YES Bank Savings Account Review| North Loop Official Blog
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North Loop
11 Sep 2020

YES Bank Savings Account Review

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YES Bank Background and Overview –

YES Bank is a popular commercial bank offering a wide range of financial products, services and technology to retail customers, corporates, and commercial enterprises. It is a customer-centric bank that operates its investment banking, merchant banking and brokerage businesses through its other subsidiaries and has a presence across the different states and Union Territories of India and a representative office in Abu Dhabi.

To know how to open an NRE account in India, click here.

Let us take a look at some of the different SBI savings account products and their primary features –

Customizable Savings Account – The minimum balance required to open this account is Rs.10000. This account offers five fee ATM transactions, free online transactions via IMPS/RTGS/NEFT and exclusive offers on its Demat account and locker facilities. The debit card options available to you with this account are Platinum, Titanium plus, Titanium and RuPay domestic debit card.

Smart Salary Exclusive Account – This account has nil minimum balance requirements and offers free RTGS/NEFT payment facility, free Demat account opening as well as free unlimited ATM transactions. The debit card available with this type of account is Titanium Plus with a withdrawal limit of Rs.75000.

Smart Salary Platinum Account – This account offers a zero minimum balance requirement and a Platinum Debit card with a withdrawal limit of Rs.1 lakh. You also get free RTGS/NEFT and Demat account opening facility with this account.

Smart Salary Advantage Savings Account – This account also has a nil minimum balance requirement and offers a Titanium debit card with a withdrawal of Rs.50000.

Savings Value Account – This account has minimal balance requirements and provides free RTGS/NEFT payment facility as well as unlimited access to ATMs of all banks across India.

My First YES Account – The average quarterly balance requirement for this account is Rs.2500. You also get free RTGS/NEFT payment facility through YES Bank net banking with this account.

YES Family Account – The YES Family allows you to link all your family accounts together to enjoy flexibility on balance maintenance. It also offers free personalised cheque book, demand draft account, RTGS/NEFT payment facility and a 25% discount on locker hire charges.

YES Honour Account – The YES Honour Account does not require any minimum balance. If you are an employee of the Central Government, State Government, or any other Public Sector Unit, you can open this account. It offers a debit card with lost card liability and purchase protection as well as other offers and discounts.

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YES Bank savings account interest rates –

YES Bank calculates interest on the daily average minimum balance maintained in the saving accounts and credits it quarterly. The interest rates are as follows -

  • Less than Rs.1 lakh – 5.00 % pa
  • Between Rs.1 lakh and 1 crore – 6.00 % pa
  • Above Rs.1 crore – 6.25 % pa

You can get a high-interest rate of 6% on your savings bank account with North Loop. We are a digital banking service provider offering various financial services like a savings account, fixed deposit account, home loans, personal loans, insurance, education loans and more along with an easy and quick application process and minimal documentation. To read more about the various services we offer, click here.

Eligibility criteria –

To open a YES Bank savings account, you need to meet certain criteria like –
  • You should be a citizen of India
  • You should be 18 years or older (for a non-minor account)
  • You should have a valid proof of identity and address

Documents required –

  • Proof of identity
  • Proof of address
  • Passport-sized photographs
  • PAN card
  • Form 16

YES Bank Account Opening Process –

YES Bank savings account opening is easy as compared to other banks and can be done either online or by visiting a branch physically. If you choose to open the account online, you can do so by going to its website and providing the necessary details like your Aadhar card number, PAN number, Email ID and mobile contact number. After verifying your personal details and account-related information, you can receive your account number and Customer ID followed by a video call verification of your original KYC documents. Once the application process is over, you can start transacting with your YES Bank account.

The YES Bank login portal is user-friendly and using your YES bank login ID you can track your application process and also proceed with YES Bank net banking login. The YES Bank net banking login helps you sign into your account and carry out various net banking services like NEFT/RTGS and others. The YES Bank login portal not only provides quick access to all your account-related information but also lets you track your YES bank credit card status via the YES Bank credit card login. Using your YES Bank credit card login details, you can track your YES Bank credit card status, your pending dues, and find other relevant information that you need. If you are a corporate, you can use your YES Bank corporate login to sign in and access all your account information and related data. The YES Bank corporate login is an easy to use feature used by most corporates. The YES bank login page is also easy to manoeuvre and can get opened on mobile phones as well as your desktop. If you face any trouble accessing your savings account online or opening it through the YES bank login page, you can contact the YES bank customer care. The YES bank customer care is easy to reach and quite helpful in solving any account related issues. You can also the YES Bank App and look for the closest YES Bank ATMs around you by clicking on “YES Bank ATM near me.” The “YES Bank ATM near me” uses an in-built map and your current location to find all the nearest ATMs around you.

You can avail all the above facilities and more with a service provider like North Loop. The interest rates offered on savings, and fixed deposit accounts here are considerably higher than all other banks and the documents required to open the accounts are also negligible. The best part about North Loop is that it is 100% digital which means that you can open your account remotely from anywhere. To sign up with North Loop, click here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.