Founded in 2004, YES Bank is the fourth largest private sector bank in India. As of January 2019, it has 1,150 branches and 1,800+ ATMs across India. It has offices in London, Singapore and Abu Dhabi. YES Bank is a highly popular option for NRIs, due to its exceptional international banking services, easy and free remittance service and high interest rates.
YES Bank NRE Account Features
YES Bank offers NRE savings accounts with various interesting features, such as:
- High interest rate of 6% p.a. on NRE savings account
- International debit card, which is accepted across retail and online merchant establishments across the world.
- YES Remit facility is an easy, secure and online money transfer option from the UK, Australia, Singapore, Canada, UAE and Switzerland. Zero fees charged.
- Remittances can be tracked online, and an address book of beneficiaries can be maintained through YES Remit.
- Money can be sent through indicative and fixed exchange rates.
- The savings account is maintained in Indian rupees.
- High interest rate on NRE fixed deposit accounts of 7.10%, irrespective of the tenure of the deposit chosen.
- NRO and NRE savings account balances are grouped, allowing customers the flexibility to maintain combined balances. This means customers don’t need to worry about maintaining the minimum average balance for each account.
- Alliance with multiple overseas banks, to facilitate easy account funding.
- Inter-city banking facility, for access even in those Indian cities where the bank does not have physical branches yet.
- Personalized cheque books.
- Allows enhanced spending and cash withdrawal limits.
- Mandate facility available, with separate debit cards that can be used domestically.
- Online banking and phone banking facility, with a highly responsive and interactive GUI.
- Round-the-clock assistance via toll-free numbers.
- A high-functioning app, which works on iOS and Android devices.
- Online tax advisory services available.
- Dedicated relationship managers for NRI account holders.
- Accessibility problem, due to the low number of branches and ATMs across India.
- No lost card insurance provided, unlike Axis Bank and ICICI Bank.
- No facility for loans against balance in the savings account.
- No sweep-in facility offered, unlike HDFC and Axis Bank.
- Linited presence outside India. YES Bank has representative offices in Abu Dhabi, New York and Shanghai. Branch offices are only present in Singapore, London and Dubai.
- There have been complaints regarding poor customer services in some parts of India.
- High interest rates on savings accounts and fixed deposits
- Modern banking facilities with great technology support
- Easy remittance from abroad with zero transaction fees
- 24/7 customer service facilities
- No need to maintain minimum average balance
- Reliability; recent entrant in the market with poor business turnouts
- Lack of presence outside India
Have you used YES banks NRE services? If yes, please share your experience below, so that others can benefit from it.