In today’s digital age, it is essential for all of us to have a bank account. While some people open a bank account only for the purpose of savings, the reality is that having a bank account provides us with various benefits. In fact, government or private sector employees often have their monthly salaries transferred to their bank accounts instead of receiving cash. This is why most banks, including YES Bank, a private sector bank, provide the convenience of opening an online bank account.
However, it depends on the customer as to which bank they want to open their account with. Today, we are providing you with complete information about opening an account with YES Bank. So let’s find out how to open an account in YES Bank, including the necessary documents, application form, and fees.
Account Types in Yes Bank
- Yes Digital Savings Account
- Women Savings Account
- Regular Savings Account
- Senior Savings Account
- My First Yes Account
- Yes Savings Value Account
Yes Bank Account Opening Documents
To open an account in a bank, you need to submit some documents, which are as follows:
ID Proof Document
- Aadhar Card
- PAN Card
- Voter ID
- Government ID Card
- Passport Size Phot
Address Proof Document
- Driving Licence
- Electricity Bill
- House Tax
- Telephone Bill
How to Open Account in
In this bank, you can open your account through both online and offline modes. For your information, you can open a zero balance account with limited KYC, and the minimum balance for a full KYC account is Rs. 10,000. Here, we are providing you information about opening an online account, and the steps are as follows:
To open an online account in this bank, you need to first visit the bank’s official website Yesbank.in. Once you are on the homepage, you will need to click on the option “I Want to Open An Account”.
- Now a new page will open, where you will need to write your mobile number and enter the captcha code afterwards.
- Now you will receive an OTP on your mobile, which you need to enter in the OTP box.
- In the next step, you will need to write your Email ID and click on the Verify option.
- Afterwards, a Verification Link will be sent to your Email Address. Once you click on this link, your Email will be verified.
- In the next step, you will need to enter your PAN (Permanent Account Number) and Aadhaar number, and click on the T&C (Terms and Conditions) checkbox.
- Now you will receive an OTP on your linked mobile number from Aadhaar. After entering this OTP and checking the checkbox, click on the Process button. Next, you will need to enter personal information related to your application form.
- After entering the information, click on the Submit button. Now your application form will be submitted, and you will be called for Video KYC (Know Your Customer) by the bank through a call. You will need to visit the bank with all your documents for verification. Once your documents are verified, your online bank account will be opened.
How to Open Offline Account in Yes Bank
- To open an Offline Account in this bank, you will need to visit the nearest branch of this bank. To open an offline account in the bank, you will need to speak with the bank manager or employee. The bank employee will provide you with a form to open an account. In that form, you will need to enter all the required details and submit the necessary documents at the counter.
- If you are opening a zero-balance account, you will not need to deposit any money for it. However, if you are opening any other type of account, you will need to deposit funds as per the minimum balance requirement. Once your submitted documents are verified, and if they are found to be correct, your account will be opened. After the account is opened, you will be provided with a Passbook, ATM, and Cheque Book.
Yes Bank Account Benefits
- You can open an online account in this bank anytime and at any time (24×7).
- You will be provided with a virtual ATM card by this bank.
- Upon opening an account in the bank, an annual interest rate of 4% to 6% is given.
- There are no charges for transferring money through IMPS. Except for zero balance accounts, you need to maintain a minimum balance of up to 10,000 in other types of accounts.
Yes Bank Zero Balance Account Features and Fees
- You do not need to maintain a minimum balance in a zero balance account.
- With this limited KYC (Know Your Customer) account, you can also deposit cash at a branch.
- Customers with a zero balance account are provided with a virtual platinum debit card, which allows them to make online transactions of up to 50,000 rupees.
- With this bank’s ATM card, you can withdraw money for free from this bank’s ATM.
- In contrast, you can only withdraw money for free five times a month from another bank’s ATM, and you will be charged 20 rupees per transaction thereafter.
- If you withdraw money from an ATM even if you don’t have sufficient funds in your account, you will be charged a penalty of 25 rupees from your account.
- Through a debit card, you can also withdraw money in countries other than India, i.e., abroad, but you will have to pay a fee of 120 rupees per transaction.
- If you have lost your ATM card or want to change your ATM card, you will need to make a payment of 249 rupees for the same.