How secure is the NiyoX account?

The NiyoX Savings Account is provided by Equitas Small Finance Bank and follows all regulatory guidelines issued by the Reserve Bank of India. Your money is insured upto ₹5 lacs covered under ‘Deposit Insurance and Credit Guarantee Corporation’, a wholly-owned subsidiary of the Reserve Bank of India, so there’s nothing to worry! :slight_smile:

You can also Lock/Unlock your card or Set/Reset your Card PIN on your own via the NiyoX app, in case your card goes missing or is stolen.

The most fun part? You can wave your hand and hide your balance, you know, in case someone feels like peeping into your phone like they interfere in your life? :wink:

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Why are PMC bank account holders suffering then despite of DICGC insurance?
You must be aware many account holders have committed suicide because of not able to access their lifetime’s savings. Many of them are senior citizens who had to take loans for their medical treatments even if they had money in their accounts which got frozen.
Can you please help us understand how is DICGC a guarantee then?