Niyo Review| North Loop Official Blog
North Loop Logo
North Loop
17 Sep 2020

Niyo Review

thumbnail for Niyo Review
Credit: North Loop

About Niyo

Niyo or Goniyo is a fintech startup offering a variety of financial products and services to customers in India. Founded in 2015, it has grown tremendously from creating solutions targeted to salaried employees to now catering to various needs of Indian customers and modern organizations.

What is a Niyo Bank Account?

Niyo account is a digital bank account provided by Goniyo in partnership with IDFC First Bank. It comes with several features like international platinum debit card, zero-fee ATM withdrawals, remote account opening and others. Niyo is a popular neo-bank in the country that offers several digital banking benefits but also has some negative points that many of its users have pointed out which we shall discuss below. But before talking more about Niyo solutions, let us first understand what a neo-bank is. Neo banks are 100% digital banks that allow digital services, instant account opening, free debit cards, mobile deposits and much more. They are a more adaptable version of traditional banks that combine technology seamlessly with banking services and have gained a lot of popularity recently.

However, a discussion about neo-banks is incomplete without talking about North Loop. It is currently amongst the best neobanks in the country offering a cutting edge digital platform and industry-best rates on its savings and fixed deposit accounts, instant and zero-fee account opening, superfast money transfers across the globe, free ATM withdrawals, expense-tracking facility, low-interest rate loans and a lot more! Also, unlike fintech startups like Goniyo, it offers a zero balance bank account, prompt customer support, and a very user-focused and user-friendly interface.

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

Eligibility criteria to open a Niyo bank account –

You should be above 18 years old

You should be an Indian citizen and a resident of India (looking for an NRI account? Check out North Loop)

You must have a PAN card

You should be residing in a specified city (as mentioned on its website here)

After you sign up on the Niyo app, you will have to do an in-person verification where someone from Niyo will visit your house to complete the KYC process. This is not 100% digital like advertised. Want a 100% process? You can do that on North Loop, where you will get a Savings Account without having to have anyone visit your home (and thus be safer during covid!).

Niyo Forex Card –

Niyo forex card is an INR card that can be used globally and allows you to transfer funds to it using IMPS, NEFT or UPI from any bank account without incurring any charges. It comes with a Niyo global app that enables you to manage the card from anywhere and offers a couple of other features. Some of these include zero forex markup fee and ability to withdraw cash at ATMs all over the world. You can also use the Niyo global card at merchant POS terminals worldwide that accept VISA and for online transactions in more than 150 currencies. Using the Niyo card along with its App, you can even track your expenses and lock/unlock your Niyo card on the move. However, you can get the Niyo global card only if you are an Indian citizen and resident holding a valid PAN card and address proof.

How to use the Niyo forex card?

You can use the forex card by following the steps below -

Meet a Niyo agent to get your card and complete your KYC by submitting a copy of your passport, PAN card and Aadhar card.

Download its App or use Niyo web to go to Niyo login and sign in with your registered mobile number.

Transfer money to your Niyo account via NEFT or IMPS.

Open Niyo web and sign in to Niyo login again.

What are Niyo YES bank and Niyo Bharat?

Niyo YES bank is a partnership between Niyo solutions and YES bank that has provided a platform to make it easy for organizations to give employee benefits and for the latter to claim them. The entire employee benefits process from onboarding to digital storage of bills and receipts is provided by it. The YES Bank Niyo Benefit Card allows employees to review all their card transactions and also check balances in real-time.

Niyo Bharat, on the other hand, is a partnership between National Payments Corporation of India (NPCI) and Niyo bank to introduce financial services to around five million blue-collar workers in India. It includes a multi-lingual Niyo Bharat mobile app that offers benefits like a request for cash advances, ability to buy mutual funds and digital gold instruments from as low as Rs.100. Niyo Bharat is essentially a salary account to make it easier for companies to manage the salary information of their workers.

Niyo Bank Customer Care Number –

The Niyo bank customer care number is 1800 258 6496. For Niyo Bharat, it is 1800 258 3009.

Customer Feedback and Niyo Shortcomings –

Niyo does offer some promising digital banking benefits, it proves to be pretty disappointing on the customer support front. Several customers have complained of a slow and delayed customer service response. Few of them have also complained of their registered number getting blocked by the customer care support without any communication, even after the transfer of funds to their Niyo global forex card. Some others feel that if the value of INR falls against USD by about Rs.2 or more, Niyo forex card can end up being more expensive than a traditional forex card.

Conclusion –

If you want to enjoy the experience of using a digital banking platform with multiple benefits and no fees, go for North Loop. It offers a lot more advantages than Niyo and is more secure to use. Moreover, its prompt and effective customer support system ensures that you always remain satisfied. Click here and sign up with North Loop now.

Save money with

No-fee banking, investments, remittances & insurance for the global Indian

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.