The YES Respect Account is a specially designed savings account for senior citizens aged 60 years and above. It focuses on providing better returns, convenience, and additional support services that make banking comfortable during retirement years.
Main Benefits of YES Respect Account
Higher Interest Earnings
Senior citizens generally receive a preferential interest rate on their savings compared to regular account holders. This helps retirees grow their funds more efficiently.
Complimentary Debit Card with Coverage
The account usually includes a free debit card along with accidental insurance protection, making transactions secure and convenient.
Flexible Balance Requirement
Depending on the account variant, customers may get the benefit of maintaining a lower minimum balance, which is helpful for people living on pension or fixed income.
Priority Service at Branch
Senior citizens often receive faster assistance, dedicated support, and a more comfortable banking experience without long waiting periods.
Reduced Banking Charges
Certain service fees such as cheque book charges, demand draft fees, or other banking costs may be lower or waived, reducing overall expenses.
Health and Lifestyle Advantages
Account holders may also receive discounts on health checkups, diagnostic services, or medical consultations through partner networks.
Better Returns on Fixed Deposits
Senior citizens can get additional interest rates on fixed deposits, helping them generate higher monthly or quarterly income after retirement.
Real-Life Example
Mr. Das, aged 63, retired from a private company and wanted a safe place to keep his retirement savings. He opened a YES Respect Account and deposited ₹6 lakh.
After opening the account:
He started earning higher interest than his previous savings account.
He received a free debit card with insurance protection.
When visiting the branch, he was given priority service, which saved time and effort.
He booked a fixed deposit and received extra senior citizen interest, increasing his monthly income.
He also used a discounted health checkup facility, which reduced his medical expenses.
For Mr. Das, this account provided both financial benefits and peace of mind during retirement.
Who Can Consider This Account?
Individuals aged 60 years or above
Pensioners and retired employees
Senior citizens looking for better interest and additional privileges.
YES Respect Account – Frequently Asked Questions (FAQ)
- What is a YES Respect Account?
It is a savings account created especially for senior citizens, offering better returns, convenience, and additional benefits suited to retirement needs. - Who is eligible to open this account?
Any resident individual who is 60 years of age or older can apply for this account, subject to the bank’s rules and documentation requirements. - Is there any special interest benefit?
Yes, senior citizens normally receive a higher interest rate on their savings compared to standard savings accounts, which helps increase earnings over time. - Will I get a debit card with this account?
A debit card is usually provided without extra cost. It allows easy withdrawals, payments, and may also include certain protection benefits depending on the terms. - Do I need to maintain a minimum balance?
The balance requirement can vary depending on the account type and branch category. Some options provide relaxed balance conditions for senior citizens. - Are there any medical or lifestyle benefits?
Account holders may receive access to discounted health checkups or wellness services through partner networks, which can help reduce healthcare expenses. - Can I earn more on fixed deposits with this account?
Yes, senior citizens are often eligible for additional interest on fixed deposits, which can help generate better income after retirement. - Is pension credit allowed in this account?
Yes, pension payments can be directly deposited into this account if it is registered with the concerned pension authority. - Are banking charges lower for senior citizens?
Some service charges may be reduced or waived, depending on the facility and bank policy applicable at the time. - What documents are required to open the account?
Generally, you will need:
Identity proof
Address proof
Age proof
PAN card or Form 60
Passport size photographs
