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Got questions about Niyo cards such as the Niyo SBM Credit Card, Niyo DCB Debit Card, Niyo SBM Debit Card, and Niyo Equitas Debit Card?
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I have both Niyo DCB and SBM debit cards. I’ve read through a few posts here but still unclear on TCS deductions.
Say I’m in UAE and I’m using the card for my first international transaction of the year. It’s worth Rs. 5000. Then I spend another Rs. 20000 that day. Will TCS be deducted and then later refunded in my account? Or given during my stay for a week, I spend less than 7 lacs on international transactions, there won’t be any TCS charged on any transaction?
Is it the same for both the debit cards? If TCS is deducted, how much and when is it refunded?
TCS (Tax Collected at Source) is applicable only on debit cards, not credit cards.
For Niyo DCB Debit Card:
TCS is deducted on every international transaction.
If your total international spending in a financial year does not exceed 7 lakhs, the TCS deducted will be refunded immediately.
If your total spending exceeds 7 lakhs, you will need to file an ITR (Income Tax Return) to get a refund for the TCS amount.
For Niyo SBM Debit Card:
TCS is not deducted upfront until you surpass the overall spending limit of 7 lakhs in a financial year.
The current transaction limit for SBM debit card is 5 lakhs.
For Niyo SBM Credit Card:
There is no TCS applicable, irrespective of the amount spent.
So, in your scenario, if you spend less than 7 lakhs in total during your stay in the UAE, no TCS will be charged. If you surpass 7 lakhs, TCS will be deducted accordingly.
Thank you for the quick response. Can you pls confirm if the TCS deducted in the DCB debit card on every internationaal transaction is 5% or is it 20%? When you say it will be refunded immediately, how long does it take?
Thank you Zahid! Just reconfirming - for the Niyo SBM debit card, TCS is not deducted in each transaction right? Provided overall spends are within 5L for the year?
Also - is the first debit card international atm withdrawal free without any fee in the SBM or the DCB debit cards?
You are correct, for the Niyo SBM debit card, TCS is not deducted from each transaction, provided the overall spends are within INR 5 lakhs for the year.
Regarding international ATM withdrawals, you are entitled to three free international ATM withdrawals per quarter with both the Niyo DCB and Niyo SBM debit cards. For these transactions, you will receive Niyo Coins equivalent to the international ATM withdrawal fee.
For a detailed comparison between the Niyo DCB and Niyo SBM debit and credit card, please refer to this link: Niyo Cards Comparison.
If you have any further questions, please feel free to ask.
I understand your concern about the unexpected debit and account closure notification from Equitas. Please rest assured, we’re actively investigating this issue with Equitas Bank, and we’ll keep you updated as soon as we receive more information.
To assist you further, I’ll send you a direct message to gather additional information. Your cooperation is appreciated as we work diligently to resolve this issue and ensure your funds are available to you as soon as possible.
As a first-time user of the Niyo card, I have recently received my Niyo DCB Bank Debit Card. I will be traveling to the Netherlands soon, and I wanted to confirm if the card will work there seamlessly. I have already enabled international transactions on the card.
Additionally, I understand that I need to load money onto the card via the app in INR. Could you please confirm if the card will automatically handle currency conversion when making payments in the Netherlands, as claimed?
Lastly, could you suggest any international websites where I can test this card for international transactions?
Thanks for reaching out! Yes, the Niyo DCB debit card works seamlessly in the Netherlands. You do need to load your account in INR, and it will automatically handle currency conversion at the time of your international transactions. Just make sure to enable the international transaction channels in the Niyo app.
For added convenience, I recommend considering the Niyo Secured Credit Card available through the Niyo Global app. You can get this by creating an FD with a minimum of ₹5,000. The credit card can be used for ECOM/ONLINE and POS (card swipe) transactions, while the Niyo DCB debit card can be primarily used for ATM/cash withdrawals. Plus, the first three ATM withdrawals in a quarter are free, as you receive an equivalent refund in Niyo Coins, which you can use for other Niyo services.
The Niyo Credit Card also helps avoid TCS and reauthorization issues for hotel and car bookings. It offers ZERO FOREX fees, no annual fees, no card order charges, or any hidden charges. You can find a detailed comparison here: Niyo Cards Comparison.
You can try any international website of your choice to test the card for e-commerce transactions.
Absolutely! Your Niyo DCB Debit Card is your perfect companion for seamless transactions in Thailand.
Swipe away at POS terminals worry-free, as there are no additional charges from our end. Transactions are swiftly processed, with amounts converted to local currency using Live Visa exchange rates.
For international ATM withdrawals using your Niyo DCB Debit Card, there is a charge of INR 425 + GST per transaction.
Regarding our Niyo SBM Secured Credit Card, it functions differently from a debit card. This credit card is secured against a Fixed Deposit (FD) that you create, starting from a minimum of Rs 5,000 up to a maximum of Rs 50 lakh within the Niyo app. Your credit limit will match the amount of your FD, providing you flexibility based on your deposit amount.
With the Niyo SBM Secured Credit Card, you benefit from a free credit period while your FD continues to earn interest for you. Plus, you can enjoy unlimited international spending with Zero TCS (Tax Collected at Source).
You can refer to this link to check out the charges for the Niyo products: Niyo Products Comparison
If there’s anything else you’re curious about or need assistance with, feel free to ask. We’re here to ensure your journey with Niyo is smooth and rewarding!
I have the Niyo global sbm debit card. I had requested Niyo for account closure and they had asked for necessary documents. After completing the process I was informed by Niyo that my sbm bank account was closed on 5th December, 2023. Now because I got a KYC mail from SBM, I contacted them to find out in July '24 that my account was never closed and sbm bank never received any account closure request. Attaching here the mail confirmation from Niyo about account closure and date. Have also sent the audio recording on mail, but alas, you guys just run away and ignore when given hard questions to answer. Email team has stopped responding now. Can you help me understand why is Niyo playing this scam with me?
I had got my re-kyc done one month ago, and I still did not get any international transaction enablement email. Can you please help me understand why this is the case? Why can’t I use it for foreign payments?
I’m sorry to hear you’re having trouble with international transactions. To get this sorted out, could you please check if you received a confirmation email for your recent re-KYC process? Additionally, please verify whether you were able to enable the international transaction channels.
If you haven’t received the email or are still experiencing issues, please let us know, and we’ll be happy to assist you further to ensure everything is set up correctly for your international payments.
Hi @Nith_In ,I want to know why the currency exchange shows a lower amount compared to the actual exchange rate I checked on XE Currency Converter and Visa’s currency converter.For example, I have 5,500 INR in my DCB account, and when converted, it shows 9,601 JPY, while the actual exchange rate should be 9,628.25 JPY. Why is there a difference of 28 JPY? Although this might seem like a small difference, when converting larger amounts (like 1-2 lakh INR), the currency exchange will show a significant reduction. Can you please clarify this for me? Are there any fees that DCB deducts?Secondly, do we need to complete re-KYC to enable international transactions and channels?Thank you!
At Niyo, we use the live Visa exchange rates, which might differ from other platforms you may be comparing. For accurate currency conversion rates, we recommend using the “Currency Converter” feature in our app. You can find it by navigating to: HUB >> Tools >> Currency Converter.
Regarding re-KYC, it’s specifically required for SBM Bank accounts to comply with RBI regulations for international transactions. If you’re using a DCB account, the re-KYC process would not apply to you.
Got questions about Niyo cards such as the Niyo SBM Credit Card, Niyo DCB Debit Card, Niyo SBM Debit Card, and Niyo Equitas Debit Card?
Encountering any technical issues or transaction-related concerns?
global@goniyo.com.
