10,000 Deposit and 10,000 MAB Policy Update

Hi everyone!

My name is Apeksha, and I work closely with the product team at Niyo.

We’ve been getting lots of questions about the ₹10,000 deposit now required for account opening and the recent ₹10,000 MAB policy. To help clear up some recurring doubts, we’ve compiled answers to some of the top FAQs into the following card. We hope this is helpful, and would be happy to answer any additional questions you may have.

Best,

Apeksha

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@apekshaatal But when I contacted Niyo today, they told that ₹10,000 MAB is applicable from those who are opening accounts today onwards. But when I contacted yesterday, they sai

There are lot’s of confusions going on. Niyo is not giving a proper explanation on this.

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Hi @Alan_Abraham, thank you for replying and pointing out this inconsistency.

Apologies for the confusion. Please note that the information in the card I posted is the most up-to-date and correct: MAB is applicable for accounts opened from Sept 1 onwards.

I am checking in with our service team to ensure that this is clearly communicated to those who inquire in the future.

Thank you again!

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@apekshaatal Hi, thanks for your prompt reply.

Could you please confirm, opening account means completing full KYC by meeting Niyo executive?

Or registering and activating ATM card and UPI is enough and can do in person full KYC after 1st September? Or Full KYC also should be completed before 1st September in order to get zero balance account?

Please clarify. Thanks.

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I opened my account on 24th August but my full kyc is not done is that my account is zero balance account or i need do full kyc before 1 September to get zero balance account

Your customer support send me when i ask him is that account is zero balance account or not

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Hi Alan,

“Opening an Account” for the Niyo IDFC FIRST Bank Savings Account is defined as the point of “Account Creation”, i.e. when your basic KYC and onboarding have been completed in-app.

Your full KYC completion, UPI Setup and Card Activation are independent of account creation, and can be tackled after your account has been opened. i.e. The date you complete these actions by will not affect your “Account Creation” date.

Hope this was helpful. Thanks again, Alan.

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Hi Anurag,

As long as your account was created/opened before Aug 31st, you are eligible for a zero balance account. Not to worry if your full KYC has not been completed yet, this will not affect your zero balance status.

That being said, be sure to complete your full KYC as soon as possible so you can fully take advantage of all the savings opportunities and features that your account has to offer!

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@apekshaatal Hi Apeksha, thanks for the clarification.

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Thanks for clarification are you niyo idfc bank official or normal person

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@anuragjaguri, I work with Niyo!

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Hey , I have an quiery that Debit card is free for Lifetime or what ??

And Will I get Cheque book for NIYO IDFC FIRST BANK ACCOUNT

@apekshaatal Please revert with my quiery

Thank you

Yes there is no issuance and annual charges for platinum visa debit card card is totally free

Thanks for your response @anuragjaguri . What about cheque book will be available for NIYO IDFC FIRST BANK ACCOUNT or not ?

Hi @TraderNikhil,

Right now, if you’d like a cheque book, you’ll need to raise a request with IDFC FIRST Bank. You can fill out this form and take it with you to complete the request. Niyo itself, currently does not provide cheque books.

Here is a form from the IDFC Website that you can refer to: https://www.idfcfirstbank.com/content/dam/IDFCFirstBank/form-center/account-services/Cheque-Book-Request-V1.pdf

As for your debit card, this card is valid for around 5 years (check the expiration date on your card for an exact date). If you lose your card, you will need to pay Rs. 200/- + GST to get a new card. To get a new card once your current card expires, you will also need to pay Rs. 200/- + GST.

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@apekshaatal Thanks a lot for your response

Hi @apekshaatal

Is there any AMC for this debit card?
Is there any SMS alert charges for this account?
How many cheque leaves are free in a quarter / annual?

You can login to IDFC Bank Mobile App / Internet banking and raise cheque book request.

Major advantage of NIyo IDFC A/C is ZERO Balance. By making MAB 10K account, now there is no difference to IDFC Bank 10K MAB account with Niyo IDFC A/C.

I visited IDFC Branch related to Niyo IDFC account service, but they told contact Niyo. In such cases IDFC direct account holders get better service than Niyo account.

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