Last Updated on December 7, 2021
A bank offers a variety of accounts for various purposes. But a current account is best suited for a business. Banks offer accounts that cater to different entities like multinational companies, small businesses, startups, and many more. So, the case with Yes Bank is no exception. Yes Bank has a current account for every need. Here, you will know about the types of current accounts that it has to offer.
Table of Contents
- Common Benefits of Yes Bank Current Account
- Types of Yes Bank Current Account
- Summing Up
- Frequently Asked Questions
Common Benefits of Yes Bank Current Account
Different variants have their features to meet the needs of the customers. But all of the offerings have the following benefits:
- Free of cost cheque collections and payments at all Yes Bank branches
- Free cash withdrawal at all bank branches
- Route forex transactions at the most competitive rates
- Netbanking and mobile banking facilities to track your funds 24*7 from anywhere.
- High security through 2-Factor Authentication
- Door-to-Door Banking Facilities like cash pick up, cheque pick-up, etc.
Besides these benefits, they have auto-upgrade facilities. Here, the banking personnel reviews your banking behavior regularly. They will upgrade/downgrade your tier accordingly. So, you can enjoy the benefits of higher limits and better services without any hassle. What’s more, you won’t have to pay any penalty for non-compliance with the minimum balance requirement if the bank degrades your current account.
Types of Yes Bank Current Account
As mentioned above, banks offer a plethora of financial products to fulfill the needs of the customers. In this case, Yes Bank has a diversified structure to offer customized services and knowledge-based solutions to enrich your banking experience. They not only facilitate ease of doing business but lead to their growth as well. The different variants are classified as follows:
It allows you to enjoy all banking features and value-added services. And that too at a significantly low balance requirement. Isn’t it wonderful? It is the most suited account for a small business. It has some mind-blowing features:
- Free Cash Deposit Limit up to 6 times your Average Monthly Balance. (E.g., Suppose you keep a bank balance of Rs 1 Lakh on an average. Then you can deposit Rs 6 Lakhs cash free of cost!) But the minimum amount is Rs 5 Lakhs. And the amount extends up to Rs 25 Lakhs.
- Element Business Debit Card for 1st year without any cost.
- Free Demand Deposits up to 25 per month at all branches
- Free cheque leaves up to 100 per month
- The facility of POS terminals is also available
The minimum Quarterly Balance Requirement is Rs 25000.
Besides the features mentioned above, it offers customized services for the business. It is ideal for a growing business having a lot of transactions. It has all the above features of the Edge Business Account. But there are differences in the limits. They are as follows:
- Free Cash Deposit Limit up to 8 times of your Average Monthly Balance. With a minimum amount of Rs 10 Lakhs and up to Rs 1 Cr.
- Free cheque leaves up to 300 per month
- Free Demand Drafts up to 50 per month
Besides the same features with increased limits, Prime Business Account also provides value-added features:
- Outward cheque returns are also free up to 5 per month!
- Facility to scan/upload the transaction file through Mobile/Laptop/Desktop
- Tally-automated payments and ease of reconciliation
- Payment Gateway for merchants to sell goods over the internet
Minimum Quarterly Balance Requirement is Rs 1 Lakh.
As the name suggests, it offers premium and exclusive services to maximize the utility of the bank accounts. It is the best option for a well-established business. It has all the features of the Prime Business Account. But there are some differences in the limits. They are as follows:
- Outward cheque returns are free up to 10 per month.
- Electronic Business Debit Card for the entire period free of cost
- Free cheque leaves up to 500 per month
- Money transfers through RTGS/NEFT without any charges
- Free Cash Deposit Limit up to 10 times of your Average Monthly Balance. With a minimum amount of Rs 15 Lakhs and up to Rs 2 Cr.
- No limit on Free demand drafts!
It also offers these value-added services:
- Customized solution and MIS for collection at the lowest cost
- Track your payments and bulk upload facilities
Minimum Quarterly Balance Requirement is Rs 5 Lakhs.
(Note: You can also avail of the value-added facilities in a lower category account by paying the applicable charges.)
TradeBiz Current Account
Yes Bank specially crafted this current account to meet the needs of business segments focussing on international and domestic trade. As foreign trade is more significant than domestic trade, so are the features that the account offer:
- Complimentary Multi Travel Currency Card: It can be used with all major currencies and protect you from currency rate fluctuations. And that too at free of cost. What’s more, you even get exciting discounts at merchant outlets across the world.
- Superior Service: Dedicated support services of professionals with real-time consultancy on trade transactions
- Authorized Dealer Code Letter for EXIM Business free of cost
- Complimentary FX commentary to provide in-depth knowledge of industry sectors
- FX online platform to transact online in various currencies directly
- Other Trade Services
- Issuing Letter of Credit and Bank Guarantees
- Secure payment through bills on collection
- Trade credits for imports and export financing
- Inward and Outward Remittances
- Advisory Services
To know about the applicable charges, click here.
Xtra Gain Current Account
As you may have guessed, it provides extra from other types of accounts. It is so because you can avail the facility of auto sweep. If you don’t know, it is a facility through which the surplus funds in your account are used to create fixed deposits.
Why Use Auto Sweep?
The next question in your mind is why you should use auto sweep? Worry not. Here are some reasons why:
- Handle surplus funds hassle-free. It allows you to get more returns.
- No manual intervention to create FDs
- No problem regarding cheque bounce, as you can use the amount of FD in case of deficiency.
- Feel the wonder of compounding due to auto-renewal of FD
Let’s leave the technical part for later. Here is an example to understand it (Xtra Gain Edge Account):
Suppose you have Rs 80k in your account. The amount exceeds the trigger limit(Rs 50k). So, the bank will transfer the surplus funds of Rs 40k (80k- 40k) that is, the amount over the minimum threshold limit in an FD on Monday.
Assume all is going well. You have Rs 48k in your Bank Account and Rs 40k in your FD. If you present a cheque of Rs 15k, the bank balance will fall below Rs 40k, i.e., the minimum balance. So, Yes Bank will liquidate the FD and transfer the funds to your current account.
- FD Reconciliation Statement for easy reconciliation and accounting
- Weekly sweep out and sweep in facility for higher interest
- Other Features of Edge Business and Prime Business Accounts
Did the above information seem too long to understand? Well, it’s not your fault. Thanks to the short videos app, the majority of people can’t pay attention for more than 15 seconds! But it doesn’t mean that it’s our fault either. For an avid reader, books and articles remain the primary source of edutainment.
Anyways, here’s a summary in case you didn’t have the time to read the entire blog:
|Basis||Edge Business||Prime Business||Exclusive Business|
|Free Cash Deposit Limit (as per AMB)||6 times (5-25 Lakh)||8 times (10 Lakh-1 Cr)||10 times (15 Lakh-2 Cr)|
|Free Debit Card||For 1st year||For 1st year||Lifetime|
|Free Demand Deposits||25 per month||50 per month||No limit|
|Free Cheque Leaves||100 per month||300 per month||500 per month|
|Free Outward Cheque Returns||Not Applicable||5 per month||10 per month|
|Minimum Quarterly Balance||Rs 25k||Rs 1 Lakhs||Rs 5 Lakhs|
Besides these, TradeBiz Account is an ideal account for international trade. And the Xtra Gain Account lives up to its name due to the facility of auto sweep. In the end, don’t forget to consider your needs before choosing the apt current account by Yes Bank.
Frequently Asked Questions
As mentioned above, Yes Bank offers free-of-cost cheque collections, cash withdrawals, net banking, and door-to-door banking facilities to facilitate your banking experience.
Don’t worry. The criteria aren’t rocket science. A resident individual, HUF, firms, LLP, and limited companies (private and public) can open a Current Account in Yes Bank.
First of all, you have to fill an account opening form online or offline. Afterward, you have to submit documents for KYC like PAN Card, Aadhaar Card, etc. The complete list is available here.
The charge for non-compliance with the minimum balance requirement is Rs 1500. Each account has its free limits regarding various aspects. If you exceed these limits, the charges will be applicable as mentioned in the document.
If you already have a Current Account, you can upgrade it to avail extra features and higher limits. Even if you don’t do it manually, the bank will auto-upgrade your account if you have good banking behavior.