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Yes Bank FD Interest Rates

Yes Bank FD Rates 2020

Last Updated 09th Sep 2020

Yes Bank is one of most reliable FD providers amongst a number of FD providers in the market. Yes Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Yes Bank FD is 7.00%. Latest Yes Bank FD interest rate for senior citizens, on the other hand ranges between 5.50% to 7.75%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 45 days 5.00% 5.50%
46 days to 90 days 5.50% 6.00%
3 months to 5 months 29 days 6.00% 6.50%
6 months to 8 months 29 days 6.50% 7.00%
9 months to 364 days 6.50% 7.00%

Yes Bank Fixed Deposit (FD)

Yes Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Yes Bank Fixed Deposit are:

  • Deposit Amount: Yes Bank FD can be opened with an amount as a low ₹ 10,000 to up to 2,00,00,000.
  • FD Tenure: Ranges between 7 days to 3 years.
  • Interest Rate Range: 5.00% p.a. to 7.00% p.a.
  • Senior Citizens FD Rate: 5.50% to 7.75% p.a.
  • Highest Interest Rate: As per today’s rate, Yes Bank’s highest interest rate on FD is 7.00% offered for a tenure of 3 years.
  • Safety of Yes Bank Deposits: Yes Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Yes Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed deposits , Tax Saver Fixed Deposit Scheme

Yes Bank Best FD Plan

We need to compare tenure wise latest FD rate of Yes Bank to choose the tenure at which it provides the highest interest rate. Yes Bank FD rates are best for the deposits with a tenure of 2 years to 3 years, wherein the current FD rate of interest is 7.00% p.a

If one is looking to invest in short term deposits with Yes Bank, FD interest rates range from 5.00% p.a. to 6.50% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Yes Bank FD rates for senior citizens range from 5.50% to 7.00% p.a.

If one is looking to invest in long term deposits, Yes Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 6.75%. Senior citizens are offered special rates from bank with highest deposit rates of 7.25% p.a. on long term FDs.

Fixed Deposits of Yes Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Yes Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in Yes Bank

  • KYC documents and passport size photographs

FD in Yes Bank – Premature Withdrawal

Premature closure of Term Deposit with Yes Bank is along with the lower interest rate of Nil than the contracted rate. The penal provisions for premature closure on Yes Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Yes Bank

Yes Bank offers loan up to 90% against its own deposit. Note that Yes Bank will not give you loan against FD of any other bank. Yes Bank offers Loan against FD at the rate of 6% to 8%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Yes Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Yes Bank

To open a Fixed Deposit account in Yes Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Yes Bank FD after reading the terms and conditions.

Nomination Facility on Yes Bank FD

Yes Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Yes Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

Yes Bank Fixed Deposit Scheme

Regular Fixed deposits

Description:

  • The scheme has been designed to help the resident individuals invest in the deposit to earn attractive and higher returns along with flexibility and security.
  • Reinvestment options available after the completion of tenure of 6 months
  • Provides Option to link with saving A/c and avail sweep-in facility.
  • Overdraft facility available for FD of above Rs. 50,000.
  • Premature withdrawal facility available, Available; a penalty of 0.5% is applicable for the FD with tenure of 182 days and more.
  • Nomination facility available.
  • Senior citizens are offered an additional interest of 0.50% over the standard rates.

Who is eligible?

  • All Indian Residents can apply for this fixed deposits, such as Individuals, HUFs, or joint investors.
Tax Saver Fixed Deposit Scheme

Description:

  • The scheme has been designed to help the resident individuals to save their money on tax and derive effective yields and returns on their fixed deposit. An investor can claim a deduction of a maximum of Rs. 1. 5 lakh by investing in Yes Bank tax saver fixed deposits.
  • Tax exemption up to Rs. 1.5 lakh
  • It has a lock-in period of 5 years
  • Joint account facilities available Joint account facilities available.

Who is eligible?

  • All Indian Residents can apply for this fixed deposits, such as Individuals, HUFs, or joint investors.

FAQs

What is the highest FD rate for Yes Bank?

You can earn a maximum interest of 7.00% on Yes Bank fixed deposit.

Are there any special rates for senior citizens FD of Yes Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 5.00% to 7.00%. Compared to this, the rate of senior citizens FD are in the range of 5.50% to 7.75%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Yes Bank?

The minimum deposit amount required to book an FD with Yes Bank is ₹ 10,000.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Yes Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in Yes Bank?

The documents required to open an FD account in Yes Bank includes KYC documents and passport size photographs.

Is it possible to change the tenure of my existing fixed deposit account with Yes Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Yes Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in Yes Bank?

Current interest for FD in Yes Bank ranges between 5.00% - 7.00%.

Can a customer open a FD account online in Yes Bank?

Yes, you can submit your application for opening a FD account on the website of Yes Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Yes Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 7.00%. For Yes Bank FD the number of years in which your FD will get doubled is; 72/7.00 = 10


Yes Bank News - Sep 2020
  • 2020-07-28 : Yes Bank reported a net profit of 45. 44 crore for June quarter
    YES Bank posted a 60.05% year-on-year fall in net profit at Rs 45.44 crore for the quarter ended June 30. The Bank had posted a net profit of Rs 113.76 crore in the corresponding quarter last year. Deposits at Rs 1,17,360 crore grew 11.4% QoQ aided by 26.4% QoQ growth in current account deposits and 12.6 per cent QoQ growth in term deposits which includes fixed and recurring deposits. CASA ratio stood at 25.8%. Further, Net interest income was at Rs 1,908 crore bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans.
  • 2020-07-07 : Yes Bank revised its FD rates
    Yes Bank changed its FD rates. The rate for 7 to 45 days is 5%, it is 5.50% for 46 to 90 days and stands at 6% for three months to 5 months 29 days. Further, the rate for six months to 364 days is 6.50%, for one year to 10 years is 6.75% and is 7% for 2 to 3 years. The revised rates are in effect from July 6 2020.
  • 2019-10-31 : Yes Bank revised FD rates
    Yes Bank revised its Fixed Deposit interest rates with effect from October 25, 2019. The revised rate for 7-45 days is 5.00%, for 46 days to 6 months the rate is 6.25%, for six months to 9 months the rate is 6.85%, the rate for nine months to 1 year is 7.15%, and for 1-10 years the revised FD rate is 7.25%. Further, the Bank announced special rates for certain tenures. For one year ten days- 1 year 20 days, the rate is 7.40%, for 18 months eight days to 18 months 18 days it is 7.40% and the rate set for 2-3 years is 7.50%.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More