For those looking to save for the future, opening the Yes Bank Savings account is probably the best start. This savings account options offered by Yes Bank comes with all the banking privileges, such as enhanced domestic and international withdrawal limit, free Demand Draft at all Yes Bank branches, access to the account from anywhere in the world, and the benefit of fund transfers, 24/7 net banking and so on. While the interest rate for savings accounts for most banks is 3.5% p.a., Yes Bank has offered its customers interest rates of 6.25% p.a. for deposits more than Rs.1 crore, 6% p.a. for deposits more than Rs.1 lakh and upto Rs.1 crore, and 5% p.a for deposits upto Rs.1 lakh - giving customers better returns on deposits with their savings accounts.
Features and Benefits of Yes Bank Savings Account
- Customers holding the Yes Bank Savings account have the benefit of generating their own account number.
- This savings account comes with the benefit of enhanced interest rates on deposits in the account, enabling customers to earn 70% more (interest over deposits) than most other banks across the country.
- Customers can make unlimited transactions at any ATM across the country.
- Customers can make free fund transfers through the NEFT and RTGS facilities.
Steps to Open a Yes Bank Savings Account
To open this savings account offered by Yes Bank, customers can carry out the whole procedure online instead of having to go to the bank. For those interested, follow the steps mentioned below.
- Visit the Yes Bank homepage.
- Click on “open an account” on the homepage.
- Select “Savings account”.
- Choose the savings account you wish to open.
- Once that is done, fill in the required details of the application form and click on “submit”.
- Next, you can generate your own account number. This number will be used for all banking procedures in the future.
- Once the application has been submitted, one is required to keep his/her KYC documents ready.
- Within a few hours, a bank representative will contact you to collect your KYC documents for verification.
Important points to remember when opening a Yes Bank Savings Account
To ensure that the account opening process for the Yes Bank Savings Account is seamless, remember the points mentioned below.
- Ensure that the name and address that you have mentioned in the application form matches with what is stated in your KYC documents.
- Ensure that the email ID and mobile number that you have mentioned is correct as the bank will use this for future communication with regard to opening the savings account.
- Only once the bank has completed the verification of your KYC documents will the account be activated.
- The online account opening process is available only for new customers. Those already holding an account with Yes Bank will have to visit their local Yes Bank branch to open another account.
- Always select the bank branch that is closest to you.
- If your have partially filled in the application form, you can complete the registration process by either entering your Email ID, or your mobile number or by entering your application number and authentication code. Click on ”continue” to submit the application.
Documents Required to Open Yes Bank Savings Account
When applying to open a savings account with Yes Bank, customers will be required to submit the following documents.
- Duly filled account opening form. To avoid rejection, ensure that all the fields mentioned in the application form are filled.
- PAN card.
- Form 60 (Only if PAN card is not available).
- Latest passport size photographs.
- Proof of identification - PAN Card, Driving license, Passport, Voter’s ID card, etc.
- Proof of address - Valid driving license, Passport, Voter’s ID card, etc.
- Proof of signature - PAN card, valid driving license, valid passport, National Rural Employment Guarantee Scheme (NREGA) card.
Yes Bank Savings Account FAQs
- Is it true that the interest rates offered on deposits in Yes Bank savings accounts are more than most other banks?
- Can I use my Aadhaar card as proof of identification and address when applying to open a savings account with Yes Bank?
- What should I do if I do not have a PAN card when applying to open a savings account?
- Is it possible to change my signature when opening this savings account?
- Can you name some of the benefits of a Yes Bank Savings Account?
Yes, customers are offered 6.25% p.a. for deposits more than Rs.1 crore, 6% p.a. for deposits more than Rs.1 lakh and upto Rs.1 crore, and 5% p.a for deposits upto Rs.1 lakh. Currently, most other banks are offering an interest rate of 3.5% p.a for deposits less than Rs.1 crore and 4% p.a. for deposits more than Rs. 1 crore.
Yes, you can use your Aadhaar card as proof of identification if it contains a photo and as proof of address if it has your address on the card.
You can submit Form 60 instead.
No, the signature has to be the same as it is in your KYC documents.
With this account you can carry out free fund transfers, you will receive a debit card on opening the account to carry out transactions and make withdrawals, you can generate your own account number and can earn more on the interest over the deposits in the account - to name a few.