A current account is a type of bank account that offers seamless withdrawal of funds and allows cheques to be written against the balance in the account. Current accounts are used by non-individuals such as public limited companies, limited companies, partnerships, sole proprietors and individual self-employed professionals to cater to their day to day business transactions. It is intended to offer banking facilities for smooth running of a business.
Features of Yes Bank Current Account
- The Yes Bank Current Account is extremely easy to handle and it does not have any limits on the number of transactions individuals can a current bank account holder can make.
- The current account of Yes Bank comes in a three tier structure. Based on their usage, customers are auto upgraded to the higher tier current account. This will help to better cater to your growing business.
- Yes Bank Current Account opening can be done by visiting the branch or online.
- Account holders can make unlimited number of deposits in their home branch.
- Issuance of cheques, request for pay-orders and demand drafts is available to customers.
- Internet banking and mobile banking is available which can help to carry out large scale transactions.
- Customers can avail free usage of Business Debit Cards at ATMs (within India) as well as for buying goods at stores and online sites.
- Local and outstation cheque can be collected without any limits.
- There is no limit on outward cheque returns in select tiers.
Who can open a Yes Bank Current Account:
The following are eligible to operate a Current account
- Resident Individual
- Hindu Undivided Family
- Sole Proprietorship Firms
- Partnership Firms
- Limited Liability Partnership Firm
- Private & Public Limited Companies
Yes Bank’s 3 Tier Current Account Banking System
One of the main features of Yes Bank Current Account is the 3 Tier Current Account Banking System. Customers can be autougraded to the next tier based on their transactions and growth in business. Edge Business, Prime Business and Exclusive Business are the three different types of Yes Bank Current Account. The minimum average balance differs from one type of current account to other. customers are charged Rs.
1. Edge Business
Edge Business Current Account comes with a lot of benefits and other value-added services. It has a low minimum balance of Rs.25,000 and as a result, it makes for a good current account for new business setup or business with less volume of transactions.
- Enjoy all the banking benefits, along with efficient value-added services that deliver more than you expect from a current account.
- With a lower balance expectation, this product best suited for a new setup or a business with less volume of transactions
- Eligible for revision to Prime Business & Exclusive Business during its Life Cycle
- The current account minimum average quarterly balance that needs to be maintained is Rs. 25,000
- A chargeable Business Gold Debit Card is given to Edge Business account holders
- Daily Card limit (ATM & Merchant) Rs. 1 lakh each.
- Free RTGS/NEFT/Fund Transfers
2. Prime Business Current Account:
As the business grows, it calls for customised services. The Prime Business Current Account of Yes Bank offers customised services to handle high transaction volumes and choose value added services to sustain the growth in your business. The minimum average balance of this type of current account is Rs. 1 lakh.
- The current account minimum average quarterly balance that needs to be maintained is Rs. 1 lakh
- The Business Gold Debit Card is free for the first year.
- Local Cheque Deposit & Return is free(chargeable in an Edge Business Account)
- Other than the existing value added packages, “YES TRANSACT-ON THE GO” service, Smart Tally and payment gateway are also available for the customers. With the help of YES TRANSACT-ON THE GO, customers can scan or upload their request of their transaction file and send it to the bank through a secured mode from their desktop, laptop or mobile phone.
3. Exclusive Business Current Account:
It is a premium tier of current account that aims to provide cost effective ways to handle business.
- The minimum average quarterly balance that must be maintained is Rs. 5 lakh
- A free YES FIRST World Business Card is given to an exclusive business current account holder.
- CMS Collection: Customised Solution and MIS for collection across multiple locations with minimal costs is available for bank customers.
- CMS Payment : You can track your payments to vendors and clients and avail bulk upload facility through Corporate NetBanking.
Documents required to open a Yes Bank Current Account:
Documents needed to open a Yes Bank Current account will differ among the different types of customers such as resident individuals, partnership firms and public company.
Customers may have to submit proof of their entity, entity address documentation and individual address proof.
Check this link to get the full list of the documents needed to open a Yes Bank Current Account and other details.
