Queries about Niyo Money mutual funds investments

I had a few queries about Niyo Money mutual fund investments:

  1. Do the mutual fund investments sit in demat account or non-demat?
  2. Can I choose to have different folio numbers on the same fund for investments on different days?
  3. Is the nominee the same as NiyoX/Equitas savings account? Does the nominee need to be updated if the savings account is closed?
  4. How does redemption of mutual fund investments happen? If the savings account is closed, how does redemption happen? A new bank account has to be updated in Niyo Money?

Hey @kunal_kothari! We would request you kindly drop a mail to investments@goniyo.com in order to get this clarified completely. Thank you!

Had a few questions about the transaction/daily limits about the NiyoX/Equitas full KYC account.

  1. What is the transaction/daily limit for registered beneficiaries via the NiyoX app?
  2. Is there any upper limit for buying mutual funds through the app? If yes, does it have anything to do with the limit in 1) above?
  3. I have also registered for Equitas Net Banking. Are the limits separate for that, or are they clubbed together with the limits in the app?
  4. Do the above limits include incoming funds?
  5. Any way to increase the limit for registered beneficiaries?
    Thanks!

Hey @kunal_kothari!

  1. For a full KYC account, the maximum fund transfer limit for a registered beneficiary is 10 Lac per day. The first 5 Lac will be transferred through IMPS mode and the remaining 5 Lac goes through NEFT mode.
  2. There is no upper limit for buying mutual funds through the app. However, the transaction will be processed if there is sufficient balance in your account and if it’s within per-day transaction limits.
  3. There are no separate limits for Equitas net banking. The given limits are together for the NiyoX app & net banking.
  4. The above limits do not include incoming funds. You can load as much as you wish.
  5. We cannot increase the fund transfer limit than the given value.

Regards,

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@kunal_kothari Please find my answers in line with your query below:

Do the mutual fund investments sit in Demat account or non-Demat?
Niyo Money does not support investments in mutual fund folios in DEMAT format. All new investments purchased through Niyo Money will be in a REMAT format.

Can I choose to have different folio numbers on the same fund for investments on different days?
Yes, this can be done in Niyo Money. For this, you will need to set up multiple goals and purchase the same scheme in each of them. This way each of the purchased schemes would be allotted a different folio number.

Is the nominee the same as NiyoX/Equitas savings account? Does the nominee need to be updated if the savings account is closed?
No, it is not mandatory that the name of the nominee will be the same in the NiyoX savings and your invested MF folios.

It can vary depending on the details you would have updated during signing up for NiyoX app.

Once the nominee details are updated in your MF folios, you do not need to update them again even if your savings account closes unless you are planning to change the nominee name on the folio.

How does redemption of mutual fund investments happen? If the savings account is closed, how does redemption happen? A new bank account has to be updated in Niyo Money?
Redemption requests can be placed directly from the Niyo Money app. Once placed the redemption gets processed in up to 2, 3, or 5 working days for liquid, debt, or equity fund respectively.

If the bank account that is registered to your folio is closed, you will need to get the new bank details updated prior to placing the redemption request.

This can be done from the service request section of your Niyo Money account. You will need to share with us the canceled cheque for both the new and old bank accounts and our team will then follow up with the MF company to get the new details updated.

Once the new details are updated you can then place the redemption request and the redemption should be credited to your new bank account.

Hope we have answered your queries. For any further help on investments, write to us at investments@goniyo.com

Stay safe :mask:

Regards,

Thanks a lot for the comprehensive response @Deepak
Just some follow-ups:

  1. 10 lakhs is too low. I am planning on keeping 50L in the account, and if I cannot withdraw easily, it’s very problematic. In addition, you say even mutual fund investments are included in this 10 lakh daily limit! Even with the Equitas cheque book, it takes time for the cheque to clear!
  2. You say there are no separate limits for Equitas net banking. But on their website, after registering beneficiaries, it shows 15 lakh limit for RTGS. So how is that possible? Are you saying I won’t be able to do more than 10 lakhs even with net banking? Also, their website says that to increase the limit, I have to visit the branch, which is very far away!
    Thanks a lot!

Thanks a lot for the comprehensive response @Calvin_Matthew1
Just one follow-up: I have not downloaded the Niyo Money app (neither am I planning to), I have just done the one-click activation of mutual fund investments from my NiyoX app itself. So is it safe to assume that automatically the nominee for the mutual fund investments will be the same as my NiyoX-Equitas account (which has a nominee)? Or is it that there will be NO nominee for the MF part till I manually & separately update?

Hey @kunal_kothari! We appreciate your patience. :blush:

If you have added the nominee details while onboarding for the NiyoX savings account, it is not required to update the nominee details separately for your mutual fund account. By default, the NiyoX nominee details will be added to your investments account too. For further help on investments, you may write to us at investments@goniyo.com

Regards,

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