Opening a basic savings bank account is necessary for everyone to manage money and conduct banking transactions safely. Yes Bank offers convenient zero balance savings accounts that do not require maintaining high balances. These accounts come with many helpful digital banking facilities along with regular transactional benefits. This blog covers all important aspects related to opening and using a Yes Bank zero balance savings account.
Types of Yes bank zero balance account
Yes Bank offers different types of zero balance accounts to suit different customer needs. The main types are:
| Type | Features |
| Regular Savings Account | Maximum Limit: Rs. 1 lac Cheque Book: 10 leaves in 1 year Monthly Withdrawal Limit: 2 free, then Rs. 50/withdrawal Debit Card: Free Credit Card: Not available |
| Salaried Account | Maximum Limit: Rs. 3 lac Cheque Book: 20 leaves in 1 year Monthly Withdrawal Limit: 5 free, then Rs. 50/withdrawal Debit Card: Free Credit Card: Eligible for complimentary credit card after 6 months |
| Student Savings Account | Maximum Limit: Rs. 50,000 Cheque Book: 5 leaves in 1 year Monthly Withdrawal Limit: Unlimited free Debit Card: Free Credit Card: Not available Additional Features: Concessional rates for education loans |
How to Open Yes bank zero balance account Online?
Opening a zero balance account with Yes Bank online is very simple and convenient. Just follow a few simple steps:
- Visit Yes Bank website and click on ‘Open an Account’
- Select the type of zero balance account
- Enter basic details like name, address and date of birth
- Upload know your customer (KYC) documents
- Complete online application form
- Verify email id and registered mobile number
- Account will be instantly opened and you can start using it
The entire process takes less than 10 minutes. You do not need to visit a branch unless you need assistance. It makes opening an account from anywhere, anytime very easy.
How to Open Yes bank zero balance account Offline?
For customers who prefer opening an account by visiting a branch, Yes Bank also offers the offline option. Here are the simple steps:
- Visit the nearest Yes Bank branch
- Carry required KYC documents like address and identity proof
- Branch executive will help fill account opening form
- Fill details like name, address, date of birth
- Submit form with photograph and KYC documents
- Documents verified and account opened instantly
- Get internet banking password and debit card
- Whole process completed within 15-20 minutes at the branch
Yes bank zero balance account Interest rates
Yes Bank offers competitive interest rates on zero balance savings accounts. The rates may vary depending on account type and balance maintained. Here are some key points on interest rates:
| Account | Interest rate |
| Regular savings account | 3% p.a. on balances up to Rs. 1 lakh, 1% above Rs. 1 lakh. |
| Salaried account | 4% p.a. on balances up to Rs. 3 lakhs, 1% above Rs. 3 lakhs. |
- Rates are base rate linked and reviewed quarterly.
- Interest is calculated daily and credited to account half-yearly.
Fees and charges of Yes bank zero balance account
Along with the benefits, it is also important to know the various fees applicable on a Yes Bank zero balance account.
- No monthly maintenance charges if minimum balance is maintained
- Maximum 5 free cash withdrawals, then Rs. 50 per cash withdrawal
- 25 free transactions through debit card, online/mobile banking
- Cash deposit fee of 0.5% or minimum Rs. 100 per transaction
- Cheque book fees of Rs. 50 plus GST for 10 leaves, Rs. 75 plus GST for higher quantities
- Stop payment/return cheque charges as applicable
- Most services like SMS alerts, e-statements are free of cost.
Keeping these nominal charges in mind, a Yes Bank zero balance account remains very affordable and cost-effective to use on a day-to-day basis.
Eligibility criteria to open Yes bank zero balance account
There are some basic eligibility norms to fulfill for opening a zero balance account with Yes Bank:
- Minimum age of 18 years (15 years for minors account)
- Indian individual only (NRI/OCI not allowed)
- Valid identity proof like Aadhaar, PAN, Voter ID
- Address proof required if identity proof does not have current address
- Visit a Yes Bank branch along with original KYC documents
- Mobile number and email must be registered for online banking
- Salaried/student accounts have additional eligibility criteria
Documents required to open Yes bank zero balance account
To verify your identity and address for compliance, Yes Bank requires some basic KYC documents at the time of account opening.
- Address proof: Voter ID, Passport, Aadhaar, Driving License, Ration Card
- Identity proof: PAN card, Aadhaar Card, Passport, Voter ID
- Recent color photograph
- Cancelled cheque of existing bank account (if any)
- Date of birth proof (only if DOB not on ID proof)
Yes bank zero balance account Welcome Kit
Welcome to Yes Bank! We’re happy you chose us for your banking needs. Here is a brief overview of your zero balance account welcome kit:
Zero Balance Account Welcome Kit
- Debit Card: Use to make purchases and withdraw cash at ATMs. Card is active once signed.
- Internet Banking Details: Login credentials to access account online for funds transfer, bill pay etc.
- Cheque Book (if chosen): Useful for payments by cheque. Maintain record of issued cheques.
- Contact Details: Our customer support number and email in case of any assistance required.
- Account Statement: Shows transactions, available balance for maintaining account records.
- Terms and Conditions: Please go through the complete terms for using account and services.
Yes bank zero balance account Helpline
Yes Bank strives to provide top-notch customer support for any query or assistance related to its zero-balance Savings Account. If you need any clarification regarding account opening process, using internet banking facilities or have a complaint, you can contact their 24/7 helpline teams.
| Headquarter address | Yes Bank House, Western Express Hwy, Anand Nagar, Vakola, Santacruz East, Mumbai, Maharashtra 400055, India. |
| Helpline contact number | 18001200 (toll-free) |
| Helpline email address | [email protected] |
Final Word
Yes Bank provides reliable and affordable zero balance savings accounts for different customer needs. Be it opening online or offline, there are simple processes. Customers can earn good interest rates and enjoy unlimited transactions within set limits. Maintaining minimum particulars makes account operation very affordable. So anyone looking for a functional bank account should consider opening a suitable zero balance account with Yes Bank.
FAQs
Yes, Yes Bank offers zero balance savings accounts called ‘Yes First’ where customers are not required to maintain a minimum balance and no penalties are charged. This makes it convenient for new users.
The ‘Yes First’ account from Yes Bank does not have any requirement of minimum balance. Customers can operate this account without maintaining any pre-defined minimum balance amount. All banking services are available without any restrictions.
No, YES Bank is not a nationalized or government owned bank. It is a private sector bank that was originally licensed in 2004. While it is regulated by the Reserve Bank of India, it functions as a commercial bank and not a government bank.
Yes, over the past years Yes Bank has emerged as one of the well-established private sector banks in India. It adheres to banking regulations and has a strong capital adequacy ratio assuring safety of customer deposits. Its services are completely digital helping secure financial transactions.
The largest shareholder of Yes Bank is its co-founder and former MD & CEO Rana Kapoor and his family who collectively own around 13% shareholding in the bank as of date. The bank is publicly traded on the stock exchanges and majority shareholding is with various institutional investors.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
