Yes Bank FD Calculator
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.
Compare: FD Interest Rates in all Banks
What is a Yes Bank FD Calculator?
Yes Bank FD calculator is an online tool that estimates the interest and maturity amount on a fixed deposit. You need to input the details of the investment amount, interest rate, tenure, payout period, and compounding frequency. The calculator will process the details and provide the output as wealth gained on the FD at maturity. You can easily adjust any of the inputs and know the output.
Using an FD calculator helps you in knowing the results in advance. This will further help you in knowing whether the FD investment suits your investment goal. Always remember that the calculator only provides an estimation and does not assure returns.
How to use a Yes Bank FD Calculator?
The Yes Bank fixed deposit calculator provides an estimation of the interest and maturity amount. You need to input the details of the FD and the calculator will provide the output. You can use the calculator using 2 approaches firstly the investment amount approach and secondly the target amount approach. The calculator provides graphical and tabular representation results to help you analyze the results. Moreover, with the tabular representation you can view the opening balance, interest earned, and closing balance.
Investment Amount Approach
This approach helps you in estimating the return on investment when you already have an investment amount in hand.
You need to follow the following steps to use this approach:
- Firstly, enter the investment amount
- Secondly, provide the investment duration in years or months of investment. To enter an investment duration such as 2.5 years enter the total number of months i.e. 30 months.
- Thirdly, provide the FD rate of interest.
- Lastly, select the compounding period i.e. monthly, quarterly, half-yearly, or yearly.
Target Amount Approach
The target amount approach is helpful if you have a target maturity amount in mind. The calculator does a back calculation based on the target amount. It provides the initial investment amount you need to invest today to earn the target maturity amount. This way you can ensure that you have correctly invested and avoid any shortcomings in your returns.
You need to follow the following steps to use this approach:
- Enter the FD target maturity amount
- Provide the investment duration in years or months.
- Enter the FD interest rate
- Select the compounding period i.e. monthly, quarterly, half-yearly, or yearly. The compounding period is the payout tenure of the fixed deposit. The interest earned on FD depends on the compounding period. Hence, provide this detail carefully.
Benefits of Using a Yes Bank FD Calculator
- An investment option you choose must fulfill your investment goals. And to know whether the FD investment option fulfills your goal or not you must use the Yes Bank FD calculator. This way you can easily estimate your return on investment and make a well-informed decision. It is better to take multiple factors into consideration before investing and avoiding any surprises.
- As we know the maturity value on an FD depends on the input values. A change in the tenure, payout period, and compounding frequency can change the maturity value considerably. The Yes Bank FD calculator allows you to estimate the results by changing any one or multiple input factors. This way you can decide which combination of compounding frequency, tenure, rate, payout, etc is the best suited for your investment.
- There are many FD investment alternatives available. Scripbox provides multiple calculators for these investment alternatives. You can easily estimate the maturity and return under each investment option. Now compare the results on options like PPF, ELSS, and so on and then invest.
- Different banks provide different interest rates for different tenure. Scripbox provides FD calculators for each bank. You can compare the results by using such FD calculators and then invest.
- The FD calculator comes along with a graphical and tabular representation of the results on a yearly basis. This helps you in analyzing the results and investing accordingly. Moreover, in the tabular representation, you can also see the interest amount and closing balance at each year-end. You will understand the importance of tenure and compounding frequency with this representation.
How is Yes Bank FD Interest Calculated?
You can calculate the interest on Yes fixed deposit using 2 methods i.e. simple interest and compound interest. The calculation of the interest amount of any fixed deposit depends on a few factors. Such factors are investment amount, interest rate, tenure, compounding frequency, and interest payout.
Simple Interest on Yes Bank FD
Simple interest is the interest earned on the investment amount for a given period of time at a predetermined interest rate. It is applicable if the tenure of the Yes bank fixed deposit is less than 6 months or 181 days.
Formula For Simple Interest – (P * R * T)/ 100
P = Principal amount of investment
R = Rate of FD Interest (%)
T = Tenure of investment
Let us understand the calculation with the help of an example
Mr. Anil invests Rs 300,000 in a fixed deposit on 1st March 2021 for a maturity period of 60 days at an interest rate of 8% per annum.
P (the investment amount) = Rs 300,000
R (rate of interest) = 8% per annum
T (tenure) = 60 days
Maturity Date = 29th April 2021
Simple interest = (P * R * T)/ 100
= (Rs 300,000 * 8 * 60 days) / 100 * 365 days
= Rs 2,959
Maturity amount on FD = Principal Investment Amount + Interest Earned
= Rs 3,00,000 + Rs 2,959
= Rs 3,02,959
Compound Interest on Yes Bank FD
Compound interest is the interest earned on the principal amount invested and the interest earned. The interest rate is raised to the number of periods (years) for which the interest will be compounded and multiplied to the principal amount invested.
The tenure of the fixed deposit is the most important factor for the interest amount. Higher the tenure and compounding frequency higher will be the interest amount and maturity amount. Moreover, a frequent or periodic payout of interest amount leads to a lower maturity amount. On the other hand, an FD with a payout of interest on maturity will lead to a higher wealth gain because the entire interest is compounded.
Compound interest is applicable only if the tenure of the Yes bank FD is more than 6 months or 181 days. It is quite evident that compound interest is better than simple interest to earn better interest and higher maturity.
A = P (1+r/n) ^ (n * t)
A = Maturity Amount
P = Principal amount invested
r = Rate of Interest (in decimals)
n = number of compounding in a year
t = number of years
Mr. Anil invests Rs 40,000 for a period of 4 years at a rate of interest of 8% per annum compounded half-yearly.
Principal amount = Rs 40,000
Interest Rate = 8% per annum compounded half-yearly
Number of compounding in a year = 2 (once every 6 months)
Number of years of investment is 4 years
Total compounding = 2 * 4 years = 8 compounding
A = 40,000 (1+0.08/2) ^ (4*2)
A = Rs 54,742
Interest amount = Rs 54,742 – Rs 40,000 = Rs 14,742
Frequently Asked Questions
Yes, an FD investment with Yes bank is safe as the Bank is well-rated and credited by the credit rating agencies like CRISIL and CIBIL. Moreover, the interest rate on any fixed deposit is predetermined and guaranteed. Further, the Deposit Insurance and Credit Guarantee Corporation insures a fixed deposit of up to Rs 5 lakhs. In case Yes Bank defaults in the payment of the maturity proceeds the DICGC will cover the losses.
You can make a premature withdrawal of your investment in FD. The Yes Bank does not charge any penalty for tenure of fixed deposit less than equal to 181 days. However, if the tenure exceeds a tenure of 181 days then a penalty of 0.50% is applicable on a premature withdrawal.
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.
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 loans against property (home loan), business loan, an education loan, etc., can be taken against Yes Bank FD.
Yes Bank allows investors to withdraw their FD investments prematurely. 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.