Digital SA
NiyoX digital savings account is the neo bank account. It operates online without the presence of any traditional brick and mortar branch. These are services provided by fintechs and have gained popularity with mobile app approach.
Features are:
- Instant 100% paperless account
- 2 in 1 savings plus wealth account
- 7% interest rate
- Zero balance account
- Virtual and physical debit cards
- Advanced card controls
- Zero forex markup
- Safe and secure
- Zero commission on mutual funds
- Invest the change
- Exclusive offers and rewards
- Referral program
- 24×7 customer support
NiyoX Salary Account
NiyoX salary account is for the salaried persons. It helps them last their salaries longer. The account is an instant digital savings account which is specially created for the salaried millennials.
The account is in a 2-in-1 proposition of savings and wealth account. It supports traders with save, invest and grow. The features of the account are:
- Paperless onboarding
- Minimal documentation
- Zero balance account
- Industry best 7% interest per annum
- Instant debit card
- Physical debit card
- Enhanced card controls
- Zero forex markup
- Multi format account statement
- Mutual fund investment
- Micro investing with spare change
- Import portfolio
- Referral rewards
- Offers
- Monthly cashback
How to open an account with NiyoX?
In order to open an account with NiyoX, traders have to follow a simple procedure. Below are the steps that traders can consider to open their account:
- The first step is visit the website, www.niyox.com and then download the app if you want it on the desktop.
- Mobile users can directly download the app through their play store or app store for Android and Apple users.
- After downloading they have to register. For registration they need to provide a mobile number and email address.
- Next step is to fill in the details such as Adhar number, PAN card number or any documents required. Also, traders have to complete their partial KYC.
- Then fill in some basic details.
- So, traders can now access their NiyoX account as it gets activated. For traders requiring the salary account they have to provide their salary details and connect with the HR team to switch the account.
Community at NiyoX
NiyoX has its community for traders to connect. The community has various group that users can connect with such as:
- NiyoX
- Niyo Global by SBM
- Personal Finance
- Niyo ideas and feedback
- Niyo discovery
- Niyo bug bash
- Niyo money
- Niyo global by DCB
Users can comment and get answers to their questions at the community level. Thus, a good way for users to get in touch with other users and have their queries solved.
Conclusion
NiyoX is a good option for Indian as well as other country traders. They can easily open their account with the platform within a few steps. Besides, the option available with traders of salary account and digital saving account makes it easy for them for online transactions and savings.
They can use the account they find suitable. In addition, it has a community facility, various products and is a secure platform. The article has described all the features of NiyoX.