YES Bank Yes First Savings Account Review — Satish’s Take

This review was written by reader Satish Kumar Agarwal, who recently opened a Yes First (YF) Savings Account and received the YF Mastercard World debit card.

I had planned to apply for Yes First credit cards such as YF Preferred and YF Exclusive after reading positive reviews and seeing the bank’s aggressive offers. Since credit cards weren’t available in my city, I explored other Yes Bank products and focused on the YF Savings Account with the YF Mastercard World debit card.

Why YF Savings Account?

After researching options, I chose the YF Savings Account primarily because it comes with the YF Mastercard World debit card and many banks today offer similar discounts and cashback on both credit and debit cards. The YF account’s schedule of charges and associated benefits stood out; features appeared stronger than comparable premium savings accounts at other private banks. The one notable caveat is a minimum opening cheque of INR 5 lakh, though the bank can be flexible.

Holding a YF Savings Account also positions you to be among the first to access future services such as YF credit cards and demat accounts when they become available in your city.

• Requirement: 25 lakh NRV (bank shows flexibility)

Opening Yes First Savings Account

I decided to open the YF account and a Yes Bank representative visited my home, helped complete the account opening form and KYC. The account was activated within three days. (The bank representative mentioned that credit card services were expected to roll out in the first quarter of the financial year 2018–19.)

I received the welcome kit four days later (update: current timeline is 12–15 days). The kit included a welcome letter, MITC, the YF schedule of charges, and the YF Mastercard World debit card. The outer box was quite large, and inside there was a leather organizer that holds five cards, a cheque book and some documents—an impressive addition to the kit.

Unboxing Welcome Kit

The debit card has a glossy, reflective finish and is clearly branded as a Mastercard World variant. The card’s finish and presentation are attractive and feel premium.

Features & Benefits of YesFirst Savings Account

General Benefits

1. The Mastercard World debit card is lifetime free and allows cash withdrawals up to INR 100,000 per day.
2. Complimentary access to three domestic airport lounges per quarter through the Mastercard lounge access program, which is more generous than many other debit and credit cards that typically offer two accesses per quarter.
3. Complimentary green fee waivers and golf lessons at select golf courses in India via the Mastercard program, available up to once per month. This is an uncommon benefit for debit cards and is usually associated with super-premium credit cards.
4. No charges for most payment services including IMPS, NEFT, RTGS and branch visit transactions.
5. Free cash withdrawals in India and abroad (note: a 3% markup fee on international transactions applies).
6. Complimentary demat account opening and no demat AMC charges.
7. No home-branch restriction; you can use any branch without extra cost.
8. Competitive interest rates: 5% on balances up to INR 1 lakh, 6% on balances from INR 1 lakh to INR 1 crore, and 6.25% on balances above INR 1 crore.
9. No fuel surcharge and no minimum transaction threshold to avail surcharge waiver.

Family Banking

One standout feature is family banking: as a YF account holder, you can open up to five additional YF accounts for family members aged 12 and above with zero balance, and those accounts receive the same benefits. This is a significant advantage for households seeking premium features across multiple accounts.

Limitations

1. Initial requirement of a minimum INR 5 lakh cheque to open the YF account, although this can sometimes be negotiated and varies by city.
2. Minimum family-level NRV requirement of INR 25 lakh (including savings balance, FDs, RDs, mutual funds, insurance premiums, etc.) to avoid maintaining INR 5 lakh balance.
3. Low reward points on debit card spending: you earn 1 reward point for every INR 200 spent, and if each point is worth INR 0.25, the effective reward rate is approximately 0.125%.

Overall, the YF Savings Account is a well-rounded premium account that offers strong benefits across banking, travel and lifestyle services.

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Bottomline

Yes Bank’s YesFirst Savings Account ranks among strong offerings in the premium banking segment because it combines valuable family banking features with lounge access and premium debit card perks.

Holding a YF Savings Account may also improve your chances of being approved for YF Preferred credit cards in the future. In my experience, Yes Bank’s smaller size compared to larger banks has translated into responsive service. However, net banking usability is an area that can be improved, and service levels in major metro centers may vary.

• CardExpert Rating: 3.5/5

Do you have a YF Savings Account? Share your experience and thoughts in the comments below.