YES Bank is one of India’s most prominent private sector banks, headquartered in Mumbai. It offers a wide range of financial products and services with business verticals, including retail banking, corporate finance, wealth management, business and transaction banking, etc. YES Bank has a wide operational network of more than 1192 branches, 1300 plus ATMs and 150 business banking outlets across 700 towns and cities of the country. The FD interest rates offered by the lender are quite lucrative, enabling customers to generate higher returns to beat inflation. Read on to know more about the YES Bank FD interest rates in 2023.
| Minimum Deposit | ₹10,000 |
| Maximum Deposit | No upper limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3.25% to 8.25% p.a. (including senior citizens) |
| Lock-in Period | 5-year lock-in period (for tax-saver FD) |
| Senior Citizens | 3.75% to 8.25% per annum |
| General Citizens | 3.25% to 7.75% per annum |
YES Bank FD Interest Rates 2023
| Tenure | Yes Bank FD Rates for senior citizens | Yes Bank FD Rates for the general public |
|---|
Features and Benefits of YES Bank Fixed Deposits
Apart from competitive interest rates, YES Bank fixed deposits come with a number of benefits for investors. Here are some of them:
- YES Bank offers an additional 0.75% p.a to senior citizens
- You can avail of sweep-out features and move your unutilised funds from your savings account into fixed deposits
- During cash crunches, you can avail up to 90% overdraft on your FD value
- By activating the auto-renewal feature, you no longer have to worry about remembering the maturity date
- With monthly/quarterly payout options, you have the flexibility to choose an income-generation plan
How to Book YES Bank FD?
You can avail a YES Bank fixed deposit both online or by physically visiting the bank branch.
Online
Here are the steps that you should follow to open a YES Bank FD online:
- Step 1: Navigate to the YES Bank internet banking portal and enter your User ID and password to login into your net banking account.
- Step 2: After logging into your account, you will find the option ‘OPEN NEW FIXED DEPOSIT’; click on it.
- Step 3: On the next page, you have to add several basic details like debit card number, amount of deposit, branch name, tenure, etc.
- Step 4: Then, you can also add a nominee over there and choose whether a sweep-in is required or not.
- Step 5: Confirm all the details and proceed to ‘open FD’.
- Step 6: You will receive an OTP on your registered mobile number. enter the same, and you have successfully booked your FD.
Offline
Here are the steps to open a YES bank fixed deposit account physically by visiting your nearest YES Bank branch.
- Step 1: Visit your nearest YES bank branch with the required documents.
- Step 2: Ask the concerned representative for an FD account opening form.
- Step 3: You can always take any sort of assistance if you face any difficulties while filling it up. Afterwards, attach the required documents to the form and submit them.
- Step 4: Once the banker has possessed your request, he/she will provide you with a receipt for the deposit with its amount, tenure and interest rate.
Documents Required to Book YES Bank FD
The following are the documents required for applying for a YES Bank fixed deposit scheme:
- Duly filled FD account opening form.
- PAN card (Form 60/61 if you do not have PAN card)
- Proof of Identity – Passport, Driving licence, Aadhaar card
- Proof of Birth – Birth certificate, school passing/graduation certificate
- Proof of Address – Aadhaar card, Voter ID card, any other government-issued ID card.
- Recent passport-sized photographs.
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open YES Bank FD
Here are the eligibility criteria you need to fulfil to open an FD with YES Bank.
- Applicant type: Resident individuals, Hindu Undivided Families, Sole proprietorship firms, Partnership firms, Associations, societies and clubs, Limited companies, and Family trusts.
- Age (in case of individual applicants): The applicant must be a of minimum 18 years of age. Minors can also be account holders under the supervision of their guardians.
Types of YES Bank Fixed Deposits
Listed below are the types of fixed deposit schemes you can avail of from YES Bank:
1. YES Bank Regular Fixed Deposits
You can invest in a regular fixed deposit and enjoy stable returns through tenure. Moreover, senior citizens are entitled to an additional rate of 0.5% over normal FD rates.
- Minimum Deposit: ₹10,000
- Maximum Deposit: Up to ₹2 crores
- Interest Rate: 3.25% to 8.25% p.a. (including senior citizens)
- Tenure: 7 days to 10 years
- Eligibility: Resident individuals
2. YES Bank Tax Saver Fixed Deposits
It is one of the best investments for tax benefits. By availing a Tax Saver FD, you can get tax deductions of up to ₹ 1.5 lakhs under Section 80C of the Income Tax Act.
- Minimum Deposit: ₹10,000
- Maximum Deposit: ₹1,50,000 per fiscal year
- Interest Rate: 3.25% to 8.25% p.a. (including senior citizen rates)
- Tenure: 5 years (lock-in)
- Eligibility: Resident individuals
3. YES Bank NRO Fixed Deposits
YES Bank NRO FD account allows Indian non-residents to park their Indian income, such as dividends and rents. It allows them to earn the same FD interest rates as resident Indians.
- Minimum Deposit: ₹10,000
- Maximum Deposit: Less than ₹5 crores
- Interest Rate: 3.25% to 7% p.a.
- Eligibility: Non-resident Indians, PIOs
- Tenure: 7 days to 10 years
- Taxability: Interest income is taxable as per the Income Tax Act
4. YES Bank NRE Fixed Deposits
YES Bank NRE FD is one of the best fixed deposit schemes available for the NRIs who are looking for stable returns on the money they have earned abroad. Moreover, it is a fully repatriable account with features like partial withdrawal and overdraft facilities.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No specified maximum limit
- Interest Rate: 7% to 7.75% p.a.
- Eligibility: Non-resident Indians
- Tenure: 1 year to 10 years
- Taxability: Both principal and interest are exempted from tax
5. YES Bank RFC Fixed Deposits
It allows the returning NRIs to earn attractive YES Bank fixed deposit rates along with the flexibility of converting the same into an Indian denomination anytime in future. However, the returning NRI is eligible to open an RFC FD upon becoming an Indian resident.
- Minimum Deposit: No limit specified
- Maximum Deposit: Up to 1 million (USD)
- Interest Rate: 5% to 5.7% p.a.
- Eligibility: NRI returning to India and has to be an Indian resident
- Tenure: From 1 to 4 years
- Taxability: Interest income is subject to TDS
6. YES Bank Premium Rupee Plan
YES Bank offers a special type of FD scheme for NRIs known as the Premium Rupee Plan, allowing you to book forward contracts against FCNR deposits and earn extra yield over and above your NRE FDs.
- Minimum Deposit: USD 25,000
- Maximum Deposit: No specified maximum limit
- Interest Rate: Based on the NRE FD rate and currency exchange rate
- Eligibility: Non-resident Indians and PIOs
- Tenure: Up to the maturity of the FCNR deposit
- Taxability: The maturity amount is exempted from tax in India
7. YES Bank FCNR (B) Fixed Deposit
It allows the non-resident Indians to invest in fixed deposit their income in foreign currency without having to convert it into a rupee. The entire deposit, i.e. the principal and the interest component, is repatriable. You can hold deposits in 8 currencies, including USD, EUR, GBP, CAD, SGD, JPY, AUD, and HKD.
- Minimum Deposit: No specified limit
- Maximum Deposit: Below USD 1 million
- Interest Rate: 4.4% to 5.7% p.a.
- Eligibility: Non-resident Indians and PIOs
- Tenure: 1 year to 5 years
- Taxability: Interest Income is completely exempted from tax
To conclude, Yes Bank FD rates are quite lucrative both for Indian and Non-resident Indians. Moreover, the features and benefits like online FD opening, additional rates for senior citizens, YES Rewardz loyalty points, etc., can help the customers generate stable returns.
FAQs
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
