Charging whopping twice the amount as penalty for missing SIP

So I’ve been charged 500 for missing my sip with the value of 200

Here’s what happened, I opted for few SIPs in niyox and i’ve been doing that for a while. But this time i had insufficient balance in the account so normally the SIPs should either get cancelled or I should be notified about adding balance the account, but none of it happened. i wasnt notified for adding money nor was i notified that there’s this enormous penalty if you missed the SIPs.

Fastforward 4 days later, i added funds to my account and to my surprise 350 were deduced with a pending debit of 150 more which sums around 500 for an SIP which is not even of 200.
A penalty of 500 for missing sip of 200. GREAT JOB NIYO

And after contacting customer care, they’ll just keep putting blame on one another. Bank says its niyomoney you should talk with and niyo money says its bank you should talk with

Such a fine customer care you have

And anyone reading this, if you’re planning to use niyo for mutual funds, I’ll suggest you to better think twice or you’ll be handed with an massive bill just for penalties

@Umesh_kalwar It’s your fault in this case. You should have gone through NiyoX Schedule of Charges. Charges for SI/ECS/NACH failure/return is clearly mentioned there.
It doesn’t matter whether your SIP amount was 1 or 1 lac. The penalty is fixed per return.

1 Like

O really, then its also their job to inform in advance of penalties for missing SIPs.
But did they?
no email no nothing

And secondly even after scrambling the their entire website those charges are yet to be found simply cuz they’re meant to be hidden
But you know what i really loved, their audacity of saying they have “ZERO HIDDEN FEES” while actually clearly having them

Dude. That amount is not charged by Niyomoney.
It is charged by bank. Go and check NiyoX schedule of charges.
It depends on the bank and type of account with whom you have created mandate. So there might be bank who does not charge penalty for mandate return.

Hi Umesh, while @goneo is right that it is not charged by us but by the bank (and one would have been charged this penalty irrespective of where one had set up the SIP from as long as the bank was Equitas), I can understand your frustration with these charges. :frowning:
Also, we do send an email a couple of days before your SIP’s due date reminding you to keep your account funded and it also mentions that the bank may charge a penalty if the balance is insufficient. It looks something like this -

Again I can understand your frustration with the penalties. Would be happy to look into any suggestions you may have that we can implement in order to help our users avoid this.

This topic was automatically closed 5 days after the last reply. New replies are no longer allowed.