Going through the YES Bank charges list is an easy way to avoid unnecessary service penalties that you may attract to your YES Bank Savings bank account. Listed below is a comprehensive list of YES Bank charges:
Bank charges refer to fees imposed by banks for the services they offer, such as account maintenance, transactions, overdrafts, and more. The bank charges support the bank’s operational costs and infrastructure, which thereby allows them to provide quality banking services to its customers. These charges vary depending on the specific services and account types. Read below for the YES Bank charges list.
YES Bank is a prominent Indian private-sector bank headquartered in Mumbai. It was established in 2004 and offers a wide range of banking and financial services. YES Bank operates through a network of branches and ATMs across India, catering to retail, corporate, and SME customers. The bank provides services such as savings and current accounts, loans, credit cards, wealth management, and digital banking solutions.
YES Bank customers enjoy a range of banking services upon paying a nominal fee for each category. YES Bank charges list mentions specific fee charges for all services. Like all other banks, YES Bank charges too are revised from time to time. The personal bank account holders of YES Bank are charged under the following heads:
- Maintenance of Average Minimum Monthly Balance – These charges are applicable if the minimum monthly balance drops below the requisite amount.
- Internet Banking Payments made through IMPS, RTGS, or NEFT – These charges are applicable on online fund transfer transactions.
- Combined Cash transactions at Branch and Bunch Note Acceptor (BNA) – These charges are applicable on both cash withdrawals and cash deposits beyond Rs. 1,00,000 per month.
- Cheque-Related Charges – These are charges for ECS instructions, standing instructions, cheque return charges, etc.
- Charges on ATM cum Debit Card – These are charges related to using ATM cum Debit Card.
- Miscellaneous Service Charges – These are charges for miscellaneous services like SMS alerts, anywhere banking, etc.
Today, almost everyone has a savings bank account. But unfortunately, many are not aware of the various charges and fees associated with banking services. This leads to unnecessary debits in the bank account that further reduces the available funds. Surprisingly, most bank penalties can be avoided by understanding them and using banking services mindfully. Here are some useful tips to avoid/minimise YES Bank charges:
- Maintain Minimum Balance – This is the basic need. Make sure that the required minimum required balance in your YES Bank account is always maintained. Choose the type of bank account wisely and familiarise yourself with the specific minimum balance requirement for your account type.
- Use Additional Services Wisely – Choose miscellaneous services like SMS Alerts, anywhere banking facility, etc. very wisely. Subscribing for them and not using them serves no purpose but attracts unnecessary charges.
- Choose the Right Bank Account – YES Bank offers a range of bank accounts to cater to distinct customer needs. Each type offers different features like minimum balance requirements, transaction limits, etc. Choose the account type that aligns with your banking needs.
- Use YES Bank ATMs – Unless necessary, do not use other bank ATMs for cash withdrawals or other non-banking transactions. These transactions attract YES Bank charges.
- Choose Locker Size Wisely – YES Bank locker charges are linked to the size of the locker. Paying unnecessarily for bigger lockers is not required. Understand your locker needs before proceeding to avoid unnecessary charges.
- Minimise Cash Handling – Combined cash transactions at a branch and Bunch Note Acceptor (BNA) are charged beyond Rs. 1,00,000 on value or 2 transactions per month, whichever is breached first. Opt for digital payment methods to avoid such charges.
Generally, there are no charges for opening a YES Bank Savings Account. The account opening charges at YES Bank are only associated with the initial deposit required to activate the account and the need to maintain a specified minimum balance to avoid penalties. YES Bank Zero Balance Account allows you to enjoy enhanced benefits with no YES Bank Zero Balance Account charges. One should also be aware of YES Bank foreclosure charges and YES Bank account closing charges in the case of fixed deposits and savings accounts, respectively.
YES Bank customers enjoy the advantage of easy cash withdrawals from YES Bank ATMs and other bank ATMs. However, cash withdrawals from other bank ATMs are chargeable. The charges are as under:
|Transactions at other bank ATMs in India||First 5 transactions free per month Financial Transaction – Rs. 21 per transaction Non-financial Transaction- Rs. 10 per transaction|
|ATM transactions outside India||Cash Withdrawals- Rs. 120 per transaction Balance Inquiry- Rs. 20 per transaction|
|ATM transactions declines due to insufficient funds||Rs. 25 per instance|
YES Bank offers a range of credit cards, all offering different features. Thus, the annual charges and benefits vary with the product type. Please refer to the exact YES Bank Credit Card variant for exact fee details and charges.
The charges applicable on YES Bank credit cards are as follows:
- YES Bank Credit Card Joining Fee
- YES Bank Credit Card Annual Charges
- YES Bank Finance Charges on Revolving Credit
- YES Bank Credit Card Late Payment Charges
- YES Bank Credit Card Cash Withdrawal Charges or Cash Advance Fee
- YES Bank Credit Card Payment Return Charges
- YES Bank Credit Card Reward Redemption Fee
YES Bank offers safety lockers in different sizes. The YES Bank locker charges are charged on an annual basis. The YES Bank charges list is as follows:
|Amount in Rs., excluding GST|
|Size A||Small||Up to Rs. 4,500|
|Size C||Medium||Up to Rs. 10,000|
|Size F||Large||Up to Rs. 20,000|
|Size L||Extra Large||Up to Rs. 32,000|
A DEMAT account is a convenient way to buy and sell shares. YES Bank allows individual customers to avail of this facility through specialised DEMAT accounts. YES Bank DEMAT account charges w.e.f February 1, 2021, are as follows:
|Account Opening Charges||Nil|
|Annual Maintenance Charges (AMC)||Rs. 500|
|Credit Transaction (Buy Market and Off Market)||Nil|
|Debit Transaction (Buy Market, Off Market and Inter- depository)||% of transaction value of each ISIN||0.04% (Min Rs. 20)|
|Dematerialization||Per Request Form||Rs. 30|
|Rematerialisation||Per Request Form||Rs.20|
|Closure Of Account||Nil|
|Pledge||Creation/Closure/Confirmation/Invocation (% of the value for each ISIN in each request)||0.04% (Min Rs.30; Max Rs. 50,000)|
|NDU||% of transaction value of each ISIN||0.02% (Min Rs.30/-; Max Rs.50,000)|
|Margin Pledge Initiation / Release / Invocation||Rs.10|
YES Bank allows money transfer through NEFT. The charges applicable are:
|NEFT Payment through Branch||Per Transaction Charges Less than Rs. 10,000 – Rs. 2 |
Rs.10,000 to Rs. 1,00,000 – Rs. 4
Rs. 1,00,000 to Rs. 2,00,000 – Rs. 12
More than Rs. 2,00,000 – Rs. 20
Transfer of money through RTGS involves YES Bank charges. The YES Bank RTGS Charges in 2023 are:
|RTGS Payment through Branch||Per Transaction Charges Rs. 2,00,000 to Rs. 5,00,000 – Rs. 20 |
More than Rs. 5,00,000 – Rs. 40
YES Bank Savings Account holders can avail of the services of fund transfer through IMPS. The YES Bank IMPS charges are as follows:
|IMPS||Per Transaction Charges Up to Rs. 1,00,000 – Rs. 5|
Rs. 1,00,000 to Rs. 5,00,000 – Rs. 15
Yes Bank Charges : FAQs
No. Having a YES Bank Savings account is mandatory for applying for YES Bank Safety Locker.
The first five transactions are free per month for cash withdrawals at other bank ATMs in India using YES Bank ATM cum Debit Card. Subsequently, each financial transaction is charged at Rs. 21 per transaction. Each non-financial transaction is charged at Rs. 10 per transaction.
YES Bank charges Rs. 500 as annual maintenance charges for DEMAT Account.
YES Bank DEMAT accounts can be closed without paying any charges.
YES Bank locker charges for extra-large lockers are Rs. 32,000 per annum + GST.
The RTGS stands for Real Time Gross Settlement.