open Current Account

Current Accounts online in india

What is a current account?

A current account in a bank is a type of demand deposit account, which permits the withdrawal of funds and allows cheques to be written against the balance in the account.

Current accounts are used by non-individuals such as public limited companies, limited companies, partnerships, sole proprietors and individual self-employed professionals to cater to the needs of day to day business transactions.  

Current accounts are extremely fluid and do not offer a rate of interest. There is usually no limit on the number of transactions, individuals can make in a current account.

Current account can be opened through branch or online and enables you with:

• Limitless withdrawals and transactions using the account balance

• Unlimited deposits being made into the home branch of the bank

• Issuance of cheques, request for pay-orders and demand drafts

• Take the advantage of various features offered by current accounts such as:

  • Free inward remittances

  • Deposit and withdrawals at any locations

  • Multi-location transfers

• Internet and mobile banking facility, making it easier for people to carry out large-volume day to day business transactions seamlessly

We, at YES BANK, understand the dynamic nature of your business and present a unique Current Account solution with flexible features to address your complete business & financial needs. Our transparent pricing structure, cutting edge banking technology, combined with our expert knowledge-based financial solutions ensure not just efficient transactions but also enables business growth.

For the first time in the industry, YES BANK has introduced a 3-tier structure with auto-upgrade facility and charges based on usage. This ensures transparent pricing and benefits best suited to the scale of your business.

Interested? Fill the new ONLINE Account Opening Form now by clicking the button mentioned below:

Online Application Form

Benefits and features of a YES BANK current account:

YES BANK offers a special three-tier structure for current accounts, namely

1. Edge Business

2. Prime Business

3. Exclusive Business

To help you find a banking solution that is customised and designed to complement the growing and dynamic nature of the business. This structure is built to facilitate the customer with smooth day to day banking transactions to prosper their business.

At YES BANK, you can customise your current account basis the nature of your business requirement, usage and volume of day-to-day transactions.

The benefits of choosing YES BANK current account are:

• Auto revision of features and benefits based upon your account usage: Your YES BANK Current Account will be reviewed on regular basis and will be upgraded or moved to a lower tier based on your banking behaviour

• Ability to bank at any YES BANK location with no restrictions or additional charge.

• Free payable-at-par cheque leaves

• Free cash deposit limits based on average balance maintained in current or previous month (whichever is higher)

• Free usage of Business Debit Cards at ATMs (within India) as well as at merchant establishments and for online payments

• Free local and outstation cheque collections without limits

• Free limits on outward cheque returns in select tiers

At YES BANK, we offer the benefits of convenience banking to all our current account customers.

• Free internet banking facility and Immediate Payment Service (IMPS) to help you manage and track your balance and account at any time from any corner of the world

• Free usage of all business debit cards at ATMs and online payments for merchant establishments

• Digital solutions to simplify your business payments and collections

1. Edge Business: This account is best suited for new start-ups which involves fewer transactions and allows you to enjoy all the banking benefits along with the value-added services. The advantage of a substantially low minimum balance in current account of INR 25,000. There are several other benefits of the Edge Business account available for the customers.

• Unlimited Non-Cash Collection: Customers can do non-cash collections anywhere across the country

• Cash Deposit : Customers have a free cash deposit limit of up to eight times their average monthly balance (previous or current month, whichever is higher) The minimum for the same is INR 5 lakhs, while the maximum is INR 25 lakhs.

• Free Cash Withdrawal: Account holders have free cash withdrawal at all YES BANK locations across the country

• Free Demand Drafts: Up to 25 every month at all YES BANK locations

• Free Payable-at-Pay Cheques: Up to 100 every month

• Value added Packages : customers can also add value-added banking packages which include

  • Merchant services - POS terminals to enable smooth and reliable acceptance of card payments

  • Global Business - Hassle free processing of transactions to help meet your business needs of import, export and domestic trade and remittance transactions

2. Prime Business: The account is best suited for growing businesses that must handle a large volume of transactions. For every growing and developing business it is necessary to have a range of customized services, depending on the type of industry it is being operated in, along with a current account to handle day-to-day business transactions. Customers can opt from a wide variety of value-added services available to them along with their current account to help sustain the growth of their booming business. It should be noted that Prime Business Accounts are required to have an Average Quarterly Balance of INR. 1 lakh.

Features available to Prime Business Current Account holders at YES BANK include:

• Unlimited Non-Cash Collection: Customers can do non-cash collections anywhere across the country

• Cash Deposit : Customers have a free cash deposit limit of up to eight times their average monthly balance (previous or current month, whichever is higher) The minimum limit for the same is INR 10 lakhs, while the maximum limit is INR 1 crore.

• Free Demand Drafts: Up to 50 every month at all YES BANK locations

• Free Payable-at-Pay Cheques: Up to 300 every month

• Cheque Returns: Customers can avail five outward cheque returns free every month

• Business Gold Debit Card: Business Gold Debit Card with no annual charges for the first year

• Value added Packages : Customers can also add value-added banking packages which include

  • Merchant services - POS terminals to enable smooth and reliable acceptance of card payments

  • Global Business - Hassle free processing of transactions to help meet your business needs of import, export and domestic trade and remittance transactions

  • “YES TRANSACT-ON THE GO” service- Customers can scan or upload their request of their transaction file and send it to the bank through a secured mode from their desktop, laptop or mobile phone.

  • Smart Tally-Automated payments and ease of reconciliation for users on Tally 9 and above

  • Payment Gateway- Suitable for all online merchants willing to sell goods & services on internet or mobile application

3. Exclusive Business: This account is best for businesses that want to enjoy the best-in-class services and cost saving features offered by YES BANK. This premium tier offers the best for your business and offers the maximum benefits available. It should be noted that Exclusive Business Accounts are required to have an Average Quarterly Balance of INR 5 lakhs. Features available to Exclusive Business Current Account holders at YES BANK include:

• Unlimited Non-Cash Collection: Customers can do non- cash collections anywhere across the country

• Free RTGS and NEFT payments: Free payments through your home branch as well as through Net Banking facilities

• Cash Deposit : Customers have a free cash deposit limit of up to ten times their average monthly balance (previous or current month, whichever is higher) The minimum for the same is INR 25 lakhs, while the maximum is INR 2 crores.

• Demand Drafts: At all YES BANK locations

• payable-at-pay cheques: Up to 500 free every month

• Cheque Returns: Customers can avail ten outward cheque returns free every month

• YES FIRST WORLD BUSINESS Debit Card: YES FIRST WORLD BUSINESS Debit Card with no annual charges for the first year

• Value added Packages : Customers can also add value-added banking packages which include

  • Merchant services - POS terminals to enable smooth and reliable acceptance of card payments

  • Global Business - Hassle free processing of transactions to help meet your business needs of import, export and domestic trade and remittance transactions

  • “YES TRANSACT-ON THE GO” service- Customers can scan or upload their request of their transaction file and send it to the bank through a secured mode from their desktop, laptop or mobile phone

  • Smart Tally-Automated payments and ease of reconciliation for users on Tally 9 and above

  • Payment Gateway- Suitable for all online merchants willing to sell goods & services on internet or mobile application

  • CMS Collection - Customized Solution and MIS for collection across multiple locations with minimal costs

  • CMS Payment - Track your payments to vendors and clients and avail bulk upload facility through Corporate NetBanking

Eligibility & Documents for opening a current account online or offline

With YES BANK, you can open a current account online, in-person at a YES BANK branch or by calling the YES BANK 24-Hour Contact Centre. To be eligible for opening a current account online or offline, you can be any of the following:

• Resident individual

• Hindu undivided family

• Sole proprietorship firm

• Partnership firms

• Limited liability partnership firm

• Private and public limited company

YES BANK also offers a unique and first in the industry Auto Upgrade facility within the three tiers whereby a dynamic review of your current account usage will show what products and benefits are optimal for you. Through the same customers can avail higher limits and improved services of different tiers without having to go through the hassles of opening a new account.

Under the system your current account usage is reviewed on a regular basis and can be upgraded or moved to a lower tier based on your banking behaviour. Even if your account is moved to a lower tier it is not penalized with any form of non-maintenance charges.

Documents required by a public company to open a current account online or offline:

1. Account Opening Form (AOF)

2. Beneficial Ownership (BO)

3. Documentation for Entity Proof – (anyone of the following documents)

   1. MOA

   2. AOA

   3. Certificate of Incorporation

   4. Certificate of Commencement of Business

   5. Board Resolution

4. PAN Card

5. Entity Address Documentation- (anyone of the following documents)

   1. Certificate of Registration

   2. Business Licence issued by state- central govt.

   3. Sales Tax 2

   4. IT return Certificate

   5. VAT Certificate

   6. PAN Intimation letter

   7. Import-Export certificate

   8. Registration Cert with PF commissioner

   9. Form 18

6. Individual documentation: (Identity Proof - anyone of the following documents)

   1. PAN Card

   2. Driving Licence

   3. Passport

   4. ID cards issued central & state govt.

   5. Passbook scheduled commercial bank

   6. Marriage certificate

   7. Voters ID card

   8. Aadhar Card

7. Signature Proof - (anyone of the following documents)

   1. PAN Card

   2. Driving Licence

   3. Passport

   4. ID cards issued central & state govt

Documents required by a private company to open a current account online or offline:

1. Account Opening Form (AOF)

2. Beneficial Ownership (BO)

3. Documentation for Entity Proof - (anyone of the following documents)

   1. MOA

   2. AOA

   3. Certificate of Incorporation

   4. Board Resolution

4. PAN Card

5. Entity Address Documentation- (anyone of the following documents)

   1. Certificate of Registration

   2. Business Licence issued by state- central govt.

   3. Sales Tax 2

   4. IT return Certificate

   5. VAT Certificate

   6. PAN intimation letter

   7. Import-Export certificate

   8. Registration Cert with PF commissioner

   9. Form 18

6. Individual documentation (Identity Proof - anyone of the following documents)

   1. PAN Card

   2. Driving Licence

   3. Passport

   4. ID cards issued central & state govt.

   5. Passbook scheduled commercial bank

   6. Marriage certificate

   7. Voters ID card

   8. Aadhar Card

7. Signature Proof - (anyone of the following documents)

   1. PAN Card

   2. Driving Licence

   3. Passport

   4. ID cards issued central & state govt

Documents required by a partnership company to open a current account online or offline:

1. Account Opening Form (AOF)

2. Beneficial Ownership (BO)

3. Documentation for Entity Proof

   1. Partnership Deed

   2. Partnership Declaration

   3. Partnership Entity

4. PAN Card

5. Entity Address Documentation- (anyone of the following documents):

   1. Entity proof (above if it contains address)

   2. Water-electricity- telephone bill

   3. Property tax certificate

   4. One-month existing account statement

   5. Property ownership deed

   6. Leave-licence agreement

6. Individual documentation: (Identity Proof - anyone of the following documents)

   1. PAN Card

   2. Driving Licence

   3. Passport

   4. ID cards issued central & state govt.

   5. Passbook scheduled commercial bank

   6. Marriage certificate

   7. Voters ID card

   8. Aadhar Card

7. Address Proof - (anyone of the following documents)

   1. Driving Licence

   2. Passport

   3. ID cards issued central & state govt.

   4. Passbook scheduled commercial bank

   5. Utility Bill

   6. Marriage certificate

   7. Municipal corporation bill

   8. Credit Card Bill

   9. Registered Leave and Licence Agreement

   10. Bank statement

   11. Tax certificates

   12. Aadhar Card

8. Signature Proof - (anyone of the following documents)

   1. PAN Card

   2. Driving Licence

   3. Passport

   4. ID cards issued central & state govt.

Documents required by a sole-proprietor to open a current account:

1. Account Opening Form (AOF)

2. Documentation for Entity Proof- Any two of the following:

   1. Certificate of Registration

   2. License related to Central-State govt.

   3. Certificate related to Municipal authorities

   4. Tax returns-certificate (Sales/ VAT/ Wealth)

   5. SEBI Registration

   6. IEC certificate

   7. CA certificate

   8. Registered lease/licence

   9. Utility Bills

   10. TDS certificate

3. PAN Card

4. Entity Address Documentation- (anyone of the following documents)

   1. Entity proof (above if it contains address)

   2. Water-electricity- telephone bill

   3. Property tax certificate

   4. One-month existing account statement

   5. Property ownership deed

   6. Leave-licence agreement

5. Individual documentation (Identity Proof - anyone of the following documents)

   1. PAN Card

   2. Driving Licence

   3. Passport

   4. ID cards issued central & state govt.

   5. Passbook scheduled commercial bank

   6. Marriage certificate

   7. Voters ID card

   8.  Aadhar Card

6. Address Proof (anyone of the following documents)

   1. Driving Licence

   2. Passport

   3. ID cards issued central & state govt.

   4. Passbook scheduled commercial bank

   5. Utility Bill

   6. Marriage certificate

   7. Municipal corporation bill

   8. Credit Card Bill

   9. Registered Leave and Licence Agreement

   10. Bank statement

   11. Tax certificates

   12. Aadhar Card

7. Signature Proof (anyone of the following documents)

   1. PAN Card

   2. Driving Licence

   3. Passport

   4. ID cards issued central & state govt.

Frequently Asked Questions (FAQs) about opening a current account at YES BANK

1. Who can open a current account online at YES BANK?

Answer: You are eligible to open a current account at YES BANK if you are a resident individual, Hindu undivided family, sole proprietorship firm, partnership firm, limited liability partnership firm, private and public limited companies.

2. What are the benefits and features of YES BANK current accounts?

Answer: Basic features of opening a current account with YES Bank include the signature three-tier current account structure, free cash deposits, value-added banking packages, auto-upgradation policy, free cheque collections and payments across YES BANKS in India, free money transfers through online banking. It is important to note that the services and value-added banking services available to you will vary on the tier you opt for.

3. What are the charges I must pay for the various tiers of YES BANK Current Accounts?

Answer: The minimum Average Quarterly Balance required to be maintained is Rs. 25,000 for Edge Business Account holders, Rs. 1 lac for Exclusive Business Account holders and Rs. 5 lacs for Exclusive Business Account holders. If customers fail to meet this minimum requirement, they will have to pay a non-maintenance charge of Rs. 1,500. Customers can avail free cash deposits (depending on their tier) but if they exceed the appointed limit, they will be charged for the same.

4. What is the auto-upgrade facility offered by YES BANK and how is this useful for me?

Answer: The auto-upgrade facility offered by YES BANK analyses your current account usage dynamically to ensure you have enrolled for the right products and benefits. As a part of the facility you do not have to go through the hassle of applying for or opening a new account in order to avail higher limits or better services: your account is automatically moved to a higher/lower tier based on your banking behaviour. Additionally, even if your account is moved to a lower tier, you will not be penalized with non-maintenance charges.

5. How can I open my YES BANK current account online?

Answer: To open current account online you can access the application form for the same here.

Current Account in Top 10 Smart Cities

YES BANK, along with technology leaders such as Bosch and Dell EMC in partnership with 10 smart cities in India is launching a collaborative service platform to help address challenges of urban development in such cities.

The smart cities that have addressed their problem statements include:

• Gurugram

• Chandigarh

• Rajkot

• Surat

• Vadodara

• Aurangabad

• Nasik

• Warangal

• Karim Nagar

• Puducherry

YES BANK as a part of its YES SCALE Smart City Accelerator is inviting start-ups to help find unique solutions to such problems. The key focus of the challenge is to come up with solutions to develop intelligent and optimized public transit systems, water management & air pollution monitoring systems.

Resources available to the startups:

• The accelerator encourages startups to use cutting edge technologies such as the Internet of Things (IoT), Blockchain, big data analysis and Artificial Intelligence (AI) to address these smart city challenges.

• Startups can use the technological support of YES BANK partners Bosch and Dell EMC Digital Cities to help test, develop and implement their solutions. They will also have access to cloud credits and analytics tools support from AWS and Google Cloud.

• Participants also have an opportunity to raise equity funding up to $1 million for their solution through the funding partners, Artha Ventures, CIIE, Anthill and Unitus Ventures.