Could Someone Give me Advice on Best Practices for Managing Multiple Niyo Accounts?

[besossenorita (besoss)]

Hello there,

I am new to the Niyo ecosystem and have been exploring its various features and offerings. I currently have a personal Niyo account; and I am considering setting up additional accounts for different purposes; such as travel and savings. Although; I am a bit unsure about the best way to manage multiple accounts effectively.

How do you structure your accounts? Do you use separate accounts for distinct purposes; or do you prefer to consolidate everything into a single account?

How do you keep track of expenses and budgets across different accounts? Are there any tools or methods within the Niyo app that you find particularly useful for this?

If you have multiple Niyo cards linked to different accounts, how do you manage them effectively; especially when traveling or making online purchases?

What steps do you take to ensure the security of your accounts, especially if you have several? Are there any specific Niyo features or third party tools you recommend for added security?

Also; I have gone through this post; https://community.goniyo.com/t/i-had-an-account-with-sbm-niyo-global-now-i-cannot-access-it-nor-i-can-open-a-new-account-what-to-do-minitab/ which definitely helped me out a lot.

Are there any strategies you use to maximize the benefits or rewards offered by Niyo across multiple accounts?

Thanks in advance for your help and assistance.

[Prantick_Santra]

Hello @besossenorita welcome to Niyo and this fantastic community!

From your list of questions, it seems you are interested in learning about the different Niyo cards, their tracking, security, and benefits.

Personally, I have three Niyo cards: the FD-based SBM credit card, the SBM debit card, and the DCB debit card. Having multiple cards while traveling abroad reduces the chances of transaction failures. I always recommend carrying backup options when traveling internationally.

The credit card is ideal for online transactions and point-of-sale (POS) purchases, as ATM withdrawal charges are higher compared to the debit card. However, with a credit card, you have the advantage of being able to repay the bill later. In contrast, the debit card has lower ATM withdrawal charges and offers the same benefits for POS and online transactions, with funds being debited directly from your savings account. Managing multiple Niyo cards is convenient since everything is integrated within a single app.

Tracking your different Niyo cards is straightforward. Simply log in to your Niyo app, and all your accounts will be visible. You can tap on the account you wish to check and view the transaction details.

Regarding security, the Niyo app adheres to RBI guidelines, as it is available on the Play Store and App Store. It is not necessary to use a third-party app for added security. However, it is advisable not to share your banking details with third-party applications.

As for benefits, the standout feature is the zero forex charge, which is a key selling point. Additionally, monthly interest is added to your SBM savings account. You can also earn Niyo coins by using the cards or through referral codes.

I hope this gives you a clear understanding. Please let us know if there’s anything I may have missed.

[anuragalive (Anurag Singh)]

Hi,

I manage two Niyo accounts: Niyo DCB and Niyo SBM, along with a Niyo SBM Debit Card, Niyo SBM Credit Card, and Niyo DCB Debit Card. All the information for these accounts is available in the Niyo app and presented in a structured manner.

Account Usage:

• Niyo DCB Card: I use this for international cash withdrawals.
• Niyo SBM Credit Card: I use this card for both international and domestic payments, online and offline. For domestic transactions, it earns 1% cashback in the form of Niyo Coins, which can be redeemed for flights and Visa services (check the Earn and Redeem sections in the Niyo app for details).
  
  

Tracking and Budgeting:

• Transaction Tags: The app allows you to categorize transactions (e.g., healthcare , transport , food ) and customize these categories. This feature helps in tracking and filtering your spending.
  
  

Benefits:

• Forex Markup: There is zero forex markup on international transactions.
• ATM Withdrawals: You get three free international ATM withdrawals (one per quarter), up to ₹1500.
• Zero TCS: No Tax on international purchases through Niyo SBM Credit Card.
• FREE International Lounge: By spending 50,000 INR abroad, A lounge pass will be unlocked.
  
  

Security Features:

• Chip & PIN: For secure swipe transactions.
• Insurance: Your funds are insured up to ₹5 lakh by the DICGC, a subsidiary of RBI.
• Card Management: You can lock/unlock your card, block it if lost or stolen, and reset your PIN through the app.
• 24/7 Support: Access to a dedicated support team for any queries or concerns.
  
  

Managing multiple Niyo accounts is streamlined through the Niyo Global app, where you can handle all your accounts and cards in one place. Note that onboarding for Niyo Equitas accounts is currently paused.