• Recurring Deposit
  • Yes Bank RD Interest Rates
Yes Bank RD Interest Rates

Yes Bank RD Interest Rates

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Yes Bank RD Interest Rates Feb 2024

TenureNormal Citizen RD RateSenior Citizen RD Rate
4 Months to 6 Months5.00%5.50%
6 Months to 9 Months6.10%6.60%
9 Months to 1 Year6.35%6.85%
1 Year to 1 Years 6 Months7.50%8.00%
1 Year 6 months to 2 Years7.75%8.25%
2 Years to 3 Years7.25%7.75%
3 Years to 5 Years7.25%8.00%
5 Years to 10 Years7.00%7.75%

Note: All interest rates shown above are as on 1st November 2023

Yes Bank RD Scheme Details

Tenure
6 Months -10 Year
Public Interest Rates
5.00% to 7.75%
Senior Citizen Interest Rates
5.50% to 8.25%
Minimum Deposit Amount
Rs. 1000
Premature Withdrawal
1%
Highest Rates for Public
7.75%
Highest Rates for Senior Citizen
8.25%

Yes Bank Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 7.25%For 5 years with interest of 7.00%
₹ 50,0001,51,8092,54,384
₹ 1 lakh3,03,6185,08,767
₹ 2 lakh6,07,23610,17,534
₹ 5 lakh15,18,08925,43,835
₹ 10 lakh30,36,17850,87,670

Compare Yes Bank vs Punjab National Bank Recurring Deposit

vs
Punjab National Bank
Yes Bank
Yes Bank
Maturity Amount3,03,6183,02,621
Total Investment Amount3,00,0003,00,000
Total Interest Gained3,6182,621

Compare RD Interest Rates of Other Banks

Bank NameRD Interest Rates
Punjab National Bank
Punjab National Bank
4.40% to 6.50%
City Union Bank
City Union Bank
5.75% to 6.50%
BOI Bank
BOI Bank
4.50% to 6.50%
Canara Bank
Canara Bank
5.25% to 6.90%
Indian Bank
Indian Bank
3.50% to 6.70%
BOB Bank
BOB Bank
4.50% to 7.05%
Central Bank of India
Central Bank of India
4.50% to 6.75%
Karur Vysya Bank
Karur Vysya Bank
6.00% to 7.00%
Union Bank of India
Union Bank of India
4.30% to 6.70%
Tamilnad Mercantile Bank
Tamilnad Mercantile Bank
5.75% to 7.00%
Karnataka Bank
Karnataka Bank
5.25% to 7.00%
Dhanlaxmi Bank
Dhanlaxmi Bank
6.50% to 6.75%
South Indian Bank
South Indian Bank
4.50% to 6.50%
Federal Bank
Federal Bank
5.00% to 7.30%
Bank of Maharashtra
Bank of Maharashtra
4.50% to 6.00%
Indian Overseas Bank
Indian Overseas Bank
4.50% to 6.80%
UCO Bank
UCO Bank
4.50% to 6.50%
RBL Bank
RBL Bank
4.75% to 7.50%
State Bank of India
State Bank of India
4.50% to 7.00%
IDBI Bank
IDBI Bank
4.50% to 6.80%
Axis Bank
Axis Bank
4.75% to 7.10%
HDFC Bank
HDFC Bank
4.50% to 7.10%
ICICI Bank
ICICI Bank
4.75% to 7.00%
Indusind Bank
Indusind Bank
4.75% to 7.50%
Kotak Mahindra Bank
Kotak Mahindra Bank
4.00% to 7.10%
Bandhan Bank
Bandhan Bank
4.50% to 7.25%
IDFC First Bank
IDFC First Bank
5.00% to 7.50%
Equitas Small Finance Bank
Equitas Small Finance Bank
7.25% to 8.20%
Capital Small Finance Bank
Capital Small Finance Bank
4.75% to 7.15%
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank
4.75% to 7.50%
Fincare Small Finance Bank
Fincare Small Finance Bank
5.75% to 8.25%
ESAF Small Finance Bank
ESAF Small Finance Bank
5.25% to 8.50%
North East Small Finance Bank
North East Small Finance Bank
4.00% to 7.50%
Suryoday Small Finance Bank
Suryoday Small Finance Bank
5.00% to 8.50%
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank
6.50% to 8.00%
Jana Small Finance Bank
Jana Small Finance Bank
4.00% to 8.50%
DBS Bank
DBS Bank
3.00% to 7.50%
Post Office
Post Office
6.90% to 7.50%

Frequently Asked Questions

What is the current interest rate of RD in Yes Bank?

The current highest Yes Bank RD rates for general citizen range from 5.00% to 7.75% and for senior citizen it ranges from 5.50% to 8.25% today 2024-02-26

How to open rd account in Yes Bank?

Yes Bank RD account can be opened with a minimum deposit of Rs. 1000 with tenure ranging 6 Months -10 Year. Yes Bank recurring deposit account can be opened online or by visiting Yes Bank branches with any ID proof like PAN card, Aadhar card, voter ID, or driving licence etc.

How to close rd in Yes Bank?

You can close your RD a/c online through "Close A/c" tab or by visiting the branch, this may cost you a penalty. The current premature closer penalty in Yes Bank RD is 1%.

How to calculate maturity and interest in Yes Bank recurring deposit ?

The maturity amount in Yes Bank recurring deposit account can be calculated by using A = P x(1 + R / N) ^ (NT) formula.
Where:
A: Maturity Amount
P: Recurring Deposit Amount
N: Number of times the interest is compounded
R: annual interest rate
T: Tenure
Example:
If you open recurring deposit account at the Yes Bank for 5 years and planed to invest INR 50,000.The current Yes Bank RD interest rate for 5 year is 7.00%.So using the above formula the maturity amount will be - Rs. 35,96,640.

What is Yes Bank RD interest rates for 1 year in 2024 ?

The Yes Bank recurring deposit for 12 months or 1 year is 8.00% for senior citizen and 7.50% for others.

Calculate Yes Bank Returns

36
3.2 %

1,00,000

Total Investment

0

Wealth Gained

0

Maturity Amount

Invest in SIP to earn ₹37,83,253 moreExplore Best SIP Plans

About Yes Bank Recurring Deposit

YES Bank recurring deposit scheme is a monthly investment scheme that allows investors to invest in small amounts for a fixed tenure. The tenure of YES Bank RDs ranges between 6 months and ten years. The YES Bank recurring deposit rate is around 5.75% - 7.50% p.a. for regular citizens. YES Bank also offers additional interest rates for senior citizens on their RD investments. The senior citizen RD interest rate ranges between 6.25% - 8.00% p.a.

Interest income from YES Bank RDs is taxable as per the individual investor’s income tax slab rates. Investors will have to show this interest income under the head ‘Income from other Sources’ while filing their income tax returns. Moreover, YES Bank deducts a TDS of 10% if the interest income exceeds INR 40,000 (INR 50,000 for senior citizens). The 10% rate is applicable if the investor submits PAN Card details to YES Bank. Else, the bank will cut TDS at 20%.

Check Out: Yes Bank FD Rates

YES Bank Recurring Deposits Features

  • Tenure: The YES Bank recurring deposit tenure ranges between 6 months to 10 years.
  • Minimum and Maximum Deposit Amount: The minimum amount of investment in YES bank RD is INR 1,000 and in multiples of INR 100. Also, there is a restriction on the maximum investment amount for the RD.
  • Tax and TDS: YES bank RD scheme does not qualify for tax saving. The interest income from YES bank RDs is taxable as per investor’s income tax slab rates. Moreover, YES bank deducts a TDS of 10% if the interest income per annum exceeds INR 40,000 (INR 50,000 for senior citizens). The 10% TDS rate is applicable when the PAN details are submitted; otherwise, the bank charges TDS at 20%. One can also determine if their YES bank RD interest income is above or below the TDS threshold limit using the Scripbox’s RD calculator. Furthermore, one can estimate their income tax liability with the help of Scripbox Income Tax Calculator.
  • Premature withdrawal: YES bank allows investors to prematurely withdraw their recurring deposit investments. However, it comes with a certain penalty.
  • Nomination Facility: Depositors can nominate beneficiaries for their YES Bank RDs.
  • Convenience: Opening and managing the recurring deposit investments is easy and convenient through the Indian Bank’s online portal.
  • Loan against Yes Bank RD: YES bank allows investors to take a loan against recurring deposits. This helps in meeting liquidity requirements. Furthermore, it eliminates the hassle of applying for a new loan.

Investors can take loans such as home loans (loan against property), education loans, motor loans, etc., against YES Bank RD. Also, one can compute their loan EMI using the loan EMI calculator. Furthermore, the loan EMI calculator works as a personal loan EMI calculator, car loan calculator, and also home loan calculator. The investor can also use the EMI calculator for comparing scenarios by changing the variables such as interest rate.

YES Bank RD Account Eligibility and Documents Required

  • To be able to invest in YES Bank RD, one needs to have a YES Bank savings account. Following is the eligibility criteria:
    • Resident individuals
    • NRIs
    • HUFs
    • Proprietorship firms
    • Partnership firms
    • Companies
  • Deposit and account: One can invest in YES Bank RD with an amount as low as INR 1000. YES bank charges a penalty of 1% on the fixed rate of interest for the delayed instalment.
  • Documents Required: To be able to open an RD account with YES Bank, one would need the following documents:
    • A duly filled and signed RD application form
    • Passport size photographs
    • Proof of identity – PAN Card, Voter ID, Driving License, Aadhar Card
    • Proof of residence – Passport, Aadhar Card, Utility Bills
    • Any other KYC documents required by the bank

Yes Bank Flexi Gain Recurring Deposit Schemes

The YES bank’s recurring deposit scheme helps investors invest their earnings in a monthly manner. The RD scheme helps in saving a specific amount for a fixed tenure. Furthermore, the interest gets compounded every quarter.

Also, the scheme assures returns on the deposits. Hence there is no risk, and the monthly remittance is secure.

  • Tenure: 6 months to 10 years (in multiples of 3 months)
  • Minimum Investment Amount: INR 1,000 and in multiples of INR 100 thereafter.
  • Maximum Investment Amount: No limit

Encourages the habit of regular saving. Furthermore, the higher the amount and duration, the higher is the interest rate.

Find Out: Best WhiteOak Mutual Funds to Invest

Conclusion

YES Bank RDs are considered a good investment for investors who want to regularly save a small amount of money. Through this savings scheme, investors can invest monthly in the scheme. Since the YES Bank RD scheme guarantees income at the time of maturity, it is a low-risk investment. Hence, investors looking for low-risk investment options and guaranteed income can invest in this scheme. However, they have to take into consideration the tax that they have to pay on the interest income from YES Bank RDs.

Frequently Asked Questions

What are the limits on the minimum and maximum deposits?

Yes, the YES Bank RD account requires a minimum deposit amount of INR 1,000 per month. However, there is no maximum limit on the deposit amount. 

Can I open a recurring deposit account for a minor?

Yes, a minor can open a YES Bank RD account under the guardianship of their parents or legal guardian. This is to ensure that someone is monitoring their finances.

How to apply for YES Bank RD?

One can open a YES Bank recurring deposit account through both offline and online modes. For online mode, one has to visit the YES Bank website. And for offline mode, one has to visit the nearest branch of YES Bank.
To be able to invest in YES Bank RD, one needs to have all valid documents. They need to have a YES Bank RD application form, duly filled and signed and passport size photographs. For proof of identity, they need to either have a PAN Card, voter ID, driving license, or Aadhar Card. For proof of residence, they need to either have a valid passport, Aadhar Card, or utility bills. Additionally, they would also need any KYC documents as required by the bank.

Is it possible to renew an RD account?

No, it is not possible to renew a YES Bank RD account.

What is YES bank highest RD interest rate?

The current highest interest rates of Yes bank RD scheme is 8.00%

Resources

  1. White Oak Mutual Funds
  2. White Oak SIP Calculator
  3. Yes Bank Fixed Deposit
  4. Yes Bank FD Calculator
  5. Yes Bank Savings Account