40 thoughts on “YES Bank’s Yes First Savings Account Review by Satish

  1. Manjunath

    Hi Sathish, one trip which you can try for Yes first exclusive credit card is, in the welcome letter of the Yes first saving account, you would notice a point mentioning that as a privileged customer you are entitled for Yes first exclusive card. So raise a request to the customer care team and mention to them that it was promised and signed by the bank head. It did work for me.

    Reply
    1. Dhruvil Patel

      Hi Manjunath,

      Sorry to say but it doesn’t work that way anymore. Or else everyone here including sid, abhishek, and also me myself would have got YFE directly.

      I opened yes first account and then after few weeks the lady from chennai who was insisting me to get yes first credit card i went for it. And at that time i too said the same thing to everyone including my RM that i want YFE because it is mentioned in the welcome letter that i am eligible for YFE. But that card is exclusive and for select few and hence not issued to everyone so easily. I was issued YFP with the lowest credit limit amongst all my cards and i took up the issue to nodal officer but all i got is assurance nothing else. 😊

      And my NRV with bank is quite high still this. So imagine so how strict yes bank has got in issuing cards and most importantly giving good credit limit.

      Reply
  2. Gagan

    Dear Satish, Siddharth

    Thanks for this article. It has come at right time – I am wondering whether to open Indus Ind Exclusive account or Yes First Savings account (already have Yes First Exclusive Credit Card).

    Regarding Yes First Savings account, have a quick query – when once opens the savings account with Initial Cheque of 5 lakhs then there is no need to maintain the NRV of 25 lakhs right?

    I am told that will get LTF with no AMB / AQB requirement..

    Reply
  3. Dhruvil Patel

    Hi,

    Even for balance upto 1 lac, you earn 6% interest.

    Reply
  4. Arul

    I’m YF account holder, was requested for YF debit card in branch but no response from branch. My wife got YF credit card (I also have YF credit card) after become YF account holder.

    Reply
  5. Mouli

    I too have this account.Opened based on my credit card relationship (I had yes first preferred that time)
    I didn’t give 5L cheque, gave for 1L only
    You can withdraw 1L from any bank atm /day
    Doorstep banking- 1 visit free per day (Cash pick up/ delivery or any other service) is removed now

    Reply
  6. ravi

    Yes Bank savings account have a very poor online review ratings. I was thinking of opening one, after i got the YFP Mastercard credit card. Withheld due to very very poor reviews.
    What is your place of residence?

    Reply
  7. Vinod Kannan

    Opened my Yes First account with 50000 rupees cheque and virtually maintaining Zero balance after getting Yes First Preferred Credit Card. Been 18 months now, and so far so good. No AMB Charges levied till now. Im waiting to see how long they can let this happen. I don’t know if holding on to Yes First Credit Card now gives me the Yes First Status on my savings account… Anybody there in the same club? What about u Siddharth?

    Reply
    1. Siddharth Post author

      Got enough cards for lounge access & BM is a call away. So I’ve no plans to upgrade to YF ac as of now, also no plans to maintain high NRV with bank for long time.

      P.S. If there is a charge, you can ask RM to reverse it, which they may or may not honour. As i see that you’ve been in touch with a beautiful girl, you’ve more chances 😉

      Reply
      1. Vinod Kannan

        😂😂😂 Dude!!! I myself have forgotten about that Beautiful girl 😂. BTW i opened this account in Coimbatore and Now im in Chennai. So no contact with the RM.
        While opening the account i was told that i would have the Yes First status for one year and within that time i have to reach the NRV required to maintain Yes First status. I did not maintain more than 20k in that account and after a year i received a mail Communication stating that if i dont maintain the required balance, my account will be downgraded. After 4 months i applied for Yes First Credit Card ( Courtesy – the beautiful girl 😁) and received it. Now im Receiving Yes First Customised mails daily. When i contacted customer care, they said that my account is still an Yes First account. So, i thought that the Yes First Preferred Card brought me back to the Yes First Status.

        Reply
        1. Siddharth Post author

          YFP card could be the reason. But the fact is, they wont downgrade it that easily because not many are on YF relationship and if they downgrade you, they knew that they’re loosing a potential customer who could atleast use other products like YF Credit cards to bring profits to bank.

          But not everyone knew that bank is not really making profit out of many YF card holders!

          Reply
  8. Amit Shah

    Hi!, I went for YF account at zero NRV valid for one year in June 2017. My experience with the service of YF is not at all encouraging and planning to convert this to normal SB account once the one year period is completed. RMs have limited knowledge of the products and as such not interested in active banking at all. Yes Bank is lacking on technology front and net banking is cumbersome. The irony is, it is almost one year and no official contact by a single Yes Bank executive, every time I call them and they reply! They are responsive, try to help their best but at end nothing works! In fact I opened this YF account to shift from HDFC Imperia but now I have continued with the HDFC Bank Imperia program.

    Reply
  9. Amit

    This article must mention at very beginning that there is a Net Relationship Value requirement of minimum of Rs. 25 Lakh to be met within 6 months from the date of opening the account and if the TRV value is not met by the customer, then the account gets downgraded. There is a difference between minimum amount required to open an account and Net Relationship Value (which is required to be maintained across savings account, fixed deposits and other investment through the concerned bank).
    Otherwise, article is more like a sponsored content from Yes Bank

    Reply
    1. Jay

      Hey Amit, Yes according to their terms it can be downgraded however as of now Yes Bank are not doing it. Just that the are trying to capture the mass market as much as possible.
      You can also contact your RM who is personally assigned to your account and get the account charges reversed if at all charged or ask him to confirm the account variant you are into.

      I don’t think it’s a paid article. Man appreciate the person who is giving you all kind of tips to make use of banking products in a wise way.

      Reply
  10. Srinivas

    Thanks for the information,Looks like minimum balance requirements are too high.IDFC bank offers good savings account with Visa signature card and minimum balance requirement is 25 k for full benefits.It has offers like BMS 1+1 (SIGNATURE CARD OFFER) AND 250 CB on BMS,2 lounge access per quarter,NO charges for transfers,good FD rates compared to some big banks.

    Reply
  11. Satish Kumar Agarwal

    @ Dhruvil

    Its clearly mentioned in tnc as well as website that upto 1 lac- 5%. Above 1 lacs only u get 6%.

    Reply
  12. Satish Kumar Agarwal

    @Arul

    AFAIK YF debit card comes alongwith the welcome kit after YF savings ac is opened. Unsure why u had to ask for it in branch.
    Maybe u escalate this to higher authorities or mail to YF customer care right away.

    Reply
  13. Satish Kumar Agarwal

    And to be frank to everybody here, I am a salaried person working for a defence psu since last 12.5 years.

    Reply
  14. Rahul Singh

    Poor bank. Despite following for 5 months (yes, five), they couldn’t credit the interest on FD. Shocking. Despite email and phone, they couldn’t show interest earned for 10k FD after it was opened and after its matured.

    That’s not the big deal if they don’t credit it, but how pathetic the service is. That’s why I declined to convert yes first savings account.

    It’s immature bank, I must say. Hope no one has such bad experience.

    Reply
  15. Ramprasad

    If one has a Yes First Preferred Credit Card (and maybe Exclusive variant too?), (s)he can get this account with 1 lac initial deposit that can be withdrawn after account is opened & does not require any NRV. I had got this account after I got the credit card about 9 months ago because it gave lounge access to 5 additional accounts. Planning to use lounge for family members in next quarter but haven’t had any issue with NRV till now, even though I hardly maintain any.

    One issue with YES Bank is – no facility to close RD online. Their Net Banking is archaic & everytime visiting branch or handing over a statement declaration to the boy who comes to pick up the RD closure letter, is a pain.

    Reply
  16. Satish Kumar Agarwal

    @Manjunath

    Thanks for the tip. I noticed YF Exclusive cc point on reading welcome letter. But I don’t think that will benefit me as Yes bank is yet to launch CC operations in my city.

    One more point to add here is though my welcome letter had this point (eligible for YFE), recently they have changed this point. Now the new welcome letters say that as a YF savings ac customer you are eligible for YF range of credit cards. Sad.

    Reply
  17. Satish Kumar Agarwal

    @ Gagan

    As I don’t have any relationship with IndusInd bank, I am unable to compare between them. Also it depends upon ur personal requirements. Because if u r a frequent international traveller than ofcourse IndusInd Exclusive savings ac will have an edge due to its zero mark up fee.

    Yes First is more of a lifestyle account where they frequently organize special offers n activities in branch and invite you to take part in that. Activities I have been invited in the past were related to healthcare awareness, financial awareness etc. Though I haven’t participated in any so far.

    Now coming to ur query, it is safe to assume that if u open with an initial cheque of 5 lacs there is no need to maintain 25 lacs nrv. Also if ur RM says that no AMB/AQB reqd then its like modak in both hands. Having said that if u maintain a healthy nrv it may help u in some ways like easy n fast CL enhancement. If ur YFE is LTF than good, otherwise high nrv may help u to convert it to LTF. Again these all are ur personal choices. Think all the aspects n then decide which one is for u.

    Any comments Sid?

    Reply
    1. Siddharth Post author

      You’ve said it all!

      That aside, I don’t see yesbank as primary bank for day to day txn’s due to its age old netbanking interface. That being said, Indusind is relatively better. Totally depends on one’s needs!

      Reply
    2. Gagan

      @Satish Kumar Agarwal

      Thanks for the detailed feedback. My YFE CC is LTF and so no special interest to go for YF Savings account unless it si good enough to replace one of my other accounts..

      I rarely visit a branch and rely more on Netbanking etc. If their net banking systems are archaic then it’s clearly a no go for me.

      Reply
  18. Rohit

    Generally, what I look from my primary bank is most services to be available over the internet and for the rest, an RM that can assist with a runner without needing to visit the branch (unless compliance requires me to visit). My primary relationship has been with HDFC and I have a preferred account. Have seen that services depend mainly on the branch and RM. I didn’t go for a foreign bank as I thought having a wide branch network would be useful in case of unforeseen circumstances.

    What primary bank are most people here using?

    Reply
  19. Satish Kumar Agarwal

    @ ravi

    I live in Lucknow.

    I will be able to update on their banking services after some time. By then I would have got fair experience of their customer friendliness and other aspects as well.

    Reply
  20. Satish Kumar Agarwal

    Dear Vinod Kannan

    Its mentioned in their schedule of charges that even if u don’t maintain any balance, u will not be charged. Only thing is they may downgrade the YF ac to a normal Yes bank savings ac.

    Though this also is highly unlikely as they will be losing a potential HNI. I have been told by 2 of their executives off the record that even if YF ac AMB or NRV is not maintained I will continue to enjoy all the benefits of YF Mastercard World debit card (Except its ridiculously low RPs).

    Reply
  21. Satish Kumar Agarwal

    @ Amit

    Please clearly read full article before concluding. Its clearly mentioned that 25 lacs nrv is one of the limitations of this programme.

    Though its more of an income generating technique than any downgrade like thing from the bank. It serves their purpose of showing it as a super premium product as well as earn quick commission via cross selling of their products.

    And please remembe this forum is to benefit from each others experience and earn money while u spend.

    Reply
  22. Dhruvil Patel

    Hi Manjunath,

    Sorry to say but it doesn’t work that way anymore. Or else everyone here including sid, abhishek, and also me myself would have got YFE directly.

    I opened yes first account and then after few weeks the lady from chennai who was insisting me to get yes first credit card i went for it. And at that time i too said the same thing to everyone including my RM that i want YFE because it is mentioned in the welcome letter that i am eligible for YFE. But that card is exclusive and for select few and hence not issued to everyone so easily. I was issued YFP with the lowest credit limit amongst all my cards and i took up the issue to nodal officer but all i got is assurance nothing else. 😊

    And my NRV with bank is quite high still this. So imagine so how strict yes bank has got in issuing cards and most importantly giving good credit limit

    Reply
  23. Satish Kumar Agarwal

    @ Jay

    Thanks a lot. Thats the point.
    To make use of our resources in a better n rewarding way through this forum.

    I owe a lot to this forum for the benefits I got n specially to Siddharth. Thats why I thought of sharing my experience so that everybody may benefit.

    Reply
  24. Amit

    What is the point of a neutral review if the most important catch is not disclosed in an article (which any corporate hides in its products terms and conditions, and innocent customer fails to notice it, and thereafter customer is taken for a ride)

    A neutral / well researched article would have mentioned the most important condition for this Yes First Savings Account i.e., maintenance of a minimum Rs. 25 lakh Net Relationship Value with Yes Bank.

    If the same is not mentioned and instead, being portrayed as to ‘talk to your RM’, ‘Yes Bank won’t downgrade to maintain loyal customer base’, ‘Yes First range of credit cards will give you the Yes First savings account status’ etc., then to me it is either a major lapse on the part of the writer (which should have been corrected by acknowledging the lapse by stating the condition / eligibility criteria at the start itself) or it is a glorified attempt to market a product i.e., akin to a sales person pitching for major highlights of the product without really disclosing the catch and says ‘no worries sir, as an insider information being disclosed only to you, company has internally decided to not downgrade even if they won’t meet eligibility guidelines’ and once the customer falls for it, and then down the line, if any issue crops up, some other executive tells to the gullible customer ‘sorry sir..the term is clearly mentioned in the 10th page of the leaflet which you have signed for!’

    A neutral article should have mentioned the condition first and may be later on the experts or insider tips / work around etc. If it’s the other way around, i.e., only work arounds are mentioned initially, which a sales person does to catch hold of a customer, and conditions/limitations are buried at the end of an article in a non-descript manner, which is similar to a condition hidden in a document mentioned . The aforesaid is what @Satish said ‘Please clearly read full article before concluding. Its clearly mentioned that 25 lacs nrv is one of the limitations of this programme.’

    @Satish: I read your article fully. If one notices the flow of 13 paras, one would notice that initially at para 3 of the article you mentioned, that too in a bracket! ‘(Only caveat is the requirement of minimum opening cheque of 5 lacs though)’ and at para 10 second bullet point ‘Minimum requirement of 25 lacs NRV at family level (including savings balance, FD, RD, Mutual Funds, Insurance premium etc) to avoid 5 lacs balance’. The only place in your article where you mentioned about NRV, you have stated that 25 lakh NRV is required to avoid ‘5 lakh initial cheque’. My english may be poor but I do not see it as clearly mentioned that Rs. 25 lakhs is eligibility criteria / condition for having Yes First Savings Account. Eligibility criteria / conditions and limitations of a product are two different sets.

    Knowledge is empowerment and this is what a forum like this should provide. I can only but wonder what harm it would have caused if the NRV criteria is clearly mentioned as the eligibility criteria! Hope one can understand my predicament of saying that this is a paid / sponsored content.

    Reply
  25. Suresh

    Thanks Satish for good review. Should have read it before I opened my Yes Bank Account. I had given 5L cheque but didn’t opt for Yes First account. The main reason is I am fed up with HDFC RM’s chasing for investments. Will it be possible now to convert the account. Account was opened just 2 weeks back.

    Reply
  26. Satish Kumar Agarwal

    @ Suresh

    Thanks for ur kind words.

    As per my knowledge they can’t covert other yes savings ac to a Yes First savings ac. However you can open a Yes First ac separately by withdrawing money from your currently opened ac and giving a fresh cheque for the same. Better still ask the person who opened ur account.

    Alternatively you can open YF1 in the name of your wife (if you are married). Once it opens, then YF2 can be opened in your name without any requirement of cheque.

    Reply
    1. Suresh

      Thanks Satish. I had deposited high amount and tweeted to yes bank. Based on phone number they tracked the account number and local branch manager called me about it. I feel they know about the amount there in the account. They have a form where we need to Submit it. Thats it 🙂

      I am pretty much impressed with Yes Bank support. They have followed up very well.

      Reply
  27. Kiran

    Hi Sid,

    Why don’t you create a what’s app group ??

    Wer v can have instant discussion and also updated when a new thread is been created so that everyone could have updated info ??

    Just a suggestion.

    Cheers,
    Kiran

    Reply
    1. saurabh

      I second that, with the number of user base ,a telegram channel would be much helpful

      Please spare some thoughts about it sir

      Reply

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