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Savings Account
  1. Yes Bank Profile

Money saved is money earned as the old proverb says and this is fully applicable to today’s world where many people spend before they earn. Regardless of one’s financial position and monthly expenditure, savings accounts play a significant role in one’s life. These savings accounts are a must for everyone as they help you save so that you can tide over problems during emergencies. Such an emergency fund would also help you overcome your fiscal concerns when you are going through some crisis.
 

With its bold and unconventional customer-oriented strategies, Yes Bank has established itself as one of the leading banks in India. It is one of the few private sector banks that have seen a tremendous growth in a short span of time. Being one of the leading banks in the country, Yes Bank offers an array of financial products and expert advice to all its customers and provides them with unlimited access to all these products through its branches and ATMs all across the nation.
 

Yes Bank offers a range of savings accounts to individuals for meeting their banking needs. Savings accounts are specially designed for senior citizens, minors, defence personnel and women and some accounts also have premium features and benefits while others are basic accounts with simple features. Let us take a look at the different types of Yes Bank savings account offered and the features and benefits of each account.

2. Types of Yes Bank Savings Account

Yes Bank offers a range of savings accounts that are suited to the needs to various customer segments that the bank caters to. The following are the key account types provided by the bank.

  1. Smart Salary Account – a salary savings account with Yes Bank designed to benefit both the employer and the employee. The features and benefits of this Yes Bank saving account are as follows:
  • The Yes Bank savings account promises great benefits to the employer which includes automating the salary processing cycle through various flexible models, faster reconciliation, a dedicated corporate help-desk for resolving queries and end-to-end integration with HR, ERP and payroll accounting systems at no cost.
  • The Yes Bank savings account promises a 7% rate of interest if the balance in the account is Rs. 3 lakh and above else 6% interest rate which is the highest in the industry
  • Ease of banking through vast network of branches and ATMs
  • Free RTGS/NEFT payments through Netbanking, unlimited issuance of Demand Drafts, payable-at-par multi-city cheque book, investment advisory services and supplementary Debit-cum-ATM card for the joint accountholder.
  • Yes Bank offers facility of paying Utility Bills online through Bill payment facility
  • Free Personal Accident Death cover, Lost Card Liability cover and Purchase Protection on the Debit Card
  • Facility of Money Monitor to track financial information, mobile banking facility, SMS alert feature and Phone Banking facility is available with this Yes Bank savings account.
  1. Smart Saver Account – a Yes Bank savings account combining the features of a savings bank account and a Fixed Deposit account in one account. The features and benefits of this savings account from Yes Bank are as follows:
  • A zero balance Yes Bank savings accounts which is offered free without having to maintain any Yes Bank minimum balance requirement till the Yes Smart Saver facility is activated.
  • The account provides high returns of a Fixed Deposit scheme and the liquidity of a Savings Account.
  • The accountholder can withdraw 90% of the Fixed Deposit amount through the facility of overdraft. Interest is payable only on then overdrawn amount while 100% of the deposit continues to earn a higher rate of interest.
  • Yes Bank offers 24x7 access to the account through the facility of YES TOUCH service.
  • Free unlimited domestic transactions at other bank’s ATMs.
  • Platinum International Chip Debit Card with international acceptance and higher limits on cash withdrawal and POS transactions
  • A personalised cheque book is available with every Yes Bank savings accounts
  • Yes Bank offers facility of paying Utility Bills online through Bill payment facility
  1. Yes Respect – a Yes Bank savings account for senior citizens with the following features and benefits:
  • The savings account with Yes Bank promises a 7% rate of interest if the balance in the account is Rs. 3 lakh and above else 6% interest rate
  • 0.50% extra rate of interest on term deposits
  • 40% discount on lockers
  • The Annual Maintenance Charges on the Demat Account is waived for one year
  • Savings with Yes Bank gives the accountholder access to a dedicated Relationship Manager who is there to provide advisory services and meet the banking needs of the customer
  • Discounts at health stores, chemists, hospitals, retail outlets, hotels, etc.
  • Free Silver Debit card with higher limits on cash withdrawals and POS transactions
  • SMS and email alerts for banking transactions and Phone Banking facility
  • Discounts on medical consultation and diagnostic packages at Metropolis India Diagnostic Centres
  • Free Personal Accident cover of Rs. 1 lakh on the Debit Card is available with this type of savings account
  1. Yes Vijay – a savings account with Yes Bank designed for the defence forces of India with the following features and benefits:
  • A zero balance salary savings bank account with a facility of maintaining a lifetime zero balance account without the requirement of a minimum balance
  • The Yes Bank savings account promises a 7% rate of interest if the balance in the account is Rs. 3 lakh and above else 6% interest rate which is the highest in the industry
  • Yes Bank savings account provide ease of banking through vast network of branches and ATMs
  • Unlimited issuance of Demand Drafts free of cost
  • Higher returns on Fixed Deposits with auto sweep-in facility linking the deposits to the savings accounts
  • Continued account benefit post retirement available with this savings bank account
  • Access to exclusive Yes First business lounges at flagship branches and Yes Assist Concierge service for all the non-banking transactions
  • Free Debit-cum-ATM card with unlimited access to the bank’s or other bank’s ATMs, free additional Debit Card for accountholders, supplementary Shopping – cum- ATM card for joint accountholders, Gold Debit Card for Officers rank and above and Silver Debit Card for Personnel below Officer Rank.
  • Free Personal Accident Insurance cover of Rs. 5 lakh for all personnel
  • Free Demat Account opening and lifetime discount on AMC of Demat Account @ 50%
  • A zero balance Non Residential account for personnel assigned to International Assignments with attractive pricing on remittance rates
  • A dedicated Relationship Manager for banking assistance
  • Yes Bank offers ease of investment in Mutual Funds with online funding of Brokerage Account
  • Facility of Money Monitor to track financial information, mobile banking facility, SMS alert feature and Phone Banking facility.
  1. Yes Grace – a Yes Bank women savings bank account with the following features and benefits:
  • The savings bank account promises a 7% rate of interest if the balance in the account is Rs. 3 lakh and above else 6% interest rate
  • Yes Bank savings account interest rate is paid on the account is paid out quarterly
  • A zero balance My First Yes Account for the child
  • The Average Quarterly Balance requirement of Yes bank savings account is completely waived if a Fixed Deposit or a Recurring Deposit account is maintained
  • Optional sweep facility to maximize earnings is available with this savings bank account
  • Investment Advisory services via email
  • 0.5% cash back on Debit Card purchases, 25% discount on locker fees, first year waiver of AMC on Demat Account and attractive deals and gifts through Yes Privileges
  • Free Mobile phone alerts for all banking transactions
  • Doorstep banking facility
  • Silver Debit Card with added Lost Card Liability and Purchase Protection coverage
  • Facility of Money Monitor to track financial information, mobile banking facility, SMS alert feature and Phone Banking facility.
  • Discounts on medical consultation and diagnostic packages at Metropolis India Diagnostic Centres and Health Insurance from Bajaj Allianz
  1. My First Yes Account – a Yes Bank savings account for children to teach them the different aspects of banking. This can also be opened as joint savings account. The features and benefits of the savings bank account are as follows:
  • The savings account with Yes Bank promises a 7% rate of interest if the balance in the account is Rs. 3 lakh and above, else 6% interest rate
  • The Average Quarterly Balance requirement is Rs. 2,500 only
  • The AQB is waived if a Fixed Deposit is also maintained with the bank
  • The parents can determine the cash withdrawal limit on debit cards for the child and customize them as per requirement at Rs. 1,000 or Rs. 2,000 or Rs. 5,000 per day for children aged 10 years and above
  • Automatic transfer of money from the parent’s account to the child’s account through Yes Pocket Money
  • Free personalized Under Guardian cheque book
  • A free Personal Accident Death Insurance cover of Rs. 1 lakh
  • The interest on the account is paid out quarterly
  • Ease of banking through vast network of branches and ATMs
  1. Yes Honor – a salary type of savings account for the Government employees with the following features and benefits:
  • Employees of Central Government, State Government and Public Sector units can avail of the Yes Bank Savings account which is a zero balance savings account
  • The account promises a 7% rate of interest if the balance in the account is Rs. 3 lakh and above else 6% interest rate
  • Free Debit Card with unlimited access to ATMs and POS outlets and enhanced cash withdrawal limit
  • Ease of banking through vast network of branches and ATMs
  • Free RTGS / NEFT payments through Netbanking, unlimited issuance of Demand Drafts and supplementary Debit-cum-ATM card for the joint accountholder.
  • Facility of paying Utility Bills online through Bill payment facility
  • Free Personal Accident Death cover, Lost Card Liability cover and Purchase Protection on the Debit Card
  • Preferential rates on loans is also offered along with savings accounts
  • Facility of Money Monitor to track financial information, mobile banking facility, SMS alert feature and Phone Banking facility.
  • Attractive financial solutions including insurance solutions, Yes Gift Card, Yes Tax Solutions, Yes Bank Multi Currency Travel Card and Yes Bank Pay Now services.
  1. Yes Family Savings Bank Account: at Yes Bank, the importance of family is well understood, and hence they offer a family savings bank account, a unique account that enables you to open account of your entire family member and link them together to enjoy flexibility on balance maintenance. It will be more comfortable for you to manage all the savings accounts through a single screen. This savings account with Yes Bank offers multiple benefits and greater banking privileges. Few of them are discussed here:
  • The Yes Bank savings account offers the option to maintain the minimum balance across all your family savings accounts
  • The account is eligible for 6% p.a. interest on account balance
  • No debit card fee after the 1st year
  • A free personalised cheque book is provided at the time of opening the account
  1. 3 – In – 1 account – a Yes Bank savings account offering complete investment solutions through a savings account, Demat account and securities investment account. The features are as follows:
  • A Savings Account, Demat Account and a Yes Securities investment account can be opened at one instance
  • All the three accounts provide instant and easy access
  • Availability of ready investment packs based on the risk profile and objectives
  • A wide range of investment products which include equities and derivatives, mutual funds, currency futures, Bonds, NCDs and IPOs
  • Open a savings account with Yes Bank and enjoy the ease of access through computer, tablet and mobile phone
  • The account promises a 7% rate of interest if the balance in the account is Rs. 3 lakh and above else 6%. Apart from this there is no Yes Bank savings account charges
  1. Savings select account: a savings account with Yes Bank designed with the singular purpose of helping and encouraging you to grow your savings. The key attractions of the savings bank account are:
  • The account offers higher return of 6% p.a on your savings bank account balance.
  • Debit cards with many attractive features and exciting offers and unlimited access to ATMs of any bank across India.
  • Tax free interest income up to Rs. 10,000 on savings accounts
  • Free NEFT/RTGS facility through net banking
  • Free demand draft issuance up to defined limits through net banking and Yes Bank branches
  • The bank offers free utility bill payment facility through net banking for registered billers
  • Set up of standing instruction facility is also offered free of cost

3. Yes Bank Savings Account Eligibility Criteria

The savings account with Yes Bank is available for adults (over 18 years of age) who are - Resident Individuals (as sole operated or joint accounts), foreign nationals residing in India and HUF (Hindu Undivided Family) customers. Minors (below 18 years) may open their first savings account with Yes Bank with parent/guardian as joint holder and those above 60 years can open a Yes Respect Savings Account (the Senior Citizen’s preferred account type).

4. Documentation required for Yes Bank Savings Account

The documentation process of Yes Bank is simple and convenient. Here are the documents you need to submit before opening an account with the bank.

  • Address Proof and Identity Proof as per banking norms like Aadhar Card or Voter Id Card
     
  • For minors
  • In case the guardian is illiterate, date of birth certificate of the minor from the competent authority
  • If guardian is appointed by the court then copy of the court order providing guardianship rights

5. Yes Bank Savings Account Interest Rate

Yes Bank is a leading player in India’s banking sector in terms of the interest rates it provides its customers. Yes Bank had increased its interest rate on savings deposits to 7% five years back in 2011.

However, the bank provides an interest rate of 6% on smaller deposits though larger deposits still feature the 7% rate. Though the bank has lowered its interest rates to 6%, this is still more than what most other banks in India currently provide.

6. Applying for Yes Bank Savings Account Online

Savings accounts can be opened online through Paisabazaar.com. The process is simple and all you need to do is input some key details about yourself in order to get the applicable savings account options from Yes Bank as well as other banks. Once you have selected the type of savings account that suits your unique requirement, you can apply for the account electronically. Later on, a Yes Bank representative will contact you to complete any and all additional formalities that may be required. 

Yes Bank Savings Account
(3/5 ) 1 Review
Savings AccountSavings Account
3/5

Good account

My savings account gives me a returns of 6%. Very good bank with very easy processing. I had no problem in getting my account opened as the Paisabazaar team and bank personnel were very helpful.

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Posted on: Dec 9 , 2016
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