YES BANK Savings Account
YES BANK offers different savings accounts at attractive interest rates. Savings accounts come with various features and benefits. You have the option to open a savings account online as well.
YES BANK offers a variety of savings account options to cater to the different needs of every customer. They also have a customizable option that allows customers to get a savings account with the benefits and features they desire.
Interest Rates on Yes Bank Savings Bank Deposits:
Particulars | Rate of Interest |
Up to Rs.1 lakh | 3.00% p.a. |
More than Rs.1 lakh to less than Rs.5 lakh | 4.00% p.a. |
Rs.5 lakh to less than Rs.10 lakh | 5.00% p.a. |
Rs.10 lakh to less than Rs.100 crore | 7.00% p.a. |
Note: The interest rates mentioned in the table above are effective from 1 January 2024.
Features and Benefits of YES Bank Savings Account:
- Enjoy free NEFT / RTGS payment facility via net banking
- Get a debit card with exciting offers
- Enjoy unlimited access to ATMs of any bank throughout the country
- Higher return of up to 7.00% p.a. on saving account
- Avail quarterly payout of savings interest
- Avail free demand draft (DD) issuance through both netbanking and branches
- Pay utility bills at ease using your YES BANK savings account
- Enjoy Life Insurance, Purchase Protection Insurance and Card Lost Liability
- Select an account number of your choice
- With the advancement in technology, you can apply, maintain and track your saving account very easily
- Get access to mobile and SMS banking
- YES BANK also provides doorstep banking services
How to Open a YES BANK Savings Account Online?
Applying for a Savings Account at BankBazaar.com involves three simple steps from the user's end:
Step 1: The user must fill out the Savings Account Eligibility form available online with the required personal data. Once submitted, the website automatically checks the eligibility of the applicant with a list of banks and generates a personalised list of savings account options available.
Step 2: The applicant can compare various Savings Account options offered. If the applicant is eligible to open a YES BANK savings account on the BankBazaar portal, the option will be made available.
Step 3: Select the desired bank and apply for a savings account. The user will then receive an instant e-approval from BankBazaar.com after the successful submission of the Savings Account application online. The application is sent electronically to the selected bank. The Savings Account department of the concerned bank gets in touch with the applicant directly. Users can check the status of their application through SMS and email alerts.
How to Open a YES BANK Savings Account Offline
The applicant must go to the YES Bank branch that is closest to them in order to open a YES Bank savings account offline. The procedures for opening a YES Bank savings account offline are listed below.
Step 1: Visit the nearby YES Bank branch and complete the application for a savings account.
Step 2: The bank representative will ask you for some basic information; be sure to give it to them. Examples of such information include your phone number, email address, Aadhaar card, and PAN card number.
Step 3: At this point, the bank representative will ask you to select the type of YES bank savings account you want to open. Make your selection in accordance with your needs and requirements.
Step 4: If the account has no balance, it is not necessary to make a cash deposit. If not, you must deposit the money according to the type of YES bank savings account you are opening.
Step 5: Gather all the supporting documentation and the deposit cash slip, then present them to the banking representative along with your identification.
Step 6: After the bank has verified all the information you have provided, YES bank will open your YES bank savings account will be opened.
Step 7: A welcome kit containing all the paperwork you'll need to manage the account will be sent to your address.
Other Banks offering Savings Account in India
Bank of Baroda Savings Account
Kotak Mahindra Bank Savings Account
Types of YES BANK Savings Account:
The seven different types of savings accounts that are offered by YES BANK and some of its features are mentioned below:
Savings Account type | Eligibility | Features and Benefits |
YES PROSPERITY - PRO MAX | Indian citizen who are above the age of 18 | Minimum balance Rs.50,000. You can use the debit card for free for the first year; thereafter, a fee of Rs. 599 + GST will apply. 50% off locker use for the first year; and 10% 5x additional Rewardz on certain purchases after that. This variant's debit card comes with lifestyle benefits worth Rs.1,17,615. You will get a two-month Amazon Prime membership, a free two-month Uber voucher worth Rs. 100, a free two-month voucher for a Rs. 100 at BigBasket and a Domino's Pizza voucher of Rs.100 for three months; |
YES RESPECT PROSPERITY | Indian national should be at least 60 years old. Senior citizen should be the primary or initial account holder. | Fixed deposit accounts with YES Bank are eligible for an additional 5% interest. Regular banking activities can earn loyalty reward points. These reward points can be used to pay for recharges, in-store purchases, and gift cards. All YES Bank locations offer convenient and cost-free banking services. There are no fees for cash withdrawals at YES bank ATMs Through NEFT, RTGS, and UPI, you can pay your bills and send money online at any time for no cost. Senior citizens are assigned a dedicated customer service representative. |
YES DIGITAL SAVINGSACCOUNT | Should be above 18 years old. | 2-in-1 trading account Locker facility Lifestyle benefits with attractive offers, cashbacks and reward system. |
WOMEN SAVINGSACCOUNT | Female resident of India should be at least 18 years old. First or primary account holder must be a woman. | Facility for free email and SMS alerts Issued is a personalised ENGAGE debit card with lifestyle benefits. Increased daily withdrawal cap increased POS limit With the ENGAGE debit card, you can earn five times as many reward points on all domestic retail purchases. All YES Bank ATMs offer free withdrawals of currency. 24 hour access to NEFT, RTGS, and UPI for bill payment and money transfers |
REGULAR SAVINGSACCOUNT | a citizen of India who is at least 18 years old | Minimum monthly balance is Rs.10,000. If the client maintains a fixed deposit of Rs. 50,000, they are exempt from the average monthly balance requirement. Issued is an ELEMENT debit card. Possibility of accumulating reward points through routine banking transactions10% off the first year's locker rental fees Offers on regular-priced items like gold, housing, two-wheeler loans, etc. |
SENIOR CITIZENSAVINGS ACCOUNT | Indian national should be at least 60 years old. Senior citizen should be the primary or initial account holder. | Senior citizens receive specialised customer service support. Offering convenient and cost-free banking services at all YES Bank locations Cash withdrawals from YES Bank ATMs are free of charge. On fixed deposits with YES Bank, an additional 5% interest can be earned. On typical banking activities, loyalty reward points can be accrued. These reward points can be applied to recharges, in-store purchases, and shopping vouchers. Through NEFT, RTGS, and UPI, you can pay bills and send money online for no cost, around-the-clock. |
MY FIRST YES | any child between the ages of one day and eighteen years | The usual monthly balance required is Rs.2,500. Invest in children by making regular, fixed deposits. Demand draughts may be issued within certain limits by visiting a branch or using Netbanking. Debit card withdrawal limits that you can customise Mobile and SMS banking services to keep you informed of account activity |
SAVINGS VALUE | Indian citizen over the age of 18 | 500 bonus points are awarded when the account is first opened.India-wide unlimited access to all ATMs from any bankYou can access SMS and mobile banking services to stay informed about all account activity.Interest is paid every three months. |
YES FAMILY | Open at least two-family accounts. The recommended average monthly balance is Rs.50,000. A fixed deposit of at least Rs.5,000,000. | The primary client receives a free voucher from Taj Hotels for Rs.5,000. Benefits worth Rs. 1.6 lakh are offered with an ELECTRIC debit card, and complimentary benefits for members of the family are offered with a YES FIRST credit card. A team of experts to help manage banking services. the chance to triple rewards on banking services. The account comes with extra benefits like free tickets from BookMyShow. Locker of any size is free for the first year; thereafter, all family members receive a 60% lifetime discount. |
PRADHAN MANTRIJAN-DHAN YOJANA | Indian citizens who don't have any other bank savings accounts | Clients can earn significant returns on their savings. The RuPay PMJDY debit card comes with promotions. Customers in India have unlimited access to ATMs from any bank. Account holders may purchase accident insurance. |
Documents Required for YES BANK Savings Account
To open a savings account with YES Bank, applicants must submit the listed documents. Self-attested copies of each document should be provided. The applicant must provide original documents at the time of verification.
- Identity proof (PAN Card, Voters ID, driving license, passport, Aadhaar card and NREGA card)
- PAN Card
- Form 60 (If you dont have a PAN card)
- Address proof (Passport, PAN Card, Aadhar card, Voters ID, driving license, and NREGA card)
- Latest photographs
YES PAY
YES PAY is a digital wallet launched by YES BANK to facilitate smart phone and social media users to transact seamlessly for payments and receipts. All YES BANK customers and non-customers can register for this wallet and will receive a free virtual online card that can be used to make online transactions such as mobile and DTH recharges, purchase gift vouchers and discount coupons and pay bills.
Benefits of YES PAY
- Transfer funds to YES PAY users or bank accounts.
- Request for money from your contacts.
- Split bills or expenses amongst a group.
- Set goals to contribute a specified amount regularly for in-app purchases.
- Recharge your phone or DTH.
- Shop online at over 30,000 merchants with a single click.
- When you purchase a mobile or tablet with YES PAY, you can purchase insurance to safeguard you against expenses for handset damage, replacement and loss.
- Get attractive reward points for transactions made through YES PAY.
- Pay your bills.
- You can also download the latest songs across a variety of categories.
How to use YES PAY?
Download the mobile app and register for the wallet. Through Facebook, one can easily access their YES PAY wallet without registration. Enter your mobile number and then the OTP. Set a 6-digit PIN as your login. You need to enter your personal details and set secret questions. Your wallet will be created.
To use the YES PAY wallet you simply need to load money through your YES BANK account or any other bank account using Internet banking or a debit card, or IMPS. Once the money is in your wallet, you can transfer funds and pay for a variety of purchases and bills by selecting the "YES PAY" option while checking out.
Savings Account Popular Pages
Other Products from Yes Bank Bank
Note: With effect from 1st November 2015, the interest rate of 6% p.a. will be applicable on Savings Account balances. Rates are subject to change at the sole discretion of YES BANK. Conditions apply. For more details, please visit the nearest YESBANK branch or www.yesbank.in
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on YES BANK Savings Account
- Where can I find my account statement?
Your account statement will be mailed to you at the address provided by you in the account opening form. If you have provided your email ID, you will receive an e-statement every month. Your account statement is also available in your online banking account.
- What is the Grievance Redressal system?
If you have a complaint or query, you can send an email to YES BANK at yestouch@yesbank.in.
You can also call their "YES TOUCH" Phone Banking Number.
- Is it possible to upgrade my savings account to a better variant?
Yes, you can change your savings account to another variant of your choice. You need to contact the nearest YES BANK branch, or the branch where you hold your savings account, to make the change or upgrade.
- If no salary is credited to my YES BANK salary account, will I be charged?
If no salary is credited for 3 consecutive months, your account will convert to a regular savings account, requiring you to maintain the minimum average balance or face charges.
- My salary account was converted to a savings account. I cannot maintain the minimum balance required for a savings account, what should I do?
Contact the bank immediately and communicate your situation. You might be given the option to maintain a zero balance savings account with the same features or with alterations. You can also close your bank account with YES BANK to avoid further charges.
- Can I transfer my YES BANK salary account to my new organisation and continue to receive salary in the account?
Yes, if your new employer has a tie-up with YES BANK. Submit an official letter/email from your company to the nearest branch with your name and account details.
- I am a YES BANK customer. Will I automatically be registered for YES PAY?
No. You need to register for YES PAY separately. While registering, you can use your Customer ID issued by YES BANK.
- Are there any limits on the wallet usage?
Yes, as stipulated by the RBI, the maximum amount you can load in a month is Rs.20,000. This rule was applicable till 31st December 2016. The new permissible limits will be put into force as per the new RBI guidelines.
- If I lost my smartphone, can I lock my YES PAY wallet?
Yes, there is an option to lock the YES PAY wallet. You can click on "Lock Wallet" when you are on the app. You can also call the YES BANK toll free number (1800-2000) to lock your wallet. No transaction can be carried out once it is locked. To unlock your wallet, you can use the OTP.
- Can I use the YES PAY wallet at merchant outlets?
YES PAY Is accepted at over 40,000 merchants. If the merchant accepts this payment, you will be able to use your YES PAY wallet to pay for the transaction.
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