Yes Bank: Yes Bank has launched a special savings account targeted at GenZ customers. This account offers cashback on debit card payments, rewards on UPI merchant transactions, and a fixed deposit-backed credit card.
Cashback offer up to Rs 12,000
Yes Bank’s scheme is called Yes Vibez. The bank announced this account on October 28th. According to the plan, this account offers up to Rs 12,000 cashback on debit card spending and up to Rs 3,000 rewards on UPI merchant transactions.
There are also credit cards backed by fixed deposits
Open this account and get benefits up to Rs 22,000, demat and trading account with Yes Securities and free fixed deposit support credit card in the first year. Broker commissions for Yes Securities trading accounts are zero for the first year. A range of financial cards to choose from
The bank said there was no service charge for the account. The account has several variants of payment cards, including one with a display image. Other debit cards offer wellness-related benefits, including gym access and health assessments.
The account fulfills the needs of the youth
Dheeraj Sanghi, Country Head (Retail Liabilities, Fees & Business Banking), Yes Bank, said that this account was launched with the youth in mind. Young people are interested in digital banking services. The card offers several benefits tailored to their spending habits.
Bob’s bob Yuva Connect already exists
Several other banks already offer special accounts targeted at young people. These include Bank of Baroda’s bob Yuva Connect. This account is suitable for young people aged 16 to 29, including young people and first-time job seekers.
There is no minimum balance requirement for IOB Yuva Connect. IOB Yuva Connect doesn’t require a minimum balance requirement. The account offers a customized debit card, free digital fund transfers, and SMS alerts. Indian Overseas Bank IOB Yuva Connect is also available and does not require minimum balance.