Here is what you need to know about withdrawals and transactions on Yes Bank, the troubled lender that has been put under a moratorium by the Reserve Bank of India (RBI), which has also imposed several restrictions for customers.
Late on March 7, the bank said that customers can make withdrawals using its debit cards at its own and other banks’ ATMs.
Here are some questions answered about withdrawals and transactions on Yes Bank right now:
Q. Can I withdraw money from my account?
A. During the moratorium period, the customers can use ATMs and branches to withdraw a total of Rs 50,000 from their accounts which they are holding in the same capacity and same right.
Q. Are YES BANK ATMs functioning?
A. Yes, our ATMs are functional. Click here to locate the ATM near you.
Q. Can I use my YES BANK Debit Card at other bank ATMs?
A. You can now make withdrawals using your YES BANK Debit Card both at YES BANK and other bank ATMs to make withdrawals up to a total of Rs 50,000 from your accounts which you hold in the same capacity and same right.
Q. Is the prescribed limit of Rs 50,000 per day limit or an aggregate limit in the entire moratorium period?
A. The prescribed limit of Rs 50,000 is an aggregate limit for the entire moratorium period i.e. w.e.f. 6.00 pm on March 5, 2020 till April 3, 2020. The customers will be allowed to withdraw a total of Rs 50,000 (through all channels and across all products) from their accounts which they are holding in the same capacity and same right.
Q. If I have one account in the name of A and another in the name of A and B, will I be allowed to withdraw Rs 50,000 each from these two accounts?
A. You will be allowed to withdraw a total of Rs 50,000 from both the accounts put together as you are holding these accounts in the same capacity and same right.
Q. Is the Rs 50,000 limit at Customer ID level or at account level?
A. The prescribed limit of Rs 50,000 is at Customer ID level (same capacity and same right).
Q. Can I get DD issued from my account? Will the amount of DD be included in my overall withdrawal limit of Rs 50,000?
A. Yes Bank clearing is currently suspended & DD/Cheque will not get presented in clearing by other Banks till further instructions or till reinstatement of clearing activities.
Q. Am I allowed to do RTGS/NEFT transactions from my account?
A. Online remittances including RTGS/NEFT are suspended as of now.
Q. I have EMIs linked to my account. Will those be honoured?
A. All clearing activities are suspended as of now. Your EMIs will be honoured up to the prescribed limit subject to reinstatement of clearing activities.
Q. What will happen to the cheques that I have written and issued to my clients?
A. All clearing activities are suspended as of now as per the directive. Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator.
Q. I have deposited a cheque in my account at YBL counter/drop box. Will that transaction go through?
A. All clearing activities are suspended currently. YBL DD/cheques will not be presented in clearing till further instructions or till reinstatement of clearing activities.
Q. Am I allowed to raise a stop payment request?
A. Yes. You will be able to stop a payment which has already been initiated.
Q. Am I allowed to operate/access locker facilities?
A. Yes, you will be allowed to access your locker during this time period.
(Source: Yes Bank)
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