MAB 10000 policy removed

Hi all,

I have talked to the Niyo customer care today and they said that they removed MAB 10000 policy. It is a zero balance account. You just need to add 10000 to open an account. After that you don’t need to maintain MAB 10000.

7 Likes

Niyo team… please share latest update on MAB

@Niyo_Moderator @Niyo_Mod @Akash @aiyappa.k @Mrigank @Savitri_B

Niyo team, Please confirm this… Thanks

Hi,

If this is true, those who are hesitant to open an account in Niyo due to ₹10,000 MAB will jump in to the wagon!

Waiting for the official confirmation from Niyo.

Hey Tejeswar! We would like to inform you that the Niyo IDFC FIRST Bank account is a zero balance savings account. The MAB is not mandatory, however, you can still earn the best interest rate up to 7% per annum on your savings account.

3 Likes

This is a great news ! Thank you for the confirmation

@Niyo_Moderator

Why there is no official announcement yet? :thinking:

Hey there! Please be assured, the zero balance policy is already in effect we will be making this official in the app shortly. LK

2 Likes

Kindly give us the Official Confirmation .

Yes bro you correct even my side also I m contacted customer they said 10000 MAB has been removed you can tell your friends open access but still no official confirmation

Account open from 1st oct 2020, there is required to maintain the 10000 MAB

Hey Ramesh! Welcome to the Niyo Community! As shared earlier, all Niyo IDFC FIRST Savings Bank Accounts have been made zero-balance accounts irrespective of the date that you were onboarded. LK

2 Likes

Yes, as i open the account after sept 2020 , specially mentioned to maintain 10000 MAB on form

That was at that time. Please be assured, you should be able to see the update in the app soon. LK

2 Likes

Will the current account holders with zero balance change to a status of keeping minimum balance later ?

Hey Shaheen! We don’t have any such confirmation. As it stands, all the Niyo IDFC FIRST Savings Bank Accounts are zero balance accounts. LK

1 Like

When will the official notification about zero balance come out and also the app get updated about the same? It is still showing 10k mab required.

Yes… even my friends wanted to open account but they are worried about MAB still mentioned in account opening page.

As per RBI guidelines, Banks to prominently display all latest service charges in their website. Is this rule not applied to Neo Banks like Niyo ?