Debit card fee waiver post completion of 1 year/ last month

Hi @Deepak
My situation and query is very similar to this. In this solution you mention the MAB is 1000 ‘for any month’, which I’d want more clarity on.

  1. So does that mean if out of 12 months, I maintain 1k in any month and 0 balance in the rest, I’ll get the refund of the charges, or I had to maintaitn 1k each month for all 12 months.
    Doing it for each month didn’t even make sense as we didn’t even know what the MAB was going to be then. We’ve only started hearing about the exact 1k figure in the last 1 month on this Community.

  2. I got my card on May 7, 2021 it’s the old Debit card, not the new one. I haven’t been charged anything yet, maybe because I have 30 rs balance right now. I’m trying to understand what, if anything I can do do get a waiver, I’m happy to add say 30k or even 1 lac that’d increase the MAB for this month to 1k, but will that make me eligible for the waiver (this will depend on pt 1)

  3. Does this old card not have 0 forex markup, it’s design is in all black with some Morse at the top right, not the halftone designed one, had posted the image here when I first received it

  4. If I block the card right now, does the account serve any point other than neft transaction, since UPI will also not work. Can you link me to how I can close my account since it does not make a lot of sense to keep paying 177 when I’ve other banks offering card and all for free and Equitas does not have attractive merchant offers either.

NiyoX was a great concept but is addding very limited value to me right now. Look forward to hearing from you to make the best of this situation to keep maintaining the account without paying charges that I feel are not at par with my expenses/benefits etc.

Technical Program Manager,

Hey @phreakyphoenix! Thanks for reaching out to us. Let me try to help you with all your queries.

  1. Debit card fee will be waived if you had maintained a 1K balance at least for a month. It’s not required to maintain throughout the year.

  2. If you still haven’t upgraded your debit card, we recommend you to do that at the earliest as it has some additional features like Tap & Pay, and 0 forex mark-up charges for international transactions. To know how to do it, you may check our previous post here: Introducing the NiyoX Tap and Pay, ZERO Forex Markup VISA Platinum Card!🤩 We certainly believe that there will not be any charges if you are upgrading to the latest card and there will not be any annual maintenance charges until next year.

  3. No, the older version cards don’t have a 0 forex mark-up facility.

  4. If you are blocking the card, within the first year there will not be any annual charges for it and you’ll be able to make IMPS/NEFT fund transfers. If you are willing to close the account, you have to do that through Equitas internet banking. To know more about it, you may check our previous post here: Account closure of niyox - #2 by Bansari

Hope this clears your queries. Reach out to us for any further help.


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@phreakyphoenix as I’ve experienced in the form of NiyoX customer, I can suggest you something .

1st : if you’ve already crossed 12 month or about to cross , and haven’t maintained ₹1K MAB in any month , you’ll be charged ₹177 by Bank .

So, closing Card won’t be good idea , however I can tell you that there are lots of CashBack on each/alternative months so you can recover that ₹177 through Cashback .

2nd : Closing in hurry may lead to wrong path, so first decide well then take action since new Card is also having charge of ₹150 .

3rd : You can continue UPI but in case need to reset PIN & anything where required authentication , won’t be possible without card .

As you told it’s 12 month gone , I think you shouldn’t close now ( you’ll be charged) .

Note: as you told you can maintain ₹30K or ₹1Lakh , then deposit because there’s running CashBack on MAB of ₹5 ( ₹15K++ add today will fulfill it)


Thanks @Deepak for your quick response, and thanks @Roshan for sharing your insights.

My card was issued on May 7, today it’s May 20. Combining points 1 and 2 from @Deepak’s answer, can we conclude the following:

  1. If I put in 30k today, and hold it for even a few days, basically making the May MAB > 1k, I should get a refund for any card charges if Equitas deducts the same, as the month of May is not yet complete. The reversal will be done on the last day of the next month, which comes after the month in which the fee is charged.
    The premise is since May itself is not complete, I’m yet able to change the MAB for this month, becoming eligible for reimbursement of the 177 card charges.

  2. The new card will again be free till May 22, 2023, if 22 is the date for the new card issuance? Post which my fee reversal in 2023 will be based on maintenance of MAB of 1k of at least 1 month out of 12 months from issuance.

Look forward to your confirmation on the 2 points above @Deepak


@phreakyphoenix as we’ve checked, you had maintained an ABM of Rs.1000 from the time you had activated your physical debit card. So do not worry about the AMC for the debit card. Rest assured, it will be reimbursed/waived off for you.

  1. Upgrading to the new card will be free but the AMC will be there for the next year. It may get reimbursed based on the AMB criteria.
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  1. Thanks @Deepak for going the extra mile and checking it for my account.
  2. Will the MAB criteria be the same of 1k in any month. I understand I won’t be getting another ‘free’ first year, but that the AMC will surely be reversed/waived based on the same MAB criteria of 1k for any month in a year. Is that correct?

Yes, the criteria remain the same i.e 1K in any month.

You may check our post: Important announcement🔊: NiyoX Card Annual Fee for the Second Year

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