A memory device contains a stack of insulating layers and electrically conductive word line layers, at least one first drain select gate electrode located over the stack and extending through a first drain select transistor and a second drain select transistor, at least one second drain select gate electrode located between the first drain select electrode and the stack, and extending through a third drain select transistor and a fourth drain select transistor. The first drain select transistor and the third drain select transistor are located in a first NAND memory string. The second drain select transistor and the fourth drain select transistor are located in a second NAND memory string different from the first NAND memory string. The first drain select transistor has a higher threshold voltage than the second drain select transistor. The third drain select transistor has a lower threshold voltage than the fourth drain select transistor.