Yes Bank Fixed Deposit

YES Bank provides FDs for different tenures to meet customer needs. The YES Bank fixed deposit interest rates vary for different tenures. The minimum tenure is seven days, and the maximum is ten years. The Bank offers a 0.5% additional interest rate for senior citizens. The Bank also offers loans against the FD to meet uncertainties. Additionally, one can prematurely withdraw their investments at a penalty.

Yes Bank Fixed Deposits Schemes

YES Bank offers the following two types of fixed deposits:

• Regular Fixed Deposit Scheme
• Tax Saver Fixed Deposit Scheme
• Yes Respect Fixed Deposit
• Yes Respect Plus Fixed Deposit
• Yes Bank Floating Rate Fixed Deposit

Regular Fixed Deposit Scheme

• Purpose: To help individuals invest to earn attractive returns along with safety and flexibility.
• Tenure: 7 days to 10 years
• Minimum Deposit Amount: INR 1,000
• Interest Payment: Non Cumulative option: Monthly or Quarterly; Cumulative Option: Compounded quarterly and paid on maturity.
• YES Bank fixed deposit rate for Senior citizens: YES bank offers additional interest rates 0.50% for senior citizens.
• Reinvestment: YES bank provides reinvestment option for deposits with a minimum tenure of 6 months 1 day.
• Premature withdrawal: Available with a penalty of 0.5% for FD with 182 days and more tenure.
• Sweep-in-facility: YES bank provides a sweep-in facility and also an option to link with a savings account.
• Overdraft Facility: Available for deposits above INR 50,000
• Eligibility: Resident Indians can apply for an FD in YES Bank. HUFs, joint investors and individuals.

Tax Saver Fixed Deposit Scheme

• Purpose: To help individuals save on tax while investing in fixed deposit. An investor can claim tax deduction up to INR 1,50,000 under Section 80C of the Income Tax Act.
• Tenure: 5 years
• Minimum Deposit Amount: INR 1,000
• Maximum Deposit Amount: INR 1,50,000
• YES Bank fixed deposit rate for Senior citizens: YES bank offers additional interest rates 0.50% for senior citizens.
• Premature withdrawal: Not available
• Overdraft Facility: Not available
• Loan Facility: Not available
• Tax exemption: Depositors can claim for tax exemption up to INR 1,50,000.
• Eligibility: Resident Indians can apply for an FD in YES Bank. HUFs, joint investors and individuals.

Yes Respect Fixed Deposit

• Investment duration ranging from 7 Days to less than 3 Years for a deposit
• Senior citizens are eligible to receive an additional interest rate of 0.50% on Domestic deposits
• Sweep-in & Sweep-out facility available
• FD can be pre-matured in multiple of Rs 1 with sweep-in facility
• An overdraft facility is available for an amount up to 90% of the principal amount deposited
• Re-investment FD option to get quarterly compounding interest
• An investor can opt for a regular income with monthly or quarterly payout options

Yes Respect Plus Fixed Deposit

• Investment duration ranging from 7 Days to less than 3 Years for a deposit
• Senior citizens are eligible to receive an additional interest rate of 0.75% on Domestic deposits
• FD can be pre-matured in multiple of Rs 1 with sweep-in facility
• An overdraft facility is available for an amount up to 90% of the principal amount deposited
• Sweep-in & Sweep-out allowed
• Auto-renewal of fixed deposit available
• Re-investment FD option to get quarterly compounding interest
• An investor can opt for a regular income with monthly or quarterly payout options

Yes Bank Floating Rate Fixed Deposit

Floating rate term deposit gives the unique opportunity to enjoy the safety of a fixed deposit as well as dynamic returns. The interest rates for this scheme are linked to the prevailing REPO rates and, thus, are dynamic. Thus, this scheme is different from the regular fixed deposit, where the interest rates are fixed for the entire tenure of the deposit. For the floating rate fixed deposit scheme, the interest rates are automatically reset monthly as per the applicable REPO rate in the previous month. 

• Deposit Tenure: 1 year to 3 years
• Minimum Deposit Amount: INR 10,000
• Reinvestment Option: Available on maturity

Key Features of YES Bank FD

The following are the key features of YES Bank Fixed Deposits:

YES Bank fixed deposit scheme offers guaranteed income at a fixed interest rate.

• Preferential Interest Rates: YES bank offers preferential interest rates to senior citizens.
• Safety: YES Bank provides insurance cover for deposits up to INR 5,00,000 to all its investors. The deposits are covered under the Deposit Insurance Scheme of RBI.
• Premature Withdrawal: Most FD schemes allow premature withdrawals, however with a penalty.
• Nomination Facility: YES Bank allows depositors to nominate beneficiaries for the deposits.
• Auto-Renewal: YES Bank provides the auto-renewal facility of the FD account.
• Convenience: Depositors can open FD investment anywhere at any time at their convenience. FD can be opened through Internet Banking or by visiting the nearest bank branch.

FD Account Opening Process

YES Bank allows investors to open their FD through online or offline mode. To open the FD offline, one will have to visit the nearest YES Bank branch and fill the account opening form and submit the necessary documents. For online mode, the investors have to visit YES Bank’s website, fill the form online, and submit the necessary documents.

Following are the documents required to open an FD in YES Bank.

• FD account opening form
• Two passport size photographs
• Identity Proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• Residency Proof as per KYC norms. (Aadhar Card, Utility bills, Voter ID Card, Passport, Driving License)
• Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
• Bank Saving Account details like account number, IFSC code and branch
• Age proof (for senior citizens)
• Form 15G/H (to avoid TDS)

Also, only eligible investors can invest in YES Bank FD. The eligibility criteria to invest in YES Bank FD are:

• Resident Individuals
• HUFs
• NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)

Loan Against FD Account

YES Bank offers loans against fixed deposits. The Bank offers loans up to 90% of the FD amount. Also, YES bank doesn’t provide loans against FD of any other bank. The rate at which YES bank offers loans is 6-8%. Additionally, the loan tenure (duration of the loan) has a restriction of up to maximum tenure of the fixed deposit.

Loans such as loan against property (home loan), business loan, an education loan, etc., can be taken against an FD. The loan interest rate varies depending on the Bank and type of loan. One can calculate their loan EMI using Scripbox’s online loan EMI calculator. 

The loan EMI calculator works as a personal loan EMI calculator, home loan calculator and car loan EMI calculator. The investor can also use this EMI calculator in various scenarios by changing the personal loan interest rate, home loan interest rate, and car loan interest rate.

Premature Withdrawal

YES Bank provides a premature withdrawal facility to its depositors in times of need. However, there is a certain penalty to it. The penalty varies from time to time and also is different for different schemes. Following are the important features to consider while opting for premature withdrawal:

• For withdrawals within 7 days from the date of the booking, no interest payments are made.
• Partial withdrawals are available for certain requests at the discretion of the Bank.
• For FCNR and NRE accounts, no interest payments if the deposits are withdrawn before one year.