Yes Bank Digital Savings Accounts Review

Yes Bank has launched three digital savings accounts with the basic account features and other complimentary services. The most basic is Savings Pro, a zero balance account and the other two require a minimum balance to be maintained.

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Yes Bank Digital Savings Account

4.0

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Interest

4% and above

Account Type

Digital

Branch Visit

Not Required

Interest

4% and above

Account Type

Digital

Branch Visit

Not Required

Pros & Cons

• Easy to open.
• Good interest rates.

• Less cash transactions available through the branch.

Reward Points: Yes Bank rewards customers in the form of welcome benefits and reward points in the following way.

Interest rate given by the bank of savings bank accounts:

Welcome Benefits: 

• 500 Yes reward points on opening the account.
• 1000 Yes reward points on adding the first beneficiary through Yes Mobile application or online and doing a fund transfer.

Other Rewards:

• 100 Yes reward points for each unique biller, up to five times a month, using Yes mobile application or online.
• 150 Yes reward points per SI, SIP, ECS or NACH transactions.
• 7.5 Yes reward points per NEFT, RTG, IMPS, UPI and merchant payments (for women customers only).

Value of Reward Points:

1 Yes reward points = INR 0.25

Savings account pro is a fully operative digital account. Welcome benefits and reward points mentioned above are available with this account.

• Average Monthly Balance to Maintain: INR 10,000.
• Interest Rate: 4% and above.
• ATM Cash Withdrawal: First five transactions free per month, thereafter INR 21 per transaction
• Debit Card Type: Virtual debit card (on request one gets a physical debit known as Element at an yearly charge of INR 249).
• NEFT/RTGS: Free through mobile app and chargeable through branch.
• IMPS: Free through mobile app and chargeable through branch.
• Cheque Leaves Per Year: 10 cheque leaves.
• Cash Transactions: Four transactions to the maximum of INR 2 lakh in a month, thereafter charge will be levied.

How to open Savings Account PRO

• This account can  not be opened without doing proper KYC.
• It can be opened online by entering the details and requesting a call back, accordingly bank officials get on a video call at the time slot selected by the customer. All the formalities are done online.
• There is no need for the customer to go to the bank and documents are to be shown during the video call.

Pros:

• Both digital and physical debit cards are available.
• Fully digital account.
• Rewards available on spends.

Cons:

• Average monthly balance has to be maintained.

• Average Monthly Balance to Maintain: INR 25,000.
• Interest Rate: 4% and above.
• ATM Cash Withdrawal: First five transactions free per month, thereafter INR 21 per transaction.
• Debit Card Type: Engage debit card (yearly charge is INR 399)
• NEFT/RTGS: Free through mobile app and chargeable through branch.
• IMPS:Free through mobile app and chargeable through branch.
• Cheque Leaves Per Year: 10 cheque leaves.
• Cash Transactions: Four transactions to the maximum of INR 2 lakh in a month, thereafter charge will be levied.

How to open Savings Account PRO

• This account can not be opened without doing proper KYC.
• It can be opened online by entering the details and requesting a call back, accordingly bank officials get on a video call at the time slot selected by the customer. All the formalities are done online.
• There is no need for the customer to go to the bank and documents are to be shown during the video call.

Pros:

• Both digital and physical debit cards are available.
• Fully digital account.
• Rewards available on spends.

Cons:

• Average monthly balance has to be maintained.

Limited account with restricted operability as this account does not require KYC. In order to continue with this account the account holder will have to get a proper KYC done within one year of opening the account otherwise the account is closed by the bank.

• Average Monthly Balance to Maintain: Nil
• Interest Rate: 4% and above.
• ATM Cash Withdrawal: First five transactions free per month, thereafter INR 21 per transaction.
• Debit Card Type: Engage debit card (yearly charge is INR 399).
• NEFT/RTGS: Free through mobile app and chargeable through branch.
• IMPS:Free through mobile app and chargeable through branch.
• Cheque Leaves Per Year: 10 cheque leaves.
• Cash Transactions: Four transactions to the maximum of INR 2 lakh in a month, thereafter charge will be levied.

How To Open A Savings Account PRO (Limited Account)

• This account can  be opened without doing any KYC.
• It can be opened online by entering the details. This account does not require a full KYC and is only valid for one year. Within one year the account holder will have to approach the bank and get the full KYC done and a failure to do this will result in the closure of the account.
• Applicants can apply for KYC and the bank official will collect the documents from the property of the applicant at the convenient slot selected by the applicant.

Pros:

• No average monthly balance required; it is a zero balance account.
• Debit card available.

Cons:

• Not a permanent account and the account holders will have to get proper KYC done within one year.