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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 2021

Following are the YES Bank savings account interest rates.

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.

Saving AccountInterest Rate
Customizable Savings Account4.00% – 5.50%
Savings Exclusive5.00% – 6.25%
Savings Advantage5.00% – 6.25%
Smart Salary Platinum5.00% – 6.25%
Smart Salary Advantage5.00% – 6.25%
Savings Select5.00% – 6.25%
Savings Value Account4.00% – 6.00%
Smart Salary Exclusive5.00% – 6.25%
Note: The YES Bank Savings Account Interest Rates are subject to change

YES Bank 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.

Types of YES Bank Savings Accounts

Following are the types of savings account offered by YES bank

  • YES Digital Savings Account
  • Customizable Savings Account
  • YES Respect Savings Account
  • YES Grace Savings Account
  • XLRATE Savings Account
  • My First YES
  • Savings Value

Types of YES Bank Savings Accounts: In Detail

YES Digital Savings Account

Opening a digital savings account is fast, secure, easy and also paperless. The scheme offers attractive interest rates, onboarding offers and many more.

  • Instant digital savings account
  • Shopping online easy with YES Bank’s virtual debit card
  • Easy access to the account: YES Online, YES Mobile, YES robot and Whatsapp banking.
  • 24/7 Online fund transfer: IMPS, NEFT, RTGS and UPI Facility
  • Unlimited free ATM transactions
  • Exclusive offers on demat account and lockers.

Customizable Savings Account

The customizable savings account gives the customer the power to choose instead of offering the shelf products. The saving scheme offers:

  • Attractive interest rates
  • Debit Card: Choose the one that best suits the individual – Element, Engage and Explore
  • Pricing Option (an alternative to minimum balance): No minimum balance requirement by opting for FDs, RDs or giving standing instruction for mutual fund investments.
  • Account benefit package: Unlimited ATM usage, Digital Banking, Family Advantage and also Branch benefits.
  • YES delights (complimentary introductory offers): Exclusive offers on demat account opening.

YES Respect Savings Account

  • Exclusive savings account for senior citizens.
  • Attractive interest rates
  • Lower Average Monthly Balance: INR 5,000
  • Lifetime free Element Debit card
  • Enhanced liquidity
  • Discounts on lockers
  • Free ATM cash withdrawals and also branch withdrawals
  • Free NEFT/RTGS through YES Online and YES Mobile and UPI transactions
  • YES Robot: 24/7 personal banking assistant

YES Grace Savings Account

  • The Grace savings account is an exclusive account for women.
  • Lifestyle benefits of more than INR 32,000 with Explore debit card (free for the first year)
  • Free protection cover and personal security
  • One year free locker facility.
  • One year waiver of annual maintenance charge on Demat Account.
  • Attractive interest rates
  • One complimentary nil average monthly balance savings account for the family.
  • Free ATM cash withdrawals and branch withdrawals
  • Free NEFT/RTGS through YES Online and YES Mobile and UPI transactions
  • YES Robot: 24/7 personal banking assistant
  • Free Email alerts

XLRATE Savings Account

The XLRATE savings account offers higher interest rates. The returns are similar to that of a fixed deposit, however with the liquidity of savings accounts.

  • Easy liquidity with auto sweep-in facility
  • Auto-renewal of fixed deposit
  • One complimentary nil average monthly balance savings account for the family.
  • Free ATM cash withdrawals and branch withdrawals
  • Free NEFT/RTGS through YES Online and YES Mobile and UPI transactions
  • YES Robot: 24/7 personal banking assistant
  • Free Email alerts

My First YES

My First YES is a child’s piggy bank that offers high returns and also guides children to manage their savings. The account is the first step towards financial literacy for children. Furthermore, it provides the child with a platform to learn the basics of banking. At the same time, parents can start saving for their child’s future. Furthermore, the debit card comes with variable limits and allows teenagers to get access to pocket money. 

  • Average Monthly Balance: INR 2,500
  • Waiver of average monthly balance with a fixed deposit.

Savings Value

  • The Savings value account is a complete value for money scheme that offers a host of banking benefits. Furthermore, the minimal balance requirement benefit is available only at select YES bank branches.
  • Offers attractive interest rates
  • Loyalty reward up to 8,000 points on regular banking transactions

Frequently Asked Questions

What is the minimum balance in YES Bank savings account?

The minimum balance requirement in the YES Bank savings account varies between INR 0 and INR 1,00,000 for different savings accounts.

Does YES Bank offer the facility of internet banking on a savings account?

Yes, YES Bank offers internet banking and also mobile banking facilities for all their savings account holders.

At what frequency will the interest be paid to me?

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.

What is the balance non – maintenance Charges on YES Bank Savings Account?

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.

What are the YES Bank ATM Transaction charges on Savings Account?

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.

Does YES Bank offer a Debit Card to the account holder?

Yes, YES Bank offers debit cards to all their savings account holders.

Can minors operate a savings account singly?

Yes, YES Bank allows minors to operate their savings account. Furthermore, the My First YES is a savings account for minors.

What happens if you don’t maintain a minimum balance in Yes Bank?

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.