Yes Bank is a private sector bank in India that offers a range of financial services for NRIs, including NRI bank accounts. Opening an NRI account with Yes Bank is a hassle-free process. Yes Bank NRI account is one of the best NRI accounts in India and comes with a host of benefits for NRIs (Non-Resident Indians). Let us take a deeper look at the process of Yes Bank NRI account opening.
How to open an NRI Account at Yes Bank?
NRIs can open an NRI accounts in two ways:
- You can apply for a Yes Bank NRI account online through the bank’s official website or visit the nearest branch of Yes bank.
- Open an NRI account online through SBNRI.
Yes Bank NRI Savings Account Opening Online
You can open your Yes bank NRI account online from your country of residence. Given below are the steps for opening a Yes bank NRI account online through the bank’s website:
- Head to the official website of Yes Bank.
- Click on the ‘NRI’ category button and select ‘Accounts’ from the drop-down list.
- Click on the button ‘Open your NRI account now’. Once you click on the button, click on ‘Open a new account’.
- Select ‘Single’ or ‘Joint’ as your type of account.
- Fill in some generic identification details like name, date of birth, email id, etc and proceed further.
- Choose the account type (NRE/NRO) in the Yes Bank NRI account opening form.
- Fill in your details and upload required documents and make sure that the documents are self-attested.
- Submit the form.
- Once you submit the form, a Yes Bank representative will reach out to you.
NRI Account Opening through SBNRI App
The SBNRI app is a unique platform specifically designed to meet the banking requirements of Non-Resident Indians (NRIs). It has partnered with several leading banks in India to facilitate the online opening of NRI accounts. The SBNRI app offers a simple and quick process for opening an NRI account. Here are the steps involved:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ and select one of the banks on the app.
- Scan and upload your KYC documents using the in-app scanning feature.
- Click on Apply and that’s it.
- Once your application form and documents are verified, your NRI account will be opened within 7 days.
Eligibility for Yes Bank NRI Account
The following individuals can apply for Yes Bank NRI account:
- NRIs and PIOs as per FEMA definition.
- Seafarers of Indian nationality/origin.
- Employees of the Indian government with Diplomat passports.
- Students pursuing studies in foreign countries.
Documents Required to Apply for Yes Bank NRI Savings Account Opening
Following are are the documents required to open an NRE or NRO savings account with Yes Bank:
- Copy of your passport entailing the required details.
- Any document confirming either overseas or Indian address. For PIOs, Overseas address proof is mandatory.
- A copy of your visa, employment or residence permit in your country abroad.
- PAN card, or Form 60 (in absence of PAN).
- Passport sized coloured photograph.
- An initial check or deposit for the minimum average monthly balance required.
Depending on your Yes Bank NRI account opening form application, you may be asked to provide additional documents for approval.
Types of Yes Bank NRI Savings Account for NRIs
Yes Bank NRI accounts allow NRIs to deposit income earned abroad as well as in India while they work overseas. These accounts are Yes bank NRE Savings Account and Yes Bank NRO Savings Account. We have discussed both of them in detail.
NRE Savings Account at Yes Bank
Yes Bank NRE savings account is a Rupee Savings account to park your overseas earnings in India. Here are some features and benefits of Yes bank NRE savings account:
- Principal & interest are exempted from Indian income tax.
- Principal & interest are fully & freely repatriable.
- Attractive interest rates up to 6.25% p.a.
- Minimum balance required in Yes bank NRE savings account is Rs. 10,000.
- Enjoy global access to over 1.5 million ATMs, offers, discounts and much more.
- Get nomination and overdraft facility.
- Open a joint NRE savings account with another NRI or a resident Indian.
- 24/7 customer support to assist NRIs with their banking needs.
NRO Savings Account at Yes Bank
Yes bank NRO savings account is a Rupee Savings account to manage your income earned in India like rent, dividend, etc. Here are some features and benefits of Yes bank NRO savings account:
- Minimum balance required in Yes bank NRO savings account is Rs. 10,000.
- Earn attractive interest rates up to 6.25% p.a.
- Interest earned is subject to taxes in India.
- Interest earned is fully repatriable after payment of applicable taxes. As per the RBI guidelines, NRIs can repatriate up to $1 million in a financial year.
- Global access to over 1.5 million ATMs, offers, discounts and much more.
- Nomination and overdraft facility.
- Joint account facility with another NRI or a resident Indian.
- 24/7 customer support.
Yes Bank NRI Account Interest Rates
Given below are the NRO-SB/NRE-SB Interest Rates of Yes Bank. These rates are effective from 02.11.2022.
| Daily Balance in the NRI Savings Account | Interest Rate (p.a.) |
|---|---|
| Daily Balance in the NRI Savings Account | Interest Rate (p.a.) |
| Less than Rs. 1 lakh | 4.00% |
| From Rs. 1 lakh to Rs. 5 lakh | 4.25% |
| From Rs. 5 lakh to Rs. 10 lakh | 5.00% |
| From Rs. 10 lakh to Rs. 1.00 crore | 6.00% |
| Rs. 1 crore to less than Rs. 10 crore | 6.25% |
| Rs. 10 crore to Rs. 25 crore | 6.00% |
Note: The interest rates mentioned above are subject to change
NRI Account Minimum Balance
The average minimum balance (AMB) is the minimum amount that NRIs need to have in the NRI account to avoid fees. The average minimum balance for Yes bank NRE and NRO savings accounts is Rs. 10,000.
Yes Bank NRI Savings Account Customer Care
- For any queries, NRI customers can call on the below-mentioned numbers:
| From Outside India | +91 22 4935 0000 |
| USA | 1833 380 0149 |
| Canada | 1833 491 0559 |
| UK | 800 048 9153 |
| UAE | 8000 3570 2510 |
- NRI customers can also contact via mail at [email protected].
Contact SBNRI
Due to lots of information and documentation required to apply for NRI accounts, the account opening process is lengthy and cumbersome. You can download SBNRI App for a simple, fast and hassle-free NRI account opening process.
You can also click on the button below to start the Yes Bank Account opening process online. Also visit out blog and YouTube Channel for more details.
FAQs
Given below is the list of documents that can be submitted as address proof for NRI account opening at Yes bank: 1. Passport
2. Driving License
3. Election card or Voter ID
4. Aadhaar Card or Letter Issued by Unique Identification
5. Authority of India (UIDAI)
6. PIO/OCI Card
Yes, Yes bank NRE/NRO savings accounts can be held jointly with residents on a ‘Former or survivor basis’.
NRIs have to maintain a minimum average balance of Rs. 10,000 to avoid a non-maintenance penalty.
The interest earned on NRE accounts is exempt from tax in India, however, interest earned on NRO accounts is taxed at the rate of 30% (plus surcharge) and other applicable taxes in India.
