This savings account allows your spare change to make you rich slowly from mutual funds!

By: |
September 22, 2021 5:07 PM

Digital banking fintech Niyo has added ‘Invest the Change’ feature to its wealth plus savings account NiyoX. The new feature allows users to convert their spare change into investments.

invest the change

Digital banking fintech Niyo has added ‘Invest the Change’ feature to its wealth plus savings account NiyoX. The new feature allows users to convert their spare change into investments. With this, Niyo aims to inculcate a habit of saving and investing among the Indian millennials by making it simple and fun.

Users can spend as they do currently while Niyo makes it easy to use spend behaviour for promoting investments, the company said in a statement today.

Invest the Change feature allows users to round up all their spends (food order, cab fares, subscriptions, fund transfers etc.) made with NiyoX to the next Rs 10, Rs 50, or Rs 100 and invest the spare change into a mutual fund of their choice.

Niyo said that all debits from the account count as spends, including transactions made in-person at a store, online, via UPI, or even via fund transfers. The spare change that gets collected each time a user spends, keeps accumulating and when it crosses Rs 100, it gets auto-invested in a pre-selected mutual fund of user’s choice

The Invest the Change (ITC) feature is designed to jumpstart and promote regular saving and investing for the new and small investors who are yet to build the habit or do not feel ready to make larger investments on a regular basis, Niyo said.

Commenting on the new feature, Vinay Bagri, Co-founder & CEO, Niyo said, “We have been working relentlessly to make banking simple, safe and smart. Invest the change is yet another effort in that direction. We understand that many millennials procrastinate investments because of time and effort needed to get going and hence have designed the product for those who love spending but often forget to save.”

Ankur Choudary, VP Product at Niyo Money said, “We designed the product in such a way that any NiyoX customer opting for ITC can spend guilt-free as with every spend they would be setting aside their spare change for investments. There are no commitments whatsoever and customers can withdraw their saved money any time they want while enjoying returns higher than their savings account. It’s absolutely the easiest way for young earners to start their investment journey. We expect Invest the Change to increase the adoption of NiyoX as the primary spending + savings account for millennials.”

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