Yes Bank is a public sector bank which was founded in 2004 and gradually became the fifth largest private sector banks in India. It is a commercial bank, headquartered in Mumbai, India.
Yes bank provides a variety of products and services in order to cater to the personal banking, business banking, and corporate banking. It has more than 600 branches and 2000 ATMs across the nation. It has also prospered in digital banking by offering a number of online and mobile services through their website and app, along with their digital payment.
Yes bank also offers a variety of savings account options to cater different needs of every customer. They also have a customisable option that allows customers to get a savings account with the benefits and features they desire.
A savings account is a deposit account held at a bank you have your account in and keep your money, earn interest on it and access it wherever required. It is the most basic type of banking instrument used by an individual. Almost every bank offers this facility that has a retail banking division whether it is a public sector bank or a public bank. However, banks can limit the number of withdrawals you can make from a savings account each month and they may also charge fees unless you maintain a certain average monthly balance in the account. And mostly, banks do not provide cheques with the savings account.
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- 1 Interest Rates on Yes Bank Savings Bank Deposits
- 2 Features and Benefits of Yes Bank
- 3 How To Open Yes Bank Savings Account
- 4 Types of Yes Bank Savings Account
- 5 What is Yes Pay
Interest Rates on Yes Bank Savings Bank Deposits
|Particulars||Rate of Interest|
|Savings Deposit up to Rs. 1 Lakh||5% P.A|
|Savings Deposit Between Rs. 1 Lakh and Rs. 1 Crore||6% P.A|
|Savings Deposits above Rs. 1 Crore||6.25% P.A|
Features and Benefits of Yes Bank
Yes bank has various features and it has its benefits. Keep reading to know some of the features and its benefits:
- Customers of Yes bank can enjoy the facilities of NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) payment facility via Internet banking.
- Customers can also get a debit card along with some exciting offers. The debit card is a card which deducts money directly from a consumer’s checking account to pay for a purchase they make. It also put an end with the need of carrying cash or physical cheques to make purchases.
- If you have a savings account in Yes bank, you can also enjoy unlimited access to ATMs of any bank throughout the country as it has more than 2000 ATMs across the nation.
- You can also avail higher return of up to 6% P.A on the savings account.
- You can also make use of free Demand Draft (DD) issuance through both net banking and branches.
- Use your Yes bank savings account and in order to pay your utility bills at ease
- 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, through which you can perform necessary task from your convenient place and time
- Yes bank also provides doorstep banking services for the comfort of its customers
How To Open Yes Bank Savings Account
If you want to open a Yes bank savings account, you can follow the below-mentioned procedure:
- Acquire savings bank eligibility form in order to proceed further. You can get the form online as well.
- Fill out the form properly and submit it.
- Once submitted, the website automatically checks the eligibility of the applicant
- Generate Account Number of your choice and use it for all future communication after that.
- Keep your KYC (Know Your Customer) documents handy.
- Bank representative will contact you shortly.
Keep the Following Points in Mind Before Applying for Yes Bank Savings Account
- Your name and address should match with what is mentioned in KYC (Know Your Customer) account
- Mention your correct email ID and mobile phone number as this will be used for all future communication related to the application
- Your account will be activated on completion of KYC and other related formalities
- Also please note that this service is only available for existing Yes bank customers. And existing customers can visit the nearest branch to open an account
Types of Yes Bank Savings Account
There are different types of Yes Bank savings account such as Personal savings account, salary savings account, custom savings account etc. Let’s discuss these savings accounts in details:
Personal Savings Account
- Savings Exclusively
If you are a customer of Yes bank, you can enjoy high returns on your account balance along with doorstep services, debit card with unlimited access to ATMs in India, tax benefits on interest and more.
- Savings Advantage
You can also enjoy a high interest rate of 6% p.a. which is payable on your account balance, free demand draft (DD) issues, tax – free interest for up to Rs. 10,000 earned and a free silver debit card.
- Savings Value
You can get complete value for money with low minimum balance requirements. If you are a customer of Yes bank, you can get other benefits offered by Yes Bank.
- Savings Select
Get high returns of 6% p.a. with the benefits of a silver debit card with unlimited access, sweep-in facility, and more.
Salary Savings Account
- Smart Salary Platinum
Get access to exclusive privileges and enjoy best-in-class services with this account. There is no minimum balance required. The debit card issued with this account is an International Platinum debit card.
- Smart Salary Exclusive
Customers can avail zero balance requirements with interest rate of 6% p.a. on your account balance. And Yes bank offers the Domestic Gold debit card with this account.
- Smart Salary Advantage
Customers are not required to maintain a minimum balance, high-interest rates on the balance, and best – in – class services make this an attractive salary account. Yes bank also offers the Domestic Silver debit card with this account.
Custom Savings Account
- Customizable Savings Account
This kind of savings account gives the customer power to design their savings account. The customer can choose their own debit card, pricing options, account benefit packages and complimentary introductory offers. This savings account can be tailored to suit an individual’s lifestyle and banking preferences. The customer can also eliminate unnecessary account features and charges which are not required.
- Create Your Own Savings Account
Yes Bank offers you the option to create your own Savings Account online and enjoy features such as quarterly interest payout, unlimited ATM benefits, tax benefits, branch services and digital banking.
What is Yes Pay
Yes bank has launched a digital wallet known as “Yes Pay” through which a smartphone or social media user can transact seamlessly for payments and receipts. To avail this service both customer or non – the customer can avail this service and can register for this wallet and 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.
There are several benefits of “Yes Pay” which are as follows:
- You can transfer money to Yes Pay users or bank accounts
- You can also send request for money from your contact
- If you wish to split bills or expenses amongst your group you can do so
- For in-app purchase, you can contribute a specified amount regularly
- You can also recharge your phone or DTH through Yes Pay
- You can hop online at over 30,000 merchants with a single click
- Along with the purchase of mobile or tablet with Yes Pay, you can also purchase insurance in order to protect against expenses for handset damage, replacement or loss.
- You can also get attractive rewards points for transactions made through Yes Pay
- You can pay your bills and also
- You can download the latest songs across a variety of categories
To use “Yes pay”, you can download the mobile app and register for e–wallet. Through Facebook, you can easily access your Yes Pay wallet without registration. Enter your mobile phone number and enter OTP (One Time Password) which you have received on your phone. You will also have to set a 6 – digit pin as your login ID. Also, enter your personal details and your wallet will be created.
And to use it you can simply load money through your Yes Bank Account or any other bank account using internet banking or a debit card or through IMPS. Once you receive the money in your wallet, you can transfer funds and pay for a variety of purchases and bills by selecting the “Yes Pay” option at the time of checking out.