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Senior Citizens Fixed Deposit Interest Rates in Yes Bank

Updated 15 Dec 2023

Navigating the financial landscape in the golden years of retirement requires astute planning and judicious choices. One of the senior citizens' most preferred financial instruments is a fixed deposit, known for its safety and steady returns. Yes Bank, one of India's leading private sector banks, recognises the unique needs of senior citizens and offers enhanced interest rates on their FDs.

 

This blog delves deep into Yes Bank's Senior Citizen FD Interest Rates to provide clarity and insight, ensuring our respected elders make the most of their savings. Dive in to explore more about these specially curated rates.

Features of Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Interest Rates of FD for Senior Citizens

Special Tenure Fixed Deposits:

PeriodEffective fromSenior citizens
  Interest RatesAnnualised Yield

FD – 35

(Tenure: 35 months)

12-Jan-238.25%8.51%

 

Interest Rates For Other Tenure Fixed Deposit:

PeriodSenior Citizens FD Interest Rates  (% p.a) for < 2 Crore w.e.f 21st February 2023
 Interest RatesAnnualised Yield
7 days to 14 days3.75%3.75%
14 days to 45 days4.20%4.20%
46 days to 90 days4.60%4.60%
91 days to 180 days5.25%5.25%
181 days to 271 days6.50%6.66%
272 days to < 1 year6.75%6.92%
1 Year to < 15 months7.75%7.98%
15 months to < 35 months8.00%8.24%
35 months 1 day to < 36 months8.00%8.24%
36 months to <= 120 months7.75%7.98%

Eligibility Criteria

The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.

Documents Required

The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.

 

Identity Proofs

  • Aadhar Card 
  • Passport
  • Driver’s License

 

Address Proof

  • Gas Bill 
  • Utility Bill 
  • Bank Statement 
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.

FAQs

What special interest rates does Yes Bank offer to senior citizens for fixed deposits?

Yes Bank typically offers an additional interest rate to senior citizens compared to regular deposit rates. However, the exact rate can vary based on the tenure and the prevailing bank policies.

Is there a minimum deposit amount for senior citizen FDs in Yes Bank?

The minimum deposit amount varies based on the FD scheme. It's advisable to consult the bank's official website or branch for specifics.

How do I qualify for senior citizen FD rates at Yes Bank?

Generally, individuals aged 60 years and above qualify for senior citizen rates.

Can I avail a loan against my senior citizen FD from Yes Bank?

Yes, Yes Bank often provides the facility to avail a loan against FDs, but terms and conditions may apply.

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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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