Indian fintech Niyo has launched a new digital savings account in partnership with SBM Bank India and payments giant Visa.

The new account is offered with Niyo Global. It is designed to facilitate foreign exchange spending benefitting international travellers and students with Indian passport.

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According to Niyo, the savings account will enable users to save in Indian currency and earn interest. Furthermore, the Indian passport holders will receive all benefits of Niyo Global card offering zero forex markup on flight bookings, car rentals and live currency conversion among others.

The firm is also planning partnerships with major travel aggregation companies and online travel agents for the rapid expansion of the new offering.

Niyo co-founder and CEO Vinay Bagri said: “We are delighted to partner with globally recognised entities like SBM Bank (India) and Visa.

“The Niyo Global is now upgraded to full service digital bank account for Global Citizens, and we believe that our premium offering will promote a smart way of travelling in the new normal.”

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The account also offers complete digital onboarding, complimentary airport lounge access, UPI features, cheque book besides other premium banking offerings.

SBM Bank India Consumer & Retail Banking head Neeraj Sinha said: “Being an innovative fintech, Niyo brings simpler and efficient solutions which are implemented and customised by us – leading to a win-win-win proposition for not only us but more importantly – our customers. We look forward to many a more such product innovations with Niyo going forward.”

Earlier this year, Niyo acquired personal finance start-up Index, which offers information on users’ spending habits, transaction history and account information.