Yes Bank withdrawl restriction

General
1

Yes bank keeps withdrawl limit capped at 50000 on all category of deposit accounts.

2

Is tomorrow LOL going to happen to our markets :crazy_face:

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Stock jump r 25 percent today while Morgan revises target to 1 rupees

4

Wonder what will happen to people having PPF account ! I know it can be transferred in normal situations but what now.

5

Hi
I have my yesbank account linked with zerodha trading account. I use to transfer money from other bank accounts to yesbank before making transfer to zerodha. Now I fear I can’t do it. So what’s the way out of it? How can i change bank account “linked” with zerodha?

6

Yes you can change account. See link https://support.zerodha.com/category/funds/adding-bank-accounts/articles/how-do-i-change-my-primary-bank-account-linked-with-zerodha

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Thanks sahil, just raised a ticket with them online to “add secondary account” from where I can (only)transfer in. That, being an online process, might be over in 24 hours and serve my purpose. For transfer out of funds, which is permissible only to primary account, I need to modify the accounts by sending docs through courier. If no bail-out news comes for yes in near future, will do that too.
Thanks for reply

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9

Current RBI governor has to be the worst of them all.

10

@nithin I don’t know much about the DICGC Act and the mechanics of it. I just read in budget 2020 that now the act has been revised and deposits up to Rs 5 lakh (earlier, 1 lakh) is insured. So, can you help me understand how and when this Act kicks in and does it really provide a risk cover to the bank account holders?

I also read that DICGC has increased the insurance premium to 20% post budget, but I don’t know whether Yes bank has paid the premium to DICGC or not.

P.S. I don’t have a Yes Bank a/c. I am just curious to know more about the mechanics of the DICGC Act in such times.

17

If you are using PhonePe wallet, you must know it is powered by Yes Bank.
Today you are unable to pay bills etc on PhonePe. Now you know why it is so.
Also, PhonePe is a Flipkart product. If I am not wrong the ripple effect will be on Flipkart too.

21

Guys please don’t mind, no political discussion here.

6 Likes
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@siva-reddy,

Can we take out our frustration on RBI and SEBI or even that is not allowed?

23

Zerodha were quick to link secondary account. Thanks for their quick action. However still not able to transfer money. Hopefully will be able to transfer money from tomorrow!

24

And this is what they are doing :slightly_smiling_face:

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25

@rupeshmandal, DICGC comes into force only when bank shut shop. YES bank restriction is temporary and will be lifted in 30 days.

26

I need to pay advance tax before 15th and I don’t know what to do… My current account is with Yes Bank.

27

Just wanted to update for all who might be affected like me. Zerodha took less than 9 hours to update my secondary account and I am able to transfer through UPI after say 36 hours. These are transfer-ins. Now for transfer-outs, will wait how restructuring goes, and may modify primary account by offline mode if not satisfied.

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PhonePe has connected to second largest private sector lender ICICI Bank to act as a payment service provider in place of yesbank!