Are you a salaried individual? If you answered that question with a “yes”, you already know the feeling of stretching your salary through the month. What if there was a way to make your salary go the extra mile and help you grow it effortlessly? A little extra goes a long way, don’t you agree?
Helping you make your salary last longer is what we do best with the NiyoX Salary Account. NiyoX at its core is an instant digital savings account created especially for salaried millennials. It’s a 2-in-1 proposition of a Savings and Wealth Account that helps save, invest, and grow money all in one place, so you don’t have to hop between different apps, companies, or web portals. The NiyoX savings account is created in partnership with the Equitas Small Finance Bank and VISA, whereas the DIY mutual fund investment platform is powered by Niyo Money in association with 5 Paisa. We do the heavy lifting for you so you can have a seamless banking experience.
A salary account is a type of savings account offered to salaried individuals by a company in partnership with a bank. Companies tie-up with banks as a convenient means to disburse monthly salaries to their employees.
If you wonder what is it that sets the NiyoX Salary Account apart from the rest. Here’s a quick rundown of everything that NiyoX has to offer you for a hasslefree experience and gain control of your finances:
Features and benefits of NiyoX salary account
Your NiyoX 2-in-1 account is a feature-packed instant digital savings account and the best choice for a salary account for numerous reasons:
With these compelling features, the benefits of salary accountby NiyoX outweigh your average salary account any day.
Difference between a regular and NiyoX salary account
Here is a more detailed comparison, lets take a look at that :
Open salary account online with NiyoX in just a few simple steps:
Share your account details with your Human Resources (HR) Team with a request to switch your existing salary account and credit your salary to your NiyoX account.
Opening a digital salary account is as simple as that!
Does your employer already have an arrangement for a salary account with another bank? Worry not, we got you covered. The NiyoX salary account also comes with a 12-month reward program with exciting monthly cashback. You can still benefit from the reward program, explore salary rewards within your NiyoX app.
If you are on the lookout for the best salary account, your search ends here!
Who can open a NiyoX salary account?
Any individual above the age of 18 years with a valid PAN and Aadhaar can open a NiyoX salary account.
Does interest apply to the NiyoX salary account balance?
NiyoX comes with the industry-best interest rate, to be more specific:
This yields constant growth to your savings. For instance, if you consider an account balance of ₹20,025,000, you will gain 3.5% on ₹1 lakh, 6.00% on the next ₹4 lakhs, 7.00% on the incremental ₹19,500,000, and 5.50% on the remaining ₹25,000.
The interest is calculated on the daily end-of-the-day balance and accrued interest is credited to your account on a quarterly basis
Note: Partial KYC (pending biometrics) account comes with a limit on the balance you can keep in your account. To enjoy the high interest rate of 7% p.a., we suggest that you complete your biometric verification and upgrade to a full KYC account with no constraints on the account balance.
Is the NiyoX Salary Account a zero balance account?
The NiyoX Salary Account comes with the promise of not charging a fee for not maintaining any balance in your account at any point in time, in other words, it’s a zero balance account.
However, if you intend to use the NiyoX card for international transactions, you can enjoy the benefit at no extra fee for an entire year. All you would need to do is maintain an average balance of ₹5K in any one month during the calendar year.
Is it safe to keep money in a NiyoX salary account?
It is safe to park your money in the NiyoX salary account. The savings account is provided by Equitas Small Finance Bank and follows all regulatory guidelines issued by the Reserve Bank of India. Your money is insured up to ₹5 lakhs covered under “Deposit Insurance and Credit Guarantee Corporation”, a wholly-owned subsidiary of the Reserve Bank of India. This is to provide a measure of protection to depositors. You can use the account for all your monthly savings and transactions.
Can I convert my existing savings account to a NiyoX salary account?
If you’re an existing NiyoX user, all you need to do is opt for the “Salary Account” within your app. Share your account details with your HR with a request for a change in your salary account so they can credit your monthly salary to your NiyoX account. You’ll be all set.
If you’re not an existing NiyoX user, we recommend you download the NiyoX app and onboard yourselves. It takes less than 100 seconds to open an account with us. Once onboarded, opt for the “Salary Account” within your app. Share your account details with your HR with a request for change in your salary account. It’s as easy as that!
© goniyo.com 2022 // FINNEW SOLUTIONS PRIVATE LIMITED