Yes Bank FD Calculator
Yes Bank FD calculator is a simple online tool that helps in estimating the maturity amount and wealth accumulated from investing in Yes Bank FD. The calculator is free to use and gives accurate results. This article covers the Yes Bank FD calculator and its FD interest calculation in detail.
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YES Bank Fixed Deposit Features
YES Bank offers a wide range of fixed deposits with high-interest rates and minimum risk. Following are some of the key features of YES bank fixed deposit account:
- Tenure: YES Bank fixed deposit tenure ranges from seven days to 360 months
- Minimum Deposit Amount: The minimum amount to open a YES Bank FD account is INR 10,000.
- Maximum Amount: INR 2 crores
- Fixed Deposit rates: The YES bank fixed deposit interest rate ranges between 5.00% to 7.00% p.a.
- Senior Citizens FD Rate: YES bank offers preferential interest rates to senior citizen depositors. The FD rates range between 5.50% to 7.75%.
- Safety: The Deposit Insurance Scheme insures the YES Bank deposits up to INR 5,00,000.
- Loan against FD: YES Bank provides depositors with a facility to avail a loan against their FDs. In other words, without breaking FD deposits, one can meet their financial obligations.
- Nomination Facility: YES Bank depositors can nominate beneficiaries.
- Auto-Renewal: YES bank offers an auto-renewal facility of the deposit account.
- Convenience: Depositors can open and manage YES bank FD schemes at their convenience. In other words, one can open the deposit account either online or by visiting the nearest bank branch.
Types of YES bank fixed deposits
Following are the two types of YES Bank fixed deposit schemes:
- Regular Fixed Deposit Scheme
- Tax Saver Fixed Deposit Scheme
What is a Yes Bank FD Calculator?
Yes Bank FD calculator helps in estimating the returns from an FD investment. The tool is available online. One can use it multiple times for free to estimate the wealth gained and maturity amount from Yes Bank FD investment. To use the calculator, one has to enter the following details.
- Investment amount: It is the investment amount that an investor intends to put in Yes Bank FD.
- Interest rate: It is the rate of interest that Yes Bank offers the investors.
- FD period: It is the tenure that the investor intends to stay invested in the Yes Bank FD.
- Compounded: It is the compounding frequency of the interest. For Yes Bank FDs, the compounding frequency is quarterly.
Once the above inputs are entered, the calculator will give the following outputs.
- Total investment: It is the amount invested by the investor.
- Wealth gained: It is the interest that the investor might earn on the Yes Bank FD investment.
- Total corpus created: It is the total of investment and interest amount. It is also known as maturity amount.
Following are the benefits of Yes Bank FD calculator:
- Saves time: Yes Bank FD calculator calculates complex equations within seconds and saves investor’s time.
- Accurate results: Yes Bank FD calculator accurately estimates the returns that one might earn from Yes Bank FDs. However, the Yes Bank FD calculator only estimates and doesn't guarantee any returns.
- Comparison and future planning: Yes Bank FD calculator helps investors plan for future investment goals and take informed decisions. Investors can also compare multiple FD investments and choose the one that gives them the maximum return.
- Free to use: Yes Bank FD calculator is available online. Also, one can use it multiple times for free.
- Simple and easy to use: Yes Bank FD calculator is a simple tool. It is user friendly and can be easily understood.
How does a YES Bank FD Calculator work?
The YES Bank FD calculator is available online, and one can use it for free. The calculator helps in computing the maturity value of a fixed deposit investment. One has to enter a few details, such as investment amount and rate of interest. Also, the calculator uses the future value formula to determine the maturity value of an investment. Let's understand how the YES Bank fixed deposit calculator works with an example.
Ms Revati wants to invest INR 5,00,000 in a Fixed Deposit scheme for a period of three years. The YES bank FD interest rate is 7.00%. The maturity value using the YES FD calculator for the investment is as follows:
Following are the calculator inputs:
- Investment amount: INR 5,00,000
- Interest Rate: 7.00%
- FD period: 3 years
- Compounded: Yearly
With the above inputs, the calculator computes the following:
- Total Investment: INR 5,00,000
- Wealth Gained: INR 1,12,522
- Total Corpus Created: INR: 6,12,522
The investment of INR 5,00,000 made today at 7.00% interest per annum would be INR 6,12,522 in seven years. The interest income (wealth gained) for Ms Madhu will be INR 1,12,522.
Formula to calculate fixed deposit maturity value
The FD calculator uses the future value formula to compute the maturity value of a fixed deposit.
A = P (1 + r/n) ^ n*t
A – Maturity Amount
P – Investment amount
r - Interest rate
n - Number of times the interest gets compounded
t - Investment tenure
How is FD interest calculated?
Let us understand Yes Bank FD interest calculation with the help of an example.
Ms Kavya wants to invest an amount of INR 20,00,000 in Yes Bank FD for a tenure of 5 years. Yes Bank fixed deposit rate is 6.7%. Let's assume the interest is compounded every quarter.
To calculate the Yes Bank interest amount, one can use the FD formula.
The maturity amount for Ms Kavya is INR 27,88,134
Also, the interest earned is INR 7,88,134.
YES Bank FD rates
The following table shows YES Bank fixed deposit interest rates for regular citizens and senior citizens for different tenures.
|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%|
|1 year to 10 years||6.50%||7.00%|
|2 years to 3years||7.00%||7.75%|
Note: YES Bank FD rates are revised periodically
What are the documents required to open a Yes Bank Fixed Deposit account?
The documents required to open an FD in Yes Bank are:
- FD account opening form
- Two passport size photographs
- Proof of identity (Passport, PAN Card, Voter ID Card, Aadhar Card, Driving License)
- Proof of residence (Utility bills, Aadhar Card, Passport, Voter ID Card, Driving License)
- Pan Card Form 60 or 61 of the Income Tax Act
- Saving bank account details like account number, IFSC code and branch
- Age proof (for senior citizens)
- Form 15G/H (to avoid TDS)
Also, eligible investors only can invest in Yes Bank FD. The eligibility criteria for investing in Yes Bank FD is:
- Resident Individuals
- PIOs and NRIs (Persons of Indian Origin and Non-Resident Indians)
- Hindu Undivided Family (HUF)
Fixed deposits are conventional investment products. They are quite popular in India as they guarantee returns. However, they lack liquidity. Alternatively, investors can look at investing in debt mutual funds that give better returns than FDs. They also rank higher in terms of liquidity than fixed deposits.
Frequently Asked Questions
What is the highest Yes Bank FD rate?
The highest YES Bank fixed deposit rate is 7.00% for a regular investor for the tenure of 2-3 years. Also, for the same tenure, the senior citizen FD interest rate is 7.75%.Returns from YES Bank fixed deposits can be calculated using YES Bank FD calculators. One can use Scripbox's YES Bank fixed deposit calculator to calculate an FD investment's maturity amount.
How are FDs taxed?
The interest income that one earns on their YES Bank FD investment is taxable. The tax rate is dependent on the depositor's income tax slab rates. Furthermore, the Bank cuts a TDS of 10% in case of the interest income more than INR 40,0000. It is INR 50,000, in case of senior citizens. Also, the 10% rate is applicable only if the depositor submits their PAN card details. Else, the TDS rate on the interest income is 20%.To determine whether the interest income is higher or lower than the TDS threshold, one can use multiple bank FD calculators available online. Furthermore, to estimate the tax liability, one can use Scripbox's Income Tax Calculator.
Does Yes Bank provide Loan against FD?
Yes Bank allows investors to take a loan against their FD investments. This will help investors in meeting their liquidity requirements without breaking their FDs. Moreover, they need not go through the entire process of applying for a fresh loan.Yes Bank FDs offer up to 90% of the deposit amount as loan, and the interest rate ranges between 6-8%. Moreover, the tenure of the loan is restricted to the tenure of the FD.Loans such as loan against property (home loan), business loan, an education loan, etc., can be taken against Yes Bank FD. One can estimate their loan EMI using Scripbox's online loan EMI calculator. The loan EMI calculator works as a personal loan EMI calculator. It also works as a home loan calculator and car loan EMI calculator. Also, the investor can use this EMI calculator in various scenarios. They can do so by changing the personal loan interest rate. They can also change the home loan interest rate and car loan interest rate.
Is there a Premature withdrawal facility available with Yes Bank?
Yes Bank allows investors to withdraw their FD investments prematurely. However, the Bank charges a penalty for the same, which is subject to change from time to time. Following are the Yes Bank premature withdrawal rules.Yes Bank will not pay any interest if the FD is withdrawn within 7 days from the investment date. Also, partial withdrawals are only allowed on requests. Moreover, Yes Bank will not pay any interest if FCNR and NRE deposits are withdrawn before completing one year.
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