YES Bank Unlocks Full Service Digital Savings Account; Introduces Video KYC Facility

Video KYC Facility

* Now consumers can open an account digitally through e-KYC, video verification and get a virtual Debit card – digital is with you all the way

* Higher Interest Rates

YES Bank announced the launch of a full service digital Savings Account in its endeavour to bring the Bank closer to citizens while ensuring physical distancing, thereby eliminating the need for a branch visit, physical documentation or any in-person interaction, in line with the Bank’s commitment to support citizens and communities while the country starts unlocking in phases. With this launch, the Bank aims to embrace inclusivity by widening its reach to cater to a diverse customer base, especially in tier 1 and tier 2 cities, in line with the Bank’s strategy of building a transformed ‘Digital Bank’.

Offering a completely contactless and paperless account opening experience, YES Bank’s digital savings account comes with a virtual Debit Card, unlocking over 100 features on mobile through YES Mobile and web including transactions, fund transfers and online shopping using the virtual Debit Card.  All that a customer needs to do is initiate an e-KYC by clicking on the link, 

https://www.yesbank.in/personal-banking/yes-individual/savings-account/digital-savings-account, enter mobile number, Aadhaar OTP and PAN card details in the online form, followed by a video KYC.

Key features of Digital Savings account

·         Digital Account opening using Aadhaar card

·         Virtual Debit card which can be used for online transactions

·         Free NEFT, RTGS and UPI facility

·         Mobile banking, Net banking and Phone banking facilities

·         Instant beneficiary and biller registration

·         Avail offers on Debit Card and earn reward points for Digital Savings Account

·         Higher interest rate of 6% p.a*

·         Average monthly balance of INR 10,000 for savings account

·         Zero average monthly balance for Corporate salary accounts

Commenting on the launch, Rajan Pental, Global Retail Head, YES BANK, said “The world as we know it has transformed, wherein we are now adjusting to a new way of life, a new world which has brought us socially even closer while we continue to remain physically distant. The connecting factor binding us all is digital – video calls with family & friends, virtual workouts, e-learning and working from home, among others. Leveraging on YES BANK’s strong technology capabilities along with a higher interest rate, we are geared to serve customers in this new world with a digital solution that brings the Bank to them wherever they are, right at their fingertips.”

New smart card technology by 2014, says MTA

Bus and subway riders will be able to abandon the MetroCard and use debit or credit cards to ride anywhere in the city by 2014, according to the MTA.

The Metropolitan Transportation Authority for the first time set a target date for a no-swipe smart-card system to be in full use after years of studies and pilot programs.

With smart-card technology, riders simply waive or tap their credit or debit cards on readers when entering a subway station or bus.

Not having to swipe at turnstiles or dip a MetroCard into a fare box reader should speed travel and reduce MTA expenses, experts have said.

"I think it's great," Bill Henderson, executive director of the MTA's Permanent Citizens Advisory Council. "The technology is going help out the riders and the system."

The 2014 date is included in an MTA document detailing some of the major initiatives in the five-year capital plan recently approved by the authority's governing board.

If fully funded, the capital plan will allocate $220 million for a smart-card system, which also would include prepaid cards not linked to bank or credit accounts.

Agencies