Yes Bank RD Interest Rates
Yes Bank is the most renowned financial institutions in the country with an extensive lineup of financial products and services providing a varied range of customer needs. Yes Bank recurring deposit is most looked for after financial services extended by the institution. This scheme works to assist individuals to save and secure their future in terms of finances. The least tenure for a Yes Bank RD is 6 months and the highest being 10 years. The Yes Bank RD interest rates range between 5.50% and 6.75%. Also, senior citizens can avail themselves of a greater rate of interest; the bank offers an extra 0.50% over the regular rate of interest to people above 60 years of age.
Yes Bank Recurring Deposit Features
- No ceiling on the maximum amount deposited
- The deposit tenure ranges between 6 months and 120 months
- The minimum amount could be deposited in multiples of Rs. 5,000
- Visit any Yes Bank branch to avail of the needed service
- TDS deductions are impacted by the existing income tax rules as at the time of opening the RD account
Yes Bank RD Interest Rates
|Tenure||General Interest rates (p.a.)||Senior Citizen Interest Rates (p.a.)|
|3 years – 10 years||6.75%||7.50%|
Types of Yes Bank RD Schemes
Yes Bank Short-Term RD Interest Rates:
A Yes Bank RD account opened for a short time period of minimum tenure of 6 months to 9 months provides an interest rate of about 5.50%-5.75%%. If the account is created for 12-15 months, the interest rate offered is 6.50%, in case the deposit is below 1 crore.
Yes Bank Medium and Long Term Recurring Deposit Interest Rates:
A Yes Bank Recurring Deposit account could also be created for a medium-term with tenure of about 18 to 21 months and for a long term of 24 months to 10 years (120 months). For deposits with a tenure of about 18 months to 21 months, the interest rate provided on RD is 6.50%, if the deposit is worth less than 1 crore. For deposits lower than 1 crore and with the tenure ranging from 24 months to 10 years, the interest rate provided is 6.50%-6.75%.
Documents required to open Recurring Deposit Account in Yes Bank
- Filled Application form
- Pan Card copies or Form 60/61
- 2 passport size photos
- Identity proof (any)
- Address Proof (any)
- Other documents
Yes Bank RD Rates – Premature Withdrawal
Premature withdrawal of RD with Yes Bank Bank is permitted. Yes Bank might charge a nominal amount of penalty according to their banking norms. Yet, partial withdrawal of the RD account is not allowed.
Calculation of Yes Bank Recurring Deposit Interest Rates
The YES Bank Recurring Deposit interest is computed every quarter. The compounding interest formula which is applied for the computation of the maturity amount is mentioned below –
A= P x (1+R/N) ^ (Nt)
In the above formula,
- A represents the Maturity Amount
- P represents for Recurring deposit
- N represents the Number of times the interest is compounded
- R represents for Rate of interest
- t represents for Tenure
RD Account Opening Process at Yes Bank
A recurring deposit account at Yes Bank could be created only by Individuals having a YES BANK Savings Account. To create a recurring deposit account, one has to log in with their net banking credentials, select the required scheme, produce the needed documents, and make the initial payment by the due date.
Nomination Facility on Yes Bank RD
Nomination facility is provided in Yes Bank recurring deposits. Whether you open it in an individual name or joint name, only one nominee per account is allowed. You should assure that the nomination is followed as per RBI rules. You can alter the nominee through declaration in appropriate form.
Tax Benefits on Yes Bank Recurring Deposit
Taxpayers availing of home loans can get some tax benefits. The principal repaid could be claimed under Section 80 C for up to Rs 1.5 lakhs. Further, the interest component can be demanded as a deduction of up to Rs 2 lakhs in cases such as self-occupied property and entirely if the property has been let out.
Also, check out the Indian Bank RD Interest Rates.
Yes Bank News Snippets
Bank FD rates compared: SBI vs Kotak Mahindra vs Canara vs Yes Bank
Bank fixed deposits (FDs) remain popular investment products for risk-averse investors. Most of the top lenders allow you to open a short-term, medium-term, or long-term FD. You can choose the same based on your investment requirements. However, before selecting an FD, you should compare the interest rates available.
Yes Bank has a variety of fixed deposit (FD) schemes available to both regular and senior citizens. Yes Bank provides regular customers with interest rates ranging from 3.50 percent to 6.75 percent on deposits maturing in seven days to ten years. The Bank has increased the interest rate on its term deposits, which will take effect on February 8, 2021.
DCB Bank, Yes Bank, and IndusInd Bank offer more than 6.5% interest on tax-saving deposits
Despite the fact that bank FD rates have fallen to low levels, there are still some banks that offer you attractive interest rates. On tax-saving FDs, smaller private banks offer interest rates of up to 6.75 percent. These tax-saving FD interest rates are higher than those offered by leading public sector banks.
DCB Bank and Yes Bank top the list with 6.75 percent interest, followed by IndusInd Bank, which offers 6.50 percent interest on five-year tax-free FDs.
AU Small Finance Bank and Ujjivan Small Finance Bank offer 6.50 percent and 5.80 percent interest respectively on tax-saving FDs. The interest rates offered by small finance banks are higher compared to leading private banks. The foreign banks such as DBS Bank and Deutsche Bank offer 5.50 percent and 6 percent interest respectively on tax-saving FDs.
Yes Bank Recurring Deposit Interest Rates – FAQs
✅ Who can open an RD account?
Indian residents and HUF (Hindu Undivided Families) are able to open RD account. NRIs are also able to create a RD account through NRO and NRE accounts. Banks provide RD schemes for minors as well, under the guardianship of parents to supervise their finances.
✅ What is the general tenure of Yes Bank Recurring Deposits?
Yes Bank RD can be opened for a minimum of 6 months to maximum tenure of 120 months.
✅ What is the common Tenure of Yes Bank RDs?
A Yes Bank RDs tenure ranges from 6 months to 120 months.
✅ Does Yes Bank provide a nomination facility?
Yes, it offers a nomination facility. Yet, only one nominee is allowed per account whether it’s in a single name or joint name.