What is Niyo SBM? Niyo SBM is an interest-earning savings bank account with a zero forex VISA Platinum Card.
The savings account part of it is just like any other bank account. We brought this to you in partnership with SBM Bank India Limited. It's a zero-balance account, i.e. there is no requirement to maintain a specified monthly balance.
When you open a bank account with us, you can also go to the investment section in the app and start investing in any Mutual Fund of your choice in a few minutes!
How to open an account?
You can download the {Niyo} app from the App Store or Google Play Store and start your onboarding process immediately. It shouldn't take you more than 10 minutes. Be sure to keep your PAN and Aadhaar details ready.
Benefits?
There are many benefits to a SBM card. The SBM account is an online savings account where you can onboard yourself by downloading the app. The app is designed in such a way that you have a virtual card once you onboard. You can make e-commerce transactions at ease without having a physical card handy.
The card can be used in an ATM which can be located with an ATM locator under travel essentials in the app, The card can also be used for e-com and POS (swiping), but we do restrict cardless transactions wherein you provide the card details to a third person.
The SBM account has an interest rate of up to .7% on the balance. The interest would be paid to you every month and the interest is calculated on the end of the day balance. On the travel essentials under card settings, you will be able to lock and unlock the card and set a limit on the card.
Also, you have a feature under the travel essentials called currency converter so it would be easy for your forex transactions with the card.
If there is anything you would like to know, please do get back in touch, and I will be happy to help you.