YES Bank Savings Account

Founded in 2004, Yes Bank is India's fifth largest bank in the private sector. Yes Bank is the only bank to have been awarded the 'Greenfield Bank license' by the RBI in the last ten years. It is a “Full-Service Commercial Bank.” Yes Bank has built a steady Corporate, Retail & SME Banking franchise, apart from Investment Banking, Business and Transaction Banking, Financial Markets, Corporate Finance and Wealth Management business lines across India. It has a robust banking network of over 600 branches which gives it a strong presence in urban India. 

Yes Bank Savings Account Interest Rate

Yes Bank's interest rates for its Savings Account are: 

1. 5% p.a. for daily balance up to Rs 1 lakh
2. 6% p.a. for daily balance above Rs 1 lakh and below Rs 1 crore
3. 25% p.a. for daily balance above Rs 1 crore 

Features of YES BANK Savings Account

1. Free NEFT / RTGS payment facility.
2. Debit cards with exciting offers.
3. Unlimited access to ATMs of all banks across the country.
4. High-interest rates on savings account.
5. Quarterly payout of savings interest.
6. Free demand draft (DD) issuance through net banking as well as through branches.
7. Payments of utility bills at ease.
8. Card Lost Liability, Life Insurance and Purchase Protection Insurance.
9. Selecting an account number of own choice
10. Maintaining and track savings account easily through mobile and SMS banking
11. Doorstep banking services 

Types of YES BANK Savings Account

YES BANK has savings accounts for customers under three categories: 

Personal

Savings Exclusive - This account gives high returns on your account balance. It also provides doorstep services, tax benefits on interest, debit cards with unlimited access to ATMs in India,  etc. 

Savings Advantage - This account offers a high-interest rate of 6% p.a., free demand draft issues and a free silver debit card. 

Savings Value - This account gives complete value for money. It has very low minimum balance requirements and additionally offers some great benefits.

 Savings Select - This account gives high returns of 6% p.a. It offers a silver debit card with unlimited access, sweep-in facility and much more. 

Details	Savings Exclusive	Savings Advantage	Savings Value	Savings Select
Average Quarterly Balance (AQB)	Rs.1 lakh	Rs.10,000	Rs.5,000	Rs.25,000
FD requirement for Nil (AQB)	Rs.5 lakhs	Rs.50,000	Rs.50,000	Rs.2.5 lakhs
RTGS Payment (Branch and Netbanking)	Free	Free	Free	Free
NEFT Payment (Branch and Netbanking)	Free	Free	Free	Free
Foreign Outward Remittance	Rs.500 inclusive of SWIFT charges	Rs.200 plus SWIFT charges	Rs.200 plus SWIFT charges	Rs.200 plus SWIFT charges
Demand Draft payable at YES BANK branch	20 free per month. Rs.50 per instrument, thereafter	10 free per month and Rs.50 per instrument thereafter	4 free per month and Rs.50 per instrument thereafter	10 free per month and Rs.50 per instrument thereafter
NEFT Collection	Free	Free	Free	Free
RTGS Collection	Free	Free	Free	Free
Annual fee for debit cum ATM card	Rs.249	Zero	Rs.149	Rs.149
PIN regeneration	Rs.50 per instance	Rs.50 per instance	Rs.50 per instance	Rs.50 per instance

 Salary

Smart Salary Platinum - Customers owning this account can enjoy exclusive privileges and top-class services with this account. There is no requirement for minimum balance. An International Platinum debit card is issued with this account. 

Smart Salary Exclusive - This account is not only a zero balance account but also gives an interest rate of 6% p.a. and additionally offers the Domestic Gold debit card. 

Smart Salary Advantage - This is an attractive salary account that offers best-in-class services. Being a high-interest account, it does not only have any minimum balance requirement but also offers the Domestic Silver debit card. 

Details	Salary Platinum	Salary Platinum	Salary Exclusive	Salary Advantage
Average Quarterly Balance (AQB)	Nil	Nil	Nil	Nil
FD requirement for Nil (AQB)	Nil	Nil	Nil	Nil
RTGS Payment (Branch and Netbanking)	Free	Free	Free	Free
NEFT Payment (Branch and Netbanking)	Free	Free	Free	Rs.5 to Rs.25 for branch. Free for netbanking
Foreign Outward Remittance	Rs.500 inclusive of SWIFT charges	Rs.500 inclusive of SWIFT charges	Rs.500 plus SWIFT charges	Rs.700 (Rs.500 SWIFT charges plus Rs.200 commission)
Demand Draft payable at YES BANK branch	Free	Free	Free	Free
NEFT Collection	Free	Free	Free	Free
RTGS Collection	Free	Free	Free	Free
Annual fee for debit cum ATM card	Free	Free	Free	Free
PIN regeneration	Rs.50 per instance	Rs.50 per instance	Rs.50 per instance	Rs.50 per instance

 Custom

Customizable Savings Account - This account by Yes Bank is a first of its kind. It enables the customer to design their own savings account. The customers are allowed to choose the debit card of their preference, its pricing options, assimilate the account benefit packages as well as the complimentary introductory offers. This savings account can be tailor-made to suit an individual’s lifestyle and preferences. The customer can also eliminate unnecessary account features and charges which are not required. 

Create Your Own Savings Account - YES BANK lets the customers create their own Savings Account online. Customers can enjoy features like quarterly interest payments, unlimited ATM withdrawal benefits, tax benefits and digital banking. 

YES PAY

YES PAY is a YES Bank's digital wallet designed to aid smartphone and social media users transfer and receive funds effortlessly. Everyone - whether a customer of Yes Bank or not - can register for YES PAY to receive a free virtual online card which can be used for online transactions like recharging mobile and DTH, purchasing gift vouchers or discount coupons and paying bills. 

Benefits of YES PAY

• Send money to users or bank accounts registered for YES PAY and request for money from your contacts.
• Split expenses amongst a group.
• Recharge your phone or DTH.
• Set goals for a contribution of a specified amount on a regular basis for in-app purchases.
• Online shopping.
• Attractive reward points for all transactions made through YES PAY.
• Paying bills.
• Downloading the latest songs and media. 

How to use YES PAY 

• Download the mobile app
• Register for the wallet.
• Or Access YES PAY wallet through Facebook without registration.
• Enter your mobile number followed by the OTP.
• Set up a 6-digit PIN as your login.
• Enter your personal details
• Set secret questions and answers.
• Your wallet will be created.

FAQs

1. Where can one find the account statement?

   The account statement is mailed to the address provided in the account opening form. If email ID was provided, an e-statement will be sent as an email every month. Account statement can also be viewed from the online banking account. 

2. What is the Grievance Redressal system?

   For any complaint or query, approach the grievance redressal system of YES BANK at [email protected]. 

3. Is it possible to upgrade a savings account to a better one?

   Yes, it can be done. In order to make the change or upgrade, contact the nearest branch of YES BANK  or the branch where the savings account is held. 

4. If salary is not credited to the YES BANK salary account, will the customer be charged?

   If there is no salary credited to a YES BANK salary account for 3 consecutive months, the salary account gets converted to a regular savings account where one must maintain the minimum average monthly balance, else they will be charged accordingly. 

5. If customers are unable to maintain the minimum balance required for a savings account, what should they do?

   They should contact the bank immediately, communicate your situation and request for a zero balance account with similar features or with alterations. 

6. Can one receive the salary in the YES BANK salary created by the previous employer?

   If the new employer has an existing salary association with YES BANK, then one can transfer the salary account upon submission of some documents and continue to receive the salary in the same account. 

7. Are all YES BANK customers automatically be registered for YES PAY?

   No. Customers need to register for YES PAY separately. 

8. Are there any limits on the YES PAY wallet usage?

   Yes, as mandated by the RBI, the maximum amount that can be loaded to any mobile wallet is Rs.20,000. 

9. How to lock YES PAY wallet if the phone is lost?

   It can be done by calling the toll-free number of YES BANK 

10. Can YES PAY wallet be used to pay at merchant outlets?

    Yes, YES PAY is accepted by many merchants. If the merchant accepts it, one will able to use the YES PAY wallet for the transaction.