Checkbook for Niyo SBM

Niyo Product Niyo Support
1

I’m in the onboarding process for Niyo Global and had a few questions.

The customer support is giving me conflicting information over email and phone call. At this point I think I’ll just skip on the card for peace of mind. Thought I’d try here as a last resort to clarify these points.

  1. Does the Niyo Global SBM come with a checkbook? Can the checkbook be used to issue checks in US dollars?
  • rep over phone said no checkbook, over email said yes. Neither clarified on currency.
  1. What are the annual charges for the physical debit card?
  • rep over phone said 236, over email said 0, and online forums are saying it is 500+gst
  1. Can the account be close completely online without having a physical visit?
  • rep over phone said yes. Over email they said I need to submit a cancelled check in person.

Thanks.

2

Hey @akshit1! Welcome to Niyo Community!

I’m sorry for the confusion. Let me try to help you with your queries in detail.

1. Does the Niyo Global SBM come with a chequebook? Can the chequebook be used to issue checks in US dollars?
Once your account is opened successfully, you have to reach out to our live chat support or to our email support at global@goniyo.com from your registered email and share a scanned copy of your PAN card and signature. Once we receive them, we’ll raise a request to the bank on your behalf. And it is not possible to issue checks in US dollars. We recommend you use a chequebook for domestic transactions.

2. What are the annual charges for the physical debit card?
For Niyo Global by SBM, there are no annual maintenance charges for the physical debit card. It’s completely waived.

3. Can the account be closed completely online without having a physical visit?
Yes, the account can be closed online. It’s not required to visit any physical branch. All you have to do is, share a scanned copy of your PAN, Aadhaar card along with a cancelled copy of the cheque leaf of your personal (other than SBM) and we’ll raise the account closure request.

Hope the above answers clear your queries. Feel free to reach out to us and we are happy to help you.

Regards,

1 Like
3

Thanks Deepak! This is very helpful.

Just wanted to clarify, so the debit card is lifetime free?

And did you mean that you’d need a scanned copy of a cancelled cheque of another bank account?

1 Like
4

@akshit1 Yes, the debit card is free for a lifetime. And, yes you have to share the scanned copy of a cancelled cheque from another bank of yours.

Regards,

5

I’m stuck in the onboarding process as the app is not letting me proceed without signing up for Mutual funds.

Is this a bug?

I don’t want to sign up for Niyo Wealth account just to get a forex card. This seems very odd.

6

Hey @akshit1! Onboarding for Niyo Global for SBM is based on CKYC. With the new onboarding flow, we’ll create a CKYC number through the Niyo Wealth account and this may take up to 4-5 business days.

7

Do I need to create a wealth account even for Niyo DCB?

8

No, it is not required for Niyo DCB. However, the onboarding for Niyo DCB is on-hold.