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

Introduction

The Niyo Global Card, offered in partnership with Equitas Small Finance Bank, is a premium digital savings account designed for frequent international travelers, students, and business professionals. It stands out with its zero forex markup charges on international transactions across more than 130 currencies, allowing users to save significantly on foreign payments. Additionally, it offers a high-interest digital savings account with up to 7% interest per annum on savings, making it a compelling choice for managing international finances efficiently.

Welcome Benefits

• Earn 2,500 Niyo Coins (worth ₹250) as a bonus for every successful referral of the Niyo Global Card.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Foreign Currency Markup: Nil on international transactions.
• Rewards Redemption Fee: Not applicable.
• Interest Rates: Nil on the card itself.
• Fuel Surcharge Waiver: Not applicable.
• Cash Advance Charges:
  • Domestic ATM withdrawals: 3 free withdrawals per month, then 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 ₹7 Lakhs.
• No fee for adding money to the card.

Rewards

• Travel:
  • Load card in INR and make payments in more than 130 currencies worldwide at zero forex markup charges.
  • Complimentary airport lounge access at international terminals in India.
  • Exclusive customized deals based on your location while traveling.
  • Global ATM locator and Currency Converter for live forex rates available via the mobile app.
  • Instant Cash: Get access to instant credit up to ₹5 lakh within the Niyo Global app for immediate needs during travels, paying interest only if and when used.
• Savings: Earn up to 7% interest rate per annum on your digital savings account balance.
• Insurance: Get 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: For every successfully converted referral, both the referrer and the referred person receive 2,500 Global Coins (worth ₹250).
• Global Coins: An exclusive rewards program offering cashback in the form of Global Coins on both domestic spends and referrals.

Rewards Redemption Guide

• Global Coins can be unlocked when you make international spends and redeemed for cash directly into your savings account.

Card Eligibility Criteria

• Age: Must be an Indian citizen of 18+ years of age.
• Documents: Valid Aadhaar card, PAN card, and an Indian Passport are required.
• Account: Must open a Niyo Global digital savings account.

Card Review

The Niyo Global Card is an excellent choice for individuals who frequently travel abroad, study internationally, or engage in international online transactions. Its primary advantage is the zero forex markup, which can lead to significant savings compared to traditional credit/debit cards. The accompanying digital savings account offering up to 7% interest is a strong incentive. The card provides essential travel benefits like complimentary lounge access at international terminals in India and a feature-rich mobile app with an ATM locator and currency converter. While it lacks international lounge access abroad, its core benefits for international spending and savings make it highly valuable. The minimal eligibility requirements and quick delivery further enhance its appeal.

Important Product Details

• Zero forex markup fees on international transactions.
• Load 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.
• Get 2,500 Niyo Coins worth ₹250 as a bonus for every successful referral.
• No TCS on spends abroad up to ₹7 lakh in a financial year.
• Swift card delivery within 2-3 days.
• Available in both physical and virtual variants.
• The virtual card allows only online domestic transactions.
• The physical card can be used for in-store purchases, domestic and international online transactions, ATM withdrawals worldwide, and airport lounge access.
• The money in your Niyo Global account up to Rs.5 lakh is covered by DICGC insurance.

Other Details

• The Niyo Global account opening process is entirely online and quick.
• No initial deposit is required for the Niyo Global Equitas product.
• User-Friendly Niyo Global App Features:
  • Nearby ATM Locator: Locate ATMs anywhere in the world.
  • Live Currency Converter: Check accurate real-time conversion rates.
  • 24/7 Customer Support: Provides 24/7 chat support for issues.
  • Lock-Unlock-Block Card: Temporarily lock/unlock the entire card or individual payment channels, or permanently block a lost card.
  • Manage Card Limits: Set limits on withdrawals and lock payment channels.
• Transaction Limits:
  • ATM Withdrawal: Rs. 1 Lakh
  • Fund Transfer during the Cooling Period: Rs. 25,000
  • Fund Transfer after Cooling Period: Rs. 5 Lakhs
  • POS and E-Commerce Transactions: Rs. 7.5 Lakhs
• Customer support can be reached via chat in the Niyo Global app or email at global@goniyo.com.