Yes Bank Salary Account
Yes Bank Salary Account is a type of savings account opened by employers to credit their employees' salaries. It comes with various benefits like zero balance requirements, free banking services, and attractive interest rates.
Overview of Yes Bank Salary Account
Yes Bank Salary Accounts are designed to offer higher returns and a truly unmatchable banking experience to all account holder. The Yes Bank Smart Salary Program gives the advantage of exclusive banking privileges, higher savings deposit interest rates and best banking services. Yes Bank salary account will give unmatchable benefits to both the employee and the employer.
Bank | Yes Bank |
Category | Yes Bank Salary Account |
Minimum Balance Requirements (MAB) | Nil |
Interest Rate - Yes Bank Savings Account | Up to 5.5% per annum |
Debit Card Offered |
|
Interest Rates
Particulars | Rate of Interest |
Up to 1 lakh | 4% p.a |
From 1 lakh to less than 10 lakhs | 5% p.a |
From 10 lakhs to less than 300 Crore | 6% p.a |
Types of Yes Bank Salary Account
Yes Bank offers three different types of salary account, each carefully crafted to offer the best benefits, to match the varying needs of customers. Each salary account offered by Yes Bank comes with an unique range of features and will take the banking experience to the next level.
Yes Bank Smart Salary Platinum Account:
- With Yes Bank Smart Salary Platinum Account, customers will get to enjoy unique banking privileges and best - in - class service. Yes Bank Smart Salary Platinum Account holders get a dedicated relationship manager as single point contact for all banking needs and also an exclusive concierge assist.
- Yes Bank Smart Salary Platinum Account comes with other features like free doorstep banking services, free demat account opening and free monthly account statements.
- With the free Money Monitor Service, customers can experience total ease of account management.
- With the Yes Bank International Platinum Debit Card offered with this account, customers can enjoy insurance benefits, fuel surcharge waivers and lost card liability.
- Yes Bank Smart Salary Platinum Account holders can also get free zero balance account for family members.
- Free International debit card access to over 1. 25 million ATMs and 25 million merchants and Free Demat Account with 100% AMC waiver for lifetime.
Yes Bank Smart Salary Exclusive Account:
- Yes Bank Smart Salary Exclusive Account comes with zero balance requirements and other advantage like 50% waiver on AMC and free demat accounts.
- Yes Bank Smart Salary Exclusive Account customers can choose to open a free zero balance account for their family members.
- With Yes Bank Gold Debit Card that is offered with this account, customers can enjoy benefits like free personal death accident cover and purchase protection benefit.
- Yes Bank Smart Salary Exclusive Account customers can manage their accounts without any hassles using the Money Monitor facility.
- Monthly account statements will be sent at no extra cost to the account holder's email.
- Higher cash withdrawal limit of Rs, 75, 000 and POS limit of Rs. 75, 000 daily. Free unlimited transactions at Yes Bank and other bank ATMs across the country.
Yes Bank Smart Salary Advantage Account:
- Yes Bank Smart Salary Advantage Account holders are offered the flexibility of zero minimum balance requirements.
- Other advantages that come with this account include free demat account with 50% off on AMC for lifetime.
- Yes Bank Smart Salary Advantage Account customers get their monthly statements by email which will help them manage their account easily.
- With Money Monitor service offered by Yes Bank, customers can stay ahead of their finances.
- Yes Bank silver debit card that comes with this account will offer a range of benefits like free personal accident death cover, purchase protection benefit and free unlimited transactions at Yes Bank ATMs.
- Purchase Protection benefit of Rs. 25, 000 and daily cash withdrawal and POS limit of Rs. 25, 000 including free & unlimited transactions at Yes Bank and other bank ATMs.
Yes Digital Salary Account:
- Account can be opened instantly.
- Interest is paid out on a quarterly basis.
- No minimum balance required.
- Attractive interest rates.
- A virtual platinum debit card is provided.
- You need not visit the bank branch to open an account.
- Free IMPS/RTGS/NEFT transactions.
Yes Vijay:
- A salary savings account that is provided only for individuals in the Defense Forces.
- No minimum balance needs to be maintained.
- Up to Rs.30 lakh of Personal Accident Cover is provided.
- You can earn an interest rate of up to 6% p.a.
- A free titanium debit card is provided.
- The daily international and domestic withdrawal limit is Rs.75,000.
Services Offered with Yes Bank Salary Account
Yes Bank offers a wide range of services with salary accounts that will make banking more personalized and convenient. Here are some of the advantages that come with Yes Bank salary accounts.
Cheque Book | Payable at Par cheque book free |
Passbook and e-Statements | Passbook is issued at no extra cost. Free monthly statement of account provided. |
Internet Banking | Yes |
SMS Alerts | Yes |
Fund Transfer | Through RTGS and NEFT |
Utility Bill payments through Net Banking | Free |
Demat Trading Account | Free |
Cash Withdrawal | 5 transactions free (for non-metro) and 3 free transactions (for metro) for cash and non - cash transactions at other Bank ATMs across India. Free cash and non - cash transactions at SBI ATMs across India (maximum of 5 transactions at own bank ATMs for select SBI debit card holders) |
Features of Yes Bank Salary Account
Yes Bank salary account comes with an array of benefits for both employees and employers. With making the whole salary credit process easier for organizations to offering the highest interest rate for account holders, Yes Bank salary account ticks all criteria to be the perfect solution for employers and employees. Here are some of the features that come with Yes Bank Salary Account.
Benefits Offered by Yes Bank Salary Account to Employers | |
Automating Salary Process | Employers can automate the entire salary processing cycle with Yes Bank's flexible models. |
Unparalleled Customer Service | Dedicated help desk for corporate clients to help with salary processing. |
End to end integration | Integration of salary accounts with Payroll, ERP and HR accounting systems with real time processing at no extra cost. |
Faster Reconciliation | Instant credit and assured Reconciliation |
Hassle Free Process | Employers can make the whole salary credit process hassle free with Yes Bank accounts. |
Benefits Offered by Yes Bank Salary Account to Employees | |
Higher Returns on savings account | up to 6% interest per annum for savings account. |
Anywhere Banking | With Yes Bank anywhere banking service, customers can access their accounts from any Yes Bank branch across the country. |
Locker Facility | YEs Bank Salary Account holders can opt for locker facility. |
Easy Account Management | With Net Banking and Mobile Banking Services, customers can manage their salary accounts easily. |
Free Cheque Book | Free Payable at Par multi city cheque book. |
Investment Advisory | Free investment advisory for Yes Bank Salary Account customers |
Bill Payment Services | Customers can pay utility bills using Yes Bank net banking at no extra cost. |
Insurance Options | Free personal accident death cover, purchase protection and lost card liability. |
Money Monitor | A one step money tracking application for managing your financial accounts across multiple financial institutions. |
Highest Security Levels | Two factor authentication for net banking to offer extra security. |
Best Interest Rates | Yes Bank Salary Account holders can apply for recurring deposits, fixed deposits and tax saver deposits at no extra cost. |
Insta SMS Alerts | For Every transaction, the customer will get free SMS alerts for easy management of account. |
Comprehensive Insurance Solutions | Yes Bank also offers insurance solutions for salary account customers. |
Travel Cashless | Unlimited transactions at Yes Bank and other Bank ATMs |
AMC Waiver | 50% to 100% waiver on AMCs for lifetime |
Fees and Charges for Yes Bank Salary Account
Transaction Type / Services | Yes Bank Smart Salary Platinum Account | Yes Bank Smart Salary Exclusive Account | Yes Bank Smart Salary Advantage Account | Yes Digital Salary Account | Yes Vijay |
AQB Non Maintenance Charges | Nil | NA | Nil | Nil | Nil |
Intra Bank Fund Transfer - Branch and Net Banking | Free | Free | Free | Rs.30 per transaction | Free |
RTGS Payment Charges | Free | Free | Rs. 25 to Rs. 50 if done at branch. Free for Net Banking | Up to Rs.40 (Depending on the amount that is transferred) | Free |
NEFT Payment Charges | Free | Free | Rs. 2.5 to Rs. 15 if done at branch and free if done using Net Banking | Up to Rs.20 (Depending on the amount that is transferred) | Free |
Payable at Par Cheque Usage | 50 transactions per month free. Rs. 2 per transaction thereafter | 50 transactions per month free. Rs. 2 per transaction thereafter | 25 transactions per month free. Rs. 2 per transaction thereafter | Rs.3 for each cheque leaf | Free |
DD Payable at Yes Bank branch locations | Free | Free | Free | Contact the Bank | Free |
DD Payable at Yes Bank locations - Net Banking | Free | Free | Free (courier charges of Rs. 20 apply) | Contact the Bank | Free (Rs.20 is levied as courier charges) |
RTGS and NEFT collection charges | Free | Free | Free | Contact the Bank | Free |
Outstation Cheque Collection Charges - Yes Bank locations | Free (courier charges of Rs. 20 applicable) | Rs. 25 per instrument | Free (courier charges of Rs. 20 applicable) | Rs.50 for each cheque | Rs.100 per instrument |
Cheque Collection Local Clearing | Free | Free | Free | Rs.50 for each cheque | Free |
Number of free doorstep Banking service visits | 5 visits per month | 5 visits per months and Rs. 100 thereafter per visit | Nil | Contact the Bank | Contact the Bank |
Charges for Pick up or delivery of instruments | 10 txns free per month thereafter Rs. 200 to Rs. 1500 | 10 txns free per month thereafter Rs. 200 to Rs. 1500 | Rs. 100 to Rs. 1500 depending on transaction | Contact the Bank | Contact the Bank |
Cheque Return Due to Insufficient Funds | Rs. 300 per cheque | Rs. 300 per cheque | Rs. 300 per cheque | Rs.350 - Rs.750 | Rs.300 for each cheque |
Phone Banking | Free | Free | Free | Free | Free |
Mobile Banking | Free | Free | Free | Free | Free |
SWIFT Charges | Rs. 500 | Rs. 500 | Rs. 500 | Contact the Bank | Contact the Bank |
Monthly Account Statement Charges | Free | Free | Free | Contact the Bank | Free |
Debit Card Type | Yes Bank Platinum Debit Card | Yes Bank Titanium Plus Debit Card | Yes Bank Titanium Debit Card | Virtual Platinum Debit Card | Titanium Plus Debit Card |
Annual Fee for debit card | Nil | Nil | NA | Charges are applicable if you request for a physical debit card | Free |
Replacement of debit card | Free | Rs. 149 per instance | Rs. 149 per instance | Rs.149 for physical debit card | Rs.149 for each instance |
Foreign outward remittance charges | Rs. 500 inclusive of SWIFT charges | Rs. 500 inclusive of SWIFT Charges | Rs. 700 - SWIFT charges plus Rs. 200 commission | Contact the Bank | Contact the Bank |
Charge Slip Retrieval | Rs. 250 per instance | Rs. 250 per instance | Rs. 250 per instance | Rs.100 for every cheque | Contact the Bank |
FAQs on Yes Bank Salary Account
- Who can open a Yes Bank Salary Account?
Salaried individuals whose employer has a tie-up with Yes Bank.
- Is there any minimum balance requirement?
No, all Yes Bank Salary Accounts are zero balance accounts.
- What debit cards are provided?
Cards include Virtual Platinum, Titanium, Titanium Plus, and Platinum Debit Cards based on account type.
- Can family members open a linked account?
Yes, select variants offer free zero balance accounts for family members.
- What is the interest rate on the account?
Up to 6% p.a., based on the account balance slab.
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