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YES BANK is one of the most popular private banks of the country. The bank was established in the year 2004 and has been excelling continuously with its customer-centric attitude and high quality, service-driven approach. YES BANK is the only bank to have been awarded the Greenfield Bank License by the Reserve Bank of India. The bank is a full service commercial bank which has built up strong presence in areas of SME banking, corporate banking, investment banking, retail banking as well as private banking and asset management.
YES BANK has been named frequently amongst the fastest growing banks by various media houses and other agencies. The bank was named so because the bank’s founder strongly believed in the concept of saying yes to everything that the bank aimed to achieve. This includes innovation, customer-centric approach and service-driven progress. Today, YES BANK is the fourth largest private bank of the nation. The bank truly believes in its values of integrity, credibility, transparency, innovation, agility, speed and professionalism.
In the private banking segment, the bank has various popular products and services like loans, fixed deposits, credit cards and so on.
The following entities are eligible to open a fixed deposit scheme with YES BANK.
YES BANK offers quite a few deposit schemes which provide customers with various benefits like tax saving, overdraft and auto-renewal.
There is no set maximum limit on the amount that can be deposited under the fixed deposit schemes of YES BANK. However, deposits above one crore rupees cannot be opened online and the depositor needs to personal visit any of the bank’s branches to get a fixed deposit opened.
YES BANK fixed deposits, if less than one crore rupees can be opened online from anywhere. However, the option of visiting any of the branches of YES BANK and getting a fixed deposit is also available.
According to the fixed deposit scheme availed and the corresponding deposit tenure, the applicable rate of interest varies. For short-term deposits between 7-45 days and 46-90 days, the subsequent interest rates are 6% and 7.5% respectively. For deposits greater than 3 months and less than 6 months the rate is 8.25% per annum. A deposit period between 6-9 months earns a rate of 8.5% whereas that between 9-12 months fetches an interest rate of 8.75%. An exact deposit period of 1 year, 18 months and 7 days is pegged at a rate of 8.85%. Between 18 months and 19 days to 10 years, the interest rate offered is 8.75%.
Apart from these regular rates, there is a special rate of 8.75% which is offered on deposits that have exactly 271 days deposit tenure. Also, a deposit with tenure ranging between 18 months 8 days to 18 months 18 days is offered an interest rate of 9% per annum.
Yes. Any fixed deposit taken for a period of more than 5 years is covered under the tax-saver scheme in line with the Income Tax Act 1956.
Yes. In case the interest on the FD is equal to or more than ₹ 10000 in a financial year, income tax at 10% of the interest earned is deducted. However, if the interest received in a year is more than ₹ 10000 and the depositor has not furnished his/her PAN number then a tax equivalent to 20% of the interest received, is charged.
YES BANK fixed deposits come with the edge of many new and flexible features to their credit. This is one reason the deposits by YES BANK are increasingly gaining popularity amongst customers.
A few significant features of fixed deposits by YES BANK are
No. Currently, no such coupled scheme is being offered to customers by YES BANK.
Yes. Senior citizens get to enjoy better and higher rates of interest if they avail a fixed deposit from YES BANK. The interest rates for senior citizen customers are 0.5% over and above the regular rates on all fixed deposits.
No. Currently, credit cards are not being offered by YES BANK against its fixed deposit schemes.
Yes, NRIs can choose from three types of fixed deposits at YES BANK.
Non Resident External (NRE) Fixed Deposit- This is a fully repatriable deposit and yields high return on investment.
Non Resident Ordinary (NRO) Fixed Deposit – The interest held in this deposit is repatriable.
Foreign Currency Non-Repatriable (FCNR) Fixed Deposit – The deposit in this account can be maintained in multiple currencies including US Dollars, Great Britain Pounds, Japanese Yen, Australian Dollars, Canadian Dollars and Hong Kong Dollars.
The NRE Fixed Deposit can have a minimum tenure of 1 year and a maximum of 10 years.
The NRO Fixed Deposit can have a tenure starting from 7 days going on to a maximum of 10 years.
FCNR Fixed Deposits can have tenures ranging from 1 year to 5 years.
THE NRE, NRO and FCNR Fixed Deposit can be opened with a minimum amount of Rs 10,000.
Yes, premature withdrawals are allowed by YES BANK subject to certain conditions.
No, there are no penal charges for premature withdrawal from the NRE and NRO Fixed Deposit, however the interest rate which is applicable will be the lower of the original rate of deposit or the rate applicable for the period for which the deposit was with the bank.