Dark Knight
TF Buzz
Have a Niyo IDFC zero MAB account with platinum DC. Should I migrate to another IDFC account variant? I usually keep 1.5L as acc balance.
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Niyo IDFC zero MAB to which IDFC account variant should I migrate?
- Thread starter Dark Knight
- Start date
- Replies 26
- Views 788
When did you get this account? I only see Equitas DCB in the Niyo app.
Yes, you can get an IDFC 25K MAB Account
gurjarking911
TF Buzz
It's better to remain it to zero balance account as you opened through Niyo IDFC. It's An alliance account varient.
Dark Knight
TF Buzz
It was, probably till last year. Now they are no longer in alliance. Called up idfc first they are not sure if the account still stays a zero balance one. Will email them for confirmation.
I was wondering, does idfc give zero balance account to select customers? Or there's always a minimum balance requirement
Dark Knight
TF Buzz
It was long time back. I think in 2020. Niyo and idfc are no longer are in alliance. The 0 markup fee benefit has also been revoked. Hence I was thinking of migrating to some other account variant.
gurjarking911
TF Buzz
I think it is still a ZERO balance account with a simple visa platinum account as my brother opened this account through NIYO IDFC. If you need some other features specially provided on other account variants you may ask them to convert
If you are a student go with the Future First Saving Account Zero Balance otherwise always there will be MAB in the other variant accounts.
Dark Knight
TF Buzz
Not a student. But, thanks for the info about MAB in other variants. I'll try to get confirmation from IDFC whether my acc is zero balance or not.
techprince
TF Select
DON'T change the account type. We have 20K mab account with no mab requirement. As long as the account variant is shown as SA Alliances or NIYO Zero Bal Savings Post IPV it will remain a zero balance account.
Dark Knight
TF Buzz
Thanks a lot!
Mine too shows the same. I'll let it stay the same. I recently had a call from a new RM who at first said that the account is 25k mab. Then when I pointed out about the 0 mab he said he'll have to check and revert.
That got me wondering that if the status is unclear and if there's another variant that certainly is 0 mab then i can consider that.
But from the replies here it seems no other variant is 0 mab one.
Dark Knight
TF Buzz
Okay. Got it. Thanks.
Any idea about the reward points structure of the simple visa platinum DC. Their website only lists the reward points structure of select, wealth and private variants. No mention anywhere for platinum variant.
gurjarking911
TF Buzz
It is cleary mentioned on the first rewards portal for every debit card like for normal debit cards it 1x on 150 offline spend and 2x for online spend .
1 rewards point value is equal to 0.25 paisa
Dark Knight
TF Buzz
Might have missed it. Thanks for the info.
Dr_jai
TF Buzz
But in January I withdraw fund international with same account I didn’t charged any forex
I think only few customers have niyo idfc account and it’s mostly online so they don’t know know about that in this card they offer mix benefits between 10k mab & 25 mab at zero and the best part is a never paid a single penny to bank as charge… keep it as same if you don’t need higher withdrawal limit.
varkey
TF Select
So I have this Niyo IDFC account, and initially came with a Platinum DC which had a 0% forex. Recently I got upgraded to IDFC Select (had another IDFC Salary account) and for some reason they re-issued the debit card for this Niyo IDFC acocunt. Post that when I tried few test international transactions, it had a 2% markup.
Is everyone with the Niyo IDFC account seeing the same? I wonder if it was because of the change in debit card.
cc @Dark Knight @Dr_jai @techprince
Is everyone with the Niyo IDFC account seeing the same? I wonder if it was because of the change in debit card.
cc @Dark Knight @Dr_jai @techprince
Dark Knight
TF Buzz
Not because of the debit card. Niyo no longer has a tie up with idfc. All debit cards issued for this account now have 2 percent markup. Even though I have niyo idfc debit card, the markup on foreign transaction on it is 2%.
The only benefit of having the niyo idfc savings account is that it is remains a zero balance account.
For getting zero markup, the best savings account I feel is indusind select (zero balance of you have legend cc) or indusind exclusive (zero balance if you have pinnacle world cc).
varkey
TF Select
@Dark Knight Yeah thought so, but do you know when the 0 forex benefit ended? The tie up itself ended a while ago IIRC, but I was able to use the debit card linked to the Niyo IDFC account with zero forex last in February 2024. Then when I tried it after getting the new Select debit card in November 2024, I saw the 2% markup being added. I verified the exchange rate as per the Visa rate calculator.
For IndusInd, is the Pinnacle or Legend LTF or is there a way to make it LTF? I don't mind a one time spend based waiver.
For IndusInd, is the Pinnacle or Legend LTF or is there a way to make it LTF? I don't mind a one time spend based waiver.
techprince
TF Select
Card was converted to visa platinum internally which then stopped giving 0% markup. Select/Wealth DC is much better now. For zero FX, IndusInd Indie, Exclusive and above accounts are better.
Indie Megastar becomes zero balance with 2L FD and zero FX DC (except on international ATM withdrawals) and unlimited ATM transactions.
Exclusive becomes zero balance with Pinnacle/Indulge Credit card with zero FX DC (including international ATM withdrawals) but no unlimited ATM withdrawals.
All higher variants of savings account has zero FX DC with increasing ATM withdrawals but requires MAB.
RBL, any account with RBL Signature+/EDC DC has zero FX markup but DC is chargeable.
Yes Bank/DBS HNI account DCs are zero FX as well.
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Dark Knight
TF Buzz
Select has 1% markup. My bad. Only exclusive account has zero markup. I got an offer to upgrade from iconia amex to Pinnacle . I'm not much aware of spend based waivers on it.
I checked my email, idfc had informed regarding converting niyo dc to platinum card on 29th Feb 2024. I thing since then they must be charging 2 percent markup.
