New Feature Alert: ✨ Accrued Interest Calculator✨

Hey everyone,

In an attempt to continuously help you #DecodeBanking, we are launching a new feature in the NiyoX App, Accrued Interest Calculator.

Before we get into how it helps, let me quickly run you through what it is.

What is Accrued Interest?

Accrued interest is the interest amount that has accumulated on your savings account balance but has not been paid out yet. In NiyoX, interest is calculated on the daily closing balance and is credited to your account at the end of each quarter (end of March, June, September, and December).

What will you see in the NiyoX App?

You know, we don’t like to leave you in the dark. The interest amount gets updated daily and we’ll bring the information to you directly in your NiyoX App.

Fun fact: At the start of every new quarter, the Accrued Interest Value will reset to zero, and all the money will get credited to your account.

But it’s just a piece of information, what more can you do with it?

You’ll be able to calculate the interest you can earn on any given balance amount. So, no more guessing how much you will make in a savings account, an FD, or any other investment.

For instance, if you want to keep ₹1,50,000 in your NiyoX account for a year, the in-app Interest Calculator will help you find out exactly how much interest you’ll earn at year-end.

How to check Accrued Interest?

  • Track accrued interest

On the bottom menu, tap on Savings → Accrued Interest (find it just below your account balance)

  • Calculate the interest you can earn

On the bottom menu, tap on Savings → Accrued Interest → Calculate Interest

Unable to see the feature yet? Update your NiyoX app and you’ll be all set to #DecodeBanking.

Best,

Team Niyo

Continuing the discussion from [New Feature Alert: :sparkles: Accrued Interest Calculator​:sparkles:](New Feature Alert: ✨ Accrued Interest Calculator✨[Continuing the discussion from [New Feature Alert: :sparkles: Accrued Interest Calculator​:sparkles:](New Feature Alert: ✨ Accrued Interest Calculator✨](Continuing the discussion from New Feature Alert: :sparkles: Accrued Interest Calculator​:sparkles:):

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Continuing the discussion from New Feature Alert: :sparkles: Accrued Interest Calculator​:sparkles::

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I requested this feature, glad to see the first bank to implement this, wanted to see this in a bank for like ever.

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Thanks! Let us know any other feature requests you have and we’ll see what we can do :blush:

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Continuing the discussion from June '22 Newsletter - a wrap of all the excitement at NiyoX!:

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