Just can’t believe that it’s been a year since NiyoX was launched! It makes us so happy to see 1+ million of you enjoying smarter banking with us over the last year.
Today, we have an important announcement for you about the NiyoX card annual fee
As you know that your NiyoX card comes with a ZERO annual maintenance charge for the first year and from the second year onwards an annual fee of ₹177 (₹150 + GST) applies. This fee is to be charged by the bank at the start of the 2nd year. For eg. If you have ordered the card on 1st May 2022, then your card will be free till 30th April 2023 and fees for the 2nd year will be charged by the bank on 1st May 2023.
Until now, you were required to maintain an average monthly balance (AMB) of ₹5,000 in any calendar month during the first year since your NiyoX card was issued, to waive off the 2nd year annual card fee.
We’ve now reduced the AMB to ₹1,000 to make it easier for you to get the annual card fee waiver! That means if you’ve maintained a balance of ₹1000 or above in any of the months of the first year, your 2nd year card fees will be waived off. Going forward too, this will be the case. For eg. your 3rd year fees will be waived off, if you have maintained ₹1,000 or above in any month of year 2 and so on*.
To help you get a better picture of the revised AMB:
- If you’ve maintained an AMB of ₹1000 or more in any calendar month during the first 12 months since you ordered your card, we’ll give you back the annual fee charged, if any. If you don’t know whether you have met this criteria for the current year, just check your AMB in the app to find out!
- The bank will deduct the 2nd year fees at the start of the 2nd year. The full deducted amount** will be added to your account by the last day of the following month. For eg. If the bank deducts the full fee in May, please expect the fee back by 30 June.
It’s as simple as that!
You can continue to enjoy the best of digital banking with us as we bring you new and exciting benefits shortly. Thanks🤗 for tagging along with us as we #DecodeBanking for you.
Note: Please keep in mind that you need to maintain Rs 1000 in any month for a card fee waiver. Otherwise, it remains ZERO balance account
*In case of any changes to the rule, we will let you know.
**Only if the entire fee is deducted, it will be credited to your account.