Suggestions regarding reducing MAB & Video KYC

Well, though many people onboarding Niyo are able to keep a MAB of 10k, but specifically thinking about the reach that Niyo can have in future, I might say that you people can do two of the following:

  1. Reduce MAB to say 5k instead of 10k
  2. Or, introduce a concept of initial deposit where the account gets activated post depositing a sum of money (like Indusstox account)

Personally I would like to experience Niyo, but having missed the bus of zero balance account, I’m not planning to onboard now as I’m already having a super zero balance Digibank account. Keeping MAB in par with established private banks will repel a lot of customers dues to lack of faith. On the other hand to overcome that you can add some charges like that for the debit card, etc., keeping the account a nil balance one (like DBS). Looking forward to any changes in future to onboard.

Also as niyo claims to be a digitalised platform, it will be better to introduce Video KYC and complete all procedures online with strict level of background check to avoid any frauds.
Best wishes.


For digibank, mab of Rs 5000 starts from 1st October 2020

Hi @withsap ! Thank you for your suggestions. Some of the points are already in review and I have shared them all with our team.

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