Why do I have to add Rupees 10k?

As mentioned on the website of Niyo that the IDFC First SA is a Zero balance account, then why should I have to add Rupees 10k during account creation.

While as much as I can recall that this was not mandatory when the first batch of 70000 people applied for Niyo IDFC First SA.

Then why has it become mandatory now?

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Hey @mickey7! Welcome to Niyo community.

In order to open an account, you’ll need to complete an initial transfer of ₹10,000 to IDFC FIRST Bank. This deposit will be credited into your account as soon as it is created so you can start experiencing our high 6% interest rate right away.

We have this system set up to ensure that we’re on-boarding customers who are truly interested in our product, so that we can provide the best possible service.

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@Suryashashank Thanks for the reply
But I think this was not mandatory at the first place when Niyo IDFC First SA was first launched.
And what is the upper ceiling of the amount that one can maintain in her savings account?

As informed, this is to ensure the reach & availability of our product to the truly interested customers and better service, @mickey7.

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Do we have to maintain 10, 000/- as MAB or it is just as initial payment for opening . @Suryashashank

And what is the upper ceiling of the amount that one can maintain in her savings account?

@Suryashashank What is the max account balance limit?

Hey, @Apurba_Mandal 10K is an initial payment for opening the account, this is not the minimum balance to be maintained

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@mickey7 You can add a maximum of ₹99,999 to your account. Once you’ve completed your Biometric KYC, this limit will be upgraded.

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Thanks for the reply.
After upgradation what will be the max limit? @Akash

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@mickey7 After upgradation the limit will be increased to 20 Lac

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