Yes Bank Zero Balance Account

Yes Bank zero balance account is a Basic Savings Bank Deposit Account(BSBDA) under the Pradhan Mantri Jan Dhan Yojana.

A Savings account is the gateway to the world of financial products. Savings account come with an average minimum balance. However, keeping the minimum average balance may not be easy for a lot of people. In this respect, the Basic Savings Account or Zero Balance Account can help customers as these accounts do not carry any minimum balance requirement.

Not just the minimum balance requirements, many people are not able to open a savings bank account as they do not have the basic documents required to open a savings account. To cater to these problems and promote financial inclusion in the country, RBI has directed banks to introduce basic savings account, a no-frills account as a part of their overall product offering.

Features of Yes Bank Zero Balance Account 

No minimum balance or initial funding requirement  

With Yes Bank Zero Balance Account, customers don’t have to worry about keeping a minimum balance in the bank account. The zero balance facility helps customers to open a savings account even if they are not able to keep the minimum balance requirement of regular savings account or may need their money for other purposes.

Also, customers of regular savings account have to initially fund their account. However, the basic savings account do not have to pay an initial deposit to open the account.

Ease of deposit and withdrawal 

Customers of Yes Bank Zero Balance Savings Account can avail the facility to deposit and withdraw from ATM and bank branches. Account-holders can make transactions through electronic payment channels such as NEFT and cheques.

Customers can make an unlimited number of deposits while they can make only four withdrawals in a month. These are free and customers don’t have to pay money to avail these features.

Free Debit Card 

A debit card is a better option to carry out transactions than cash. It is lightweight and secure than cash. The debit card is accepted at all most all stores. Additionally, debit cards can be used to withdraw cash from an ATM.  

Free Passbook 

Customers of Yes Bank Zero Balance Savings Account also receive a free passbook. Passbook records deposits and withdrawals taking place in the savings account. It can help people to keep track of their money.

Interest Rate on Yes Bank 0 Balance Account

The interest rate on Yes Bank zero balance account is calculated on the daily closing balance. The interest received is rounded off to the nearest rupee. The interest is credited to the account on a quarterly basis. Also, the interest that you will receive depends on the balance.

Yes Bank is one of the few banks that offer attractive interest rate of 6% on their savings account.

Here is the interest rate given by Yes Bank on savings account:

Yes Bank Zero Balance Account Charges

Here are the charges that are applicable for Yes Bank Basic Savings Account customers: