Debit card annual fees waiver - Real or just to lure new customers?

Hi,

Like many others before me, I am wondering about the annual debit card fees on NiyoX. Every other Neobank has lifetime free debit card - no conditions applied - except for NiyoX.

And I have seen multiple posts from Niyo mods claiming that the second year will be likely free as well which has been repeatedly posted since last year May or June and still there has nothing actually been done. And these responses are always accompanied by the statement that the first year is free anyways but only if you do the KYC before so and so date which obviously keeps on changing.

This continously evasive behaviour of the mods is to be honest very disheartening. It’s almost as if they are just trying to get people to sign up while dangling a possibility that may never really happen. There’s not even a clarity on what the supposed criterion could be for the waiver of fees. For all I know they may come up with ridiculous balance requirements which may be applied retroactively and then everyone will be told to pay this year and fulfill these requirements for next year. I know it’s a bit stretched but so has been the response from the mods for almost 8-9 months now. And like I said before, no other Neobank has any conditional clauses.

So, I’m here to see if there are any concrete facts on this.

Are there any timelines for this to be confirmed? Please do not respond saying that we are going to announce very soon.

Has the criteria been identified? Please do not say it’ll be very easy. You either have the numbers or you don’t.

Is this even going to happen? Please do not say it will anyways most likely happen. Transparency is not about ‘most likely’

And definitely please do not say that you can use for one year and then close the account because people relocate and they may not always have the option of visiting the branch of Equitas bank specially in smaller cities.

Hi, firstly thanks for your honest feedback @SCJ3183. We hear you and understand that you are looking for clarity. In the spirit of transparency we have not been mentioning any details till we have figured them out. It is on our to-do and we are working on it. So requesting you to give us some time for the same. We are looking to get back by the end of this quarter. I really appreciate your patience on this :slight_smile:

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2 posts were merged into an existing topic: Debit card annual fee for new niyox visa platinum card

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Hey @SCJ3183!

For users who have activated their debit card and completed a year, an annual fee of Rs.150+GST=Rs.177 will be charged to them and this amount will be auto-debited from the account balance as Debit Card AMC (Annual Maintenance Charge).

As promised, Niyo will waive off the annual charges on the debit for the second year to the users whoever has maintained an average balance of a minimum of Rs.1000 in any month from the time they had received and activated the physical debit card.

Niyo will reimburse the annual charges on the last working day of the following month from when the AMC is charged. For example, if the user has been charged in the month of April (say any date), the reimbursement will be done on the last working day of May.

Kindly note, that the reimbursement will NOT take place till the complete amount of ₹177/- is debited from the account as AMC. For example, if the user has only ₹50/- in his account when the AMC is getting charged (say April), and he clears the remaining by the next month (say May), then the reimbursement will happen in the month after that, i.e., on the last working day of June.

Hope this helps! In case you need any further clarification on this, please do revert back so that we can connect with you personally & answer your queries.

Regards,

2 Likes

Please help me my debit card update

If i am correct earlier you guys announced to maintain Rs1000 as MAB for one month instead of 5000 , few days ago , right ?

Hey @sashanka_hazarika! Welcome to Niyo Community! :slightly_smiling_face:

If you are holding the older version of the NiyoX debit card and are willing to upgrade to the latest one, you may check our previous post here: Introducing the NiyoX Tap and Pay, ZERO Forex Markup VISA Platinum Card!🤩

For any further help, reach out to our in-app Live Chat Support through the NiyoX app and we are happy to help you.

Regards,

Hey @mstr! We have received confirmation that the AMB needs to be 1000 INR only.

Regards,