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.

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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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