About Pesave

What is Pesave?
Pesave is a modern alternative to a regular bank. It is a card & an app that helps you save and grow your money.
We all demand more from our money and at Pesave all we do is give you greater control over what’s yours.
We help make accessing and managing your money hassle free and easy to understand.
Who can sign up for Pesave?
Any Indian citizen, above the age of 18, with a valid Aadhar card can sign up for Pesave account.
Is Pesave a bank?
Pesave lets people open an account and issues a card that can be used like any other. You have complete control over these with our app.
However, Pesave does not store your money. Your money is securely stored with our partner bank Yes Bank.
What is the maximum amount I can store in the account?
Currently the maximum balance that you can store in your account is Rs. 1,00,000
With my account, can I issue and receive cheques?
Pesave has been made keeping the future in mind. Electronic payments are the way forward and they’re already accounting for the bulk of all payments. Hence, Pesave does not support both the receipt and issuance of cheques.
What is the rate of interest offered in this account?
RBI currently does not allow us to pay interest in this account. But watch this space as we may have something to announce soon :)

About the card

Which card do I get?
Everyone gets an awesome Pesave, Rupay card.
Where can I use the card?
Your Pesave card can be used at all merchant terminals (Point of Sale) which accept cards. It can also be used online at all merchants who accept cards. You can even withdraw money from over 2 lakh ATMs across India!
Is my Pesave card accepted internationally?
No, your Pesave card cannot be used internationally.
Can I withdraw cash at an ATM?
Yes, Pesave cards can be used at any ATM across India after you enable ATM access.

Easy online sign up

How can I sign up?
You can sign up from the app or the website. Pesave is a by invite only program right now.
What documents will I need to open an account?
We don't need any document to open an account. You must however be an Aadhar card holder.
How do I deposit money in the account?
Currently you can deposit money via NEFT and IMPS into the account. You could request your employer to deposit your salary into the account via NEFT or IMPS for no additional cost to them.

About fees

There is no fee whatsoever associated with using Pesave.

About Money Transfer

How can I transfer money in and out of the account?
Money can be transferred in and out of the account via NEFT and IMPS with IFSC codes. Money can also withdrawn from ATMs and the card is useable both online and offline for shopping.
What is the cap on the transfers?
You have complete control over your money. There are no caps on transfers. All the money can be transferred in and out any number of times within a day, month or year.

About Saving Goals

What are saving goals?
Saving goals help you to smartly save for all that you really want and need, without the worry of any last minute disappointments.
Pesave savings goals act like accounts within an account. You can set up multiple Saving Goals. You can leave standing instructions and rules for whatever you want.
How does saving goals work?
Once you set up a goal, you can transfer any amount of money towards it. You can set weekly, monthly or custom manual amounts to contribute toward achieving the goals efficiently.
Once the goal is met, you can delete the goal and all money will be made available to you.
How many goals can be setup?
As many as you like. We do not set up any limits.
Does the money in the goal add to total balance?
Yes it does. And the total balance cannot exceed 50,000 at any point.
Can I use the money in the goal by mistake?
The money set aside in the goal will not be useable while transferring, at ATM's or even at any merchants. To use these funds, you will have to delete the goal. We take your goals seriously.

About Security

How secure is the money?
Very secure. Your money sits safely with Yes Bank Ltd, one of the best banks in the country. The money stored in your account is guaranteed by both Yes Bank Ltd. and the RBI.
How secure is the app?
We deploy the most sophisticated security software to prevent anything untoward happening to your account. We have a security team monitoring our data 24 x 7 x 365.
To further minimise risk, no card data is stored either with us or on your phone. It is safely stored with the bank on their servers which have NEVER been breached.