YES Bank founded in 2004 slowly grew into one of the largest banks in the country. In the past few years, it is considered as one of the fastest growing banks in India. It offers a wide range of savings bank account schemes to both individuals and corporations. It offers all types of digital payment solutions to its customers. Yes Bank after the revision of Savings Bank interest rates last year, it now offers a reduced interest rate of 5% per annum for saving deposits of up to Rs. 1 lakh. If the deposit balance is between Rs. 1 lakh and Rs. 1 crore, it offers an interest rate of 6% per annum. For account holders with the saving deposits balance of over Rs.1 crore receive an interest rate of 6.25%. Just like Kotak Mahindra Bank, Yes Bank offers a multitude of benefits to its customers.
Savings Account holders at Yes Bank enjoy free NEFT payment facility, debit cards with attractive offers, access to ATMs across the country, receive quarterly savings interest payout, free demand draft issuance, easy payment of utility bills, personal account number selection, SMS banking facility, and others. Appling for a YES Bank savings account can be done easily online. It is a three-step process wherein the first step they have to fill the Savings Account Eligibility form. Once this form is filled and submitted, the bank presents a list of suitable account options. In the second step, an applicant can go through the various account types and compare them. The last step involves choosing a specific savings bank account type and clicking on its approval. Users through email and SMS alerts can know the status of their application.