Niyo Global Card by Equitas Bank – Benefits, Fees & Eligibility

Niyo Global Card by Equitas Bank

Introduction

The Niyo Global Card, launched by Niyo Solutions in partnership with Equitas Small Finance Bank, is a premium digital savings account designed for international travelers. It offers a high-interest rate of up to 7% on savings and notably features zero forex markup charges on international transactions across more than 130 currencies worldwide. This card provides a convenient and affordable solution for individuals traveling for business, vacations, or studies abroad, helping them save up to 5% on foreign currency payments by eliminating high surcharges. It is accepted by all merchants that accept VISA cards globally and can also be used for international purchases from within India without hassle.

Welcome Benefits

• Welcome Benefits: Not Applicable.
• Referral Bonus: For every successful referral of the Niyo Global Card, both the referrer and the referred individual receive 2,500 Global Coins, worth ₹250.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Spend-Based Waiver: Not Applicable
• Rewards Redemption Fee: Not Applicable
• Foreign Currency Markup: Nil. Cardholders only pay the Visa exchange rates.
• Interest Rates: Nil (This refers to interest charged on credit, but the account earns up to 7% interest on savings).
• Fuel Surcharge: Not Applicable
• Cash Advance Charges:
  • Domestic ATM withdrawals: 3 free withdrawals per month; Rs. 21 plus taxes from the 4th withdrawal onwards.
  • International ATM withdrawals: Rs. 110 plus taxes.
• Tax Collected at Source (TCS):
  • Exempted on international spends up to ₹7 Lakhs in a financial year.
  • 20% TCS is applicable beyond the ₹7 Lakhs threshold.
• Fee for adding money to your card: No fee.

Rewards

• Reward Type: Not Applicable (Reward program is based on Global Coins for referrals and cashback).
• High Interest Rate on Savings: Earn up to 7% interest per annum on your digital savings account balance.
• Travel Benefits:
  • Load card in INR and make payments in more than 130 currencies worldwide at zero forex markup charges.
  • Access to a global ATM locator through the mobile app.
  • Currency Converter tool for live forex rates.
  • Complimentary airport lounge access at international terminals in India.
  • Exclusive customized deals based on your location.
  • Global Coins: An exclusive rewards program offering cashback on domestic spends and referrals. These coins can be unlocked with international spends and redeemed for cash directly into your savings account.
  • Instant Cash: Access instant credit of up to ₹5 lakh within the Niyo Global app for immediate needs during travels. Interest is paid only if and when used.
• Movies & Dining: Not Applicable.
• Domestic Lounge Access: Yes.
• International Lounge Access: No. Access is only provided at international terminals in India.
• Golf: Not Applicable.
• Insurance Benefits: Get an insurance cover worth Rs. 5 Lakhs by Deposit Insurance & Credit Guarantee Corporation (DICGC), an RBI subsidiary, for the money in your Niyo Global account.
• Referral Bonus: Refer the card to friends and family; for every successfully converted referral, both parties receive 2,500 Global Coins (worth ₹250).

Rewards Redemption Guide

• Global Coins, earned from domestic spends and referrals, can be unlocked when you make international spends.
• Unlocked Global Coins can be redeemed for cash directly into your savings account.

Card Eligibility Criteria

• Nationality: Must be an Indian citizen.
• Age: Must be 18+ years of age.
• Documents Required:
  • Valid Aadhaar card.
  • Valid PAN card.
  • Valid Indian Passport.

Important Product Details

• Zero forex markup fees on international transactions.
• Ability to load the card in INR and make international payments in more than 130 currencies.
• Accepted in over 150 countries by all merchants that accept Visa cards.
• Earn up to 7% interest rate p.a. on your savings account.
• User-friendly mobile app with global ATM Locator and Currency Converter tool to check live forex rates.
• Complimentary airport lounge access at international terminals in India.
• Real-time security and card balance updates.
• Referral bonus of 2,500 Niyo Coins worth ₹250 for every successful referral.
• No TCS on spends abroad up to ₹7 lakh.
• Swift card delivery in 2-3 days after an entirely online account opening process.
• Available in both physical and virtual variants (virtual card for online domestic transactions only).
• Insurance cover of Rs. 5 Lakhs by DICGC on the account balance.

Card Review

The Niyo Global Card by Equitas Bank is an excellent choice for individuals who frequently travel internationally. Its standout feature is the zero forex markup, which can lead to significant savings compared to traditional credit or debit cards that often charge 3-5% on foreign transactions. Coupled with a high-interest savings account (up to 7% p.a.), it offers both transactional efficiency and financial growth. The card's acceptance across 150+ countries and 130+ currencies, along with complimentary lounge access at international terminals in India, enhances its travel appeal. The comprehensive mobile app with ATM locator, currency converter, and robust security features like real-time updates and card controls (lock/unlock/block) add to its convenience and safety. While welcome benefits are not explicitly listed, the referral bonus and Global Coins program offer additional value. The absence of joining and renewal fees makes it an accessible option. The only minor drawback is the lack of international lounge access outside India, but this is clearly stated. Overall, for an Indian passport holder keen on saving on international spends and benefiting from a high-interest savings account, this card is highly recommended.

Other Details

• Best Suited For: Travel, International Spends.
• Virtual Card: Allows only online domestic transactions.
• Physical Card: Can be used for in-store purchases, domestic and international online transactions, ATM withdrawals worldwide, and airport lounge access at international terminals in India.
• Account Opening: Entirely online, takes very little time. An instant virtual card is provided for domestic online payments. No initial deposit required.
• Delivery: Physical Niyo Global Card gets delivered within 2-3 days.
• Mobile App Features:
  • Nearby ATM Locator: Locate ATMs anywhere in the world.
  • Live Currency Converter: Check accurate real-time conversion rates.
  • 24/7 Customer Support: Chat support for assistance.
  • Real-Time Updates: Card balance, transactions, and more.
  • Lock-Unlock-Block Card: Temporarily lock/unlock entire card or individual payment channels; permanently block lost cards.
  • Manage Card Limits: Set limits on withdrawals, lock payment channels (card swipes, online payments).
• Transaction Limits:
  • ATM Withdrawal: Rs. 1,00,000
  • Fund Transfer during Cooling Period: Rs. 25,000
  • Fund Transfer after Cooling Period: Rs. 5,00,000
  • POS and E-Commerce Transactions: Rs. 7,50,000
• Customer Support Email: global@goniyo.com