I wanted to open the Niyo IDFC first bank account, however, I got to know that I have to maintain a MAB of Rs 10,000. To which I contacted the customer care and they told me that it is just a one time deposit which can be withdrawn after the successful account creation. Okay, if that’s the case then what is stopping Niyo from mentioning it in the T&Cs? Or is there some catch or a trap? I could think of maintaining a MAB of Rs 10,000. However, I need clarity as I’d close my other accounts depending on this if I have to keep another zero balance or a MAB account.
Hey Raghav! Welcome to the Niyo Community! Please allow us to clarify. As it says, 10k is what is required to open the account and it is indeed the MAB. However, currently there is no charge on the non-maintenance of funds in the account. Hence, it makes no difference even if you are keeping it as a zero balance account. LK
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