How to Open Zero Balance Account in Yes Bank?

Looking for a reliable savings account? Well, search no more. Yes Bank offers excellent financial management solutions through its zero balance savings account. Designed to make banking accessible and hassle-free, these accounts eliminate the burden of maintaining a minimum balance while providing a wide range of digital banking services and transactional benefits. 

In this article, we will explain how to create a Yes Bank zero balance account along with its benefits and features so it can fit your banking requirements.

What is a Zero Balance Account in Yes Bank?

A zero balance account in Yes Bank does not require an individual to maintain a mandatory minimum balance, thus negating all kinds of risks, including penalties or charges. Also known as Basic Savings Bank Deposit (BSBD),  it allows account holders great flexibility so that they can manage their finances effectively. 

Yes Bank provides its zero balance account holders with cutting-edge digital and traditional banking facilities, making it easy to manage finances from anywhere. The following are a few features and benefits that we think you should definitely try out. 

• Account Management: You can manage account summaries, transaction details, access account statements and track fund transfers with ease.
• Free Fund Transfers: You can use free NEFT payment facilities via internet banking or mobile banking. You also get free IMPS/RTGS facilities for instant fund transfers through mobile banking.
• 24/7 Personal Banking Assistant: You can access YES ROBOT, Yes Bank’s virtual banking assistant, and use it to create fixed deposits, pay bills, send money, recharge services and check account balance.
• Comprehensive Online Banking Services: You can register for e-statements to stay updated on your account activity. You can also conveniently recharge mobile phones and DTH services and make payments for utility bills, loan EMIs and premiums, all through a single platform.
• Additional Benefits: You also get free demand drafts and registration for SMS alerts to stay informed about transactions and balances.

Ways to Open a Zero Balance Account in Yes Bank?

Opening a zero balance account with Yes Bank is quick and hassle-free, especially with the bank's user-friendly internet and mobile banking services. The online and offline processes are as follows.

Yes Bank Zero Balance Account Opening Online Process

Here is how you can apply for the zero balance account online:

• Research and select the type of savings account that suits your needs.
• Visit the Yes Bank website, click ‘Apply Online’ and fill in the application form with your details.
• Submit scanned copies of identity proof (e.g., Aadhaar, passport, driver’s license), address proof (e.g., Aadhaar, passport, driver’s license) and PAN card.
• The bank will verify your application, and a representative may contact you to confirm the details.
• Post verification, your account will be activated, and you'll receive a welcome kit with your debit card and complete account details.

Offline Process:

• Locate and visit your nearest Yes Bank branch at your convenience.
• Carry all necessary KYC (Know Your Customer) documents, including identity proof, address proof and passport photographs.
• Upon arrival, a branch executive will help you with the account opening process, including completing the application form.
• Hand over the completed form along with your KYC documents and photographs.
• Upon verification of the documents, your account will be opened immediately.
• You will receive your debit card, internet banking credentials, and other account-related details on the spot.

The entire process typically takes 15-20 minutes, thus ensuring a smooth and hassle-free experience.

Yes Bank Zero Balance Account Rules

Yes Bank offers multiple types of savings accounts, including those that allow for zero balance maintenance. Listed below are key features and rules for different types of Yes Bank zero balance account accounts:

• Pradhan Mantri Jan Dhan Yojana (PMJDY) Account
  • Enjoy easy access to financial services with PMJDY.
  • No minimum deposit or balance requirements.
  • Exclusive PMJDY RuPay Debit Card to make cashless transactions effortless.
  • Benefit from accidental insurance coverage.
• YES Digital Savings Account - Limited KYC
  • Experience convenient and secure banking right at your fingertips.
  • Open an account quickly with a fast, paperless, and secure process.
  • Start using YES Online (Net Banking) and iris by YES BANK (Mobile Banking) immediately.
  • Access your funds instantly with a virtual debit card.
  • There is no requirement to maintain an average monthly balance.
• Regular Savings Account
  • There is no requirement to maintain a minimum balance.
  • Earn tax-free interest income up to ₹40,000 annually.
  • Avail free personal accident death cover worth ₹15 lakh.

Eligibility Criteria to Apply for a Yes Bank Zero Balance Account

To apply for a Yes Bank zero balance account, applicants have to meet the following eligibility criteria:

• Age Requirement: You must be at least 18 years old. Minors aged 15 and above are eligible to open a minor's account.
• Residency: Applicants must be resident Indian citizens. Non-resident Indians (NRIs) and overseas citizens of India (OCIs) are not eligible.

Required Documents to Apply for a Yes Bank zero balance Account

To open a zero balance account with Yes Bank, applicants must submit the following:

• A duly completed savings account application form
• Provide your PAN card or Form 60 (with a valid reason for not having a PAN card)
• Recent passport-sized photographs
• Document bearing your name and signature for proof of identity
• Proof of your residential address
• KYC Documents such as PAN Card, valid driving license, passport, voter ID card, Aadhaar card or e-Aadhaar (downloadable from the UIDAI website) or NREGA job card (with proper attestation)
• Provide self-attested copies of all the documents
• At the time of verification, the applicant needs to present all original documents

Yes Bank Zero Balance Account Withdrawal Limit Per Day

Yes Bank's zero balance account allows a certain number of free transactions and very nominal charges to be paid if crossed, thus making it easier and affordable for account holders. The following are the limits for withdrawals per day: 

• Value Limit: Rs. 1 lakh per month.
• Transaction Count: 5 free withdrawals per month. 

Once either the value or transaction limit is exceeded, the following charges apply.

• Cash Withdrawal Fee: Rs.21 per transaction for ATMs within India, and Rs. 120 per transaction for ATMs outside India.

Yes Bank Zero Balance Account UPI Transaction Limit

The standard UPI transaction limit for peer-to-peer payments with Yes Bank is Rs. 1 lakh. However, this limit can vary depending on the bank’s policies, with some banks setting lower or higher limits, typically ranging from Rs. 5,000 to Rs. 1 lakh or more.

For specific transactions, Yes Bank allows UPI payments of up to Rs. 5 lakh per transaction, applicable to tax payments, payments to hospitals and educational institutions, Investments in IPOs and RBI retail direct schemes. 

These enhanced limits provide flexibility for more significant transactions, ensuring seamless payments across different categories.

The Yes Bank zero balance account allows seamless banking services at a low cost, thus meeting multiple customer needs. Its user-friendly features, such as zero balance requirements, free digital banking services, and attractive benefits like concessional student loan rates, make it an ideal choice for many individuals looking to effectively manage their finances. 

By choosing a Yes Bank zero balance account, you gain access to a secure, flexible, and feature-rich banking solution that empowers you to manage your finances efficiently. 

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