The Niyo Global card, an India-based financial solution, offers a cost-effective and convenient way to make payments in over 100 currencies. Whether you’re traveling internationally for work, leisure, or higher education, this card ensures seamless transactions without the hassle of multiple currency conversions or high exchange rates. Its robust features and competitive rates make it an essential tool for global financial management.
In our interconnected world, travelling overseas for work, study, or entertainment has emerged as an increasing number of prevalent. To cater to the developing need for handy and cost-friendly banking solutions, Niyo Global has set up itself as a dependable worldwide journey card, relied on with the aid of using lots of customers. This manual delves into what the Niyo Global Card is and explores its numerous benefits and functions. Additionally, it covers spending limits and gives a step-with the aid of using-step manual to commencing a Niyo virtual account, making worldwide bills effortless.
The Niyo Global Card is designed to simplify monetary transactions for globetrotters. Whether you`re a pupil studying overseas, an expert on a business trip, or a traveller exploring new destinations, this card guarantees seamless and hassle-loose bills in overseas currencies. One of the standout functions of the Niyo Global Card is its aggressive trade rates, which assist customers save on conversion fees. Moreover, the cardboard gives zero mark-up on overseas transactions, making it a cost-effective desire for worldwide spending.
Another substantial gain is the card’s global acceptance, permitting customers to withdraw cash from ATMs and make purchases at hundreds of thousands of traders globally. The card is likewise prepared with strong security functions, which includes immediately locking and unlocking through the Niyo app, making sure your cash is secure even though the card is misplaced or stolen. Additionally, customers can track their spending in real-time and control their price range successfully thru the app.
Opening a Niyo digital account is a trustworthy process. Prospective customers want to download the Niyo app, entire the registration process, and affirm their identity. Once the account is about up, the physical card is delivered to the user’s address, equipped to be activated and used for worldwide transactions.
In conclusion, the Niyo Global Card is a perfect associate for worldwide travelers, offering a blend of convenience, protection, and cost-effectiveness that complements the general journey experience.
B) Types of Niyo Global Card
The Niyo Global Card is available in distinct types, every tailor-made to satisfy distinctive person needs: the Virtual VISA Signature debit card and the Physical VISA Signature debit card. Both cards are designed to offer a continuing and handy banking revel in for worldwide travelers.
Virtual VISA Signature Debit Card
Upon enrolling in Niyo Global, customers are straight away issued a Virtual VISA Signature debit card thru the Niyo app. This card is instantly available for online transactions, presenting instant access to the monetary gear needed for worldwide tour. The digital card is ideal for making online purchases, deciding to buy subscriptions, and reserving tour accommodations. To use the digital card, customers definitely want to load their Niyo Global account with funds. This system guarantees that the card is ready for use as soon as the account is set up, providing a brief and efficient manner to manipulate budget digitally.
Physical VISA Signature Debit Card
For people who choose or require a physical card, the Physical VISA Signature debit card gives extra functions and benefits. This card lets in users to make purchases at point-of-sale (POS) terminals worldwide, withdraw cash from ATMs, and get entry to airport lounges throughout India. The physical card extends the usability of the Niyo Global account past online transactions, providing a complete monetary answer for all styles of spending.
To order the physical card, customers want to make an preliminary deposit of Rs. 5,000 while their account is activated. This preliminary deposit acts as a investment requirement to set off the card, ensuring that it is prepared for fast use. Importantly, this residue isn’t a fee; customers can withdraw the overall amount at any time after ordering the card, making it a flexible and consumer-friendly option.
C) Features and Benefits of Niyo Global Card
1. Zero Forex Markup
-Cost-effective for all transactions such as shopping, flight bookings, dining out, and tuition payments with no forex markup.
2. Instant Opening of Savings Account
– Quick setup of a savings account via the Niyo Global App.
– Receive a digital debit card immediately for online purchases.
– Option to request a physical debit card for additional benefits
3. No Loading Fees
– Digital account with unique IFSC and account number.
– Load your account from anywhere at any time using RTGS/NEFT/IMPS without any fees.
4. Tap and Pay Facility
– Make contactless payments at merchants for faster transactions and shorter checkout times.
5. No Charges for Fund Transfers
– Free money transfers through RTGS/NEFT/IMPS at any time from any location.
6. Complimentary Access to Airport Lounges
– Enjoy access to airport lounges at domestic and international terminals of major airports for a luxurious travel experience.
7. Improved Security
– Lock/Block/Unlock features in the Niyo Global app for enhanced security.
– Temporarily lock the whole card or individual payment channels.
– Permanently block the card if it is stolen or misplaced.
8. 24×7 Customer Assistance
– Access 24×7 in-app chat support for any account issues
9. Exciting Offers
– Exclusive discounts and offers on hotel and flight bookings.
– Deals from both local and global merchants available on the Niyo Global app
10. Meet and Assist Service
– Request specialized services like help with immigration lines and luggage assistance.
D) Niyo Global Card Charges
The Niyo Global Card is designed to offer maximum convenience and cost-efficiency to its users, and this is reflected in its fee structure. To begin with, there are no charges for opening a Niyo Global account. This means that users can set up their account and start using the services without any initial cost barriers.
When it comes to ordering a physical Niyo Global Card, there are no charges involved either. However, to initiate the card order, users are required to fund their account with an initial amount of ₹5,000. This amount is not a fee but serves as the initial deposit and is fully available for use once the card order is placed. Beyond this, there are no additional charges related to the Niyo Global Card, making it a straightforward and user-friendly option. (Niyo Global Card Charges)
One of the standout features of the Niyo Global Card is the absence of charges for foreign currency conversion. While many other cards impose hefty fees for such transactions, the Niyo Global Card only applies the standard VISA exchange rate. This makes it a cost-effective solution for those frequently dealing with foreign currencies, whether for shopping, dining, or other expenses while traveling abroad. (Niyo Global Card Charges)
Moreover, the Niyo Global account is a zero-balance account. This means that there are no penalties or charges if the account balance drops to zero. Users can maintain their account with peace of mind, without worrying about incurring fees for not maintaining a minimum balance.
Adding money to the Niyo Global account is also free of charge. Users can load their account via NEFT, RTGS, IMPS, or IFT without any additional costs. This flexibility in funding the account ensures that users can easily manage their finances without worrying about hidden fees or charges.
In conclusion, the Niyo Global Card offers a transparent and cost-effective banking solution for international travelers. With no charges for account opening, card ordering, foreign currency conversion, maintaining balance, or adding funds, it stands out as a hassle-free and economical choice for managing finances on the go. (Niyo Global Card Charges)
E) Eligibility Criteria for Neo Global Card
Eligibility
To be eligible to submit an instant Niyo Forex Card application, you must meet the following criteria:
– Be an Indian national.
– You must be over the age of 18 years. – Hold a Niyo Global savings account.
Documents Required
– PAN card.
– Aadhaar card number.
– Indian passport.
Meeting these requirements will enable you to proceed with your application for the Niyo Forex Card, ensuring you have the necessary documentation and account setup for a seamless process.
F) Spending limits on Niyo Global card
The Niyo Global Card provides generous spending limits to accommodate the needs of global travelers. The table below outlines the specific limits for various types of transactions: (Niyo Global Credit Card limits)
Category | Limit |
1, Account Top Up: | There are no limits on topping up your Niyo Global account, allowing you to add as much money as you need without restrictions |
2. Card Swipe: | You can spend up to ₹7.5 Lakhs per transaction or per day, with a monthly limit of ₹50 Lakhs and an annual limit of ₹2 Crores |
3. Online Transactions: | The same limits apply for online transactions, ensuring you can make large purchases or payments online. |
4. ATM Withdrawals: | You can withdraw up to ₹1 Lakh per transaction or per day, with a monthly limit of ₹3 Lakhs and an annual limit of ₹7.5 Lakhs. |
5. Contactless Payments: | For quick and small purchases, contactless payments are limited to ₹5,000 per transaction. |
6. Fund Transfer Limits Within Cooling Period: | During a 30-minute cooling period, the limit is ₹25,000 per transaction. |
7. Fund Transfer per day: | You can transfer up to ₹1 Lakh per day to each beneficiary. |
8. UPI Limit: | UPI transactions are limited to ₹25,000 per day, ensuring quick and easy payments for daily expenses. |
G) How to open Niyo Global Account
Steps to Open a Niyo Global Account
Opening a Niyo Global account through the app is quick, easy, and fully digital. Follow these simple steps:
Step 1. Download the Niyo Global App:
– Available for both Android and iOS devices
Step 2. Mobile Number Validation:
– Enter your mobile number.
– Validate by entering the OTP sent to your mobile number.
Step 3. Email Address Validation:
– Enter your email address.
– Validate by Single Sign-On or by entering the OTP sent to your email ID
Step 4. PAN Entry
– Enter your PAN (Permanent Account Number).
Step 5. Aadhaar-Based KYC
– Enter your Aadhaar number.
– Validate by entering the OTP sent to your Aadhaar-registered mobile number.
– This completes your Aadhaar-based Know Your Customer (KYC) process.
Step 6. Identity Confirmation
– The app verifies that your PAN and Aadhaar details match.
Step 7. CKYC Check
– The app checks for valid Central KYC (CKYC) entries using your PAN and Aadhaar details.
– If valid entries are found, you can proceed to the next step
Step 8. Passport File Number Entry
– Enter your passport file number (usually found at the bottom of the address page or last page of the passport).
– The app verifies your passport number.
Step 9. Live Photo Capture
– Capture a live photo for identity verification.
Step 10. Update Personal Details
– Provide any additional personal details as required
Step 11. Select Communication Address
– Choose the address where you want your card to be delivered
Step 12. Add a Nominee
– Enter the details of a trusted person to be your nominee.
Step 13. Accept Terms and Conditions
– Review and accept the terms and conditions.
– Your account will be created instantly.
Also Read: LEGAL RETAINER FOR BANKS AND NBFC’S
H) How to apply for Niyo Global Card
Steps to Open a Niyo Global Account and Apply for the Card
To apply for the Niyo Global Card, you must first open a Niyo Global account digitally. Here are the steps to open your digital savings account and obtain your Niyo Global card:
1. Download the Niyo Global App | – Available for both Android and iOS devices. |
2. Complete KYC | – Use your PAN card, Aadhaar card, and Indian passport to complete the Know Your Customer (KYC) process. – This ensures that your identity is verified and your account is secure. |
3. Receive Virtual Niyo Global Card | – Once your account is opened, you will receive a virtual Niyo Global card. – This card can be used immediately for online transactions, providing you with instant access to your funds. |
4. Maintain Balance for Physical Card | – To obtain a physical Niyo Global card, maintain a balance of Rs. 5,000 in your account. – Place an order for the physical card through the app. |
5. Card Delivery | – You will receive your physical Niyo Global card within 5 to 10 days after placing the order. – This card allows you to make in-person purchases and withdraw cash from ATMs. |
I) Schedule of Charges for DCB NiYO Global Debit Card
Here is a detailed breakdown of the charges associated with the DCB NiYO Global Debit Card, which is issued on the DCB Niyo Current Account:
1. Joining & Annual Fees
– Charge: INR 200
– Details: This fee is applicable at the time of card issuance
2. Reissue of Lost, Stolen, or Damaged Card
– Charge: INR 200 per instance
– Details: This fee is charged each time a card needs to be reissued due to loss, theft, or damage.
3. Loading Charges
– Charge: NIL
– Details: There are no fees for loading money onto the card.
4. Domestic Cash Withdrawal at DCB ATM
– Charge: NIL
– Details: No fee for withdrawing cash at DCB ATMs
5. Domestic Balance Enquiry at DCB ATM
– Charge: NIL
– Details: No fee for checking balance at DCB ATMs.
6. Non-DCB Bank ATM Cash Withdrawal (Domestic)
– Charge: INR 20 per transaction
– Details: Fee applicable for cash withdrawals at non-DCB ATMs within India.
7. Non-DCB ATM Balance Enquiry or Non-Cash Transaction (Domestic)
– Charge: INR 10 per transaction
– Details: Fee for balance enquiries or non-cash transactions at non-DCB ATMs within India.
8. International ATM Cash Withdrawal/Non-Cash Transaction Fee
– Charge: Nil for the first transaction each month; INR 100 plus taxes and charges from the second transaction onwards.
– Details: The first international ATM transaction each month is free. Subsequent transactions incur fees plus any charges levied by the network or acquiring bank.
9. International ATM Balance Enquiry Transaction Fee
– Charge: Nil for the first transaction each month; INR 50 plus taxes and charges from the second transaction onwards.
– Details: The first international ATM balance enquiry each month is free. Subsequent transactions incur fees plus any charges levied by the network or acquiring bank.
10. Statement Reques
– Charge: NIL
– Details: No fee for requesting account statements.
11. E-Mail Statement (Monthly)
– Charge: Free
– Details: Monthly email statements are provided at no cost.
12. Physical Statement on Request (Quarterly)
– Charge: INR 100 per annum
– Details: Annual fee for receiving quarterly physical statements.
13. Physical Statement on Request (Monthly)
– Charge: INR 200 per annum
– Details: Annual fee for receiving monthly physical statements.
14. Duplicate Statements (Branch Walk-in)
– Charge: INR 25 per page; More than 1 year old statements are INR 100 per page.
– Details: Fees for issuing duplicate statements when requested in-branch.
15. Account Closure Charges
– Charge: NIL
– Details: No fee for closing the account.
16. Average Quarterly Balance (AQB) Charges
– Charge: INR 0
– Details: No charges for maintaining a minimum average quarterly balance.
17. Annual Maintenance Charges
– Charge: INR 0
– Details: No annual maintenance fees
This schedule of charges ensures that the DCB NiYO Global Debit Card remains a cost-effective option for users, with minimal fees for essential services and transactions.
J) (FAQ) FREQUENTLY ASKED QUESTIONS
1. Is getting a NIYO Global Card free?
A: Niyo Global operates without charging any fees. It functions as an INR-based card, automatically converting transaction amounts into local currency at the point of purchase. This eliminates the necessity to pre-load various currencies. Additionally, the in-app currency converter handles all calculations seamlessly, ensuring convenience for users
2. What is the disadvantage of NIYO Global Card?
A: It’s important not to overlook the drawbacks of the Niyo card, which include limited acceptance, transaction fees, possible exchange rate fluctuations, and security considerations
3. Is NIYO Global Card worth it?
A: The Niyo card is restricted to swipe or online transactions only. A prepaid forex card typically offers more favorable exchange rates compared to Niyo. Based on my experience, I wouldn’t recommend this card to others. Additionally, when I used my credit balance to make advance payments, I incurred an over-limit fee for exceeding the sanctioned limit of the fixed deposit (FD).
4. Is the NIYo Global Card banned in India?
A: Starting from October 1st, 2023, the Niyo Global credit card issued by SBM Bank (FD based) may face a block on international transactions. In January 2023, RBI imposed restrictions on SBM Bank, barring it from participating in any kind of LRS (Liberalized Remittance Scheme) transactions. As a result, SBM Bank had to halt international transactions on its debit cards, which were previously covered under LRS.
5. Is NIYO card chargeable?
A: The Niyo Global card stands out from other forex cards by not applying any forex markup fees to transactions. However, for international transactions, a 3.5% markup over the prevailing exchange rate is applicable.
6. What is the ATM fee of NIYO global?
Forex Mark-up:
Details: Nil
Explanation: There are no forex markup fees applied to transactions made using the Niyo Global card. This means you won’t incur additional fees on foreign currency transactions beyond the prevailing exchange rate.
Account Loading:
Details: Nil
Explanation: There are no charges for loading money onto your Niyo Global card account. You can add funds as needed without incurring any loading fees.
International ATM Transaction Fee:
Details: Rs. 100 + GST
Explanation: A fee of Rs. 100 plus Goods and Services Tax (GST) is applicable for each international ATM cash withdrawal transaction. This fee is charged to cover the costs associated with using ATMs outside India.
International POS & E-commerce Transactions over Rs. 7 lakh in a Financial Year:
Details: 5% as Tax Collected at Source (TCS) on the incremental amount exceeding Rs. 7 lakh
Explanation: For international Point of Sale (POS) and e-commerce transactions that exceed Rs. 7 lakh in a given financial year, a Tax Collected at Source (TCS) of 5% is levied on the amount exceeding Rs. 7 lakh. This TCS is deducted at the time of the transaction to comply with tax regulations
7. Which bank NIYO Global Card is best?
A: Niyo Global operates in collaboration with SBM Bank India and VISA, combining their strengths to offer India’s premier digital savings account and a card with zero forex markup*. This partnership caters specifically to Indian passport holders traveling internationally, addressing their banking requirements comprehensively. The Niyo Global card ensures seamless transactions abroad without additional forex charges, making it an ideal choice for travelers seeking convenience and cost-effectiveness in managing their finances while overseas.
8. Which card is better forex or NIYO global?
A: One of the primary advantages of forex cards is their ability to lock in the exchange rate at the time of loading, unlike INR-denominated cards such as the Niyo Global Card. However, what distinguishes BookMyForex’s cards is the capability to load foreign currency at the exact interbank rates, setting them apart in the market. This feature ensures users can benefit from highly competitive rates when loading currencies onto their cards through BookMyForex.
9. How much is the TCS charge on NIYO cards?
A: With the Niyo Global Equitas Debit Card, you can make international transactions totaling up to ₹7 lakhs without any Tax Collected at Source (TCS) deduction. Once your total spending exceeds ₹7 lakhs, a TCS deduction of 20% will be applied on the amount exceeding this threshold.
10. Is NiYo money safe?
A: The Niyo SBM account with SBM Bank India ensures the safety of your funds, operating with the same level of security as traditional banks. Your money is securely deposited with SBM Bank (State Bank of Mauritius), and the savings account adheres strictly to all regulatory guidelines set by the Reserve Bank of India (RBI)
11. Does NiYo Global require FD?
A: The Niyo Global Credit Card issued by SBM Bank operates on a secured model, where the credit limit is based on the fixed deposit (FD) held with the bank.
12. Is NIYO a zero balance account?
A: Even with a zero balance account, the bank collaborates with Niyo to provide two variants of co-branded RuPay debit cards. These debit cards are designed to enhance transaction convenience, featuring Tap & Pay functionality for seamless payments.
13. How to load money in NIYO card?
A: Loading money onto your international card is simple and can be done from anywhere and at any time using IMPS/NEFT/RTGS/UPI without incurring any charges. The integrated Niyo Global app allows you to conveniently monitor your card transactions and account activities while on the move.
14. Is NIYO Global Card accepted in USA?
A: The Niyo Global DCB Debit card is accepted in more than 150 countries globally, including the United States of America.
15. Who owns NIYO?
A: Niyo was founded by Vinay Bagri and Virender Bisht. The company operates in two main lines of business—global banking and mass banking. Its investors include Accel and Lightrock. Niyo provides digital banking services in collaboration with DCB Bank, Equitas Small Finance Bank, Yes Bank, ICICI Bank, and State Bank of Mauritius.