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Yes Bank FD - Scheme, Eligibility, Documents

Yes Bank Fixed Deposit Highlights

Last Updated 19th Jul 2021

Yes Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.25% to 6.50%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount 10,000
Maximum Deposit 2,00,00,000
    Earn upto 6.95% on FD APPLY NOW

    Yes Bank FD

    Yes Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years . Apart from that, Yes Bank FD offers regular returns on fixed deposits ranging between 3.25% to 6.50%. For senior citizens, the interest rates on fixed deposits range between 3.75% to 7.25%. In addition to that, Yes Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Yes Bank Fixed Deposit Schemes

    Different type of Yes Bank term deposit products offered to the investors are listed as follows:

    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.

    Eligibility:

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

    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.

    Eligibility:

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

    Benefits of Yes Bank FD

    Yes Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Yes Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Yes Bank offers FD rates up to 6.50%. The interest rates offered on Yes Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Yes Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Yes Bank fixed deposit allows one to borrow a secured loan against Yes Bank FD. Benefits of Loan Against FD of Yes Bank are as follow:
      • Loan against FD of Yes Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Yes Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Yes Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Yes Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Yes Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years . Yes Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Yes Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of 10,000. Apart from that, one can invest in the Yes Bank FD up to a maximum of 2,00,00,000.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Yes Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Yes Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Yes Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Yes Bank FD

    Yes Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Yes Bank FD

    Yes Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Yes Bank FD

    Credit Cards againstYes Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Yes Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Yes Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Yes Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years .

    What is the minimum investment for FDs under Yes Bank?

    Yes Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of 10,000.

    What is the minimum amount for a fixed deposit in Yes Bank?

    The minimum amount required for a fixed deposit investment in Yes Bank fixed deposit is 10,000.

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

    Currently, Yes Bank offers an interest rate ranging between 3.25% to 6.50% on its fixed deposits.

    What is the penalty for early withdrawal in Yes Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Yes Bank?

    Yes Bank fixed deposit can be opened with a minimum tenure of 7 days . The tenure of the Yes Bank fixed deposits ranges from 7 days to 10 years .

    Can I deposit additional amount in my Yes Bank 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 photos.

    In how many years FD doubled in the Yes Bank?

    The time Yes Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Yes Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Yes Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Yes Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Yes Bank safe for FD?

    Yes, the Yes Bank is one of the safest avenues for any investments. Yes Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Yes Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Yes Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Yes Bank News - Jul 2021
    • 2021-05-21 : Yes Bank revised its fixed deposit rates
      Yes Bank changed its FD rates with effect from 12 May 2021. The rate for 7 to 14 days is 3.50%, it is 3.75% for 15 to 45 days, for 46 to 90 the rate stands at 4.25% and for three months to 5 months 29 days the rate is 4.75%. Further, the rate for six months to 8 months 29 days is 5.25%, for 9 months to 364 days it is 5.50% and for 1 year to 1 year 364 days it is 6% and the rate for 2 to 3 years is 6.25%. The FD rates for the tenure of 3 years to 10 years stands at 6.50%.
    • 2021-03-09 : YES Essence, a holistic banking proposition for women launched
      YES Bank launched YES Essence, a holistic banking proposition for women across different customer segments. YES Essence provides offers, solutions and products for women covering categories like lifestyle, wellness, education, protection and investment. The banking proposition is aiming to aid women to fulfil their aspirations.
    • 2021-02-16 : FD rates for Yes Bank revised
      Yes Bank changed its FD rates with effect form 8 February 2021. The rate for 7 to 14 days is 3.50%, it is 4% for 15 to 45 days, for 46 to 90 the rate stands at 4.50% and for three months to 5 months 29 days the rate is 5%. Further, the rate for six months to 8 months 29 days is 5.50%, for 9 months to 364 days it is 5.75% and for 1 year to 1 year 364 days it is 6.25% and the rate for 2 to 3 years is 6.50%. The FD rates for the tenure of 3 years to 10 years stands at 6.75%.
    • 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
      Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore.
    • 2020-12-21 : Revised FD rates for Yes Bank
      Yes Bank changed its FD rates. The rate for 7 to 14 days is 3.50%, it is 4% for 15 to 45 days, for 46 to 90 the rate stands at 4.50% and for three months to 5 months 29 days the rate is 5%. Further, the rate for six months to 8 months 29 days is 5.50%, for 9 months to 364 days it is 5.75% and for 1 year to 3 years the rate is 6.50%. The FD rates for the tenure of 3 years to 10 years stands at 6.75%. The revised rates are in effect from 8 December 2020.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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