Watch money grow in your child’s piggy bank with My First YES Account, which gives you the benefit of higher returns along with an opportunity to guide your child to manage their savings.
My First YES Account is the first step towards financial literacy for your child. This bank account gives your child the platform to learn the basics of banking and parents an avenue to save for their child’s future in the form of Fixed Deposits and Recurring Deposits. The Debit Card with variable limits allows teenagers to an easy access to their pocket money.
Earn a higher return of 7% p.a.* on your YES BANK Savings Account for balance more than Rs. 1 lakh & 6% p.a.* for balance up to Rs. 1 lakh
• Competitive Average Quarterly Balance (AQB) requirement of just Rs. 2,500
• Waiver on AQB requirement with a Fixed Deposit**
• Facility to customize withdrawal limits on International Debit Cards allowing parents to set the limit that a child can withdraw in a day (Rs. 1,000/Rs. 2,000/Rs. 5,000). This facility is available for minors of age 10 years and above.
• The YES Pocket Money feature for automatic transfer of money from the parent account to the child account
• Unlimited access to any bank’s ATM in India for withdrawals and balance enquiry
• True Anywhere Banking facility for access to any YES BANK branch across India
• Free Personalized Under Guardian cheque book
• Internet Banking-View only access on request to the Minor and transactional access to the Guardian
Available to children in age group of 1 day to 18 yrs. It is a pre-requisite for the parent/ guardian to also hold an account with YES BANK. In event of the parent/ guardian not holding a YES BANK Savings Account, both the accounts (parent's Saving Account and My First YES Savings Account) can be simultaneously opened.
*Rates are subject to change from time to time at the sole discretion of YES BANK
** Refer to Schedule of Charges