Yes Bank Fixed Deposit (FD) Rates
YES BANK provides a number of facilities and banking services, fixed deposits being one of them. YES BANK fixed deposit rates vary from 3.25% to 7.98% for the general public. Further, it offers senior citizens an additional interest rate of 0.50%. It offers flexible tenure periods ranging from a minimum of 7 days up to 10 years.
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YES Bank Interest Rates for Domestic Deposits (Under Rs. 2 crore)
Have a look at the table below to understand the resident YES BANK FD rates (per annum). These rates are applicable to fixed deposits of less than ₹2 crores, w.e.f by January 24, 2024.
| Period | FD Rates for the General Public (per annum) | Annualised Yield for the General Public | FD Rates for the Senior Citizens (per annum) | Annualised Yield for Senior Citizens |
| 7 days to 14 days | 3.25% | 3.25% | 3.75% | 3.75% |
| 15 days to 45 days | 3.70% | 3.70% | 4.20% | 4.20% |
| 46 days to 90 days | 4.10% | 4.10% | 4.60% | 4.60% |
| 91 days to 120 days | 4.75% | 4.75% | 5.25% | 5.25% |
| 121 days to 180 days | 5.00% | 5.00% | 5.50% | 5.50% |
| 181 days to 271 days | 6.10% | 6.24% | 6.60% | 6.77% |
| 272 days to < 1 year | 6.35% | 6.50% | 6.85% | 7.03% |
| 1 year | 7.25% | 7.45% | 7.75% | 7.98% |
| 1 year 1 day to < 18 months | 7.50% | 7.71% | 8.00% | 8.24% |
YES Bank Fixed Deposit Rates for NRI
| Period | Rates for < 2 Crore effective | Annualised Yield |
| 1 year | 7.25% | 7.45% |
| 1 year 1 day to < 18 months | 7.50% | 7.71% |
| 18 months < 24 months | 7.75% | 7.98% |
| 24 months to < 36 months | 7.25% | 7.45% |
| 36 months to < 60 months | 7.25% | 7.45% |
| 60 months | 7.25% | 7.45% |
| 60 months 1 day to <= 120 months | 7.00% | 7.19% |
Note:- These rates are applicable from 24 January 2024.
YES Bank Fixed Deposit Interest Rates for NRO
| Period | Rate of Interest (per annum) | Annualised Yield |
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.70% | 3.70% |
| 46 days to 90 days | 4.10% | 4.10% |
| 91 days to 120 days | 4.75% | 4.75% |
| 121 days to 180 days | 5.00% | 5.00% |
| 181 days to 271 days | 6.10% | 6.24% |
| 272 days to < 1 year | 6.35% | 6.50% |
| 1 year | 7.25% | 7.45% |
| 1 year 1 day to < 18 months | 7.50% | 7.71% |
| 18 months < 24 months | 7.75% | 7.98% |
| 24 months to < 36 months | 7.25% | 7.45% |
| 36 months to < 60 months | 7.25% | 7.45% |
| 60 months | 7.25% | 7.45% |
| 60 months 1 day to <= 120 months | 7.00% | 7.19% |
YES Bank Fixed Deposit Rates for FCNR
| Period | USD (< 1 Mn) | GBP | EURO | JPY | CAD | AUD | HKD | SGD |
| 1 Yr to < 2 Yrs | 6.00% | 5.65% | 4.10% | 1.65% | 4.60% | 4.75% | 3.00% | 4.05% |
| 2 Yrs to < 3 Yrs | 5.15% | 5.00% | 3.65% | 1.65% | 4.60% | 4.50% | 3.00% | 3.75% |
| 3 Yrs to < 4 Yrs | 5.00% | 4.25% | 2.55% | 1.60% | 4.30% | 4.30% | 1.35% | 3.60% |
| 4 Yrs to < 5 Yrs | 4.75% | 4.00% | 2.00% | 0.05% | 4.10% | 4.30% | 1.35% | 1.40% |
| 5 Yrs only | 4.75% | 4.00% | 2.00% | 1.55% | 4.00% | 4.30% | 1.35% | 1.40% |
Types of Yes Bank FD Schemes
Yes Bank’s fixed deposit offerings have distinct features in each scheme. From young adults to senior citizens, everyone can benefit from FD. So, here are the schemes Yes Bank offers.
Domestic Deposits:
- Interest Rates: Ranging from 3.25% p.a. to 7.75% p.a., with an extra 0.5% for seniors.
- Tenure: Your choice, from 7 days to a decade.
- Facilities: Enjoy withdrawal flexibility, a sweep-in option, overdraft facilities, auto-renewal, and easy nomination.
Tax-Saver Deposits
- Purpose: Crafted for tax savings under the Income Tax Act.
- Tenure: A commitment of a minimum of 5 years.
- Benefits: Lock your funds for a specified period and reap the rewards of tax benefits.
NRO (Non-Residential Ordinary) Deposits
- Interest Taxation: Taxable interest earned in India.
- Tenure: Versatile, ranging from 7 days to 10 years.
- Features: Ideal for Non-Resident Indians, with repatriable principal.
NRE (Non-Residential External) Deposits
- Repatriation: Fully repatriable deposits for NRIs.
- Currencies: Diversify in USD, GBP, JPY, AUD, CAD, and HKD.
- Tenure: Minimum 1 year up to a decade.
YES Bank Tax Saver Deposit
| Tenure | Interest Rate (% p.a.) |
| 5 Years | 7.25 |
Yes Bank Credit Cards Against FD
YES Bank provides credit cards against Fixed Deposits (FDs). This allows customers to secure a credit card by using their FD as collateral. The credit limit on the card is typically set as a percentage of the FD amount. YES Bank offers various credit card options against FDs in the table mentioned below :-
| Secured Cards | Minimum FD | Joining Fees | Annual Fee |
| YES FIRST Preferred Credit Card | Rs. 3 lakhs | Rs. 999 | Rs. 999 |
| YES Premia Credit Card | Rs. 2 lakhs | Rs. 999 | Rs. 999 |
| YES Prosperity Rewards Plus Credit Card | Rs. 30,000 | Rs. 399 | Rs. 399 |
TDS on Yes Bank Fixed Deposit
Investing in a fixed deposit with YES Bank not only offers financial stability but also entails certain tax considerations. Here’s a quick breakdown:-
- TDS Applicability: TDS is applicable to the interest earned from fixed deposits as per the Income Tax Act of 1961. YES Bank is obligated to deduct TDS if the interest income exceeds the specified threshold.
- TDS Rates: The TDS rates on fixed deposit interest can vary based on the prevailing tax laws. As of the latest information available, TDS is deducted at a rate of 10% if the interest income exceeds Rs. 10,000 in a financial year.
- Senior Citizen Benefit: For senior citizens (individuals aged 60 years and above), the TDS threshold is higher. TDS is applicable if the interest income exceeds Rs. 50,000 in a financial year. The TDS rate remains at 10% for senior citizens as well.
- Form 15G/15H Submission: Investors, especially those below the taxable income threshold, can submit Form 15G (for individuals below 60 years old) or Form 15H (for senior citizens) to the bank to declare that they are not liable to pay tax.
TDS Certificate (Form 16A): YES Bank will provide a TDS certificate, Form 16A, to the depositor. This certificate details the TDS deducted on the interest income during the financial year.
Premature Withdrawal of Yes Bank Fixed Deposits
YES Bank allows premature withdrawals, but certain conditions may apply.
- Penalty Charges: For NRI (Non-Residential External) and NRO (Non-Residential Ordinary) Fixed Deposits, there are no penal charges for premature withdrawal.
- Interest Rate Implications: In the case of premature withdrawal, the interest rate applicable may be lower than the original rate of deposit.
- Flexibility for Domestic Deposits: For domestic fixed deposits, Yes Bank provides flexibility in premature withdrawal. The bank may deduct a penalty or adjust the interest rate based on the tenure for which the deposit was held.
- Nomination Facility: Yes Bank’s fixed deposit schemes typically come with a nomination facility. In the event of premature withdrawal, this nomination can play a crucial role in facilitating the process and determining the rightful recipient.
Process for Premature Withdrawal:
Customers looking to make a premature withdrawal from their fixed deposits may need to contact the bank and follow the specified procedure. This could involve submitting a request and providing the necessary documentation.
Benefits of Fixed Deposits in YES BANK
YES BANK provides a stable and safe banking environment to help you meet your financial requirements. Some of the benefits and features of fixed deposit accounts are:-
- Customised Durations – Depending on your investment goals, YES BANK provides you with the flexibility of choosing the tenure of your fixed deposits ranging from 7 days to a maximum of 10 years.
- Versatility in Interest Pay-Outs – The interest levied on your principal amount can be collected in two ways – non-cumulative and cumulative. For non-cumulative interest, you can collect it as per your choice at scheduled intervals, quarterly, monthly, or annually. For the cumulative option, the interest will be compounded and deposited in your account directly at the end of your YES BANK FD tenure.
- Multiplies as a Liquid Asset – Assets that are convertible into cash are referred to as liquid assets. YES BANK FD provides an option of the sweep-in facility to the customers where they can tap into their FD funds without paying the penalty, contrary to the industry norm. This facility is provided only for fixed deposits under 182 days.
- High Interest Rates – Investing your money in a YES BANK FD will yield you a higher return than other banks. You can stay ahead with your finances in times of financial distress. Make sure that you confirm the rates before investing, as they are subject to change.
- Policy Auto-Renewal – In a scenario where you forget to apply for the renewal of your fixed deposit, YES BANK auto-renews your FD. The total sum of money at the end of the tenure is reinvested for the same period.
- Overdraft Facility – An overdraft facility is provided by YES BANK against your fixed deposit. In times of financial emergency, you can borrow up to 90% of your fixed deposit amount and your savings will not get affected in any way.
- Tax Saver Deposit – YES BANK provides the facility of Tax Saver Deposit which works in the same way as that of a fixed deposit, offering you the same rate of interest but helping you reduce your tax liability. This plan, however, comes with a lock-in period of 5 years.
- Inter-City Banking – YES BANK’s customers can avail of the bank’s financial services from any of their branches across the country.
Eligibility Criteria for YES BANK FD
Any entity or individual under the following categories can apply for YES BANK FD with the following documents:-
- Resident individuals (using an address proof or identity proof).
- Hindu Undivided Family (using an address proof or identity proof of the person who operates the account).
- Sole Proprietorships, Partnership Firms or Companies (using a Letter and Partnership Deed from the partners that permit the representative to operate the account in the company’s name).
- Family Trusts (using a copy of the registration certificate, Trust Deed, and with the resolution of Trustees to operate the account).
- Clubs, Associations and Societies (using a copy of the by-laws of the Club or Association and a copy of the resolution authorising the concerned member to operate the account).
Documents Required for YES BANK FD
- Proof of identity (you can present any one of the following government-issued IDs)
- Passport
- Aadhaar card
- Driving licence
- Government ID
- Senior citizen ID card
- Proof of address like
- Passport
- Aadhaar card
- Driving licence
- Voter ID
- NREGA job card
- By-laws copy for the societies, associations, and clubs
- Trust deed and registration certificate for family trusts
- For the companies, certification of business
- Permanent Account Number (PAN) card
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Frequently Asked Questions (FAQ’s):-
Q1. How many years will the FD double in YES Bank?
Ans: With an annual interest rate of 7.75%, a fixed deposit in YES Bank is estimated to double in value in approximately 9.29 years, using Rule 72. Actual results may vary based on compounding and interest rate changes.
Q2. What is the YES BANK FD tenure?
Ans:The minimum tenure is 7 days, with the maximum tenure being 1 years 1 day to less than 18 months for a YES BANK FD.
Q3. Can a Loan be Availed Against a YES BANK Fixed Deposit?
Ans: Yes, a loan can be availed of up to 90% against your YES BANK FD amount.
Q4. Does YES BANK FD provide an auto-renewal facility?
Ans: Yes, the bank provides an auto-renewal facility.
Q5. Can I change the investment amount and maturity period for FD in YES Bank?
Ans: Once opened, the investment amount and maturity period for a fixed deposit in YES Bank are generally fixed and cannot be changed. If modifications are needed, one may consider premature withdrawal and then open a new FD with the desired changes.
Q6. What are the rates offered by the bank on NRO and FCNR fixed deposits?
Ans: You can earn up to 7.75% per annum with YES BANK FD rates.
Q7. Does YES BANK offer senior citizens special rates?
Ans: Yes, the YES BANK FD rates are higher for senior citizens up to 8.00%.
Q8. How many FDs can be opened in YES Bank?
Ans: Yes, you can open as many FDs as you want in one particular bank.
Q9. How to check the fixed deposit balance in YES Bank?
Ans: To check the fixed deposit balance in YES Bank, you can log into the website or app to check it online. For offline access to your FD status, you can try Yes Bank SMS and call services. Last but not least, you can always visit any of your nearby YES bank branches.
