Forget SBI Fixed Deposit; This Newly Launched Savings Account Offers 7% Interest on Account Balance; No Maintenance Charge

A smart and beneficial savings account providing up to 7% interest on the account balance has been launched by Niyo in collaboration with Equitas Small Finance Bank and Visa. You can open the savings account through the NiyoX app.

It is important to mention that the highest interest rate offered on this savings account is more than the Fixed Deposit (FD) rates being offered by the State Bank of India (SBI) at present.

Our motive to publish this information is to help the farming community take benefit of such schemes and offers.

The highest rate offered by State Bank of India on an FD account is 5.40% for a deposit of 5 to 10 years. For senior citizens, the rate of interest for this tenor is 6.20%. The rate of interest on the SBI Savings Bank Deposit Account with a balance of up to Rs 1 lakh or above is just 2.70%. On the contrary, NiyoX is offering 3.5% interest on the account balance up to Rs 1 lakh & 7% on incremental amounts above Rs. 1 lakh.

Niyo X Details

Niyo X is a 2-in-1 power-packed account that offers Savings & Wealth Management all in just one App. It assures a state-of-the-art mobile banking solution for the millennials. With the introduction of this product in collaboration with Equitas Small Finance Bank & Visa, the company aims to on-board 2 million customers by the end of 2021.

In a statement, Niyo said that before the launch, it conducted a nationwide survey among 8000 millennials living in metro as well as non-metro cities to understand millennial’s banking needs post Coronavirus pandemic. The study showed that 70% of millennials in India are now inclined towards digital banks, mainly due to convenient customer support.

Around 55 percent of respondents told they would switch banks for rewards & offers while 45 percent would switch banks for better rate of interest.

Features and Benefits of NiyoX

• 2 in 1 account i.e. Savings Account plus wealth account.

• Instant account opening - Quick Online paperless account opening. Account opens in less than 5 minutes.

• Zero account maintenance charges

• Upto 7 percent interest rate: 3.5 percent upto Rs 1 lakh and 7 percent on incremental amounts above Rs. 1 lakh.

• Virtual Debit card - Instant virtual debit card (visa classic) moment after account opening that can be used for online transactions.

• Physical Visa Platinum Debit card - People can order for a physical debit card after completing full KYC / biometric KYC .

• Wealth/investments: Zero commission mutual funds. Import MF portfolio by sharing the portfolio statement generated by CAS. Customers can see the entire portfolio in the Niyo app.

• Rewards – One can earn Equinox loyalty points by doing fund transfer, ecom/POS purchase etc. It can be redeemed against a catalogue of merchandise

• Offers and Deals - Onboarding offers on account opening along with Regular offers /deals and cashback

Click to open account