YES BANK Launches XLrate Savings Account, Offering Higher Returns

MUMBAI:
YES BANK recently launched XLrate savings account, in line with the Bank’s endeavour of offering valued added product and initiatives, curated especially for customers looking for higher returns.

This smart savings account transfers balances above Rs. 1 lakh from the saving account automatically into a Fixed Deposit (FD), thereby offering a higher interest rate on the surplus funds. The amount in excess of Rs. 1 lakh in savings account will be swept out into a FD for tenure of one year, one day (minimum FD amount of Rs. 25,000).

With this account, customers can now avail easy liquidity through the auto sweep in and sweep out facility and can also link multiple deposits to the savings account. In case, the account balance falls below Rs. 25,000, the shortfall is adjusted from the FD linked to that saving account. The deposits are broken in multiples of Rs. 1 on a last in first out basis, therefore only the amount of shortfall actually needed is swept out from FD to Savings account and the remaining amount continues to earn higher FD interest.

Some key benefits of XLrate saving account:
  Higher interest rate of 5% on savings account balances below 1 lakh
  Balance above 1 lakh is swept out to FD with minimum amount of INR 25,000 and will earn 7.25%p.a* interest as per prevailing rates. (rates are subject to change). Senior Citizen enjoy markup of 0.5% on FD, earning  7.75% rate of interest on Savings balances above 1 lac
  Easy liquidity through Auto-sweep in facility from Fixed Deposit
  Free complimentary Family account,
  Free unlimited cash withdrawals at YES BANK ATMs
  AMC waiver on Demat Account for the first year
  Waiver on select locker services for the first year
  Convenience of free & unlimited NEFT/RTGS transfers through NetBanking and YES Mobile, YES BANK’s mobile banking app.
  Free UPI transactions through YES Mobile.