NiyoX, what went into building it!


I’m Mrigank, VP - Product at Niyo and I’m thrilled to announce the launch of our latest product – NiyoX, exclusive and first for you all, here at our closest circle – our Community.

The pace at which NiyoX came into existence is almost unbelievable for the team here at Niyo. Starting from initial conversations with our partner bank in early October last year to having our first customer onboarded a month ago, this product was passionately and tirelessly developed within a span of 6 months.

We spent hours talking to potential customers, trying to understand what they expect from a banking + investment product, which led to the making of this 2 in 1 Savings + Wealth account.

The onboarding process was envisioned to be seamless, where a user could create both, his banking and Mutual Fund accounts in one single shot! The idea was to maintain transparency and at the same time provide a seamless, hassle-free experience to the user.

Hopefully, this will be a new chapter for Neo Banking in India and while this is what went into building it, we’d like to hear more from you all, dear Community members. It would mean a lot to us if you get onboarded, explore the app and tell us what you love, what you don’t and more importantly, your opinions on what can be fixed and made better. We promise to take your feedback, work on it to build a robust, strong and powerful product for everyone out there. Because after all, our aim is to #DecodeBanking and make banking smarter, simpler and more convenient for you all.

P.S. Your feedback on NiyoX could bring you rewards.

The app is available on the Google Playstore:

And the iOS Appstore: ‎NiyoX Digital Banking Account on the App Store

Thanks in advance, looking forward to hearing your thoughts in the comments.


I am a NIYO IDFC user.
The new NIYO IDFC app also provides a cool bank account and wealth management services. Whats new here ?

A little confused as to why another product doing the same thing as previous one.

@Madgeek123 I applied for NiyoX today and activated 2 in 1 account. I dont find anything great with this except for 7% interest rate in savings account with Equitas Small finance bank

Hello @Mrigank

It’s unfortunate to say that i don’t feel any excitement to hear this announcement from Niyo. I’m not sure whether you remember or not, there was even double or more hype and promotions from Niyo when the launch of Niyo IDFC Account. And what the situation and future of those customers now? There is no properly working app from Niyo for Niyo IDFC Customers since November 2020. Customer service was keep on giving promises like app will be work flawlessly soon as it is undergoing some “so called maintenance”. Which were never fulfilled.

From day 1 onwards customers were facing a tsunami of bugs in Niyo IDFC and you can check in this community and social media platforms how many complaints are raised by customers regarding it. Moreover all these days there is no word on what the future of Niyo IDFC Customers and Niyo is launching another account. How Niyo can expect someone will open Niyo X who have already bad experience with Niyo IDFC. There is no justification for killing Niyo IDFC and making those customers as stranded.


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I have been with Niyo for past several months now. All I see is that you keep launching new products and abandoning old products. The IDFC Niyo card that you launched with so much fanfare has an almost useless iOS Niyo app. This forum has been inundated with complaints regarding it, Instead of working to correct that, I see you have launched another product.

How do you think we should get confidence to try your new products?

Hi @Madgeek123,

The Niyo IDFC Account has a minimum balance requirement of 10K, and we ask the user to deposit 10K before opening the account.

We wanted to have a product which can be consumed by a larger audience, and the NiyoX product has no such restrictions.


I just don’t get a few of your terms and conditions which make me reluctant to open any account at Niyo.
It is being mentioned for NiyoX that
Minimum balance INR 10,000. No charges for Non-Maintainence.
Can you please explain this line? Like no charges for non-maintenance, if a student opens up an account and fails to have a balance above 2k let’s say for months. What would happen?
Is it a zero balance account?

Please explain this t&c in layman terms if you could.

Do I need to submit any money while opening an account? Can I consider NiyoX a zero-balance account for a few days/months or a year? Until I am a student?

As a student doesn’t have a fixed income source. Could be the case that the bank is left idle for months with no money in it.

Also what are the charges for card etc

@Niyo_Moderator @Mrigank

@Mrigank Like most of the existing customers I would like to know What set this apart from NIYO IDFC product ? And being the VP- product you should have known that there was no obligation of keeping min balance in niyo idfc. It was not there during the initial launch and you guys brought that 10k min requirement (so much for your larger audience viewpoint) out of the blue in that for a brief period of time but had removed it after the community backlash. Only thing that was we needed was to transfer 10k as a part of onboarding process.

We all know niyo IDFC is identical or I would say even better product with 0 forex charge which this niyox doesn’t offer. Niyo IDFC also has the option to invest in mutual fund and stocks.
Niyo IDFC offers 6% interest rate for deposit below 1 lac where as in niyox it is 3.5.
Some major benefits of IDFC are abroad fund transfer, invest in IPO.

Even for amount above 1 lac there can be no guarantee that it will remain same in coming months. Even IDFC offered 7% for a month and then rolled back to 6%.
In my opinion you shoud have worked on making niyo IDFC bugfree instead of launching this downgraded product.
It’s quite possible now that in the next six months you may ditch niyox as well come with some new product with same feature but with different packaging.

Keeping my above points in view and being the VP - product can you please market it to me in a way so that I can onboard niyox and if you can’t then you know niyox is not worth it.

@raghavsyt @goneo First of all apologies for a slightly delayed response. We were working on coming back with a concrete answer to your queries around Balance requirements and maintenance fees. So we’ve heard you, to keep things simple to understand, we’ve gone ahead and made the Niyo Equitas account a Zero Balance Account. You can find the announcement here.

We are also working on simplifying the Card charge construct and will come back with it shortly.

@goneo Regarding 0 Forex Charge and Domestic Stocks\IPO on NiyoX, we are working hard on those items, we should be there sometime soon.

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@Mrigank Will you ditch NiyoX Equitas customer base like you ditched Niyo Idfc customers?

@MeagreInvestor You can be assured we will not ditch any of our NiyoX Customers.