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Niyo partners with Equitas SFB & Visa to launch NiyoX for millennials

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Niyo partners with Equitas SFB to launch NiyoX for millennials


Niyo, a digital banking fintech, has partnered Equitas Small Finance Bank (SFB) and Visa launched NiyoX, a mobile banking solution for millennials. the NiyoX is offers  ‘007 banking’, it comes with 0% maintenance charges, 0% commission on mutual fund investments and 7% interest on account balance.

Objective of NiyoX – to on-board 2 million customers by the end of 2021

NiyoX features & Benefits:

  • It is a 2 in 1 account i.e Savings Account + wealth account.
  • It has Zero account maintenance charges. It is a Rs 10,000 balance account. But if the customer doesn’t meet the average balance requirement no charges will be levied.
  • Interest rate: 3.5% upto Rs 1 lakh and 7% on incremental amounts above 1 lakh.
  • Niyo is soon going to launch domestic and international stocks on the platform

SBI interest rates:

  • The interest rate on the SBI Savings Bank Deposit Account with a balance of up to Rs 1 lakh or above is 2.70%.
  • For Fixed Deposit(FD):
  • SBI offers the FD for the Period of 5 to 10 Years with Interest Rate of 5.40% for Regular Customers & 6.20% for Senior Citizens.

Millennials’ Banking Need

Niyo conducted a nationwide survey among 8000 millennials residing in metro and non-metro cities to understand millennial’s banking needs post Covid-19 pandemic, especially for convenient customer support.
It shows that 70% of Indian millennials are now inclined towards digital banking.

Recent Related News:

On November 16, 2020 Equitas Small Finance Bank Limited(ESFBL) launched ‘Eva’, a unique savings account for Indian women. The product addresses the wellbeing of women in every aspect such as Health, Wealth and Prosperity. The Product that is aimed at women is based on the concept of Relationship Value.

About Niyo:

Establishment – 2015
Co-Founder and CEO – Vinay Bagri

About Equitas Small Finance Bank Limited(ESFBL):

MD and CEO– Vasudevan Pathangi Narasimhan (P N)
Headquarters– Chennai, Tamil Nadu
Tagline– It’s Fun Banking