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Yes Bank Fixed Deposit

Updated 06 Dec 2023

A fixed deposit is a great investment tool to diversify the risk of your portfolio and earn a steady interest income. YES Bank provides fixed deposit where a customer gets double the benefit of best FD rates, and YES rewards loyalty points with a single investment. YES bank's attractive fixed deposit rate of interest shall ensure that the investor stays ahead of inflation and makes their money grow with time.

Types of YES Bank Fixed Deposits

  • Regular FD
  • Floating Rate FD
  • YES Respect FD
  • YES Respect Plus FD
  • Tax Saver FD

Benefits of Investing in YES Bank Fixed Deposits

  • Senior Citizens don't have to pay any penalty for premature withdrawal.
  • A customer can book a fixed deposit for a minimum deposit of ₹ 10,000.
  • YES Bank provides an auto-renewal facility to keep their customer fixed deposits safe.
  • Fixed deposits with YES Bank are protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a maximum of ₹ 5,00,000 for each depositor.

Features of Yes Bank Fixed Deposits

Regular Fixed Deposits

  • A customer can open a fixed deposit with a minimum amount of ₹10,000 for a flexible tenure ranging from 7 days to 10 years.
  • YES Bank provides an overdraft (OD) facility up to 90% on principal fixed deposit.
  • The bank also gives sweep-in and sweep-out facilities to the investor with the option of reinvesting FD to get quarterly compound interest. 
  • FD can be pre-matured in multiple of ₹ 1 with a sweep-in facility.
  • The interest rate for this scheme ranges from 3.25% to 7.00% for the general public and 3.75% to 7.75% for senior citizens.

Floating Rate Fixed Deposit

  • YES Bank has introduced a floating rate fixed deposit that gives the investor a unique opportunity to enjoy the safety of a fixed deposit combined with dynamic returns.
  • Unlike a traditional Fixed Deposit (FD) where the interest rate stays the same throughout the tenure of the deposit, in this novel product the interest rate is linked to the prevailing REPO rate.
  • A Floating Rate FD can be opened with a minimum deposit amount of ₹ 10,000, and customers can choose their tenure from one year to less than three years.
  • This FD comes with a premature withdrawal and an overdraft facility.
  • Senior Citizens get an additional 0.50% interest rate for value less than ₹ 2 Crore & up to 0.45% for value of ₹ 2 Crore to less than ₹ 5 Crore.

YES Respect Fixed Deposit

  • This YES Bank FD provides an additional markup on a regular interest rate of 0.50% for senior citizens.
  • An investor gets assured interest rates independent of the market.
  • The tenure is between 7 days to less than 3 years. 
  • The customer gets an overdraft facility up to 90% of the principal fixed deposit amount.
  • The interest rate for this scheme ranges from 3.25% to 7.00% for the general public and 3.75% to 7.75% for senior citizens. 

YES Respect Plus Fixed Deposit

  • The tenure of these fixed deposits ranges from 3 years to 10 years. 
  • A senior citizen gets an additional markup on regular interest rate of 0.75%. 
  • Bank provides sweep-in & sweep-out facilities and FD can be pre-matured in multiple of Rs 1 with sweep-in facility.
  • One gets a  regular income with monthly/quarterly payout options.
  • The interest rate for this scheme ranges from 3.25% to 7.00% for the general public and 3.75% to 7.75% for senior citizens.

Tax Saver Fixed Deposit

  • Tax Saver Fixed Deposits are fixed deposits in which the depositor can claim a tax deduction under Section 80C of the Indian Income-tax Act, 1961(I-T Act).
  • These deposits can be made through two types of accounts, namely, Single holder Type Deposits and Joint holder Type Deposits. 
  • If you opt for a joint holding mode, the tax benefit is only available to the first holder.
  • The maturity period of the tax saver fixed deposit is 5 years.
  • Deduction under section 80C of the I-T Act is available to the Hindu Undivided Family (HUF) and individuals.
  • Even senior citizens and NRIs can claim this tax deduction. It should be noted that the interest that you earn from this fixed deposit is not tax deductible and you cannot avail a loan against the same. 
  • The interest on tax-saver fixed deposits can either be reinvested or is receivable on a quarterly basis.
  • The interest rate for this scheme is 7.00% for the general public and 7.75% for senior citizens.

YES Bank FD Eligibility Criteria

Following individuals and entities are eligible to apply for a regular Fixed Deposit online:

  • Residents
  • Hindu Undivided Families
  • Sole Proprietorship Firms
  • Partnership Firms
  • Limited Companies
  • Trust Accounts
  • Non-Resident Indians
  • Minors with guardianship. 

Documents Required for YES Bank FD Account

Identity Proof

  • Aadhaar Id
  • Passport
  • PAN Card
  • Voter ID Card
  • Driving License
  • Government ID Card
  • Photo Ration Card
  • Senior Citizen ID Card

Address Proof

  • Passport
  • Telephone Bill
  • Electricity Bill
  • Bank Statement with cheque
  • Certificate ID Card issued by Post Office

How to Open an FD with YES Bank

1) Internet Banking

Step 1: Visit www.yesbank.in and login to retail netbanking using your login id and password. After logging in towards your left hand side you will find OPEN NEW FIXED DEPOSIT Kindly click on that.

Step 2:

  • Select Source Amount
  • Select deposit Amount
  • Select Branch Name
  • Select Deposit amount
  • Select Tenure
  • Select nomination Required
  • Select Sweep In Required (YES/NO)
  • Open FD

Step 3: OTP will be sent on your registered number and your FD is been booked

 

2) Mobile App

Step 1: Login to Yes Mobile
Step 2: Select Deposits in the options strip below
Step 3: Select Fixed Deposit
 

Step 4:

  • Select Source Account
  • Select FD type
  • Select Deposit Amount
  • Select tenure& Maturity Instructions (‘Auto Renew’ for easy Renewals)
  • Select Nomination Required
  • Select Sweep In Required (YES/NO)

Step 5: Enter MPIN to validate transaction

 

3) FD with YES ROBOT

  • Open Facebook Messenger or YES BANK Website www.yesbank.in 
  • Search for YES ROBOT on Facebook Messenger or Click the YES ROBOT icon at the bottom right of the screen on YES BANK website
  • Say ‘Hi’ and Start Chatting!
  • Type “Open Deposit” or “Open FD
  • Login using Customer ID & OTP
  • Select the deposit type and other required details

Breaking an FD with Yes Bank

Pre-Maturity

Closing your fixed deposit with YES Bank before its maturity date will require steps akin to those taken when the deposit reaches its end term. The procedure entails providing a:

  • Filled out account termination form,
  • Presenting necessary KYC paperwork.
  • Surrendering your fixed deposit receipt.

Nevertheless, it's essential to remember that the bank might impose a premature closure charge before finalizing your account and transferring the determined sum to your banking account.

 

Post - Maturity

To close your fixed deposit at YES Bank, head to the closest YES Bank branch and complete the necessary paperwork for fixed deposit account termination.

  • Ensure your signature is on the form before handing it to the branch official. You'll need to attach the relevant KYC documents, including proof of identity and residence.
  • Upon opening your fixed deposit, the bank would have provided you with a certificate or a receipt.

This document serves as evidence of your fixed deposit agreement with the bank, outlining details like the deposited sum, term length, and accrued interest. When closing the account, this receipt must be presented for verification. After confirming the accuracy of the details, the due amount will be transferred to your banking account.

FAQs

Is the ₹ 5 lakh DICGC insurance cover applicable separately for every bank?

DICGC insures all kinds of fixed deposits up to a limit of ₹ 5 lakh per account holder per bank. In case an individual's deposit exceeds ₹ 5 lakh in a single bank, only ₹ 5 lakh, including the principal and interest, will be paid by DICGC if the bank becomes bankrupt.

What is the minimum & maximum tenure for a Fixed Deposits (FD)?

Minimum tenure for a FD is 7 days and maximum is 10 years.

Is there any limit on sweep-in facilities?

The maximum  amount of a single fixed deposit which can be linked to a savings account through the sweep-in facility should be less than ₹ 1 crore.

Is overdraft facility available on fixed deposit?

Yes, minimum fixed deposit amount of ₹ 10,000 for a minimum tenure of 30 days.

Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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