Banking is becoming an essential life skill for children from an early age in the modern digital world. Yes Bank recognizes the need to nurture financial literacy among the youngest members of society through their ‘My First Yes’ savings account. This blog provides all essential details on the features, benefits, opening process and terms of the Yes Bank minor account to help parents assist their child’s initial banking journey.
Yes Bank Account for Minors
Yes Bank offers accounts tailored for minors to help them learn financial responsibility from a young age. The ‘My First Yes’ account allows parents to guide their child’s initial banking experience.
Yes Bank Minor Account
- My First Yes – A savings account for children aged 6-12 years, encouraging them to teach healthy savings habits. Requires a minimum monthly average balance of Rs. 1000 with an interest rate of 4% annually. A debit card is provided once the child turns 10 to make age-appropriate transactions under parental guidance.
- Bank Category Minimum Balance Interest Rate Card Offered
- Yes Bank My First Yes Rs. 1000 4% At age 10
How do you open a Yes Bank Minor Account Online?
Opening a minor bank account online is convenient for parents to get their children accustomed to modern banking services. Yes Bank allows guardians to set up an account for their kids quickly through a quick digital process.
How do you open a Yes Bank Minor Account online?
- Visit www.yesbank.in and click ‘Open Account’.
- Select ‘My First Yes’ and complete the online application form providing child and guardian details.
- Upload documents like address/identity proof.
- Initiate video KYC by verifying ID and address via webcam.
- Set up Internet banking credentials to access the account instantly.
- Make an initial deposit and start using an account for the child’s financial journey.
How do you open a Yes Bank Minor Account offline?
While opening an account online is convenient, parents can also open a minor bank account through a physical branch visit for added security. The offline account opening process at a Yes Bank branch is straightforward.
How do you open a Yes Bank Minor Account offline?
- Visit the nearest Yes Bank branch with your child and identification documents.
- Collect the account opening form for the ‘My First Yes’ savings account.
- Provide details and submit identification documents for verification.
- The Bank executive will assist in completing account opening formalities.
- Make an initial deposit and collect a debit card for the minor bank account.
Types of Yes Bank Savings Account
In addition to the ‘My First Yes’ account for minors, Yes Bank offers various savings account options to cater to different customer needs. Parents can consider these accounts for themselves or their children as they grow up.
Types of Yes Bank Savings Account
- Basic Savings Account – A basic account with no monthly balance requirement.
- YES, Suvidha Savings Account – For regular banking with a monthly average balance of Rs. 10,000 for interest.
- YES Salary Account – Dedicated salary account with various benefits for salaried individuals.
- NRI Savings Account – NRO and NRE savings accounts for Non-Resident Indians.
Services With Yes Bank Savings Account For Minors
Along with building healthy savings habits, Yes Bank offers various services for minors through their ‘My First Yes’ account to instil financial literacy from a young age.
Services With Yes Bank Savings Account For Minors
- Internet Banking access for viewing transactions.
- Debit Cards for purchases and withdrawals within the limit as the child grows.
- Real-time money transfer and payments via NEFT/RTGS/IMPS.
- Personalised chequebook for experience in cheque payments.
- USSD/SMS banking for balance checks on basic phones.
Fees and Charges
It is essential for parents opening minor bank accounts to be aware of any applicable fees and charges. Yes Bank keeps transactions simple and affordable for young account holders.
Fees and Charges
- The ‘My First Yes’ account has no monthly average balance charges.
- The first five debit card transactions are free per month, ₹20 per transaction after that.
- There are no charges for fund transfers through the Internet or mobile banking.
- RM5 plus GST for a new chequebook with five leaves.
- ₹50 plus GST for monthly statements through post beyond one free statement per year.
Documents Required
Yes Bank requires parents to submit certain essential documents for verification to securely open a minor bank account and comply with KYC norms. Having these ready simplifies the account opening process.
Documents Required
- ID and address proof of minors, like a birth certificate and student ID.
- ID and address proof of parent/guardian like Aadhaar, voter ID and utility bill.
- Recent passport-size photos of minor and parent.
- Specimen signature of a parent if an account is to be operated by them.
- A signed account opening form is available from the branch or website.
Transaction limit of Yes Bank Minor Account
While allowing children to learn banking independence, limits are imposed for their safety on Yes Bank’s minor accounts. Parents can stay involved in their financial growth journey within these amount restrictions.
Transaction limit of Yes Bank Minor Account
- Limit of ₹5000 per month for cash withdrawal and debits using the debit card provided once the child is ten years old.
- Intra-bank/inter-bank money transfers are capped at ₹25,000 per day through Internet and mobile banking under guardian approval until age 18.
- Only the guardian or parent can perform high-value transactions beyond these limits for the minor.
Yes Bank Minor Account Opening Application Form PDF
To help parents open a minor bank account seamlessly, Yes Bank has made available the account opening form for the ‘My First Yes’ savings account online. This digital form can be downloaded from the link below, printed, submitted with the required documents to the nearest branch or filled out online during video KYC. Opening an account for children to learn banking is made simple with this application form.
Parents can access the Yes Bank minor account opening form here: https://yesinvest.in/docs/default-source/files/non-individual-form_23-12-19.pdf.
Eligibility Criteria for Yes Bank Minor Account
To open a Yes Bank minor account, the child must be between 6 and 18. Here are the eligibility criteria for Yes Bank minor account:
- The child’s age must be between 6-18 years.
- The account can only be opened by the child’s natural guardian (parent) or a legally appointed guardian.
- The following documents are required:
- Child’s identity proof (birth certificate, passport, etc).
- Child’s address proof.
- Valid identity and address proof of the guardian.
- A nominal initial deposit is required to open the account.
Final Word
Yes Bank strives to make banking simple and exciting for kids through their specialized minor savings accounts. Whether opened online or offline, these accounts allow parents to carefully guide their children’s money matters. The affordable services offered can help instil invaluable financial value in the new generation from a young and impressionable age.
FAQs
YES Bank offers a zero-balance savings account called YES BANK’s Zero Balance Savings Account. This account has no predefined minimum balance requirement, so holders are not required to maintain any minimum balance.
YES Bank faced some financial difficulties last year, but the Reserve Bank of India (RBI) quickly intervened to ensure account holders’ money remained safe and accessible. The RBI governor and finance minister have confirmed publicly that all depositors’ funds in YES Bank are secure.
YES Bank stands for Youth Enterprise Scheme Bank. It was originally established to provide loans and banking services focused on India’s youth and help develop their entrepreneurial skills.
YES Bank stands for Youth Enterprise Scheme Bank. It was originally established to provide loans and banking services focused on India’s youth and help develop their entrepreneurial skills.
The current CEO of YES Bank is Mr. Prashant Kumar. He took over the role in 2020 after the restructuring led by SBI to steer the Bank through difficult times and stabilize its financial operations.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
