http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/yes-bank-launches-auto-credit-service-to-attract-low-cost-deposits/articleshow/15489481.cms
To attract low cost deposits private sector bank Yes Bank on Tuesday launched 'Auto Credit Service'.
Individual running an account with other banks can earn a higher interest rate of 7 per cent on balances of Rs 100,000 and above - by just submitting a onetime ECS instruction to transfer funds from any of their existing accounts with other banks.
"After the successful ECS activation, the individual's account with the other bank will be debited on the requested date and funds will be automatically credited to his Yes Bank Account. The individual is not even required to visit his existing bank to activate this service," said the bank in a statement.
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