Yes Bank has launched a special savings account tailored for Gen Z customers. Account holders will receive cashback on payments made via debit cards, rewards on UPI merchant transactions, and access to a credit card backed by a fixed deposit.
Cashback offer of up to ₹12,000
This scheme from Yes Bank is called 'Yes Vibez'. The bank announced the account on October 28. It offers up to ₹12,000 in cashback on debit card spending and up to ₹3,000 in rewards on UPI merchant transactions.
Fixed deposit-backed credit card included
Opening this account provides benefits worth up to ₹22,000, a demat and trading account through Yes Securities, and a fixed deposit-backed credit card that is free for the first year. Additionally, there will be zero brokerage charges on the Yes Securities trading account for the first year.
Multiple debit card variants available
The bank has stated that this account comes with zero service charges. It offers various debit card options, including a version that allows for a custom display picture on the card. Other debit card variants provide wellness-related benefits, such as gym access and health assessments.
Catering to the needs of the youth
Dheeraj Sanghi, Country Head (Retail Liabilities, Fee and Business Banking) at Yes Bank, stated that the account was launched with the youth in mind. Young people have a keen interest in digital banking services; therefore, the cards offer various benefits aligned with their spending habits.
'bob Yuva Connect' from Bank of Baroda (BoB) is already available.
Several other banks also offer specialized accounts designed specifically for the youth. This includes Bank of Baroda’s 'bob Yuva Connect'. Individuals between the ages of 16 and 29—including young people and first-time job holders—are eligible to open this account.
No minimum balance is required for IOB YUVA Connect either.
The 'BOB Yuva Connect' account does not require a minimum balance. It offers a customized debit card, free digital fund transfers, and SMS alerts. Similarly, Indian Overseas Bank offers 'IOB YUVA Connect', which also does not require a minimum balance to be maintained.
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