7% interest should be available for 50k onwards

Hi team Niyox, I like the new app and it’s quality response. But one thing I always bothered about that why always priority to lakhpati only? It’s very good to have lakhs n crores and one should achieve that milestone in life. But having lesser than that is also considered worthy. I wish that in this booming neo-bank era, niyox should bring 7% interest rate for 50K balance as well. This will be unique and different. This will definitely boost the niyox business and also helpful for so many customers. And yes every TnC must be transparent and easy to understand. Not like regular banks, who has so many irritating & hidden TnC.

I hope this wish gets fulfilled ASAP!!

There is a RBI guideline which asks bank to have uniform interest rate for amount till 1lac and then they can go for differential interest rate. So until and unless RBI changes the guideline or equitas changes the internet rate for upto 1lac this is not going to happen.


I know that RBI guideline but bank has own capacity to do so with permission from RBI. Look how others provide 5% or 6% interest for certain amount like sweep/secure deposit and so on.
My intention is availing benefits for everyone ,not only 1L n above holders. RBI accepts requests which are favourable to the growth of Indian people & their businesses. Niyox team will definitely workout on this. Right team?


Sweep/deposit are all together different product. We were taking about saving account interest scheme. Moreover interest is decided by the parent bank not by NiyoX.
NiyoX or say neo banks are a mere facilitator. Nothing more.
And no bank cannot do that. They need to adhere with guidelines. Approval is there only for new kind of product. If RBI starts providing exceptions then it won’t be a fair play and create chaos. That’s why guidelines are in place and every bank has to abide by and if not penalty is levied to banks.
NiyoX cannot do anything on this aspect.

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Let them do whatever they want… Atleast they could have some ways or options so that people can get more interest during such creep pandemic time.
Integrate those other products easily with present savings account.
RBI can allow any one neo-bank such permission , temporarily or as an economical experiment, I suggest.
I’m not economist nor any expert in finance, learning now. I know one thing, RBI will definitely accept such ideas and proposals though it’s associated bank or NBFC. Niyox team could talk to holding bank,here equitas bank. Could get something bigger and better than ROI 3.5% .

@goneo if you have any other idea or option to grow our hard earn money then please mention them here. BIG NO to chain businesses.

And I’m thankful to you for highlighting some good banking sector terms.


Right now RBI have no regulations for Neo Banks, so I a sense neo banks are un-regulated. Currect framework of RBI does not provide banking licence to virtual banks so unless RBI change that no neo bank is supposed to get any favour. Once some framework is out it will be binding for all neo banks.

There is no easy way to multiply your money.
If you’re just starting out you can start investing in mutual funds (go with debt funds if your risk appetite is low else you can go with equity, flexi or hybrid). Index fund is also a good option to start with.
Further you may start investing in stock of a fundamentally strong company.
PPF is also a good saving scheme.

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hi @goneo

So if Equitas bank stops providing 7% interest on >= 1lac deposits, then Niyo will stop too? Or some other scenario will come into play?

Pls elaborate with clarity

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Ofcourse. Interest rate is fixed by the underlying bank and not by the Fin tech. Once equitas bank will have considerable CASA deposit , they will reduce the interest. It is just a matter of time.

Niyo won’t be able to do anything on the interest front.


Some people think that they will get 7% ROI for the entire amount, if balance is more than 1 lakh, but not. Even if you have 3 lakh balance in your savings account, first 1 lakh still pays you 3.5% ROI only. This 7% ROI is applicable only to the amount that exceeds one lakh (i.e. balance - 1 lakh). In this case it is applicable for that 2 lakh only. @goneo Is there any RBI regulation for that too, as I feel it totally unfair