UPDATE: As of July 2021, the Niyo IDFC Savings Account product is no longer available, as well as the Niyo IDFC Debit card is discontinued for new users. So, new users won’t be able to sign up for the same. You can check their latest offering, Niyo X Equitas Small Finance Savings Account, which is partnered with Equitas Small Finance Bank.
For existing users, Niyo IDFC Savings Accounts are now totally managed by IDFC Bank. The Niyo IDFC Savings Account will continue to be a zero balance account, and the Niyo IDFC Debit Card will continue to function with its 0% Forex Markup. The Niyo DCB card is functional.
Niyo recently got popular due to its 0% Forex markup for international shoppers and travelers. However, Niyo had partnered with two banks, IDFC First Bank, as well as DCB Bank, and is offering two different accounts in their bouquet. Naturally, they come with their respective cards.
Confused between Niyo IDFC Card and Niyo DCB Card? Want to know the differences between them? Want to know which one is best for you? Want to know about their charges? Want to know whether you can apply for both of them?
Perfect!
Let’s debunk them once and for all!
In today’s post, I will put the Niyo IDFC Account and Niyo DCB Account side by side, let you know the features of each of them, and compare them against each other. I will also leave the links where you can create the respective Niyo Accounts without any confusion.
Shall we begin?
What is Niyo?
Let me start with the basics.
Niyo is a fintech company, founded back in 2015. They initially focused on providing salaried employees with benefits such as healthcare or food allowances, and credit cards. But currently, they are a full-fledged banking service provider, offering a bouquet of services aimed at both domestic as well as international travelers and shoppers. They have partnered with IDFC First Bank and DCB Bank and offering respective bank cards.
One of the highlights of a Niyo Account is ‘0% Forex Markup’, and Unlimited Free International ATM Withdrawals, which is got a lot of attraction. If you are someone who travels internationally frequently or planning to travel around the world sometime, the Niyo Card will make your life much easier by cutting down the fees.
However, although it looks quite similar from outside, the Niyo IDFC Account and the Niyo DCB Account are not the same. There are significant differences which you should know before you apply. It will help you make an informed decision.
Let’s start with the talk of the town: Niyo IDFC.
Niyo IDFC First Bank Account:
Here are the features of the Niyo IDFC First Account. This is discontinued for new users, however, existing users may be able to enjoy the following privileges.
- IDFC First Bank Savings Account: If you open a Niyo IDFC Account, it will give you fully functional savings account with IDFC First Bank. You will be getting a Bank Account Number, IFSC Code, Customer ID, and Digital Passbook. You will also be able to access UPI facilities, either from the Niyo App, or any 3rd party UPI App.
- Up to 5.5% Interest in Savings Account: Your savings account balance will earn 5.5% Interest per annum if it is below 2 Crores. This is valid as of May 2021. Check the latest IDFC Bank interest rates.
- Send and Receive Money within India: With your Niyo IDFC account, you can send money to any bank account within India either via UPI or by IMPS.
- Niyo IDFC Card: Get a customized Niyo IDFC Card from IDFC First Bank. This is a ATM-cum-Debit Card that you can use across the world to access the global benefits of a Niyo Account. There are no joining fees or annual fees for this debit card.
- Zero Forex Markup Charges: If you travel abroad and use your card to shop anywhere or do any transaction at a POS machine, you will be charged in INR, and you will get the exact conversion rate without any Forex Markups.
- Unlimited Free International ATM Withdrawals: Yes you read that right! You can withdraw cash in the local currency of any country as many times as you want with your Niyo IDFC Card.
- 10 Free Domestic ATM Withdrawals per month: You will get 5 Free ATM Withdrawals from IDFC ATMs, and 5 Free ATM Withdrawals from non-IDFC ATMs per month. For non-financial transactions like balance check or pin reset, it will be free for IDFC ATMs but will cost Rs8 + GST for non-IDFC ATMs.
Niyo DCB Bank Account:
Here are the features of the Niyo DCB Bank Account:
- DCB Bank Current Account: If you open a Niyo DCB Account, you will be getting a current account with DCB Bank, with an Account Number, IFSC code, and a Digital Passbook. Note that this will be a zero-balance account for everyone.
- Send and Receive Money within India: You can send and receive money to any bank account within India via IMPS. Please note that UPI transactions are not supported in your Niyo DCB Bank account.
- Niyo DCB Global Card: You will get a customized Niyo DCB Forex Card from DCB Bank. This card can be used across the world to enjoy the global privileges offered by Niyo. There are no joining fees or annual fees for this Forex Card.
- Zero Forex Markup Charges: If you travel abroad and use your card to shop anywhere or do any transaction at a POS machine, you will be charged in INR, and you will get the exact conversion rate without any Forex Markups.
- Send Money Abroad (Outward Remittance) at 0% Transfer Fees: You can send money internationally across 20+ countries from India without 0% fees with the DCB Remit facility. However, you will have to pay a conversion tax which is quite a good amount. The list of countries includes the USA, UK, Australia, Canada, Singapore, UAE, and the European Nations. Note that this facility can be availed by any bank user. Having a DCB Bank account is NOT mandatory.
Niyo DCB Global Card ATM Fees: Domestic & International:
An important thing to note that the Niyo DCB Global card is a Forex Card and not a regular ATM cum Debit Card. That means it is designed for you to load money in INR and spend in INR or other currencies, and not primarily withdraw money from ATMs. That’s why Cash Withdrawals are kind of restricted and have certain limits.
- For domestic cash withdrawals: Unlimited Free Transactions from any DCB Bank ATM, ₹20 per transaction from non-DCB Bank ATMs.
- For domestic non-cash withdrawals, like balance check, pin reset, etc.: Unlimited Free Transactions from any DCB Bank ATM, ₹10 per transaction from non-DCB Bank ATMs.
- For international cash withdrawals and non-cash withdrawals: The first transaction of the month free. From the second transaction onwards, there will be charges of ₹100 + GST per transaction. Also, you might be charged the ATM Access Fee depending on the country and the bank.
So, as you can see, the Niyo DCB card carries quite a lot of charges. I will recommend not using this card for withdrawing money abroad. Only spend it during shopping, traveling, paying rents via POS machines, etc.
Okay, addressing a confusing statement here: In your DCB Card Account kit, you will find this page with the details of the charges. You will see that it is written ₹0 International Cash Withdrawal Charges. However, I did confirm this with the Niyo Team and they said that it is only for the First International ATM Transaction of the month. From the next ATM Transaction onwards you will be charged ₹100 + GST. So kindly ignore what’s written on the kit. You can find the details of the international ATM withdrawal charges on their FAQ page, or check this Niyo Community page.
Niyo IDFC v/s Niyo DCB Account & Card:
Well, I have explained all the features of both the Niyo IDFC v/s Niyo DCB card. It’s time to compare them side by side and tell you which one is the best card overall. I will start with the similarities first:
Similarities:
- International Usage: Both the Niyo IDFC Account and Niyo DCB Account primarily targets those who are either involved in frequent international traveling or those who do a lot of international shopping.
- 0% Forex Markup: Both the Niyo IDFC Card and Niyo DCB Card offers 0% Forex Markup. In simple language, it means you can transact using your card abroad and pay in INR with the best exchange rates without paying any extra fees or markups.
- No Physical Passbook or Chequebook Provided: None of the Niyo accounts will provide you with a physical passbook or checkbook facilities. However, I have heard that you can request a passbook or checkbook from IDFC First Bank after filling up a form from Niyo.
- VISA Payment Network: Both Niyo IDFC and Niyo DCB Cards are VISA Platinum cards, and use VISA payment networks. So in case you are trying to get your hands on some Mastercard or Amex or Diners Club offers you will be disappointed.
- Card Usage: Both the Niyo Cards are ‘similar’ in the sense of their usage pattern: You loan money to your respective Niyo Account, and you spend money with your card. But in terms of the usage type, they are widely different.
While the similarities are few, the differences are many, and quite prominent. Let me go through them at once!
Differences:
- MAB Requirements: The Niyo DCB provides you with a Zero Balance Account, while the Niyo IDFC has a MAB requirement of 10k. (If you have opened a Niyo IDFC Account before 1st September, you will have a zero balance account with Niyo IDFC Bank as well.)
- Type of Account: The Niyo IDFC Account will be a regular savings account that will earn up to 7% annual interest. The Niyo DCB Account is a current account that won’t earn any annual interests.
- Type of Niyo Card: The Niyo IDFC Card is a regular ATM cum Debit Card, however, the Niyo DCB Global Card is a Forex Card. Although the usage pattern is similar, it differs a bit in their
- Domestic ATM Withdrawal Charges: The Niyo IDFC Card offers 5+5 Free ATM withdrawals for IDFC and non-IDFC ATMs respectively, afterward charging ₹20 per transaction. The Niyo DCB Card offers unlimited ATM Withdrawals from DCB ATMs, however, non-DCB ATM withdrawals are charged ₹20 per transaction.
- International ATM Withdrawal Charges: The Niyo IDFC Card offers Unlimited Free International ATM Withdrawals. However, the Niyo DCB Card offers only 1 free International ATM Withdrawals, afterward charged ₹100 + GST per transaction.
- UPI Access: The Niyo IDFC Account offers you UPI Access for sending or receiving money. With the Niyo DCB account, you won’t be getting any kind of UPI access.
Niyo IDFC v/s Niyo DCB Account: Which is better?
Well, I have discussed the features and the differences between Niyo IDFC and Niyo DCB Account in detail above. From there you can easily interpret that the Niyo IDFC Account is a clear winner among the two, having better features and lesser fees.
You will get fully functional savings account with IDFC First Bank, where you can earn annual interest. You will get UPI access as well. You can use your ATM card both for both domestic as well as international transactions. You can also use your card for Cash Withdrawals at international ATMs without any charges. All these features make the Niyo IDFC Account stand out.
The only place where the Niyo DCB Account is helpful is that you get a Zero Balance Account with DCB Bank for Lifetime. This can be helpful if you are going for a quick trip abroad and just need a card with 0% Forex Markup. The Niyo DCB card is useful as a standalone Forex card where you can load money and use it. You don’t need to maintain any balance to keep the account active.
That’s all. Btw, you can sign up and grab both the Niyo IDFC Card as well as the Niyo DCB Card together. Find how you can sign up for the Niyo accounts below.
How to create Niyo DCB Account?
If you only want to make a Niyo DCB Account with the Niyo Global Card, you need to apply for Niyo Global Card from Niyo Website. Niyo team will get in touch with you with further details. You can also mail them mentioning your name, mobile no, and location so that Niyo Team can get in touch with you. They will send in the KYC guy at your home location where you can complete your KYC.
Niyo Helpline & Offers:
Okay here’s some links that might help you:
- Niyo Community: Click here.
- Niyo Current Offers: Click here.
- Niyo Accounts FAQ: Click here.
- Niyo Contact Us: Click here.
Last Words:
Well, that’s all about Niyo Accounts. I hope I could explain to you the features, similarities, and differences between the Niyo IDFC and the Niyo DCB Account and help you make an informed decision. If you have further queries let me know in the comments below. I will be happy to help.
Thanks for reading till the end. Do share this post with your friends and help them choose a better global card. Keep visiting HiTricks. Btw, don’t forget to join our Telegram Channel to get the latest tech updates every day.
Nirmal Sarkar is a Biotechnologist from the city of Joy, Kolkata. He is the founder of this blog and covers a wide range of topics from Gadgets to Software to Latest Offers. You can get in touch with him via nirmal@hitricks.com
