- For complaints and feedback, customer can directly reach out to us at 033-66909090 Or write to us at email@example.com
- If they are not satisfied with the response, they can escalate to us through PayNearby Grievance Redressal Policy
- If they want to escalate to the bank, they can do so through SBM Bank’s Grievance Redressal policy
FAQ Category: Nivesh
Where can I ask questions or get my queries resolved?
- You can check Nivesh CBBF account features and most frequently asked questions on the PayNearby app and portal any time of the day.
- You can call your Relationship Manager for more details
- You can call our experts on 033-6690 9090
Any other point that would help me serve the customer better?
- Customer earns an interest of 5% per annum. That means, if the customer deposits Rs 1,000 today, the customer will earn 5% on the amount maintained in the bank for 1 year.
- If the first Nivesh CBBF account was made today & maintained for one year, 5% will be earned. On the deposits made next month, bank will provide interest for 11 months and so on.
- Interest earned will be clearly shown in the customer’s account.
- There is no penalty on missing a deposit.
- Tenure: 390 days; on maturity the amount and interest earned would be transferred to customer’s savings account.
- Savings account is linked to the customer’s goals; this gets opened along with the recurring deposit account of the customer. Simply click on the goal to withdraw & you can provide the service to the customer.
- Lock-in: 3 months; no withdrawals allowed; after three months of the initial deposit, the customer can withdraw the full amount before maturity, however, the interest rate reduces to 4%.
- Post maturity, customer can either retain the balance as is and keep on earning the interest or withdraw without any penalty.
- The product is not available to customers with age less than 18 years.
- The customer gets access to a customer dashboard, where the customer can login and check their balance, product features, terms and conditions etc.
How can I start offering Nivesh CBBF account from my shop?
Login to PayNearby app, click on Nivesh CBBF account icon on home screen. you just have to do three
1. Start a Goal:
Starting a goal is super easy, select a goal from the list of goals already provided, enter amount and its done. Every goal is opened for 390 days and on completion of the tenure, the amount is transferred to the customer’s savings account, opened during onboarding, digitally. Besides the listed goals, you can also create a new goal.
2. Complete eKYC:
Connect your biometric device and take customer’s fingerprint and submit. Once their details are authenticated, most of the data will be pre-populated in the application form, fill-in all other mandatory details and take a live photo of the customer and submit. Data is shared with State Bank of Mauritius and the account is opened within seconds. Both you and the customer will receive notification on successful account opening.
3. Collect Deposit Amount:
Once an account is opened, you will see the sign on your screen to take cash from the customer and submit. The amount gets deducted from your trade balance and will start reflecting in the customer’s account. The customer can start with a minimum of Rs 500 for the first deposit and increase the amount with the next deposits.
When do I get my commission?
- For all deposits and customer onboarding, your commission gets added to your trade wallet at the end of every day
- Additional bonus gets added to your trade wallet once the customer achieves their goal amount and tenure. If the customer is unable to achieve their goal target in the fixed time, you lose out on additional bonus.
Why should I offer this product to my customers?
As a PayNearby retailer, you are already a mini-bank in your area. With this service you will add one more banking product to offer to your customers. You will help customers avail banking services from your shop, which means you will earn trust & respect from your community.
- You earn a one-time commission of Rs. 25 on every new customer on-boarded.
- For every deposit into Nivesh CBBF account, you earn 0.5% annually on the deposit amount. This amount is paid to you on daily basis, until customer maintains balance in their account. That means, you will earn every day for your hard work today. The more customers you onboard and the more deposits they keep, the more commissions you earn.
- You will also earn additional bonus: If the customer makes more than 10 deposit transactions through your outlet to one goal and also completes the goal amount in the tenure of the goal, you get to double your commissions earned on this goal. For eg, Rani opened a goal to save for her daughter’s education. She wants to save Rs 50,000 for paying her school fees next year, all she has to do is continue to deposit approx. Rs 4167 every month at your store. If she is successful in saving Rs 50,000 in 1 year and deposits more than 10 times through your shop, you get double the commission earned so far on this goal (max upto Rs 50 per goal)
- On withdrawals, you earn commissions same as AEPS commission.
In Summary, the commission structure is as follows:
|One-Time commission on onboarding for every new customer: Rs 25
|0.5% per annum
This will be calculated at the above rate for every day and paid at the end of every day
|Double your commission to a maximum amount of upto Rs. 50. If a customer adds more than 10 deposits in the same goal and keeps it for the complete tenure of 390 days and saves the total goal amount.||Same as AEPS commissions
What are the key features and benefits of Nivesh CBBF account?
- Nivesh CBBF account, is a goal based flexible recurring deposit with SBM Bank, India powered by PayNearby.
- Customer account is opened with SBM Bank, India from your shop.
- Customer can deposit & withdraw cash from your shop without visiting the bank.
- Customer gets the flexibility to deposit any amount more than Rs 500 any time into their Nivesh CBBF account.
- Customer earns interest rate of up to 5% annually on the amount maintained with the bank.
- Customer can withdraw the amount from their Nivesh CBBF account, in case of an emergency. They receive 1% less interest if withdrawal is after 3 months, before the term period. Customer has complete access to the principal amount and interest earned.
- Customer can save for their desired goal and you can track the amount in your app and through SMS. They will also get access to a web page, on which they can login to check the status of their account.
How does Nivesh CBBF account benefit my customers?
It gives them access to start saving with a bank through your shop. They can save and withdraw as per their convenience and also earn upto 5.5% of interest on the deposits. They don’t have to skip work and can visit your shop whenever they can.
What is Nivesh CBBF account, tell me more about the product?
Nivesh Chhoti Bachat, Bada Fayda (CBBF) account is a flexible recurring deposit powered by SBM Bank that gives your customers the flexibility to deposit any amount, anytime into their account from your shop. They can start with as low as Rs 500 and deposit any extra money that they have any time of the week or month.