Yes Bank, which is India’s 5th largest bank as per market capital, has launched India’s 1st customizable saving bank account. Designed for those banking customers who are stuck with traditional, and orthodox saving account format, this new saving account format has been empowered with several customizations to suit the customer.
As per statements issued by the bank, such customizable saving account’s biggest contribution has been to remove unnecessary and redundant features which no one wants in this age of ‘less-cash’ economy.
Pralay Mondal, Senior Group President, Retail and Business Banking at Yes Bank said, “With the launch of our revolutionary ‘Customizable Savings Account’ we are truly enhancing the customers’ banking experience by giving them the Power to Choose. Recently, Yes Bank also launched a fully-customizable Current Account for its business customers.”
5 major customizable options which this new banking format allows:
- Option to have Debit Card or Net Banking or both (why to issue a debit card if there is no usage)
- Alternatives to minimum balance requirement (customers can choose their own minimum balance)
- ATM usage options (like how many ATM withdrawals you want in a month)
- Digital banking products (more details are awaited)
- Family grouping options (almost like closed-calling group in telecom)
Besides providing maximum tax benefits, this new saving account will also give an interest rate of 6% on the savings.
More details can be accessed here.
Yes Bank Will Now Help FinTech Startups
Yes Bank has inked a partnership with T-Hub to assist and mentor fintech startups from India.
This business accelerator program has been named as ‘Yes Fintech’, wherein 12 selected startups will enroll in a 15-week dual destination program at Hyderabad and Mumbai.
Yes Bank is inviting startups to apply for this program till February 3rd.
As per Rana Kapoor, MD of Yes Bank, this new program to accelerate fintech startups will help entrepreneurs to work with a real banking organization and to create market-ready products within shortest possible time.
Some of the niches where this accelerator program will closely work with startups include, financial inclusion, MSME focused solutions, payments, lending, compliance, risk management, trade finance, capital markets and Forex and treasury space.
T-Hub is Telangana Govt. supported tech startup incubator covering massive 100,000 square feet in International Institute for Information Technology (IIIT) at Gachibowli, which is a suburb of Hyderabad. Around Rs 40 crore has been invested by the State Govt. to help and mentor tech startups via T-Hub.