MAB 10000 policy removed

I wanted to ask, if its a zero balance account, as mentioned in the site if my balance is less than 10k I would be charged some penalty. Has the penalty been removed now? And also, if my balance is less than 1lakh the interest would 6%, and above or equal to 1lakh the interest would be 7%. Is this correct?
Really appreciate if anyone can help me answer this.

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Hello @Shruti_Singh

It was told that Niyo IDFC FIRST BANK is a Zero Balance Account. Though still we are waiting for an official announcement from them.

Regarding the Interest rates your understanding is correct.

Balance upto ₹1L will earn 6% Interest / Annum and amount above ₹1L will be given 7% Interest / Annum.

Hope this helps!

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Thank you so much!!!

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You are welcome. Happy to help! :slightly_smiling_face:

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Hi all ,

I really was interested to open the niyo account , although can anyone confirm the maintenance of MAB of 10K in November is compulsory or its like a one time deposit and can be withdrawn [with no penalty for non maintenance] , i think there is no way to contact support via call to confirm this directly with customer support .

The app still says the account will required to maintain MAB of 10K.

Any help is really appreciated , thanks !

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Hey Manoj! Welcome to the Niyo Community! Please note that 10k is only mandatory to open the account as the deposit, however, there is no minimum average balance to be maintained any more-no penalty. LK

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Continuing the discussion from MAB 10000 policy removed:

Hi, thank you for your response .

I would also know if the deposited amount - 10k is withdrawn , after the account creation, will the account still be a “zero maintenance” account or MAB must be maintained provided the deposit amount is withdrawn . Thanks !

Hey Manoj! As mentioned earlier, there is no need to maintain any monthly average balance in your account. LK

Hi Niyo …
But When The App Open There Mention You Need 10k Balance Maintain.

Hey Dav! The information should be updated in the app shortly, please be assured. LK

  1. What Is LK ?
  2. Can I open Niyo IDFC First Account Without Maintain 10k ?

Hey Dav! Those are the initials. Please note that the MAB requirement on all the Niyo IDFC FIRST Savings Bank accounts has been removed. You will only be required to open with a deposit of 10k. LK

What Is The Last Date For Niyo IDFC First Account Without Maintain Balance ?

There is no such date. LK

Ok Sir ! I Have Completed 2 Step In Niyo App.

  1. Verify Your Identify
  2. Tell Us Yourself.

Please Push App Update Related Balance Maintain Policy Update.
So I Complete My Other Details.

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