Yes Bank allows full-service savings account opening

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Mumbai: Yes Bank Its customers are allowed to open a full-service digital savings account without branch visits without using eKYC. This will change customers to open an account from anywhere in the country during lockdown without providing any physical documents to the branch.
Customers opening accounts through digital route will get a virtual debit card immediately. They will also be able to conduct more than 100 transactions through the bank’s mobile application.
The customer is required to initiate e-KYC by clicking a link on the bank’s website. The EKYC will require a mobile number, Aadhaar OTP and PAN card details in the online form, followed by a video KYC.
“With this launch, the bank aims to adopt inclusivity by broadening its reach to cater to a diverse customer base, particularly in the Tier 1 and Tier 2 cities, in line with the bank’s strategy to create a ‘digital bank’ Corresponding, “Yes Bank said in a statement.
Customers will be eligible for higher interest rate on their savings deposits. The average monthly balance for a full-service account is Rs 10,000. If the customer uses the account as a salary account, there is no minimum balance requirement.

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