Product Details
Bank Name
DCB Bank
Account Name
DCB Niyo Savings Account
Account Type
Saving
Interest Rate
Up to 1 lakh-1.75% and from 1 lakh to less than 5 Lakh: 2.75% and from 5 lakh to less than 10 Lakh: 4.75%, and from 10 lakh to less than 25 Lakh: 7.40%.
Free Debit Card
No.
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
Platinum Debit Card by Visa. INR 500 from second year.
NEFT Charges
Free through Net Banking.
IMPS Charges
AMB is 25,000 or more: Free
AMB is less than 25,000: 10 transactions free per month; thereafter per transaction charges as below:
Upto 1,000: Nil
1,001 and upto 25,000: 4.50 per transaction
25,001 and above: 7.50 per transaction
Fees and Charges
DCB Niyo Savings Account
Special Features
Zero foreign exchange mark-up on all your international debit card transactions.
Eligibility Criteria
To be eligible to apply for this account, you must:
Be a resident Indian (NRIs and foreign citizens cannot open this account).
Be 18 years of age or above (minors cannot open this account).
Have an active Indian passport (issued in 2014 or after) and Aadhaar linked active PAN Card.
Should not be a corporate/ business / HUF or politically exposed person.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
The account offers Visa platinum debit card.
Zero foreign exchange mark-up on all your international debit card transactions.
Immediate card blocking in case of theft or loss, making it convenient and secure.
Users can earn cashback up to ₹7,500 in a financial year with every valid UPI transaction of ₹500 or more, subject to the monthly number of transactions stated.
Cons
Low interest rate.
DCB Bank has limited branch and ATM network.
DCB Niyo Savings Account Review
The account comes with low interest rate and offers average value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
To open a DCB Niyo Savings Account, you can follow these steps:
Download the Niyo App: Download the Niyo app from the Google Play Store or Apple App Store.
Register on the App: Create an account on the Niyo app using your mobile number and email address.
Complete Video KYC: Undergo a video KYC process within the app to verify your identity. You'll need your Aadhaar card and PAN card for this.
Set Up Your Account: Once your KYC is verified, set up your account details, including your name, date of birth, and address.
Fund Your Account: Transfer funds to your new DCB Niyo Savings Account to start using it.