YES BANK’s fixed deposit schemes have attractive interest rates that range from 3.50% p.a. to 6.75% p.a. for the general category and 0.50% more interest rate for senior citizens. It also offers 5-year tax-saver deposit schemes. Tenure ranges from 7 days to 10 years with easy liquidity for fixed deposits of less than Rs.2 crore.
In the private banking segment, the bank has various popular products and services like loans, fixed deposits, credit cards and so on.
Eligibility for Fixed Deposit Scheme From Yes Bank
The following entities are eligible to open a fixed deposit scheme with Yes Bank.
- Resident Individuals
- Limited Companies
- Trust Accounts / Associations
- Sole Proprietorship Firms
- Partnership Firms
Fixed Deposit Schemes offered by Yes Bank?
YES BANK offers quite a few deposit schemes which provide customers with various benefits like tax saving, overdraft and auto-renewal.
- Domestic Deposits
- Tax-Saver Deposits
- NRO Deposits
- NRE Deposits
Different Rates of Interest Offered by Yes Bank on their Fixed Deposit Schemes
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 3.50% p.a. and 4.50% p.a. respectively. For deposits greater than 3 months and less than 6 months the rate is 5.00% per annum. A deposit period between 6-9 months earns a rate of 5.50% p.a. The tenure between 9-12 months also fetches an interest rate of 5.75% p.a. For a tenure ranging from 1 year to 10 years, the interest rate is 6.75% p.a.
Apart from these regular rates, there is a special rate of 2 years to less than 3 years ranging at 6.50% p.a. for general citizens and 7.00% p.a. for Senior Citizens.
Key differentiating features of fixed deposits by Yes Bank
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
- Withdrawal options available for as low as 1
- Sweep-in facility which allows deposited funds to be withdrawn
- Overdraft available against fixed deposits
- Auto-renewal facility so that your deposits are auto-rolled over for existing deposit tenure
- Highly competitive rate of interest
- Nomination facility is available for deposit schemes
- Pre-closure facility is available without any penalty fee
- Tax-saver scheme is available
- Senior citizens get to avail better rates by about 0.5%
Yes Bank Fixed Deposit FAQs
How do I apply for a fixed deposit scheme from Yes Bank?
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.
Is a tax-saver deposit part of YES BANK’s fixed deposit portfolio?
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.
What is the maximum amount that can be deposited as fixed deposit amount in YES BANK fixed deposit schemes?
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.
Are fixed deposits offered by YES BANK, taxable?
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.
Can a loan be availed with YES BANK against a running fixed deposit?
No. Currently, no such coupled scheme is being offered to customers by YES BANK.
Are there special rates of interest for senior citizens?
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.
Do I get to avail a credit card against my fixed deposit with YES BANK?
No. Currently, credit cards are not being offered by YES BANK against its fixed deposit schemes.
Does YES BANK offer special Fixed Deposits for NRIs?
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.
What are the tenures of NRI Fixed Deposits?
- 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.
What is the minimum amount needed to open a NRI Fixed Deposit?
THE NRE, NRO and FCNR Fixed Deposit can be opened with a minimum amount of Rs 10,000.
Are premature withdrawals allowed by YES BANK?
Yes, premature withdrawals are allowed by YES BANK subject to certain conditions.
Are there any penal charges for premature withdrawal?
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.