What are the charges for current account?
The minimum Average Quarterly Balance required to be maintained is as follows: Edge Business – INR 25,000. Prime Business – INR 1,00,000. Exclusive – INR 5,00,000.
What are the charges for not maintaining minimum balance in YES BANK?
Yes Bank
5 free financial transactions and unlimited non-financial transactions per month are allowed. For any financial transaction beyond the transaction limit, Rs. 20 + applicable tax is charged.
What are the 4 types of current account?
Read more Current Account Minimum Balance here.
Schedule of charges means the tariff or uniform rate or amount charged by an authorized person for specific services offered or rendered under the Act.
What is the benefit of current account?
One of the most important features of a current account is the fact that it bears no interest at all. The funds in a current account are always made available to the account holder whenever needed, and to compensate for this extra liquidity that the bank provides, there is no interest charged on current accounts.
Best Banks for Current Account
How many types of current accounts are there in YES BANK?
3 different kinds
MAB or monthly average balance, as the name suggests, is the minimum amount your account must have on average at any point in the month. Unless you have a zero-balance current account or savings account, you must maintain the minimum average balance stipulated by your bank in your account each month.29-Jun-2022
Is YES BANK a zero balance account?
With YES BANK's Zero Balance Savings Account, you no longer need to worry about running out of cash in your account and incurring a fine for going below the permissible limit.
OPEN SAVINGS ACCOUNT
How many ATM transactions are free?
Customers are allowed five free transactions at their bank ATMs every month, and the limit is three free transactions for other bank ATMs. Customers in non-metro centres can avail of five free transactions at other bank ATMs.17-Aug-2022
Daily cash withdrawal limit of INR 25,000.
What is cooling period in Yes Bank?
Bank transfer of funds permitted only post a cooling period of 24 hours of adding of funds.
Monthly Average Balance (MAB) Requirement on Basic Current Account of Different Banks
Is GST required for current account?
The GSTIN is not mandatory when you set up your Current Account with any bank. However, when you register under the GST scheme, you do require a functional Current Account. Therefore the business owner does not have to pay GST on Current Bank Account set up or functioning.
What is a standard current account? Standard current accounts are bank accounts designed for everyday use, depositing pay, spending on card, withdrawing cash, making and receiving direct debits and transfers. You will need one to be paid a salary or make payments.
What are the disadvantages of current account?
Disadvantages of having a Current Account The involved paperwork and fine print serves to be lengthy and confusing. Huge fees due to corporate business transactions. There is a limit on the amount of funds that can be withdrawn in a day.13-Jan-2022
As we mentioned earlier that a Current Account is a zero-interest account, there is no tax on Current Account.
Which account is better saving or current?
A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.
What are the charges for current account?