JOIN USHave an account at Yes Bank? Here's what you can do
The Reserve Bank of India (RBI) on March 5 placed Yes Bank under moratorium and restricted withdrawals to a maximum of Rs 50,000. The central bank's move sent panic waves to Yes Bank customers.
As depositors rushed to withdraw their money, many Yes Bank ATMs reported a shortage of cash. PhonePe, the Flipkart-owned payment service, also suffered an outage after the RBI imposed the moratorium.
With the RBI taking control of the bank for 30 days, here's what customers can do:
1. The Rs 50,000 limit includes all transactions such as fixed deposits or monthly instalments (EMIs) for loans and SIPs. If you pay your loans or EMIs with a Yes Bank account, then you must inform your lender. If possible, you can register another bank account with them.
2. If you have only one bank account, which is with Yes Bank, get a new bank account immediately.
3. In case you have a medical emergency or you need money for educational purposes, you can withdraw up to Rs 5 lakh with permission from the Reserve Bank of India.
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4. If your salary account is with Yes Bank, speak to your HR and inform them about the situation. You can either submit details of another (or new) bank account to your employer or request them to issue a cheque to you.
5. Since customers are unable to withdraw money from Yes Bank or third party ATMs or carry out online transactions, you can attempt to at least withdraw Rs 50,000 from branches till the RBI makes fresh announcements regarding the moratorium.
6. Asset management firms such as Kotak Mahindra Asset Management and Edelweiss Mutual Fund have announced that if people want to change the redemption bank account mandate from Yes Bank to any other bank then they can send a request. Redemption is the return of an investor's principal on fixed income security such as a bond, mutual fund or preferred stock. They have assured that redemption payouts will not be made to Yes Bank accounts.