Yes Bank users allowed to make over Rs 2 lakh payments via other bank a/cs

"Inward RTGS services have been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts," the bank said Wednesday.

New Delhi: Yes Bank on Wednesday said its inward real-time gross settlement (RTGS) services have been enabled to allow customers to make payments towards their credit card dues and loan obligations from other bank accounts.

The announcement comes a day after its customers were allowed inward IMPS and NEFT services for the same purposes.

RTGS is used for payments of over Rs 2 lakh, while payments below this amount can be made using NEFT. Besides, loan and credit cards repayments to the bank can also be done through IMPS from other bank accounts.

"Inward RTGS services have been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts," the bank said in a tweet on Wednesday.

Meanwhile, in 'moratorium-related FAQs' posted on its website, crisis-hit Yes Bank has said services such as online remittances, clearing of cheques and demand drafts as well as outward payment of EMIs will continue to remain under restriction during the moratorium period.

However, if an employer has a current account with Yes Bank and wants to pay salaries to employees, there will not be any problem in doing so.

As per the FAQs, Yes Bank said outward online remittances, including RTGS and NEFT, are still suspended. "All clearing activities are suspended as of now."

"Your EMIs (equated monthly instalments) will be honoured up to the prescribed limit, subject to reinstatement of clearing activities," it said.

However, on a query what if an employer holds a current account with Yes Bank and needs to make withdrawal of more than Rs 50,000 to pay salaries to employees, the lender said it can be done.

"Yes Bank current account can be debited for more than Rs 50,000 towards disbursement of salaries in the accounts maintained with Yes Bank only," it clarified.

Further, it also said transfer from one Yes Bank account to another will be allowed without any restriction.

"However, customers can withdraw in a sum up to an aggregate of Rs 50,000 from all these accounts in the moratorium period till April 3, 2020," it added.

If one wishes to liquidate a standalone fixed deposit in Yes Bank, it said the branches can liquidate standalone fixed deposits (FDs) amounting less than Rs 20,000 along with interest and pay in cash as per process.

"For FDs equal to or above Rs 20,000 (along with interest) but less Rs 50,000 (along with interest), branches can issue demand draft (DD) to customers, however that DD can be presented for clearing only once the clearing services are re-instated," it said.

(PTI Report)