Mumbai, March 25, 2021: Today, Niyo announced the launch of NiyoX in partnership with Equitas Small Finance Bank. This state-of-the-art mobile banking solution for millennials offers a 2-in-1 account in the form of a digital savings account and a wealth management suite. NiyoX, with its groundbreaking ‘007 banking’ bundle of 0% commission on mutual funds investment, ‘0’ account maintenance charges, and upto 7% interest on account balances, aims to decode banking for millennials and onboard 2M users by the end of 2021.
“As India's leading digital banking fintech startup, our primary focus is on easing and enhancing customer experience, and the launch of NiyoX is a testament to our commitment to the digital transformation of the banking space. We are delighted to launch our most ambitious product through our strategic partnership with Equitas SFB, where we will provide the best possible savings account combined with a best-in-class investment account, all tied together with Niyo’s usual thought-through and delightful user interface. We are confident that this will become the most sought-after banking product very soon." - Vinay Bagri, Co-founder and CEO at Niyo.
In partnership with Equitas SFB, NiyoX looks to help millennials manage their savings and wealth. Powered by Niyo Money, the wealth management suite is a one-stop shop that provides zero commission mutual funds, helps users track their investments, and rounds up expenses and invests the change. The launch of domestic and international stocks on this platform is also in the pipeline.
The need for NiyoX was realized after Niyo surveyed 8,000 millennials living in metro and non-metro cities. 55% respondents said that they would switch banks for better rewards and offers and 45% would switch banks for better interest rates.
To address such demands, NiyoX will also bring in a multilayer reward system comprising referral incentives, rewards points and scratch card-based cashback topped up with more exclusive offers for the users.
NiyoX also offers a VISA Platinum Debit Card, an industry-high 7%* p.a. interest rate on account balance and a promise of “zero non-maintenance fee”, making it ideal for the fast-paced lifestyle of today’s aspirational millennials of India.