Yes Bank NRE savings account is a rupee-denominated savings bank account loaded with security features. NRIs can save their foreign earnings in this account. Interest earned in this account is not taxable in India.
SBNRI has partnership with Yes Bank to help NRIs open an NRI account online. You can apply for an NRE account right away by clicking the button below.
Also Read: NRI Accounts: Which one to choose? NRE or NRO?
Features and Benefits of Yes Bank NRE Savings Account
Yes Bank NRE account comes with the following benefits:
- NRIs can transfer their foreign income to India in a Yes Bank NRE account with complete security and convenience.
- Funds along with interest earned can easily be repatriated at any time.
- No need to pay tax on the interest amount in India.
- NRE accounts can be accessed by NRIs through internet banking and mobile banking apps from anywhere in the world.
- A resident Indian can operate a Yes Bank NRE account on behalf of the NRI account holder.
- Yes Bank NRE savings account can be used to pay bills or issue cheques for payments in India when you are away from the country.
- Yes Bank NRE account interest rates range from 4% to 6.25% per annum.
- Free RTGS/ NEFT payment facility through Yes Bank netbanking.
- Free set-up of standing instruction.
- Free cheque book and ATM card for the account holder.
Yes Bank NRE Savings Account Interest Rate 2023
Yes Bank NRE account interest rates are as under:
| Daily Balance in the Savings Account | Applicable Interest Rate (p.a.) |
|---|---|
| Less than Rs. 1 lakh | 4% |
| From Rs. 1 lakh to Rs. 5 lakh | 4.25% |
| From Rs. 5 lakh to Rs. 10 lakh | 5% |
| From Rs. 10 lakh to Rs. 1.00 cr | 6% |
| Rs. 1 cr to less than Rs. 10 cr | 6.25% |
| Rs. 10 cr to Rs. 25 cr | 6.00% |
Note:
- Interest rates are subject to change
- The Yes Bank NRE and NRO savings account interest rates are effective from 2023
Eligibility for Yes Bank NRI Account Opening
The following individuals can apply for Yes Bank NRI account opening:
- NRIs and PIOs as per FEMA definition
- Seafarers of Indian nationality/ origin
- Employees of Government of India with a diplomat passport
- Students pursuing education in foreign countries
Documents required to apply for Yes Bank NRE savings account opening
The following documents are needed for Yes Bank NRI account opening application:
A) Status proof
For NRIs
- Photocopy of your current passport containing your name, address, date of birth, date and place of issue, expiry date, photograph and signature, etc.
- Photocopy of valid visa/ IKAMA (only for GCC)
- Permanent residency card issued by USA and Singapore is accepted in the place of visa
For PIOs
- Photocopy of your current passport containing your name, address, date of birth, date and place of issue, expiry date, photograph and signature, etc.
- Photocopy of the PIO card or fill in the self declaration for PIOs on the form
B) Overseas address proof
Any one of the following documents is accepted as overseas address proof:
- Valid overseas passport
- Valid driving license
- Utility Bill: Telephone bill/ electricity bill/ piped gas/ broadband/ water bill etc. (not more than 3 months old)
- Credit card bill (not more than 3 months old)
- One month bank account statement/ Depository Participant account statement on bank’s stationery (not more than 4 months old) with at least one customer initiated transaction
- Wealth/ income/ sales/ service tax assessment order (not more than 1 year old)
C) Indian address proof
Required only if you choose Indian address as communication address (any one)
- Valid overseas passport
- Valid driving license
- PAN intimation letter
- Voter’s ID card
- Utility Bill: Telephone bill/ electricity bill/ piped gas/ broadband/ water bill etc. (not more than 3 months old)
- Letter from housing society
- Credit card bill (not more than 3 months old)
- One month bank account statement/ Depository Participant account statement on bank’s stationery (not more than 4 months old) with at least one customer initiated transaction
- Wealth/ income/ sales/ service tax assessment order (not more than 1 year old)
D) Identity proof (any one)
- Valid passport
- PIO Card (for PIO applicants only)
- Valid driving license
- Voter’s ID card
- Photocopy of a bank statement or passbook of an NRI account with a Scheduled Commercial Bank in India (not more than 4 months old) with at least 1 transaction initiated
- OCI card (for OCI applicants)
- A valid photo ID card issued by any of the Central/ State Government authorities or departments/ PSUs or Ministry/ Department of Defence for personnel/ public financial institutions
If you have not met any Yes Bank official, get copies of supporting documents duly attested by the Indian Embassy or High Commission or Bankers for verification
Seafarers Account
A) On a new fresh contract:
- Copy of passport with visa (relevant pages of passport indicating the last date of arrival in India or copy of passport and separate proof of NRI status if visa/ permit not affixed in the passport)
- Valid contract copy
- Continuous discharge certificate (CDC) booklet copy with applicant’s name, other details and latest discharge stamping
- Mailing address proof required (overseas address is not mandatory)
B) Additional documents for permanent employees
- Initial work contract
- Last wage slip (within last 6 months)
If you are on a contract, then you also have to provide the last work contract valid as on date.
C) If you have just returned from a contract & are on a break
- If you don’t have a CDC but hold a valid visa, then the last contract letter will be accepted as above, if the passport has an immigration seal within the last 6 months.
- If your contract letter has expired 9 months before the date of the NRE account application, a letter from the local agent confirming the next date of joining a vessel or a current work contract letter will be required.
- Seafarers Declaration (Provided in the Account Opening Form)
D) Additional information
- Photocopy of CDC is not mandatory for crew members employed with cruise liners.
- In case of a seafarer account, current address proof is not mandatory, but permanent address proof is.
Yes Bank NRI Account Minimum Balance
To avoid any penalties, account holders need to follow Yes Bank NRI account minimum balance terms and conditions.
| Particulars | Details |
|---|---|
| Yes Bank NRE account minimum balance requirement | Rs. 10,000 |
| Non-maintenance charges | – For >= 100% minimum balance: Nil – For >50% minimum balance: 5% of the balance shortfall – For <=50% of the requirement: 10% of the balance shortfall |
Yes Bank NRE Savings Account Fees and Charges
Yes Bank NRI account charges are listed in the following table:
| Fee type | Details |
|---|---|
| Intra-Bank fund transfer | Free |
| RTGS Payment – Branch | – Rs. 2 lakh to Rs. 5 lakh: Rs. 25 per transaction – Above Rs. 5 lakh: Rs. 50 |
| RTGS payment – Netbanking/ mobile banking | Free |
| NEFT payment – branch | – Up to Rs. 10,000: Rs. 2.5 per transaction – Rs. 10,001 to Rs. 1 lakh: Rs. 5 – From Rs. 1 lakh to Rs. 2 lakh: Rs. 15 – Above Rs. 2 lakh: Rs. 25 |
| NEFT payment – Netbanking/ mobile banking | Free |
| DD payable at Yes Bank locations – branch | – 10 free per month; Rs. 50/ instrument thereafter |
| DD Payable at Yes Bank location: Netbanking/ mobile banking | Free + Rs. 20 courier charges |
| DD payable at a correspondent bank location | – 2 free per month; min Rs. 50 and max Rs. 5,000 thereafter |
| Cheque return – insufficient funds | Rs. 300/ cheque |
| ECS Return – insufficient funds | Rs. 200/ return |
| Cheque return – local clearing | Rs. 50/ cheque |
| Cheque return – outstation collection | Rs. 50/ cheque |
| Stop payment of cheques – branch | Rs. 50/ instruction |
| SWIFT charges | Rs. 500 |
| Dormancy activation | Free |
| Account closure within 21 days or after 1 year | Free |
| Account closure after 21 days | Rs. 100 |
| Depository annual maintenance charge | Rs. 1000 |
| SMS/ email alerts | Free |
| Utility bill payment – Netbanking/ mobile banking | Free |
| Account opening | Free |
| Mobile banking registration | Free |
| Phone banking registration | free |
| Netbanking registration | free |
| Investment services registration | Free |
| Nomination facility | Free |
| Payable at par cheque book | Free |
| Any branch banking | Fee |
| Quarterly statement by post | Free |
| Monthly statement by post | N/A |
| Standing instruction maintenance – branch | Free |
| Standing instruction maintenance – netbanking | Free |
| ECS instruction | Free |
| Balance inquiry – Branch | Free |
| Balance inquiry – mobile banking | Free |
| Balance inquiry – netbanking | Free |
| Replacement of damaged debit card | Free |
| E-commerce payment – netbanking | Free |
| Mutual fund investment – branch | Free |
| Mutual Fund investment – netbanking | Free |
| Stop payment of cheque – netbanking | Free |
| Stop payment of cheques – mobile banking | Free |
| Cancellation of DD payable at Yes Bank locations | Rs. 50/ instruction |
| Cancellation of DD payable at other locations | Rs. 100/ instruction |
| DD Revalidation | Rs. 50/ instruction |
| Passbook issuance | Free |
| Banker’s verification (signature/ address/ photograph) | Rs. 100/ verification |
| Retrieval of cheque/ instruction | Free within 1 year of date of issue, Rs. 100/ cheque thereafter |
Also Read: NRI Account Minimum Balance: Updated for 2023
How to open Yes Bank NRE account
There are two ways to apply for the Yes Bank NRE account opening.
- Through the bank’s website
- Open NRE account online on SBNRI app
NRI customers can visit the official website of Yes Bank and apply for an NRE savings account online. Alternatively, if you are in India, you can visit a branch of Yes Bank to apply for an NRI account opening.
Open NRE account online using SBNRI app
SBNRI app is one of a kind that caters to the banking needs of Non-Resident Indians (NRIs). You can use SBNRI app for NRI account opening online by taking the following steps:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
You can transfer funds to a Yes Bank NRE savings account through any of the following methods:
– Traveler’s cheque or foreign currency notes during your visit to India
– Remit the amount directly from your foreign bank account
– Transfer money from an existing NRE savings account held in other banks in India
Yes Remit is an online money transfer facility offered by Yes Bank to its NRI customers from Australia, Canada, Switzerland, United Arab Emirates, Singapore and the United Kingdom to transfer money to any bank account in India.
You can transfer funds up to $1 million from NRO to NRE account in a financial year subject to submission of 15 CA & 15 CB and other required documents.
NRE/NRO accounts can be held jointly with residents on a ‘Former or survivor basis’.
