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YES BANK Recurring Deposit

YES Bank offers the Recurring Deposit (RD) account with interest rates ranging between 6.50% p.a. and 7.00% p.a. Senior citizens get an additional interest rate of at least 0.50%.

Recurring Deposit from YES BANK

The Recurring Deposit schemes offered by YES BANK have been especially designed to help you save and be prepared for unforeseen circumstances in the future. A Recurring Deposit enables the depositor to deposit a fixed amount every month (in his/her RD account) and enjoy interest rates similar to Fixed Deposits.

YES BANK customers enjoy highly flexible RD options at competitive rates of interest for investing a much smaller amount, every month. They are also entitled to additional benefits like TDS free interest, practical minimum tenure and no upper cap on monthly instalments.

Types of Recurring Deposits offered by YES BANK

YES BANK offers two types of Recurring Deposit schemes. They are –

  • Regular Recurring Deposit
  • NRE Recurring Deposit

Features and Benefits of YES BANK Recurring Deposits

Regular Recurring Deposit

  • The minimum monthly instalment amount is Rs. 1000 and thereafter, in multiples of 100.
  • There is no upper cap on the maximum monthly instalment amount.
  • The tenure ranges from a minimum of 6 months (and in multiples of 3 months thereafter) to a maximum of 10 years.
  • The interest earned on your RD is free of TDS (Tax Deductible at Source) deductions, as per the current income tax rules.
  • Interest rates are similar to that of Fixed Deposit rates.
  • You can pay the monthly instalments (for RD) easily by providing a one-time standing instruction from your YES BANK Savings Account.

NRE Recurring Deposit

  • Interest rates offered are similar to that of NRE Fixed Deposits
  • The minimum deposit tenure is 12 months (and in multiples of 3 thereafter) and maximum is 10 years.
  • The minimum monthly instalment amount is Rs. 1000 and thereafter, in multiples of 100
  • If the NRE Recurring Deposit is withdrawn prematurely, before the minimum tenure of 12 months, then interest is not payable on the same
  • The interest rates on NRE RD are subject to change with time (contact the bank for more details)
  • The interest earned on your NRE RD is free of TDS (Tax Deductible at Source) deductions, as per the current income tax rules

Interest offered on YES BANK Recurring Deposit

The interest rates that are offered for Recurring Deposit accounts opened at YES Bank are mentioned below:

Regular Recurring Deposit

Tenure Interest rate of general public (p.a.) Interest rate of senior citizens (p.a.)
6 months 6.50% 7.00%
9 months 6.50% 7.00%
12 months 7.00% 7.50%
15 months 7.00% 7.50%
18months 7.00% 7.50%
21 months 7.00% 7.50%
24 months 7.00% 7.75%
27 months 7.00% 7.75%
30 months 7.00% 7.75%
33 months 7.00% 7.75%
3 years up to 10 years 6.75% 7.25%

Note: The rates mentioned below are for deposits below Rs.1.99 crore. They are effective from 18 August 2020.

NRE Recurring Deposit

Tenure Rate of Interest (p.a.)
12 months 7.00%
15 months 7.00%
18months 7.00%
21 months 7.00%
24 months 7.00%
27 months 7.00%
30 months 7.00%
33 months 7.00%
3 years up to 10 years 6.75%

Note: The rates mentioned below are for deposits below Rs.1.99 crore. They are effective from 18 August 2020.

How to open a Recurring Deposit account with YES BANK

To open a Recurring Deposit account with YES BANK, you need to visit the nearest branch. The bank will offer assistance and guide you through the entire process. For customers who already have a Savings Account with YES BANK, can open a Recurring Deposit or Goal based savings by just logging on to their Net Banking account. This is applicable only if the maximum monthly instalment amount is Rs.14,99,900.

Eligibility to open a Recurring Deposit with YES BANK

Any Indian citizen holding a Savings Account with YES BANK is eligible to open an
RD account with the bank. To know more about the other eligibility criteria,
you can contact the nearest YES BANK branch.

YES Bank Recurring Deposit FAQs

  1. Can I open an RD account online?
  2. Yes, you can open an RD account online.

  3. What should I do in case I do not receive the RD advice?
  4. You must visit the nearest YES Bank in case you do not receive the RD advice.

  5. Will the maturity amount be affected if I skip installments?
  6. The maturity amount is based on the installments that have been paid.

  7. Is it possible to skip an installment?
  8. Yes, it is possible to skip an installment. The installment can be paid later.

  9. How long will it take for premature closure of the RD account?
  10. You will need to visit the bank branch to get details about premature closure.

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