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Savings Accounts in India

Money saved is money earned. Regardless of your financial position, savings play an essential part of everyone’s life.

YES BANK offers Savings Accounts that have been designed specifically to take care of your banking and savings requirements. Our innovative financial solutions, backed by expert advice, will provide you with a truly rewarding banking experience.

Browse through a variety of Savings Accounts that YES BANK offers you. Access your account with ease via Net Banking and Mobile Banking facilities.Earn higher with 6% p.a. interest rate on your YES BANK Savings Account. Grow your savings faster.

What is a savings account?

Savings accounts are an interest-generating deposit account which provides a reasonable rate of interest in return for money deposited into the account by the customer.

Why should you open a savings account?

Savings account interest rate ranges from 3-6% on an average, however, YES BANK offers one the highest rates of interest of 6% p.a*

  • Save your money: It is advisable for customers to keep money in Savings Account so that they earn at least a minimum amount of interest from the funds earmarked for their day to day expenses.

  • Quick access and easy withdrawal: Savings accounts are also one of the most liquid forms of investment This means, while you are saving and making sure your money grows, you also have easy and direct access to it, in case of emergency or any other need.

  • With a savings account one gets access to Debit Card and Digital platforms such as Mobile banking & Net Banking which enables a person to enjoy cashless transactions.

  • Funds for a rainy-day: As a rule of thumb, financial experts recommend that customers have enough savings in their rainy-day fund to be able to cover three-six months of bills. However, it is important to note that several analysts recommend keeping excess money in higher interest generating Savings accounts.

To open a savings account, you can visit a nearby bank branch in person. Deposits into the account can be made over the counter at a branch of the bank or through an automatic transfer set up by the customer from any other account or by having a portion of their salary transferred into the savings account every month. To withdraw money from the savings account, customers can either visit a branch, make an online electronic transfer of funds or use an automated teller machine (ATM).

* With effect from September 1, 2017 interest rate of 5% p.a. for balances up to INR 1 lakh, 6% p.a. for balances of INR 1 lakh up to INR 1 Crore, 6.25% p.a. is applicable for balances of INR 1 Crore up to INR 100 Cr. For amounts greater than INR 100 Crore, please contact the branch or your designated Relationship Manager. Rates are subject to change at the sole discretion of YES BANK. Conditions apply

Why open a savings account with YES BANK?

YES BANK offers a variety of savings accounts, designed to meet your financial requirements and goals. The innovative financial solutions offered by YES BANK provide you with a rewarding banking experience, ensuring you and your funds find the right home.

YES BANK offers savings account interest rate at 6% p.a* to you, which makes sure your savings grows faster. The 6% per annum savings account interest rate is high than most banks in India, which usually offer rates ranging from 3.5 to 4 %

Features of YES BANK savings account:    

Adding value

  • Higher interest rate of 6% p.a.* on your Savings Account

  • Quarterly pay-out of Savings Account Interest

  • Loyalty reward points for select banking transactions

Convenience in Banking

  • Free ATM withdrawals at YES BANK ATMs

  • Free RTGS/NEFT through Net Banking & Mobile banking

  • Free IMPS facility through Mobile banking

  • Free Anywhere Banking across all YES BANK branches

  • Free Demand Drafts up to pre-specified limits

  • Free SMS/Email Alerts

  • YES ROBOT: 24*7 Personal Banking Assistant to create Fixed Deposits, pay bills, send money, do recharges, check balances

There’s more you can do with YES BANK savings account

In addition to this, when you sign up for a YES BANK Savings Account, you can also access all of YES BANK’s Net Banking & Mobile banking platforms.

  • In addition to viewing details of their account including a summary of accounts, fund transfer details, you can avail following features after opening a savings account with YES BANK: View account summary, statements, and fund transfer details

  • Free RTGS/NEFT payment facility

  • Make online bill and utility payments,

  • Recharging your phone, DTH

  • Pay bills, including loan EMI’s and insurance premiums

  • Free issuance of demand drafts

  • Register for SMS alerts

  • Register for statements

Types of savings accounts offered by YES BANK

At YES BANK, we understand you, and offer services which are unique to each. With YES BANK, you have a host of savings accounts to choose from.

1. Customisable Savings Account: This innovative financial solution allows customers to customise the savings account of their dreams in four easy steps. Customers can open a savings account at any YES BANK branch by simply choosing the debit card, pricing options, account packages and YES delights that suit their needs the best.

  • The debit cards customers can choose from include:

    • YES Prosperity RuPay Domestic Card

    • YES Prosperity Titanium Card

    • YES Prosperity Titanium Plus Card

    • YES Prosperity Platinum Card

  • Pricing options available include the power to choose an alternative to the minimum balance in savings account requirement such as investment in fixed deposit or through a standing Instruction towards Mutual Funds or opening a CA which can all be utilized to replace the Average Monthly Balance (AMB) requirement.

  • You can also avail YES Delights, which are complimentary offers on other YES BANK products, such as discounts on lockers. (These offers are only available for 90 days after you opens your savings account with us).

  • This completely customizable savings account not only protects you against unnecessary charges of features unused but also offers a high-interest rate of 6% per annum*.

The customised savings account offered by YES BANK aims to empower customers to put their financial needs first and offers superior banking services to meet these needs.

2. YES Savings Value Account: This savings account aims to provide customers with complete value for money. The main features that make this savings account attractive for customers are its minimum balance requirement, high-interest rate, and tax-free returns.

  • Not only do customers earn the high-interest rate of 6% per annum which are paid out quarterly, but they also have the added benefit of having tax-free interest income up to Rs. 10,000 on the savings account.

  • In addition to this, customers also have services such as:

    • free utility bill payment facility through net banking

    • free Demand Draft issues

    • free RTGS and NEFT payment facility

The account offers the best of online banking for customers at no additional cost.

3. Smart Salary Advantage Savings Account: You can opt for YES BANK’s Smart Salary Advantage Account, which offers a variety of benefits and banking services, designed to meet your financial needs and requirements. As part of the Smart Salary Account, you get access to a host of services:

  • The account has a nil minimum balance requirement, subject to monthly salary credits

  • Free and unlimited transactions at any YES BANK ATMs across the country, along with monthly five free transactions at any other bank’s ATMs in India

  • A free Demat account with standard AMC & NSDL charges applicable

  • The complementary debit card offers accidental death cover, lost card liability and purchase protection

4. Smart Salary Exclusive Savings Account: YES BANK also offers the Smart Salary Exclusive account, designed to help you take advantage of YES BANK’s high rate of interest, best-in-class features along with:

  • Nil minimum balance requirement, subject to monthly salary credits

  • Free unlimited transactions at YES BANK ATMs as well as any other bank’s ATMs in India

  • A free Demat account with 50% AMC Waiver for 1st year, NSDL charges applicable

  • Access to mobile and SMS banking to help you stay updated with account activity when you are on the go

  • In addition to this, you can also enjoy exclusive online banking services such as YES BANK Pay Now, instant money transfers and one view of all your savings, mutual funds and other accounts through YES BANK Net Banking facility

5. Smart Salary Platinum Savings Account: A savings account designed for the working individual with extra benefits, best-in-class service along with many more privileges. Not only does the Smart Salary Platinum account offers you the advantages of YES BANK’s high rate of interest and tax-free investment income up to Rs.10,000, but also has other exclusive perks only for you:

  • Nil minimum balance requirement, subject to monthly salary credits

  • Free unlimited transactions at YES BANK ATMs as well as any other bank’s ATMs in India

  • Investment Advisory on Mutual Funds, NCDs and Structured Products

  • A free Demat account with 100% AMC Waiver for 1st year, NSDL charges applicable

  • Complementary debit card with personal accident death cover, lost card liability as well as purchase protection

  • In addition to this, you also enjoy the benefits of online banking, including, YES BANK’s Pay Now service, which offers you the convenience of:

    • Recharging your phone, DTH

    • Paying bills, including loan EMI’s and insurance premiums all in one compact place.

The exhaustive list of services offered by the Smart Salary Platinum account are the best offered by any other bank in the market.

 

Benefits & Features of YES Bank Savings account

  • Free ATM withdrawals at ANY ATM in the country: All YES BANK Savings Account holders receive an ATM-cum-debit card, which can be used at any ATM across India (YES BANK or otherwise) completely free of cost.

  • Highest rate of interest: YES BANK Savings Account offer you the highest rates of interest of 6% p.a* as compared to any other savings account available to customers, making sure your savings are growing.

  • Best of Digital Banking: All YES BANK Savings Account holders get access to the best Net Banking & Mobile banking facilities enabling them to keep a very close watch on their funds from anywhere in the world. Customers also have the best in online banking available to them free of cost, comprising of following services

    • View account summary, statements, and fund transfer details

    • Free RTGS/NEFT payment facility through Net banking & Mobile banking

    • Free IMPS facility through Mobile banking

    • YES ROBOT: 24*7 Personal Banking Assistant, available at www.yesbank.in, to create Fixed Deposits, pay bills, send money, do recharges, check balances

    • Register for eStatements

    • Recharging your phone, DTH

    • Paying bills, including loan EMI’s and insurance premiums all in one compact place

    • Free issuance of demand drafts

    • Register for SMS alerts

*With effect from September 1, 2017 interest rate of 5% p.a. for balances up to INR 1 lakh, 6% p.a. for balances of INR 1 lakh up to INR 1 Crore, 6.25% p.a. is applicable for balances of INR 1 Crore up to INR 100 Cr. For amounts greater than INR 100 Crore, please contact the branch or your designated Relationship Manager. Rates are subject to change at the sole discretion of YES BANK. Conditions apply

 

Frequently Asked Questions (FAQs) about savings account at YES BANK

1. How do I decide which is the best savings account for my needs?

Answer: While YES BANK offers a range of savings accounts designed to offer a solution to all your banking needs, if you need help deciding which account will be best to meet your own financial requirements and goals, visit any nearest YES BANK branch and the bank staff will be completely willing to help, and recommend a plan to you. Alternatively, you can also design your own customisable savings account with YES BANK’s completely customisable savings account option.

2.  Do I have to pay every time I withdraw money from my savings account?

Answer: All ATM transactions at YES BANK ATMs are free. Please refer Latest Schedule of charges

3. Can I change from one savings account to another?

Answer: Yes, you can change from any savings account to another one, all you must do is place a request for the same at your nearest YES BANK branch.

4. Will I receive an account statement every month?

Answer: All YES BANK customers receive an account statement with the same frequency as pre-decided by them while opening the account. Alternatively, customers can also sign up for eStatements through Netbanking, receive a monthly online statement for their accounts. For immediate access, customers can view their account information and balance through the YES BANK website.

5. What is the average balance I am required to maintain in my savings account?

Answer: The average balance required varies on your account type. Kindly refer to the schedule of charges to find out how much average balance you are required to maintain as per your account.

6. How much do I have to pay to use my debit card every month?

Answer: The debit card charges vary as per the account type you have as well as the card you choose to opt for, such as the YES Prosperity RuPay Domestic Card which is Rs. 99 per annum, the YES Prosperity Titanium Card which is Rs. 149 per annum, the YES Prosperity Titanium Plus Card which is Rs.399 per annum and so on. To find out your exact monthly debit card charges, kindly refer to the schedule of charges.

7. How do I change the mailing/billing address associated with my account?

Answer: To change any personal details about your account, you can place a request at your nearest branch.

8. What are the various types of savings account?

Answer: At YES BANK, we offer various types of savings accounts to suit all your specific savings needs.  Few Savings account variants are Customisable Savings Account, YES Savings Value Account and our salary account variants are Smart Salary Advantage Account, Smart Salary Exclusive Savings Account & Smart Salary Platinum Savings Account.

9. Will there be any income restrictions or age limit for opening a savings account?

Answer: We do not impose any restrictions due to age or income of an individual at the time of opening a savings account. However, depending on the type of your savings account, the minimum balance requirement will be defined.

12. How is average monthly balance (AMB) for a savings account calculated?

Answer: To calculate the average monthly balance, we consider the total of daily closing credit balance of each day during the month and divide it by the number of days in the month.

13. What is the savings account interest rate at YES BANK for my account?

Answer: YES BANK offers 6%p. a* interest rate on all your savings accounts opened with us.

*With effect from September 1, 2017 interest rate of 5% p.a. for balances up to INR 1 lakh, 6% p.a. for balances of INR 1 lakh up to INR 1 Crore, 6.25% p.a. is applicable for balances of INR 1 Crore up to INR 100 Cr. For amounts greater than INR 100 Crore, please contact the branch or your designated Relationship Manager. Rates are subject to change at the sole discretion of YES BANK. Conditions apply

14. Can I open a joint savings account at YES BANK? Who is eligible for joint account holders?

Answer: A savings account can be opened by two individuals and can be operated by both the account holders instead of one. If you are above the age of 18 years, you are eligible to open a joint savings account. Minors can also open joint accounts with one of their parents as the other joint holder of the account.

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A Smart Salary Account with host of benefits & services to meet all your banking requirements.

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  • Mobile and SMS banking

  • Unlimited access to ATMs

  • Debit cum ATM card

  • Free utility bill payment

  • Savings Rewards

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