Generally, all banks allow their account holders to close their respective bank accounts as and when they wish. But in this process, the banks charge an account closing fee to their customers. Usually, the bank account closing charges are levied by the banks to recover those costs which the bank incurs during the opening of any account.
Such costs include an account opening kit, a Chequebook, and a debit card issued to the account holder. If you are wondering about the Yes Bank Account Closing Charges, then you should know that Yes Bank, too, charges its customers a closure charge for opting to close their bank accounts.
Reasons to Close Your Yes Bank Account
All the banks allow their customers to close their bank accounts whenever they wish to. Hence, an account holder is not liable to be a customer of any bank, be it Yes Bank, and he may choose to shut his bank account for any of the following reasons:
- If the bank levies high account maintenance charges, high transaction charges, or Financial charges.
- The bank is providing a lower rate of interest.
- Faulty customer care service by the bank
- The account holder has multiple accounts at the same bank.
- If the bank requires the account holder to hold a minimum account balance, but the account holder is not able to maintain the same.
- Transfer or promotion of the account holder to some other city or state.
- Transfer of the account holder to some other country.
- An account holder can also choose to close his bank account if he has multiple accounts with the same bank.
- In the case of the death of an account holder, etc.
The reasons listed above can all play a significant role in account holders closing their Yes Bank accounts. For any of the reasons listed above, an account holder can opt to close his savings bank account, current account, Salary account, Demat account, or even a fixed deposit account.
Yes Bank Account Closing Charges
|Type of Account Closure Charges||Closure Charges|
|Yes Bank Saving Account Closing Charges||Upto 30 days to After 1 year – Free|
Otherwise – Rs. 500
|Yes Bank Current Account Closing Charges|| 31 Days to 12 Months of|
account opening date – 750 Rs.
|YES Bank NRE/NRO Account Closing Charges||Within 30 days – Free|
After 30 days to 1 year – 500 rs
After 1 year – Free
|YES Bank Demat Account Closing Charges||NIL|
|YES Bank Salary Account Closing Charges||Rs.500 after 30 days of account activation|
In this article, we have provided you with a clear insight into the Yes Bank Account Closing Charges. However, Yes Bank does not charge its customers any closing amount if the account holder closes their bank account within thirty days of opening.
But, if for any reason, the account holder opts to close his bank account anytime after thirty days of opening it, then Yes bank charges a minimum amount of 500 INR and 18% GST as its account closure fee.
The amount of the account closure fee may vary depending on the type of account an account holder has with Yes bank.
In case of confusion, an account holder can contact the customer care service of the bank. He might also visit his nearest Yes Bank branch.
For more information, an account holder can either visit the bank’s website or can also contact the bank through its toll-free number, i.e. 18001200.