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Yes Bank FD Interest Rate

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 benefit of best FD ra...Read More

Yes Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7 days to 14 days3.25 %3.75 %
15 days to 45 days3.7 %4.2 %
46 days to 90 days4.1 %4.6 %
91 days to 120 days4.75 %5.25 %
121 days to 180 days5 %5.5 %
181 days to 271 days6.1 %6.6 %
272 days to < 1 year6.35 %6.85 %
1 Year to < 18 Months7.5 %8 %
max_returns
18 Month < 36 Months
7.75 %8.25 %
36 months to < 60 months7.25 %8 %
60 months to <= 120 months7 %7.75 %

Types of YES Bank Fixed Deposits

1. 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 upto 90% on principal fixed deposit. The bank also gives sweep-in and sweep out facility to the investor with the option of reinvestment of FD to get quarterly compound interest. FD can be pre-matured in multiple of ₹ 1 with sweep-in facility. 

2. 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 get the flexibility to 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.

3. YES Respect Fixed Deposit 

This YES Bank FD provides an additional mark up on 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 upto 90% of principal fixed deposit amount.

4. YES Respect Plus Fixed Deposit 

The tenure of these fixed deposits range 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 facility 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

5. Tax Saver Fixed Deposit

Tax Saver Fixed Deposits are a type of 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 mode of holding, 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 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.

Pros and Cons of Investing in YES Bank Fixed Deposits

Pros:

  • Senior Citizens don't have to pay any penalty on 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) upto a maximum of ₹ 5,00,000 for each depositor.

Cons:

  • At times fixed deposit interest rate can’t beat inflation rate.

YES Bank FD Eligibility Criteria

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

  1. Residents
  2. Hindu Undivided Families
  3. Sole Proprietorship Firms
  4. Partnership Firms
  5. Limited Companies
  6. Trust Accounts
  7. Non-Resident Indians
  8. 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

Step 1: Open Facebook Messenger or YES BANK Website www.yesbank.in 

Step 2: Search for YES ROBOT on Facebook Messenger or Click the YES ROBOT icon at the bottom right of the screen on YES BANK website

Step 3: Say ‘Hi’ and Start Chatting!

Step 4: Type “Open Deposit” or “Open FD

Step 5: Login using Customer ID & OTP

Step 6: Select the deposit type and other required details

Tax Implications on YES Bank Fixed Deposit

Tax Saver Fixed Deposit with YES Bank helps an individual to save taxes up to ₹ 1,50,000 saving under Section 80C of the I-T Act and earn interest as regular deposits. Interest income is taxable according to the slab rates of income tax and subject to a TDS of 10% if the income from FD exceeds ₹ 40,000 p.a. For senior citizens, the limit is ₹ 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.

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.

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Calculate Yes Bank FD Returns

₹1,00,000
18 Month < 36 Months
7 days to 14 days15 days to 45 days46 days to 90 days91 days to 120 days121 days to 180 days181 days to 271 days272 days to < 1 year1 Year to < 18 Months18 Month < 36 Months36 months to < 60 months60 months to <= 120 months
7.75 %
Yes
No
Maturity Amount₹1,11,636

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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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