Questions about Niyo SBM

Hi,

Is Niyo offering only a SBM forex card or is this a fully fledged savings account? Besides zero markup fee are there any benefits in the Indian market?

Thanks

Hi @billubakra,

This is full fledged savings account.

Besides zero forex markup there is complimentary lounge access (yet to be activated), 24X7 visa concierge and upto 5% interest on savings.

Hope this helps!

Thanks,

Aditya

2 Likes

Thanks @iamadityamalik

Few questions-

  1. I already have the NiyoX Equinox account. Will two different bank accounts be viewable in the same app?
  2. What is the monthly average balance that is needed to be maintained in this SBM account?
  3. Can you please share list of all the charges please?
  4. Investing apps are promoting this SBM account as it has less expenses while transferring money to the US brokerage account. If an account is opened via Niyo then will one get the same benefit of lower fee while transferring funds to the US?
  5. Continuing the above point, if a SBM account is opened via those investing apps then is it possible to link it with Niyo?
  6. Debit Card charges of 499+gst are very high. Is there an option of free virtual debit card? If yes then will this virtual card have the zero markup fee?
  7. Are you providing any referral benefits with this account?
  8. Will you again check the credit score while opening this SBM account like you did while opening the NiyoX Equitas account?

Please answer all questions whenever you get time sir.

@billubakra

  1. These are 2 separate products so you’ll be using 2 different apps for the same.
  2. It’s a zero balance account so you don’t need to maintain any average monthly balance.

3 and 4. @Bansari @ashrithjain would be able to better help you with these.

  1. No, at the moment only account opened with the app is linked to Niyo.
  2. No, there isn’t any such option either.
  3. At the moment there aren’t any referral benefits with this account.
  4. Yes, Niyo will pull out your credit report when creating an account.

Hope this helps!

Thanks,

Aditya

1 Like

@iamadityamalik Thank you sir. Had a word with SBM bank’s customer support if an account is opened via Niyo then one will not get the benefits of lower cost of funds transfer. But the guy wasn’t sure himself.
@Bansari @ashrithjain can you please confirm point 4 and 5 as mentioned above?

Hey @billubakra !

  1. NiyoX-Equitas and Niyo SBM are two different products and have their own banking apps.

  2. Niyo SBM is a Zero Balance SA. Meaning, you don’t need to maintain any monthly balance and will not levied MAB charges.

  3. You may visit here to view Schedule of Charges for Niyo SBM.

  4. We regret to inform you that outward remittance is not possible as of now, but is in the pipeline.

  5. No, any savings account opened in SBM Bank (India) cannot be linked to Niyo Global. Only the account opened via Niyo Global SBM can be used in Niyo SBM app.

  6. Virtual card and physical card has ZERO Markup fee. As of now, it’s not possible to waive off deche card annual fee. We’ll inform you once that’s possible to do so.

  7. As of now, we do not have referral system for Niyo SBM, we wish to launch it soon.

  8. Yes, we’ll check the CRIF score again.

Regards,

1 Like

Thanks Sir. Last two questions-
4. Any idea when the outward remittance will be allowed and its charges?
6. Since the physical debit card costs a high amount so can a customer stick to the virtual card or is it compulsory to issue the physical card? Is the SOC pdf nothing is mentioned about the virtual card https://static.goniyo.com/legal/Niyo_SBM_SOC.pdf

Hey @billubakra !

  1. Outward remittance is in our pipeline and we wish to launch it in the upcoming months.
  2. Issuing a physical card is not mandatory, however, stay noted that you can only use it for online transaction for amount upto INR 7.5 lac per transaction.

Regards.

1 Like

Thanks @ashrithjain sir
5. What is the limit of transaction for the virtual debit card?

Hey @billubakra ! The limit for virtual card is INR 7.5 lac per transaction.

1 Like

Ah I thought that it is for the physical card. Will get back to you if I face any issues in the account creation process sir.

1 Like

Hey @billubakra ! You can always reach out to us. We’re happy to help you :innocent:

Cheers,
Ashrith

1 Like

@ashrithjain
Sir a question from my friend’s side. He has a NiyoX Equitas account too. For this Niyo SBM account you will check his CRIF score again. Does checking the CRIF score 2 times a month impact the credit score?

Thanks @iamadityamalik Ji

Few questions-

  1. I already have the NiyoX Equinox account. Will two different bank accounts be viewable in the same app?
  2. What is the monthly average balance that is needed to be maintained in this SBM account?
  3. Can you please share list of all the charges please?
  4. Investing apps are promoting this SBM account as it has less expenses while transferring money to the US brokerage account. If an account is opened via Niyo then will one get the same benefit of lower fee while transferring funds to the US?
  5. Continuing the above point, if a SBM account is opened via those investing apps then is it possible to link it with Niyo?
  6. Debit Card charges of 499+gst are very high. Is there an option of free virtual debit card? If yes then will this virtual card have the zero markup fee?
  7. Are you providing any referral benefits with this account?
  8. Will you again check the credit score while opening this SBM account like you did while opening the NiyoX Equitas account?

Please answer all questions whenever you get time sir.

@billubakra ,

Merging the thread for better tracking and not to miss any.

Cheers!
Bansari

1 Like

I will do my level best.and never miss anything