Yes Bank offers a wide range of salary accounts that ensure a seamless banking experience for employees and employers. These accounts are designed for various customer needs, such as higher interest rates, zero balance requirements, and exclusive banking privileges. This blog will discuss the features, eligibility requirements, application process, and other important information about the Yes Bank salary account.

Yes Bank Salary Account Benefits

Here is a list of Yes Bank salary account benefits you must know when opening a salary account in this bank:

Higher Returns

• Employees earn a yearly maximum interest of up to 6% on their savings with monthly interest credit, ensuring better returns on deposits.

Anytime/Anywhere Banking

• Customers can access their accounts from any Yes Bank branch across India, offering seamless banking convenience.

Locker Facility

• Salary account holders can avail of locker facilities to safeguard their valuables securely.

Easy Account Management

• With NetBanking and Mobile Banking, users can easily manage their accounts, monitor transactions, and enjoy a smooth digital banking experience.

Free Cheque Book

• Employees receive a complimentary payable-at-par multi-city chequebook to facilitate easy transactions.

Investment Advisory Services

•  Yes Bank provides free investment advisory services to help customers make informed financial decisions.

Bill Payment Services

• Utility bills can be paid effortlessly through Yes Bank’s net banking platform at no extra charge.

Insurance Options

• Enjoy complimentary personal accident insurance, purchase protection, and lost card liability cover for financial security.

Money Monitor

• Track and manage your finances across multiple institutions using Yes Bank’s unified Money Monitor application.

Enhanced Security

• Yes Bank net banking comes with two-factor authentication for added security in online transactions.

Best Interest Rates

• Customers can apply for recurring, fixed, and tax-saver deposits with highly competitive interest rates and no extra charges.

Instant SMS Alert 

• Receive real-time SMS alerts at no cost for every account transaction, ensuring full control and visibility.

Insurance Protection

• Access to a range of life and general insurance products tailored for salary account holders.

Travel Cashless

• Unlimited ATM transactions across Yes Bank and other bank ATMs support a fully cashless travel experience.

AMC Waiver

• Avail a 50% to 100% waiver on all lifetime Account Maintenance Charges (AMCs), reducing long-term costs.

Yes Bank Salary Account Eligibility

Generally, being a salaried individual is the eligibility criteria for a Yes Bank salary account. However, the details of these specifications may vary depending on the type of account chosen. For instance, to open the Smart Salary Exclusive Account, you must have a monthly net salary of ₹20,000 and above. The Yes First program requires an Average Monthly Balance (AMB) of ₹10 lakhs and above across savings and current accounts or a Net Relationship Value (NRV) of ₹30 lakhs and above.

In addition, some accounts are intended solely for professionals, while others have different criteria, such as defence personnel or women. You can contact Yes Bank for specific, detailed eligibility criteria.

Yes Bank Salary Account Opening Documents Required

Here is the list of documents you must submit for Yes Bank salary account:

• PAN card
• Aadhaar card
• Proof of identity, such as a passport, driving license, or voter ID card
• Proof of address, such as a passport, driving license, or voter ID card
• Proof of employment, such as a service certificate or the latest salary slip

Yes Bank Salary Account Opening Charges

Yes, Bank salary accounts do not usually have opening charges. However, specific services such as RTGS and NEFT transactions may incur charges based on the account type and transaction method. You can contact Yes Bank for further information on charges. It will clarify the fees for account maintenance or charges that may arise when conducting transactions.

Yes Bank Salary Account Opening Minimum Balance

Yes Bank offers a zero-balance salary account facility, allowing employees to manage their finances effortlessly without the need to maintain a minimum balance. It is available to those receiving their salaries through Yes Bank, ensuring a hassle-free banking experience. The minimum balance in Yes Bank’s salary account lets you focus on your financial goals and day-to-day transactions without concern about non-maintenance charges.

Yes Bank Salary Account Maintenance Charges

The following table highlights the maintenance charges of the Yes Bank salary account:

Yes Bank Salary Account Interest Rate

The following table highlights the interest rate of the Yes Bank salary account:

How to Open a Yes Bank Salary Account Online?

Opening a Yes Bank salary account online is a simple and hassle-free process. You can follow these simple steps to open a salary account in Yes Bank:

• Visit the Yes Bank’s official website.
• Select the ‘Salary Account’ option from the ‘Accounts’ section.
• Select the salary account type according to your financial objectives and requirements.
• Choose the ‘Apply Now’ option and complete the application form with your details, such as name, email address, contact number, and other relevant information. 
• Once you have filled out the information, you will get an interaction ID.
• After receiving the ID, the bank official will contact you to complete the account opening process.

How to Open a Yes Bank Salary Account Offline?

To open a Yes Bank salary account offline, follow these steps:

• Visit the nearest Yes Bank Branch.
• Request a salary account opening form and fill out the form.
• Submit required documents, such as KYC, employment proof, and salary details.
• The bank will verify the details once you submit the documents and the form.
• The salary account is activated upon approval, and account details are provided.

How to Close a Salary Account in Yes Bank?

If you are wondering how to close Yes Bank salary account online, you can follow these simple steps:

• Visit the Yes Bank website to download the account closure form. It is in the form centre section.
• Complete the form with details such as your account number, branch name, reason for closure, and signature. Ensure all details are accurate.
• Include a copy of your ID proof, such as an Aadhaar, PAN card, or passport.
• Take the filled form and documents to your Yes Bank home branch. The account holder must be present.
• Submit the form and clear any outstanding balance. You may need to surrender items like a chequebook, debit card, or passbook.
• The bank will confirm the account closure via SMS or email after processing.

Final Word

Overall, the Yes Bank salary account offers comprehensive benefits like high interest rates, no minimum balance, exclusive banking services, etc. Yes Bank makes banking easy for all and enhances the banking experience for employees and employers. In addition, the bank offers the convenience of opening online and offline accounts.

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