YES BANK extends multiple initiatives to support Digital Payments

YES BANK has significantly ramped up proactive measures to support the Government of India’s landmark demonetization and propel digital payments in our country India. Some of the measures taken by YES BANK include

·         YES BANK has waived MDR charges (Merchant Discount Rate) for all Debit Card transactions across RuPay, MasterCard and Visa platforms at all its Merchant locations, including online transactions upto December 30th. MDR is the fee charged to the merchant by the Bank for providing card acceptance services. The waiver of MDR will facilitate greater acceptance of Debit Cards by the Merchants thereby resulting in greater use of cards by customers as their preferred payment method.

·         YES BANK does not levy any additional charges on spends at Merchant locations for its Debit Card customers, and this practice will continue.

·         YES BANK ATMs are being recalibrated to dispense new INR 2000 and INR 500 rupee notes, at an expedited pace with over 500 ATMs fully recalibrated.  YES BANK has also waived off all transaction fee on ATM withdrawals from Debit Cards, within prescribed limits, across all YES BANK and other bank ATMs upto December 30th 2016.

·         No charge for Cash Deposit- All charges for cash deposits, without any limit, for YES BANK Savings Account customers have been waived off until the 30th of December 2016

·         State of the Art Digital Offerings - Given the unique need as well as preference for every customer, as a leader in technology & innovation in the banking sector, YES BANK has ensured state-of-the art offerings for its consumers across all these platforms like YES PAY digital Wallet, YES Tag – Chatbot Banking offering money transfer services and social media banking, partnership with Tone Tag and UltraCash for sound wave based payments, integration of NFC into our Credit Card offerings.

YES BANK remains fully committed to help realize this significant initiative of demonetization of high value notes.