YES Bank offers a wide range of savings accounts for different types of investor needs. All the YES Bank Savings Accounts have an interest in the range of 4%-6%. YES Bank offers net banking, mobile banking facilities. It also allows investors to choose their account numbers. The article covers YES Bank savings account, its features, benefits, interest rates and types in detail.
Yes Bank Savings Account Interest Rates 2023
|Rs. 1 Lakh||3.50% p.a.|
|Rs. 1 Lakh to Less than Rs. 5 Lakh||4.25% p.a.|
|Rs. 5 Lakh to Less than Rs. 10 Lakh||5% p.a.|
|Rs. 10 Lakh to Less than Rs. 5 Crore||7% p.a.|
|Rs. 5 Crore to Less than Rs. 25 Crore||6% p.a.|
Interest on YES Bank savings account is guaranteed. The interest is paid to the account holder every quarter as per the Reserve Bank of India rules. Furthermore, interest on Yes Bank savings account is taxable under the head ‘Income from Other Sources’. The depositors have to show their interest income while filing their income tax returns.
However, all individuals and HUFs can claim a tax deduction under Section 80TTA of the Income Tax Act, 1961. The tax benefit under Section 80TTA is up to INR 10,000 per annum on the interest income from a savings bank account. Also, the interest income from savings accounts in a cooperative society and post office is eligible for deduction under Section 80TTA. Furthermore, one can use an Income Tax Calculator to estimate their tax liability.
YES Bank Savings Account Minimum Balance 2023
|Account Name||Minimum Average Monthly Balance|
|YES PRO Max||₹50,000|
|YES PRO Plus||₹25,000|
|MY First YES||₹2,500|
|Pradhan Mantri Jan Dhan Yojana||No Minimum Balance|
|Senior Citizen Savings Account||₹25,000|
Types of YES Bank Savings Accounts
Following are the types of savings account offered by YES bank
- YES Digital
- YES PRO Max
- YES PRO Plus
- YES Essence Savings
- MY First YES
- YES PRO
- Pradhan Mantri Jan Dhan Yojana Account
- Senior Citizen Savings Account
Features of YES Bank Savings Account
- Minimum account balance: The minimum amount of balance required by YES Bank Savings account differs from the savings account type. The minimum balance requirement is in the range of INR 0 to INR 1,00,000 for different saving accounts.
- Maximum account balance: There is no limit on the maximum amount of balance.
- ATM facility: YES Bank has ATMs spread across the entire country for its depositors to withdraw money. Depositors can withdraw money from YES Bank ATMs as well as non-bank ATMs.
Benefits of YES Bank Savings Account
- A safe form of investment: Saving in YES Bank savings account is considered safe as the money is not subject to volatility.
- Internet Banking: YES Bank offers internet banking facilities to its customers. Hence savings bank account holders can transfer money, make payments, invest in term deposits like fixed deposits and recurring deposits, make a balance enquiry, and shop online.
- Mobile Banking: Mobile and SMS banking facilities are available with YES Bank. Also, investors can access their savings and make payments from anywhere by just using their mobile. Moreover, they can also invest in recurring deposits, and fixed deposits, shop, transfer money and even make a balance enquiry.
- Bill Payments: YES Bank allows investors to schedule their utility bill payments and investments. Hence the Bank will automatically pay all the bills when due. By doing so, one will never miss paying a bill or investing in a SIP. Also, all one has to do is keep enough money in their bank accounts.
- YES Bank credit card and debit card: The bank offers many debit cards with multiple rewards and offers to their account holders. Also, the bank credit card offers are cashback, reward points, and discount coupons.
- YES Bank Personalized account number: The bank allows its customers to choose their savings account number. Hence one can have their own YES Bank personalized account number for their savings account.
How to open a savings account in YES Bank?
One can open a YES bank savings account by either visiting the nearest bank branch or online. Opening the YES bank savings account online is simple, and the following are the steps:
- Visit the YES bank website.
- Under the personal banking section, go to the ‘Individual’ menu and select the ‘Savings Accounts’ section.
- Read and know about all the features, benefits, terms and conditions of all the different savings accounts. Upon shortlisting the preferred account, click on the ‘Apply Now’ button.
- Enter the details such as Full Name, Mobile Number, Email ID and City details to proceed.
- Fill all the details in the online application form.
- Upload the required Know Your Customer (KYC) documents to open the account.
- With YES bank, the account opening process is hassle-free, and the Bank provides doorstep verification of the documents.
However, before opening the YES Bank Savings account, an individual should meet the following eligibility criteria:
- Resident Individuals and Foreign Nationals Residing in India.
- Should be 18 years and above.
- Minor can also open a YES Bank account that is either self-operated or jointly held with a parent or guardian.
Following are the documents required to open YES Bank savings account:
- Account opening form – duly filled.
- PAN Card or Form 60 with reasons for not providing a PAN Card
- Recent passport size photographs of the applicant
- Proof of Ids and Signature
- Proof of Address
- For Identity proof – Voter ID, Driving License, Aadhar Card, PAN Card, Senior Citizen Card, and any Government ID card.
- For Residence proof – Aadhar Card, Utility bills, Passport, Bank statement with cheque, and the certificate is given by Post Office.
- Furthermore, it is important to provide self-attested copies of all documents and show the original documents at the time of verification.
Check Out Best Bank to Open Account in India
Frequently Asked Questions
The minimum balance requirement in the YES Bank savings account varies between INR 0 and INR 1,00,000 for different savings accounts.
Yes, YES Bank offers internet banking and also mobile banking facilities for all their savings account holders.
YES Bank pays interest to the savings account holders every quarter. Furthermore, the Reserve Bank of India mandates banks to pay interest on savings accounts every quarter.
YES Bank charges a fee for non-maintenance of average monthly balance. Also, the charges depend on the type of the savings scheme, and they are in the range of INR 100-INR 750.
If one withdraws money from YES Bank ATM, then the Bank will not charge on withdrawals. However, if non-YES Bank ATMs are used, the first five transactions are free. Thereafter, the Bank charges INR 20 per transaction.
Yes, YES Bank offers debit cards to all their savings account holders.
Yes, YES Bank allows minors to operate their savings account. Furthermore, the My First YES is a savings account for minors.
Different types of YES Bank savings accounts have different minimum balance requirements. If an individual doesn’t maintain a minimum balance in their savings account, then the bank will charge non-maintenance charges. The charges range between INR 125 to 650.
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