Yes Bank is among the renowned financial institutions of the country with an extensive lineup of financial products and services on offer for a varied range of customer needs. Yes Bank recurring deposit is one of the most sought-after financial services extended by the institution. The said scheme works to help individuals save more and secure their future in terms of finances. The minimum tenure for a Yes Bank RD is 6 months and the maximum is 10 years. The YES Bank RD interest rates range from 5.00% to 7.00%. Not to mention, senior citizens can avail themselves of a greater rate of interest; the bank provides an extra 0.50% over the regular rate of interest to people who are more than 60 years of age.
Tenure | General Interest rates (p.a.) | Senior Citizen Interest Rates (p.a.) |
6 months | 5.00% | 5.50% |
9 months | 5.25% | 5.75% |
12 months | 6.00% | 6.50% |
15 months | 6.00% | 6.50% |
18 months | 6.00% | 6.50% |
21 months | 6.00% | 6.50% |
24 months | 6.00% | 6.50% |
27 months | 6.00% | 6.50% |
30 months | 6.00% | 6.50% |
33 months | 6.00% | 6.50% |
3 years – 10 years | 6.25% | 6.75% |
The YES Bank Recurring Deposit interest is calculated at each quarter. The compounding interest formula which applies for the computation of the maturity amount is as follows –
A= P x (1+R/N) ^ (Nt)
Here,
For example,
Ms. Kusum invests Rs. 1,000 per month into her Regular YES Bank RD account for 9 months. The sum accrued interest at the rate of 7% is thus –
A= P x (1+R/N)^(Nt)
= 9000 x (1+7/4)^(4×9/12)
= Rs. 9,264
The returns generated via interest would be Rs. 264.
A recurring deposit account at Yes Bank can only be opened by Individuals having a YES Bank Savings Account. In order to open a recurring deposit account, one needs to log in with their net banking credentials, assess the appropriate scheme, produce the relevant documents and make the initial payment by the due date.
Resident Indian Individuals and HUFS who hold a savings account with YES Bank are deemed eligible to open a YES Bank Recurring Deposit account with it.
Investors can obtain a loan from YES Bank in exchange for recurrent deposits. This aids in satisfying liquidity needs. It also saves you the time and effort of applying for a new loan.
The applicant can nominate beneficiaries for the RD.
Premature withdrawal of Yes Bank RD is available. However, the bank might charge a nominal penalty amount on the interest accrued. Also, partial withdrawal of the RD account is not allowed.
Taxation on Recurring Deposit of YES Bank is explained below –