When i tried to open a new account through Niyo IDFC app it shoes i required to maintain ₹10,000 MAB but, i think MAB policy was lifted a month ago. I need clarification regarding this.
Hey Sai! The new account policy has not been updated in the app. Rest assured, this is a zero balance account and you do not have to maintain any balance monthly. Just at the time of creating the account, you will need to deposit Rs.10,000/- that will be credited upon account creation. Post that, you can use the complete funds if you wish to, as it is a zero balance account. SR
Thank you for clarification i already have an account and i was aware that MAB policies were removed. I recommended my friend but when he tried to open an account something else happened so he asked me. It would be good if you guys push for an update for the same.
Sure Sai, we have forwarded your feedback to the team. We will keep you informed regarding this. SR
It has been over two months and they have not released any official notification regarding mab policy change, all they say is that the app will be updated (which isn’t going to be I guess). So when you are opening an account you’re accepting 10k mab policy. It is a loophole which Niyo can utilise one day suddenly by deducting non-maintenance fees and you’ve nothing to say as you’re accepting terms related to 10k mab account. What some team member says over here doesn’t matter. The company is not transparent regarding their policies which is a big red flag.
I already have an account since it was a zero balance account but when i refer to my friends they said it has not yet updated its policy in the app after changing them so they haven’t opened an account yet in fear of Niyo can misuse them later just like Niyo DBC global card. they said they will open an account after Niyo updates their app. If Niyo does misuse this i have to close my account and they will lose few existing customers and some potential customers.
Even i didn’t have any Niyo community account before this but i created Niyo community account specifically to ask this question.
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