Looking for the Best Place to Invest Your Money?

Yes Bank Fixed Deposit (FD)

Yes Bank is a private sector financial institution facilitating retail banking services to the residents of India, Founded in 2004. Headquartered in Mumbai Maharashtra, the bank reportedly generated more than Rs. 25,000 Crore as gross revenue, thereby, securing the fourth position in the private banking sector in the country.

Yes Bank has over 1000 branches spread out all across India, with approximately 1800 serviceable ATMs. It also provides services involving corporate and investment banking and financial marketing through established subsidiaries Yes Securities and YES Asset Management Ltd.

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Benefits of Yes Bank FD

Choosing to invest in Yes Bank FD can be beneficial in multiple aspects, as several facilities are extended to customers.

  • Multiple types of accounts 

Yes Bank fixed deposit account can be opened by resident Indians, NRIs as well as minors and senior citizens. Joint account benefits can also be availed by customers while opening an account.

  • Flexible tenure 

Individuals can choose from multiple available tenures ranging from 7 days to 10 years while investing in Yes Bank FD scheme. 

  • Overdraft benefits

You can avail overdraft facility against Yes Bank FD, up to 90% of the total value of an investment.

  • Free premature withdrawal facility

Investments of up to Rs. 5 Crores withdrawn before maturity but after 182 days have lapsed.

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  • Intercity banking

You can access your Yes Bank FD account by visiting any respective branch in India. No charges are levied for such facilities.

  • Net banking

All Yes Bank investments can be tracked through net banking or mobile banking. Individuals can also opt for SMS and E-mail notification alerts directly while opening a Yes Bank fixed deposit.

Eligibility Criteria for Opening an FD Account

All individuals belonging to any of the following categories can open a Yes Bank FD online-

  1. Resident Indians, including minors (legal guardian is required as co-applicant)
  2. Hindu undivided families
  3. Non-resident Indians
  4. Sole trader, partnership and joint stock Companies
  5. Co-operative societies, clubs and associations
  6. Family trusts

Documents required

The following documents have to be submitted by applicants for successful activation of Yes Bank FD –

  1. KYC documents such as Aadhaar card, Voter ID, driver’s license, etc. for proof of identification.
  2. PAN card
  3. Address proof documents have to be submitted in the form of KYC documents listed above, or utility bills such as electricity bill, gas bill, etc.
  4. In the case of companies, certification of business has to be submitted accordingly.
  5. The trust deed and registration certificate are required to open an FD account for family trusts.
  6. Associations, societies and clubs need to furnish a copy of their by-laws.

Yes Banks FD rates

Interest rates for resident Indians –

TenureNon-senior citizen and NRO FD (%)Senior citizen FD (%)
7-45 days5.005.50
46-90 days6.256.75
3-6 months6.256.75
6-9 months6.857.35
9– 12 months7.157.65
1 year – 10 years7.257.75

Special interest rates are offered for tenures 12 months 10 days – 12 months 10 days at 7.40% (7.90 for senior citizens). NRE FD rates, on the other hand, range from 7.25-7.75%.

Types of YES Bank FD Schemes Offered

  • Resident FD

All Indian residents can open a Yes Bank FD scheme in both online and offline methods. Minors are eligible to open an account under this scheme as well, provided an adult applies as co-applicant.

  • Senior Citizen FD

Senior Citizen FD can be opened by all individuals above the age of 60. Higher interest rates by up to 0.5% are offered on such Yes Bank FD plans. Joint account facility is also offered under such schemes, given the senior citizen is the primary account holder.

  • NRE and NRO FD

Non-resident Indians can apply for an NRE FD account on existing non-resident external accounts, for all earnings accrued outside of Indian. For income generated domestically in India, you can choose a non-resident ordinary account.

  • Tax saving FD

Tax saver FDs are offered by Yes Bank with a minimum lock-in period of 5 years. Under Section 80C of the Income Tax Act, up to Rs. 1.5 Lakh invested in an FD scheme is exempted from tax calculations.

Premature withdrawal policy 

Fixed deposits up to Rs. 5 crores are subject to free withdrawal even before maturity, provided the scheme was active for at least 182 days.

Note that tax-saving FDs prematurely withdrawn doesn’t enjoy tax exemption policies.

Special forms required 

Individuals having interest income of less than Rs. 40,000 (Rs. 50,000 for senior citizens) can submit form 15G (15H for senior citizens) to ensure TDS is not deducted on the interest receivable.

Loan against FD

You can avail a loan against a Yes Bank FD scheme, valued up to 90% of the corpus invested. Interest at 10% is levied on the loan amount.

FAQ

  • Can I open Yes Bank FD online?

Yes, you can open a fixed deposit account online through net banking or downloading the official mobile app from Play Store or Apple store.

  • Which FD offers the highest returns?

An FD having tenure between 2 and 3 years attracts the highest interest rate at 7.90% (8% for senior citizens.

  • Is premature withdrawal-free?

Yes, provided the scheme has been active for 182 days before withdrawal.

  • What is the minimum and maximum investment amount?

Yes Bank fixed deposit requires a minimum investment of Rs. 10,000. Maximum of Rs. 10 crores can be invested in this scheme.

  • Do senior citizens get additional benefits? 

The additional interest rate at 0.5% is applicable to fixed deposits opened by senior citizens.

  • What is the tenure of tax-saving FD?

Tax saver fixed deposits come with a minimum lock-in period of 5 years.

  • What happens if I don’t furnish my PAN card information?

TDS at 20% is deducted upon maturity of a fixed deposit if you fail to provide your PAN details.

  • Is auto renewal facility available? 

Yes, you can opt for auto-renewal on your Yes Bank FD scheme.

  • Is Yes Bank safe? 

Yes, Yes Bank is the fourth largest private sector bank operating in India.

  • Can I get a loan against FD?

Yes, you can apply for a loan against fixed deposit, amounting to up to 90% of the total investment amount.