Niyo & Niyox Review 2023: Is It Safe Or Scam?

Niyo & Niyox Review

Table of Contents

Niyo, a leading fintech company, has gained enormous popularity on the back of its commitment of making the banking experience simpler, smarter and accessible to all. The company has been in the market for over seven years, making a strong presence among Indian users, especially Millennials. But what exactly does it offer? Let’s understand through this Niyo & Niyox review 2023. 

With ever-evolving times, Fintech startups are gaining enormous popularity, with banks and financial institutions being their top clients. This partnership has led to improved customer services and the acquisition of digital clients through innovative technologies. 

Before switching to this digital option from traditional banking, it would be helpful to comprehensively understand the platform’s services, charges, and whether it is a scam or safe. So, let’s start this detailed Niyo & NiyoX review 2023, in which we will put afront all the features of this platform and assess them to determine – Are they really useful?

Niyo & Niyox Review 2023: At A Glance

Official Website  www.goniyo.com
Year Of Inception 2015
Founders Vinay Bagri and Virender Singh Bisht
Funding Partners Tencent, Social Capital, Horizon Ventures, Prime Ventures Partners, and JS Capital
Products  Niyo Global, NiyoX Equitas, NiyoX Salary Account, Niyo DCB, Niyo Money & Niyo Bharat
Customer Support 24×5
Mobile App Niyo App

What Is Niyo?

Niyo is a leading India-based Fintech company owned and operated by Finnew Solutions. The platform was launched in 2015 by Vinay Bagri and Virender Singh Bisht.

Started solely as a fintech startup, today it offers banking, investing, and wealth management services all in one place. The platform has partnered with many renowned banks and financial service providers. 

Additionally, Niyo raised cloud funding worth 179M from popular brands like Tencent, Social Capital, Horizon Ventures, Prime Ventures Partners, and JS Capital. 

How Does Niyo Work?

The platform allows you to access banking, investment and wealth management-related services. You can open a virtual bank account and order a physical Forex cum debit card, which can be used internationally.

On top of that, you can access investing and wealth management services, like Mutual Funds, ETFs, Stock trading & investing and Goals. Meanwhile, the platform has planned to offer fixed deposit investments and international stock investments.

Is Niyo A Scam Or Safe?

Niyo is not a scam, but a registered fintech company, operating in the market for over seven years with 5 Million+ active clients. However, we didn’t find any regulatory license on the company’s website. And when we checked the internet, we found several Niyo users complaining about the platform, with many of them calling it a scam. 

Despite being a registered company, the lack of transparency and Niyo scam-related complaints raise red flags for new users. So, doing good research before getting started on the platform would be better. 

What Does Niyo Offer?

Niyo is probably the best fintech platform among the ones we have reviewed so far, all thanks to its comprehensive product offering. You will find everything in one place, from investing platforms to a bank account. Let’s understand the features of each product through this detailed Niyo & Niyox Review 2023.

Niyo Global Card

The platform has partnered with SBM Bank and DCB Bank to create this unique and probably the most useful Forex smart card for frequent international travelers. Some considerable features of this DCB Niyo Global card are listed below. 

Niyo Global Card Benefits

  • Zero Forex Markup (Up to 3-5% discount on markup fees)
  • Accepted in 150+ countries
  • Worldwide ATM facility
  • Complimentary Airport Lounge Access
  • Niyo zero balance account
  • 24×7 digital personal assistant
  • Real-time currency converter 
  • 5% interest* p.a. on your savings with monthly interest payout
  • Lock/Unlock Feature
  • Insured by Deposit Insurance and Credit Guarantee Corporation (DICGC)

Niyo Global Card App

The Niyo global card app is a dedicated platform for Forex cardholders, available for download on Google’s Play Store & Apple’s App Store. It allows users to enjoy banking and investing services in one place. The app’s user interface is quite similar to the web platform. However, it stands out because of its compatibility and convenience.

What Is NiyoX?

NiyoX is an exclusive bank account launched by Niyo Solutions Ltd in partnership with Equitas Small Finance Bank. It is also popular as Neo bank. The services include a physical NiyoX Forex card or NiyoX debit card. Let’s take a glance at other features through this detailed NiyoX Review. 

What Are NiyoX Benefits?

  • 7%* p.a interest rates on saving accounts
  • 0% Forex markup* on international spends
  • ‘Zero’ Commission on NiyoX App
  • Track Employees’ Provident Fund (EPF) Balance
  • Convenient investing in mutual funds.
  •  Up to ₹5 Lakh insurance cover by Deposit Insurance Scheme 

NiyoX Debit Card

The physical debit card offered by NiyoX is globally accepted and offers several features, including

  • Exclusive VISA Platinum Card
  • Competitive Niyox Card Charges
  • Lock/Unlock feature or Set/Reset your Card PIN via the app.

NiyoX Bank Review

The services of the NiyoX bank seem to be very intuitive. The platform’s intention to provide seamless banking services fits right here with the NiyoX bank account. 

NiyoX Review –  Savings Account 

The savings account offered by the platform has all the features of a regular bank account. But what makes it stand out is its higher interest rates and deposit insurance scheme. 

How To Open A NiyoX Digital Savings Account?

Opening a NiyoX savings bank account is quick and easy. All you have to do is:

  • Download the NiyoX app and sign up with your mobile number and email address
  • Verify your identity by providing documentation and completing the Equitas bank video KYC. 
  • Enter your personal details and click on the ‘Continue’ icon. 

NiyoX App Review

The NiyoX app is easily-understandable and simple to use. The app proves its promise of making banking simple, safe, and smart for all our customers.

NiyoX Refer and Earn Program 

The refer and earn program allow NiyoX existing users to earn by referring the platform to their friends and contacts. For every successful referral, they will receive exciting rewards. Your unique NiyoX referral code is available on your dashboard. 

NiyoX Salary Account Review

The salary account offered by Niyo global gives a reward for every salary. It also offers users to earn up to 7% p.a interest on salary deposits. 

Benefits Of NiyoX Salary Account

  • Salary credit of ₹20,000 or more
  • Instantly get a scratch card with rewards up to ₹250!
  • Zero forex markup# on all purchases made with international merchants
  • 100% Digital onboarding with PAN and Aadhaar. 
  • Invest in direct mutual funds and pay zero commission

What Is Niyo DCB & How Does It Work?

The Niyo DCB is a travel forex card that lets you enjoy a seamless traveling experience. The card has 100,000+ global users and is supported in 160+ countries. 

Top Features Of Niyo DCB Forex Card:

  • Instantly load money in INR 24/7 while traveling around the world.
  • No Forex Markup Fees
  • Transfer money to your friends & family instantly using the Global App
  • 24/7 In-app Support
  • Real-time Currency Rates
  • For Leisure, Student & Business Purposes

What Is Niyo Money?

Niyo Money is an investment platform that lets you invest in mutual funds, stocks and goals all in one place. This Wealth Management App has an in-built Robo-advisory.

What Makes Niyo Money Stands Out?

  • Invest in more than 5000 Mutual Funds on your own.
  • No Transaction Charges.
  • No account fees or any hidden charges.
  • Buy low and sell high with our One-click Portfolio Rebalancing.
  • Hassle-free and easy-to-use online stock trading account
  • Leverage your trades up to 20x for intraday and 4x for delivery.

What Is Niyo Bharat & What Does It Offer?

Niyo Bharat App is a new-age mobile application launched in partnership with ICICI Bank, YES Bank & DCB Bank. 

Niyo Bharat Card Benefits

  • Permanent prepaid card
  • Most secure card & app in the industry
  • Instant activation
  • Niyo Bharat App Download available on iOS & Android
  • 10 vernacular languages
  • View passbook, download custom statements, raise support tickets
  • One-click transfer to other Niyo customers
  • Manage beneficiaries at the tip of your fingers

Niyo & NiyoX Review 2023: Ongoing Offers & Bonuses

NiyoX and Niyo Global have plenty of ongoing offers from various sectors, including healthcare, lifestyle, and travel. You can find a list of all ongoing discounts and bonus offers on its official website. 

niyox offer

Niyo & NiyoX Review 2023: Learning Material

The most attractive feature of the platform will remain its educational offering. The blog section has interactive writeups on the usage of the platform’s services, along with investing tips.

Review Of Niyo Global Community & Customer Support

The platform has a global community that connects one user to another. They can post their queries and have instant answers from fellow users. However, NiyoX lacks email & phone support. 

Meanwhile, Niyo Global offers customer services through both email and helpline numbers. 

Final Verdict On Niyo & NiyoX Review

After analyzing the Niyo & NiyoX review 2023, we can conclude that the platform’s services are exceptional. You can get everything in one place, from a digital savings account to an investment platform. 

However, as a trader, you should know investing doesn’t yield as good returns as trading. So, if you’re thinking of getting better profits quickly, Niyo is not the platform you’re looking for. Instead, you should choose fully-fledged trading & investing platforms like InvestFW, or Investby.

FAQs

What Is Niyo Global App?

Niyo Global App is a multi-function mobile application loaded with incredible features to provide a seamless and great travel experience. 

What Is The Niyo Account Opening Process?

Opening a Niyo bank account is quick and easy. All you have to do is:

  • Download the Niyo app and sign up with your mobile number and email address
  • Verify your identity by providing documentation and completing the Equitas bank video KYC. 
  • Enter your personal details and click on the ‘Continue’ icon. 
  • Now, sign in to your account using the Niyo Global card login.

What Are Niyo Equitas Debit Card Charges?

There is no fee for a virtual debit card, while a physical debit card may incur a fee of Rs. 150 per annum. 

Where Is The Niyo Bank Branch Near Me?

To locate your nearest Niyo Bank branch, you can visit here: https://locate.equitasbank.com/. 

What Is Niyo Customer Care Number?

The toll-free Niyo customer care number is 1800 258 3009. The support is available 24×7.

Is Equitas Bank Safe?

Equitas Bank is safe as it is registered with the Reserve Bank Of India. The bank compiles all the regulations of RBI.

Is Niyox Bank Safe?

Yes, NiyoX bank is safe as it has partnered with several prominent banking services providers and is an RBI-registered platform. 

What Is Niyo Bank Account Open Process?

Opening a Niyo bank account is quick and easy. All you have to do is:

  • Download the NiyoX app and sign up with your mobile number and email address
  • Verify your identity by providing documentation and completing the Equitas bank video KYC. 
  • Enter your personal details and click on the ‘Continue’ icon. 
  • Now, sign in to your account using the Niyo Global card login.

Is Niyo Bank Safe?

Yes, Niyo bank is safe as it has partnered with several prominent banking services providers and is an RBI-registered fintech company. 

What Is Niyo Account?

Niyo is a digital saving account specially tailored to the needs of millennials. The bank account makes the banking process easier than ever before and NiyoX interest rates are incredibly higher. Read this detailed Niyo and NiyoX Review for more information. 

What Is Niyox Account?

NiyoX is an exclusive bank account launched by Niyo Solutions Ltd in partnership with Equitas Small Finance Bank. It is also popular as Neo bank. The services include a physical Niyox card or NiyoX debit card. Read this detailed Niyo and NiyoX Review for more information. 

How To Apply For Niyo Global Card?

Here are some easy steps to apply for Niyo Global account:

  • Download the Niyo Global app and create an account.
  • To order your physical card, you’ll need at least ₹5,000.
  • Now, request a new debit card through the app. 
  • After applying, your cards will be delivered in 5-7 days.

How Do I Contact Niyo Customer Care?

The toll-free Niyo customer care number is 1800 258 3009. The support is available 24×7. You can also email them at [email protected]

Is NiyoX RBI Approved?

Yes, NiyoX is an RBI-registered platform and its partner banks comply with the regulations of the RBI. Read this detailed Niyo and NiyoX Review for more information. 

What Is The No Of Customer Care?

The toll-free Niyo customer care number is 1800 258 3009. The support is available 24×7. You can also email them at [email protected]

Why My Niyox Account Is Not Opening?

The most probable reason for the problem is a connection failure. Try to connect to a fast network and try again and if it still is not working, contact customer care at [email protected] 

What is Niyo?

Niyo is a leading fintech company launched with the aim of making banking simpler, smarter and accessible to all. The company has been in the market for over seven years, making a strong presence among Indian users, especially Millennials. 

What Is Niyo Global Forex Card?

Niyo Global Forex Card is a travel forex card that lets you enjoy a seamless traveling experience. The card has 100,000+ global users and is supported in 160+ countries. 

Does Niyo Charge Foreign Currency Markup Fees?

The platform claims to charge Zero Forex Markup fees. However, the website also mentioned that there is Up to a 3-5% discount on markup fees. Read this Niyo and NiyoX Review for detailed fee structure. 

How Does NiyoX Work?

NiyoX works by providing a bank account in partnership with Equitas Small Finance Bank. It is also popular as Neo bank. The services include a physical Niyox card or NiyoX debit card. 

What Is The Interest Rate On Niyox’s Account Balances?

The NiyoX savings account offers 7%* p.a interest rates on saving account balances. Read this detailed Niyo and NiyoX Review for more information. 

Is NiyoX The Best Bank For Salaried Indians?

Yes, NiyoX is the best service for salaried Indians, as per our NiyoX banking review. It offers 7% p.a interest on balances and convenient mutual fund investment. Read this detailed Niyo and NiyoX Review for more information. 

Why Should You Open A Digital Savings Account With NiyoX?

Here are some reasons why you should open a NiyoX digital savings account:

  • 7%* p.a interest rates on saving accounts
  • 0% Forex markup* on international spends
  • ‘Zero’ Commission on NiyoX App
  • Track Employees’ Provident Fund (EPF) Balance
  • Convenient investing in mutual funds.
  •  Up to ₹5 Lakh insurance cover by Deposit Insurance Scheme 

What Is NiyoX Open Account Procedure?

Opening a NiyoX bank account is quick and easy. All you have to do is:

  • Download the NiyoX app and sign up with your mobile number and email address
  • Verify your identity by providing documentation and completing the Equitas bank video KYC. 
  • Enter your personal details and click on the ‘Continue’ icon. 
  • Now, sign in to your account using the Niyo Global card login.

How To Get Niyo Global Card?

Here are some easy steps to get Niyo Global card:

  • Download the Niyo Global app and create an account.
  • To order your physical card, you’ll need at least ₹5,000.
  • Now, request a new debit card through the app. 
  • After applying, your cards will be delivered in 5-7 days.

What Is The Niyo Bank Account Opening Process?

Opening a Niyo bank account is quick and easy. Follow these easy steps:

  • Download the Niyo app and sign up with your mobile number and email address
  • Verify your identity by providing documentation and completing the Equitas bank video KYC. 
  • Enter your personal details and click on the ‘Continue’ icon. 
  • Now, sign in to your account using the Niyo Global card login.
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