Niyo Global Credit Card FD closure

Niyo Product
1

Hello,

I understand we need to create a FD to extend credit card limit. May I know what is the procedure to close this FD ? Can I again create a new FD when in need ?

Thanks

2

Hello @neha_prasad! Thank you for your inquiry!

Let me break it down for you. You have two options to increase your Niyo Global Credit Card spending limit:

  1. You can create multiple Fixed Deposits (FDs) using the funds in your savings account by accessing the “Fixed deposits” option within the credit card section of the app. The total value of your FDs determines your credit card limit.

  2. Alternatively, you can temporarily enhance your credit limit by using the ‘Increase limit’ feature in the app. This boosted limit is designed for online payments and card transactions, but it cannot be used for ATM withdrawals.

It’s important to note that once you add funds to your credit card, those funds become a part of your credit limit and cannot be transferred back to your savings account.

For Fixed Deposit withdrawals:

  1. Navigate to the “Credit Card” section at the top of the screen.
  2. Select “Fixed Deposits” from the settings menu.
  3. Pick the specific FD you wish to withdraw and click on “Close Credit Card & Withdraw FD” at the bottom.
  4. Carefully review the withdrawal details and confirm the transaction.

Please keep in mind that FD withdrawals typically take around 4-5 business days, and the withdrawn amount will be credited to your Global Savings account.

3

And yes, currently, once you break the FD, your card will be automatically closed/blocked. But we’re in the process of working with the bank to make it possible for you to reapply for the FD and credit card. This feature will be available soon. :slight_smile: