Yes Bank NRO Savings Account is a specially designed savings account for Non-Resident Indians (NRIs) to manage their deposits or income earned in India such as dividends, pension, rent, etc. In this blog, we will discuss the features and benefits of Yes Bank NRO Savings Account.
SBNRI has a partnership with Yes Bank to help NRIs open an NRI account online. You can apply for an NRO account right away by clicking the button below.
Features and Benefits of Yes Bank NRO Savings Account
Yes Bank NRO account comes with the following benefits:
- NRIs can park the income like rent, dividend, pension, etc. earned in India with Yes bank NRO account with complete security and convenience.
- The NRO Savings Account of Yes bank facilitates convenient depositing and management of such accumulated rupee funds.
- Balance in the Yes bank NRO account is partially repatriable subject to a maximum of USD 1 million in a financial year.
- Interest earned on Yes bank NRO savings account is subject to TDS at the rate of 30.90%. The tax will be deducted as per the Double Taxation Avoidance Agreement (DTAA) if the account holder is a resident of any of the countries with whom India has signed the DTAA.
- NRIs can access the Yes bank NRO account from anywhere in the world through internet banking and mobile banking apps.
- Yes Bank NRO account interest rates range from 4% to 6.25% per annum.
- It also offers nomination and overdraft facilities.
- Enjoy access to over 1.5 million ATMs , offers, discounts , lost card liability protection and much more with Yes bank.
- Yes bank provides various services that come with unlimited rewards. NRIs can redeem their reward points across shopping, e-vouchers , flights, hotels and much more.
Eligibility for Yes Bank NRO Savings Account Opening
To be eligible for Yes Bank NRO Savings Account, you need to meet the following criteria:
- NRIs and PIOs as per FEMA definition
- Seafarers of Indian nationality/origin
- Indian government employees with Diplomat passports, or
- Students pursuing studies in foreign countries
Documents Required for Yes Bank NRO Savings Account
Given below is the list of documents that are required when applying for an NRO account at Yes bank:
- Copy of valid passport containing relevant details.
- India address or overseas.
- A copy of your visa, employment or residence permit in your country abroad.
- PAN card, or a Form 60 in case of absence of PAN card.
- Passport size photographs in color.
- An initial check or deposit for the minimum average monthly balance required.
You may be asked to provide additional information depending on your application for Yes bank NRO savings account.
How to Open NRO Account Online at Yes Bank?
There are two ways to apply for the Yes Bank NRO account online:.
- Through the Yes bank’s website.
- Open NRO account online on SBNRI app.
Through Bank’s Website
You can open your Yes bank NRO account online from your country of residence. Given below are the steps for opening an NRO savings account online at Yes bank through the bank’s website:
- Visit the website of Yes Bank.
- Select the ‘NRI’ category button and select ‘Accounts’ from the drop-down list.
- Click on the button ‘Open your NRI account now’.
- After that, click on ‘Open a new account’.
- Select ‘Single’ or ‘Joint’ as your type of account.
- Fill in some generic identification details.
- Choose the account type ‘NRO’ in the Yes Bank NRI account opening form.
- Fill in your details and upload required documents.
- The documents should be self-attested.
- Submit the form.
- Once you submit the form, a Yes Bank representative will reach out to you.
Through SBNRI App
You can apply for an NRO account online by clicking the ‘Apply for NRO Account’ button in this blog or:
- Simply download the SBNRI App.
- Log in using your Gmail or Apple ID.
- Next, choose a bank from the options available and click on “Apply”.
- From here, SBNRI takes care of the entire process, including bank communication, documentation, account opening, and activation.
With SBNRI, opening an NRI account has never been easier. This one-stop platform for NRIs in India also provides assistance with banking, investment, taxation, real estate and more. Trust SBNRI to simplify your transition to India.
Yes Bank NRO Account Interest Rate 2023
Yes Bank NRO savings 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 | 5% |
| 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% |
Note:
- Interest rates given above are subject to change.
- The Yes Bank NRO savings account interest rates are effective from 2023.
Yes Bank NRO Account Minimum Balance
The average minimum balance for Yes bank NRO savings accounts is Rs. 10,000.
Yes Bank NRI Customer Care
- For any queries, NRI customers can call on 02250795101.
- NRI customers can also contact via mail at [email protected].
Contact SBNRI
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
Yes, Yes bank NRO savings accounts can be held jointly with residents on a ‘Former or survivor basis’.
A minimum average balance of Rs. 10,000 has to be maintained by NRIs to avoid a non-maintenance penalty.
The interest earned on Yes bank NRE savings accounts is exempt from tax in India.
