Better than SBI Fixed Deposit! Savings Account with 7% interest on balance, zero maintenance charge launched

A smart savings account offering 7 per cent interest on the account balance has been launched by Niyo in partnership with Equitas Small Finance Bank and Visa. The savings account can be opened on the NiyoX app. Interestingly, the interest rate provided on this savings account is more than the Fixed Deposit rates currently being offered by the State Bank of India (SBI).

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Fixed Deposit and Savings account rate at SBI: The highest rate offered by SBI on an FD account is 5.40 per cent for a deposit of 5-10 years. For senior citizens, the rate for this tenor is 6.20 per cent. The interest rate on the SBI Savings Bank Deposit Account with a balance of up to Rs 1 lakh or above is just 2.70 per cent.

Niyo X is a 2-in-1 power-packed account offering Savings and Wealth Management all in one App. It promises a state-of-the-art mobile banking solution for millennials. With the launch of this product in partnership with Equitas Small Finance Bank and Visa, the company aims to on-board 2 million customers by calendar year -end 2021.

ALSO READ | Savings Accounts that give better returns than bank Fixed Deposits – Check latest rates

What millennials want

Niyo said in a statement that ahead of the launch, it conducted a nationwide survey among 8000 millennials residing in metro and non-metro cities to understand millennial’s banking needs post Covid-19 pandemic. The study revealed that 70 per cent of Indian millennials are now inclined towards digital banks, especially for convenient customer support.

As many as 55% of respondents said they would switch banks for rewards and offers and 45% would switch banks for better interest rates.

NiyoX features & Benefits

• NiyoX comes with ‘007 banking’ features such as 0% commission on mutual funds investment, ‘0’ account maintenance charges, and up to 7% interest on account balances through an app.
• Apart from the state-of-the-art mobile app, this account comes with a VISA Platinum Debit Card.
• NiyoX is also a 2-in-1 account that provides its users access to a full wealth management suite besides the savings account.
• The comprehensive wealth management suite powered by Niyo Money provides 0 commission mutual funds, facility to track all your investments at one place, robo advisory and a feature that rounds up your expenses and invests the change.
• Niyo is soon going to launch domestic and internationals stocks on the platform.
• NiyoX will also offer a multilayer reward system comprising referral incentive, rewards points and scratch card-based cashback.
• Niyo also app offers a spend and savings analyzer, encouraging customers to be prudent with their expenses and inculcate better savings habits.

Commenting on NiyoX, the company’s co-founder and CEO Vinay Bagri said, “As India’s leading digital banking fintech startup, our primary focus is on easing and enhancing customer experience, and the launch of the Niyo X 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.”

Vaibhav Joshi, Chief Digital Officer (CDO), Equitas Small Finance Bank said, “Neobanking is the next big thing in Banking. We are happy to partner with Niyo on this path breaking initiative. The need today is to create use case driven digital banking products and we aim to do just that with our Neobank & Fintech programs. We have developed an extensive API Banking suite that helps partners like Niyo develop a highly specialized and custom developed solution for its target audience. We are sure this program will break the shackles of the traditional banking mindset and establish a true Open Banking model.”