This is a review by our reader Satish Kumar Agarwal who recently got hands on Yes First (YF) Savings Account along with YF Mastercard World debit card.
I wanted to apply for YF range of credit cards like YF Preferred and YF Exclusive after reading their reviews and how aggressive Yes bank has become these days in launching offers. But as my city is not in their credit card serving area, I had a detailed look on their website for their other product offerings.
Why YF Savings Account?
After doing fair research, I zeroed in on YF savings account which comes with YF Mastercard World debit card. More so because most banks these days give same discount/ cashback for online/ offline shopping done on their Credit as well as Debit cards.
While reading YF savings account schedule of charges and benefits associated with them, I realized that most of the benefits were too good compared to those provided by other private banks for their premium savings account (Only caveat is the requirement of minimum opening cheque of 5 lacs though).
And being a YF savings ac holder, I would be one of the first beneficiary of their services like credit card, demat account etc. as and when they are available in my city.
- Requirement: 25 Lakhs NRV (they’re flexible though)
Opening Yes First Savings Account
Taking all the above things into account I decided to open a YF account and a Yes Bank executive visited my house to fill YF account opening form & fulfil KYC details and my account was live in 3 days (Yes Bank executive told me that credit card services will most likely be launched in 1st quarter of 2018-19).
4 days (Update: it takes 12-15 days now) later I received the welcome kit containing welcome letter, MITC, schedule of charges of YF account and YF Mastercard World Debit card. The outer box was too big for the purpose (Box size identical to the size of normal cloth set box). And and voila! It also contained a beautiful Leather organizer which can keep 5 cards, a cheque book and few other papers.
Unboxing Welcome Kit
As you see in images, the debit card is beautiful n glossy with shiny texture. Its Mastercard World variant with World written above Mastercard logo in Glass type reflective texture.
Features & Benefits of YesFirst Savings Account
- Mastercard World debit card comes LTF having withdrawal limit of 1 lac/day.
- Provides 3 domestic airport lounge access per quarter via Mastercard lounge access programme (Better than other Master/ Visa debit & credit cards which usually allow max 2 per quarter).
- Provides complementary Green fee waiver as well as Golf lessons at Golf courses in India via Mastercard programme, limited to 1 per month. Now this is really nice as no other bank gives this facility through debit cards AFAIK. Though their usefulness is another topic, as these kind of features are mostly provided by Super Premium credit cards.
- All sort of payment related charges (IMPS/NEFT/RTGS, Branch visit charges) are NIL.
- Cash withdrawal charges in India as well as outside India- Free. (3% Markup fee appliesthough)
- Complementary Demat account opening and Demat AMC is also NIL.
- No concept of home branch banking. Hence any branch banking at no extra cost.
- 5% savings interest upto 1 lac balance, 6% interest between 1 lac to 1 crore. Above 1 crore balance you earn 6.25% interest.
- No fuel surcharge and no minimum amount to get waiver of fuel surcharge.
Now the real blockbuster of YF Account: As a YF savings account holder, I can open upto 5 more YF accounts in the name of my family members (should be above 12 years) at zero balance and they will also enjoy each n every benefit of this account like me. Now this is BIGGG.
- Requirement of minimum 5 lacs cheque to open YF account, though one can bargain and get it reduced by some margin depending upon city to city.
- Minimum requirement of 25 lacs NRV at family level (including savings balance, FD, RD, Mutual Funds, Insurance premium etc) to avoid 5 lacs balance.
- Poor RPs on debit card spends (You get 1 RP on spending Rs 200 worth 0.25 each) So effective reward rate is 0.125%.
All in all its an all rounder account that won’t leave you wanting for more. <End of Review>
YES Bank’s YesFirst Savings account product is certainly one the best product in the premium banking segment as this enables you to get family banking benefits with lounge access for all.
Most importantly, having YF savings account increases your chances of getting YF Preferred credit card. As Yesbank is much smaller than other banks, currently they’ve prompt service compared to rest of the industry in my experience.
However, it gets negative mark when it comes to net banking user interface, also the service may-not be that great when it comes to metro cities.
- CardExpert Rating: 3.5/5
Do you have YF Savings account and how’s the product according to you? Feel free to share your thoughts in comments below.