Got a new update in the app & it is mentioned passport is mandatory to open an account
Yes, Passport is mandatory to open an account. We can use it as a forex card as well.
But i don’t have passport and when i joined wait list that time it was not mandatory
Hey Shine! The mandatory documents to open the Niyo IDFC FIRST Bank account are Aadhar card, PAN Card & Passport. ∞VS
Hey, NiYO IDFC First is an INR denominated Savings Bank Account which provides benefits of interest upto 7% on savings account. On top of that a debit card is issued which may be used in India & Abroad with no forex conversion markup or commission charged over foreign currency payments.
Since the card is used freely to make foreign currency payments, it is mandatory to provide passport for getting this account.
We can also use any bank debit card for making international payments but we need not submit passport.
I am assuming that NiYo choose to make passport mandatory so that only people with an intent to go abroad get this account.
why aadhar card is mandatory to open Niyo IDFC First account? I already have Niyo Global card and invited to open Niyo IDFC First account. As per law, you are not required to ask aadhar card for opening up a bank account, so what is the reason behind this?
Welcome to Niyo Community!
Digital bank account can be open only by Aadhaar card. It’s the regulation by RBI.
Hope this helps.
Thank you for your reply. In that case, it’s a no-no from my side until and unless they start actual KYC like Niyo Global.