YES Bank Current Account
YES Bank Current Account
YES Bank is a fast-growing public sector banking company which provides personalised business banking solutions. YES Bank is a scheduled commercial bank, and it offers various customised current account banking products to businesses as well as individuals. A current account is a demand deposit account which includes deposits, withdrawals, and business transactions. A current account is meant for the enterprise or business professionals who deal with large transactions on a daily basis. The current account allows the business entities to carry out unlimited transactions without any limit, subject to a banking transaction tax if any levied by the government. In this article, we look at the various types of YES Bank current accounts in detail.
Facilities – YES Bank Current Account
The following are some of the important features and benefits of opening a current account with YES Bank.
- YES Bank, provide businesses with any kind of banking solutions as per their various requirements.
- The current account holders can avail free demand drafts across India.
- As per the current account type, the account holders can increase the transaction limit by upgrading their existing current account product.
- Free cash deposits and free cheque payments and collections can be made with the YES bank current accounts.
- While the required minimum account balance prevails the same across all tiers, the auto-upgrade facility analyses the usage and enrols you into the appropriate current account products accordingly without any extra charges.
- A current account with YES bank offers a premium internet banking facility mainly to manage the accounts and transactions and secure bill payment.
- A current account can be transferred to any other branch, and monthly records can be obtained for the same.
- Current accounts are non-interest bearing accounts and need a higher minimum balance to be maintained as compared to the savings account.
- Multi-city chequebooks are provided with account opening, and the nomination facility is also accessible.
- Current account holders can easily avail overdraft facilities, internet banking and mobile banking with a high level of security.
Eligibility Criteria – YES Current Account
In general, the below-mentioned business entities can open a YES current account:
- Resident Individual
- Hindu Undivided Family (HUF)
- Sole Proprietorship Firm
- Partnership Firm
- Private or Limited Company
- Limited Liability Partnership
- Trust/ Association/ Club/ Society
Documents Required
The below given are the documents (KYC) need to be furnished at the time of opening a current account in YES Bank.
For Resident Individual
- Prescribed Application Form
- Proof of Identity: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Proof of Address: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
- Passport size colour photos
- Account opening Cheque from existing Savings or Individual Current Account
For Hindu Undivided Family (HUF)
- Application Form (duly filled)
- Identity Proof of the Karta: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof of the Karta: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Duly signed HUF letter by Karta and all Co-Parceners.
- Passport-size photographs.
To know more about the Hindu Undivided Family (HUF)
For Sole Proprietorship Firm
- Registration certificate
- Sales and income tax returns.
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- ID proof of the person holding POA.
- CST/VAT registration Certificate.
- Passport-size photographs
Know more about Sole Proprietorship registration.
For Partnership Firm
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Partnership Registration Certificate (in the case of a registered concern).
- Partnership Deed
- Passport-size photographs of the partners.
To know more about the Partnership Firm.
For Public/ Private Limited Companies
- Application form in the prescribed form.
- Memorandum and Articles of Association.
- Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Commencement of Business Certificate.
- Incorporation and Board Resolution Certificate.
- Registration certificate
- License Certificate issued by the Municipal Authorities under Shop & Establishment Act.
- Passport-size photographs
Know more about Company Registration.
Trust, Society, Association & Club (TASC)
- Constitution document of the entity
- The updated directors list to be submitted.
- Proof of Identity: PAN Card (entity)
- Proof of Address: Aadhar of the sole proprietor or entity, Valid Passport of the sole proprietor, etc.
Limited Liability Partnership (LLP)
- Power of Attorney (POA)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof of POA holders: PAN Card of the entity.
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
- Two passport size colour photographs.
- LLP agreement.
- Designated partners updated list.
Know more about LLP registration.
Once all the documents listed above are self-attested and valid, you may open the current account in YES.
YES Bank Current Account Variants
YES Bank Current Account products have been customised to provide business banking solutions for different kinds of businesses. Entrepreneurs can select from the current account products from the below list that suits their business requirements.
The below following are the some of the YES bank current accounts variants.
- 3-Tier Structure
- Business Value Current Account
- Business Growth Current Account
- Business Benefit Current Account
- Business Edge Current Account
- Business Elite Current Account
- Current Account (CA) Trade
- Current Account (CA) Smart Trade
- Business Gain Account
3-Tier Current Account
YES Bank offers a 3-tier structure Current Account that caters to all the corporate banking requirements. It has an auto-upgrade facility with an option to enrol at any tier as per your needs.
- Edge Business: This product best suited for a new setup or a business with less volume of transactions.
- Prime Business: This account is suited for any growing business that requires a wide range of customised services to go along with the current account for handling high transactions.
- Exclusive Business: This account fits every established business that requires maximum benefits and cost-saving features in their Current Account.
3-Tier Structure Current Account |
|||
| Proposition | Edge Business | Prime Business | Exclusive Business |
| Average Quarterly Balance (AQB) to be Maintained | Rs. 25,000 | Rs. 1,00,000 | Rs. 5,00,000 |
| Non – Maintenance of AQB | Rs.1500 per quarter if AQB is below Rs.25,000/- | Rs.1500 per quarter, if AQB is below Rs.25,000/- | Rs.1500 per quarter, if AQB is below Rs.25,000/- |
| Banking Charges (Inclusive of both Home and Non-Home Branch) | Free | Free | Free |
| Online Collections (RTGS/NEFT/Fund Transactions) | Free | Free | Free |
| Demand Draft at Correspondent Bank Location | Chargeable | Free | Free |
| Cash Deposit free limit | Minimum 5 lakhs or 8 times of AMB | Minimum 10 lakhs or 10 times of AMB | Minimum 25 lakhs or 10 times of AMB |
| Cash Withdrawal (Across all YES BANK Branches) | Free | Free | Free |
| Cheque Book | 100 leaves per month | 300 leaves per month | 500 leaves per month |
| Debit Card | Business Gold – Chargeable | Business Gold – 1st year Free | YES FIRST World Business Card – Free |
| Daily Card limit (ATM & Merchant) | Rs. 1 lakh each | Rs. 1 lakh each | Rs. 2 lakhs each |
Business Value Current Account
- A high number of total RTGS/NEFT transactions (via Net Banking/ Mobile banking) – 2 to Rs. 5 lakhs is Rs. 25 per transaction.
- Demand drafts at YES bank locations – Issue up to 60 DD per month.
- Cheque collections and payments at all YES bank locations are free of cost.
| YES Bank Current Account | Average Quarterly Balance (AQB) to be Maintained | Non – Maintenance of Average Quarterly Balance | Cash Deposit Requirement | Cash Withdrawal | |
| Within India | Outside India | ||||
|
Business Value Current Account
|
Rs. 10,000 | Rs. 1,000 | Free up to Rs. 2 lakhs per month | Free | Rs. 120 per transaction |
Business Growth Current Account
- A high number of total RTGS/NEFT transactions (via Net Banking/ Mobile banking) – Up to Rs.10,000 is Rs.2.5 per transaction.
- Demand drafts at YES bank locations – Issue up to 60 DD per month.
- Cheque collections and payments at all YES bank locations – up to 100 cheque leaves free per month.
| YES Bank Current Account | Average Quarterly Balance (AQB) to be Maintained | Non – Maintenance of Average Quarterly Balance | Cash Deposit Requirement | Cash Withdrawal | |
| Within India | Outside India | ||||
|
Business Growth Current Account
|
Rs.30,000 | Rs.1,500 | Free up to Rs. 5 lakhs Per Month | Free | Rs. 120 per transaction |
Business Benefit Current Account
- Free RTGS & NEFT payments though branch as well as through Net banking
- Free Payable At Par cheque leaves
- Free Cheque collections and payments at all YES Bank locations
- Free Demand drafts at all YES Bank locations
| YES Bank Current Account | Average Quarterly Balance (AQB) to be Maintained | Non – Maintenance of Average Quarterly Balance | Cash Deposit Requirement | Cash Withdrawal | |
| Within India | Outside India | ||||
|
Business Benefit Current Account
|
Rs. 70,000 | Rs.1,500 | Free up to Rs. 20 lakhs Per Month | Free | Rs. 120 per transaction |
Business Edge Current Account
- Non-cash collections anywhere across the country.
- Free Cheque collections and payments at all YES Bank locations
- Free Demand drafts at all YES Bank locations.
- Free RTGS & NEFT payments though branch as well as through Net banking.
| YES Bank Current Account | Average Quarterly Balance (AQB) to be Maintained | Non – Maintenance of Average Quarterly Balance | Cash Deposit Requirement | Cash Withdrawal | |
| Within India | Outside India | ||||
|
Business Edge Current Account
|
Rs. 2 lakhs | Rs. 6,000 | Free up to Rs.50 lakhs Per Month | Free | Free |
Business Elite Current Account
- Free RTGS & NEFT payments though branch as well as through Net banking.
- Non-cash collections anywhere across the country.
- Free Cheque collections and payments at all YES Bank locations
- Free Demand drafts at all YES Bank locations.
- Real-time online trade services with a high level of security
- End to end transaction management from request initiation till successful execution.
| YES Bank Current Account | Average Quarterly Balance (AQB) to be Maintained | Non – Maintenance of Average Quarterly Balance | Cash Deposit Requirement | Cash Withdrawal | |
| Within India | Outside India | ||||
|
Business Elite Current Account
|
Rs. 5 lakhs |
• Rs. 4,000; if AQB is >=50% • Rs. 8,000; if AQB is < 50% |
Free up to Rs. 1 Crore Per Month | Free | Free |
CA Trade Current Account
- Free RTGS & NEFT payments though branch as well as through Net banking.
- Non-cash collections anywhere across the country.
- Free Cheque collections and payments at all YES Bank locations
- Free Demand drafts at all YES Bank locations.
- Real-time online trade services with a high level of security
- End to end transaction management from request initiation till successful execution.
| YES Bank Current Account | Average Quarterly Balance (AQB) to be Maintained | Non – Maintenance of Average Quarterly Balance | Cash Deposit Requirement | Cash Withdrawal | |
| Within India | Outside India | ||||
|
CA Trade Current Account
|
Rs. 70,000 | Rs. 3,500 | Free up to Rs. 5 lakhs per Month | Free | Rs. 120 per transaction |
Current Account (CA) Smart Trade
- Real-time online trade services with a high level of security
- End to end transaction management from request initiation till successful execution.
- Free RTGS & NEFT payments though branch as well as through Net banking.
- Non-cash collections anywhere across the country.
- Free Cheque collections and payments at all YES Bank locations
- Free Demand drafts at all YES Bank locations.
| YES Bank Current Account | Average Quarterly Balance (AQB) to be Maintained | Non – Maintenance of Average Quarterly Balance | Cash Deposit Requirement | Cash Withdrawal | |
| Within India | Outside India | ||||
|
Current Account (CA) Smart Trade
|
Rs. 7.5 Lakhs | Rs. 4,000 | Free up to Rs. 5 lakhs per Month | Free | Rs. 120 per transaction |
Business Gain Account
- Real-time online trade services with a high level of security
- End to end transaction management from request initiation till successful execution.
- Free RTGS & NEFT payments though branch as well as through Net banking.
- Non-cash collections anywhere across the country.
- Free Cheque collections and payments at all YES Bank locations
- Free Demand drafts at all YES Bank locations.
| YES Bank Current Account | Average Quarterly Balance (AQB) to be Maintained | Non – Maintenance of Average Quarterly Balance | Cash Deposit Requirement | Cash Withdrawal | |
| Within India | Outside India | ||||
| Business Gain Account | Rs. 50,000 | Rs. 2,000 | Free limit is higher of Rs. 10 lakhs per month or 14 times the AMB maintained in the transacting month | Free | Rs. 120 per transaction |
Application Procedure
To open a current account with YES bank online, the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. The applicant will have to fill up the online form with the necessary details. In the case of visiting a branch, the applicant will have to fill up Account Opening Form for the Current Account and will have to attach the mandatory documents with application form. After the verification procedure completed by the bank official, your account can be opened successfully. In the case of the latter, the bank official may contact the applicant to take the process further.
