YES BANK has launched a savings account aimed at Generation Z customers, offering cashback on debit card spends, rewards on UPI merchant transactions and a fixed deposit-backed credit card.
The launch adds to the range of savings accounts banks offer to young customers, with features such as zero minimum balance requirements, debit card benefits and education loan concessions.
Called YES vibez, the account offers cashback of up to ₹12,000 on debit card spends and rewards of up to ₹3,000 on UPI merchant transactions, according to the bank’s October 28 announcement.
It also includes onboarding benefits worth up to ₹22,000, a demat and trading account through YES Securities with zero brokerage for one year, and a fixed deposit-backed credit card free for the first year.
The bank said the account offers zero service charges. The benefits and eligibility conditions should be checked against the account’s detailed terms and conditions.
The account also offers different debit card variants, including one that allows customers to personalise the card display picture and another with wellness-related benefits such as gym access and health assessments.
Dheeraj Sanghi, Country Head – Retail Liabilities, Fee and Business Banking at YES BANK, said the account was designed for younger customers who increasingly expect digital banking services and benefits aligned with their spending habits.
A look at savings accounts other banks offer to young customers
Bank of Baroda: bob Yuva Connect
Bank of Baroda offers bob Yuva Connect to resident individuals aged 16-29, including students and first-time employees. The account has no minimum balance requirement and offers a customised debit card, free digital fund transfers and SMS alerts, according to the bank.
Indian Overseas Bank: IOB YUVA Connect
Indian Overseas Bank offers IOB YUVA Connect for resident individuals aged 16-29. The account has no minimum balance requirement and includes benefits such as a debit card, mobile and internet banking, and concessions on education loans, subject to the bank’s terms.
Canara Bank: Canara Aspire
Canara Bank’s Canara Aspire savings account targets young customers aged 17-28. It offers zero-balance banking, a RuPay Platinum debit card and a concession on interest rates for eligible fresh education loans. The bank also lists personal accident insurance and selected entertainment and lifestyle benefits.
UCO Bank: UCO Yuva Connect
UCO Bank’s Yuva Connect account is aimed at resident individuals aged 16-29. Its features include zero minimum balance requirements, a RuPay debit card, mobile and internet banking, and free digital fund transfers, according to the bank.
What should customers compare?
The benefits of youth-focused savings accounts vary by bank. Before opening an account, customers should check the eligible age group, minimum balance requirements, debit card issuance and annual maintenance charges, and the conditions attached to cashback or other rewards.
They should also check whether advertised benefits are available automatically or require spending thresholds, specific transactions or additional products.
A zero-balance account may suit someone looking to avoid minimum balance requirements, while customers who regularly use debit cards may find transaction-linked rewards relevant.