YES Bank Savings Account

Individuals can meet their financial needs with a variety of YES Bank savings account since it offers attractive interest rates, immense investment benefits, and a lot more features.

The bank’s savings accounts are specifically developed for older citizens, minors, military members, and women, and some have premium features and advantages, while others are basic accounts with general characteristics.

YES Bank Savings Account Interest Rates

Here is the table for the YES Savings Account Interest Rates 2024:

Balances

YES Bank Savings Interest Rate

Rs. 1 lakh

4.00% p.a.

Rs. 1 lakh - Rs. 10 lakhs

4.25% p.a.

Rs. 10 lakhs - Rs. 1 crore

4.75% p.a.

Rs. 1 crore - Rs. 25 crores

5.00%

Characteristics

Following are the prominent features-

  • Minimum Account Balance: The Savings account requires a different minimum balance than other types of savings accounts. For various saving accounts, the minimum balance required ranges from INR 0 to INR 1,00,000.

  • Account Balance Maximum: The maximum amount of balance is unlimited.

  • ATM Service: YES Bank offers ATMs located throughout the country where depositors can withdraw funds. Depositors can withdraw funds from both YES Bank and non-bank ATMs.

YES Bank Savings Account Open Process

Opening a savings account with YES Bank is simple and straightforward, with the choice to open the YES Bank savings account online or in person at the nearby branch.

You can bring your KYC documents to your nearest YES Bank branch or apply for a savings account online. When you apply online, you get the added benefit of a quick and painless doorstep documentation procedure. To put it another way, the Bank comes to you.

Eligibility to Open a Savings Account with YES Bank

The applicant needs to be an Indian resident to open a savings account with YES Bank.

Required Documents to Open a Savings Account with YES Bank

Applicants must submit the following papers in order to create a savings account with YES Bank. Each document should be accompanied by self-attested copies. Also, at the time of verification, the applicant must produce original documents.

  • Identity verification (PAN Card, Voters ID, driving license, passport, Aadhaar card, and NREGA card)
  • Form 60 for PAN Cards (If you do not have a PAN card)
  • Address verification (Passport, PAN Card, Aadhar card, Voters ID, driving license, and NREGA card)
  • Most recent pictures

Charges Applicable

Minimum Balance Requirement

Nil - Rs. 1,00,000

Note: The minimum balance requirement can vary based on the type of savings account that is opened with YES Bank.

Types of YES Bank Savings Accounts

Following are the types of savings accounts available to be opened at YES Bank-

1) Customizable Savings Account

Instead of giving off-the-shelf options, the personalized savings account gives the user the power to pick. The savings plan provides the following-

  • Apealing Interest rates.
  • Debit Card: Select the best option for the individual from Element, Engage, or Explore.
  • Pricing Alternative (as an alternative to a minimum balance): There is no minimum balance requirement whether you choose FDs, RDs, or give standing instructions for mutual fund investments.
  • Benefits Package for Accounts: Unlimited ATM use, Digital Banking, Family Advantage, and Branch privileges are all available.
  • YES pleasures (free starting offers): Special offers when opening a Demat account.

2) Digital Savings Account

Opening a digital savings account is quick, secure, simple, and paperless. The scheme provides excellent interest rates, onboarding incentives, and many other benefits.

  • Instantly create a digital savings account.
  • YES Bank's virtual debit card makes internet shopping simple.
  • Account access is simple with YES Online, YES Mobile, YES Robot, and Whatsapp banking.
  • 24/7 Online fund transfers include IMPS, NEFT, RTGS, and UPI.
  • Special deals on Demat accounts and lockers.

3) Grace Savings Account

  • The Grace savings account is only available to women.
  • More than INR 32,000 in lifestyle advantages with the Explore debit card (free for the first year).
  • One year of free locker use.
  • The annual maintenance price on Demat Account is waived for one year.
  • The family will receive one complimentary nil average monthly balance savings account.
  • YES Online, YES Mobile, and UPI transactions are all free.
  • YES Robot is a personal banking assistant who is available for 24 hours a day, seven days a week.

4) Respect Savings Account

  • Senior citizens have their own savings accounts.
  • INR 5,000 is the lower average monthly balance.
  • Element Debit card is free for life.
  • Increased liquidity.
  • Lockers are discounted.
  • ATM cash withdrawals are free, as are branch withdrawals.
  • YES Online, YES Mobile, and UPI transactions are all free.
  • YES Robot is a personal banking assistant who is available for 24 hours a day, seven days a week.

5) XLRate Savings Account

Higher interest rates are available with the XLRATE savings account. The returns are comparable to those of a fixed deposit but with the liquidity of a savings account.

  • With the auto sweep-in function, you have easy liquidity.
  • Fixed deposit auto-renewal
  • The family will receive one complimentary nil average monthly balance savings account.
  • ATM cash withdrawals and branch withdrawals are both free.
  • YES Online, YES Mobile, and UPI transactions are all free.
  • YES Robot is a personal banking assistant who is available for 24 hours a day and for seven days a week.
  • Email alerts are free.

6) Value Savings Account

  • The Savings value account is a comprehensive value-for-money strategy that provides a slew of banking advantages. Furthermore, the minimum balance requirement bonus is only offered at a limited number of YES bank offices.
  • Offers competitive interest rates.
  • On normal banking transactions, you can earn up to 8,000 loyalty points.

7) My First YES Savings Account

My First YES is a piggy bank for children that provides high returns while simultaneously teaching youngsters how to manage their savings. For children, the account is the first step toward financial literacy.

Furthermore, it gives a platform for the youngster to understand the fundamentals of banking. Simultaneously, parents can begin saving for their child's future. In addition, the debit card has flexible limitations and provides kids with access to pocket money.

  • INR 2,500 is the average monthly balance.
  • With a fixed deposit, the average monthly balance is waived.
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