YES BANK, founded in 2004, took the Indian banking sector by storm and grew to become the fifth largest private sector bank. Recognised as one of the fastest growing banks, it offers a wide range of products that cater to personal banking, business banking and corporate banking. YES BANK also flourished in digital banking providing a number of online and mobiles services through their website and app, along with other digital payment solutions. YES BANK offers a variety of savings account options to cater to different needs of every customer. They also have a customisable option that allows customers to get a savings account with the benefits and features they desire.
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Features and Benefits of YES BANK Savings Account
- Enjoy free NEFT / RTGS payment facility via net banking
- Get a debit card with exciting offers
- Enjoy unlimited access to ATMs of any bank throughout the country
- Higher return of up to 6% p.a. on saving account
- Avail quarterly payout of savings interest
- Avail free demand draft (DD) issuance through both netbanking and branches
- Pay utility bills at ease using your YES BANK savings account
- Enjoy Life Insurance, Purchase Protection Insurance and Card Lost Liability
- Select an account number of your choice
- With the advancement in technology, you can apply, maintain and track your saving account very easily
- Get access to mobile and SMS banking
- YES BANK also provides doorstep banking services
How to open YES BANK Savings Account
Applying for a Savings Account at BankBazaar.com involves three simple steps from the user’s end:
Step 1: The user must fill out the Savings Account Eligibility form available online with the required personal data. Once submitted, the website automatically checks the eligibility of the applicant with a list of banks and generates a personalised list of savings account options available.
Step 2: The applicant can compare various Savings Account options offered. If the applicant is eligible to open a YES BANK savings account on the BankBazaar portal, the option will be made available.
Step 3: Select the desired bank and apply for a savings account. The user will then receive an instant e-approval from BankBazaar.com after successful submission of Savings Account application online. The application is sent electronically to the selected bank. The Savings Account department of the concerned bank gets in touch with the applicant directly. Users can check the status of their application through SMS and email alerts.
Types of YES BANK Savings Account
The seven different types of savings accounts that are offered by YES BANK and some of its features are mentioned below:
|Digital Savings Account||
|Customizable Savings Account||
|YES RESPECT Savings Account||
|YES GRACE Savings Account||
|XLRATE Savings Account||
|My FIRST Yes||
YES PAY is a digital wallet launched by YES BANK to facilitate smart phone and social media users to transact seamlessly for payments and receipts. All YES BANK customers and non-customers can register for this wallet and will receive a free virtual online card that can be used to make online transactions such as mobile and DTH recharges, purchase gift vouchers and discount coupons and pay bills.
Benefits of YES PAY
- Transfer funds to YES PAY users or bank accounts.
- Request for money from your contacts.
- Split bills or expenses amongst a group.
- Set goals to contribute a specified amount regularly for in-app purchases.
- Recharge your phone or DTH.
- Shop online at over 30,000 merchants with a single click.
- When you purchase a mobile or tablet with YES PAY, you can purchase insurance to safeguard you against expenses for handset damage, replacement and loss.
- Get attractive reward points for transactions made through YES PAY.
- Pay your bills.
- You can also download the latest songs across a variety of categories.
How to use YES PAY
Download the mobile app and register for the wallet. Through Facebook, one can easily access their YES PAY wallet without registration. Enter your mobile number and then the OTP. Set a 6-digit PIN as your login. You need to enter your personal details and set secret questions. Your wallet will be created.
To use the YES PAY wallet you simply need to load money through your YES BANK account or any other bank account using Internet banking or a debit card, or through IMPS. Once the money is in your wallet, you can transfer funds and pay for a variety of purchases and bills by selecting the “YES PAY” option while checking out.
YES BANK FAQs
Where can I find my account statement?
Your account statement will be mailed to you at the address provided by you in the account opening form. If you have provided your email ID, you will receive an e-statement every month. Your account statement is also available in your online banking account.
What is the Grievance Redressal system?
If you have a complaint or query, you can send an email to YES BANK at firstname.lastname@example.org.
You can also call their “YES TOUCH” Phone Banking Number.
- Is it possible to upgrade my savings account to a better variant?
If no salary is credited to my YES BANK salary account, will I be charged?
If there is no salary credited to your YES BANK salary account for three consecutive months, the account will be converted to a regular savings account. You will be required to maintain the minimum average monthly balance or you will be charged accordingly for failing to comply. A notice will be sent to you if there has been no salary credited to your account for three consecutive months.
My salary account was converted to a savings account. I cannot maintain the minimum balance required for a savings account, what should I do?
Contact the bank immediately and communicate your situation. You might be given an option to maintain a zero balance savings account with the same features or with alterations. You can also close your bank account with YES BANK to avoid further charges.
Can I transfer my YES BANK salary account to my new organisation and continue to receive salary in the account?
If the new employer or organisation has an existing salary relationship with YES BANK, then you can transfer your old salary account to the new company and continue to receive your salary in the same account. To do so, you need to submit a letter or email received from the official company email ID to the nearest branch. The letter must bear your complete name, bank account number and must state that you have been employed in the company.
I am a YES BANK customer. Will I automatically be registered for YES PAY?
No. You need to register for YES PAY separately. While registering, you can use your Customer ID issued by YES BANK.
Are there any limits on the wallet usage?
Yes, as stipulated by the RBI, the maximum amount you can load in a month is Rs.20,000. This rule was applicable till 31st December 2016. The new permissible limits will be put into force as per the new RBI guidelines.
If I lost my smartphone, can I lock my YES PAY wallet?
Yes, there is an option to lock the YES PAY wallet. You can click on “Lock Wallet” when you are on the app. You can also call the YES BANK toll free number (1800-2000) to lock your wallet. No transaction can be carried out once it is locked. To unlock your wallet, you can use the OTP.
Can I use the YES PAY wallet at merchant outlets?
YES PAY Is accepted at over 40,000 merchants. If the merchant accepts this payment, you will be able to use your YES PAY wallet to pay for the transaction.
Yes, you can change your savings account to another variant of your choice. You need to contact the nearest YES BANK branch, or the branch where you hold your savings account, to make the change or upgrade.
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