Working over an infinite field of positive characteristic, an upper bound is given for the nilpotency index of a finitely generated nil algebra of bounded nil index n in terms of the maximal degree in a minimal homogenous generating system of the ring of simultaneous conjugation invariants of tuples of n by n matrices. This is deduced from a result of Zubkov. As a consequence, a recent degree bound due to Derksen and Makam for the generators of the ring of matrix invariants yields an upper bound for the nilpotency index of a finitely generated nil algebra that is polynomial in the number of generators and the nil index. Furthermore, a characteristic free treatment is given to Kuzmin's lower bound for the nilpotency index.in F m generated by {a n | a ∈ F + m }. A theorem of Kaplansky [14] asserts that if a finitely generated associative algebra satisfies the polynomial identity x n = 0, then it is nilpotent.