Latest YES Bank FD Interest Rate April 2023
YES Bank FD rates are currently in the range of 3.25% to 7.5% for regular investors and 3.75% to 8% for senior citizens. The bank also offers a special tenor FD of 35 months’ maturity with current interest rates at 7.75% and 8.25% for regular and senior citizen depositors, respectively.
The different types of FD schemes offered by YES Bank include General Fixed Deposit, YES Respect deposit, YES Respect Plus deposit and Tax Saver FD scheme. There are also various term deposit schemes available for NRIs such as NRO deposit, NRE deposit, FCNR deposit, RFC deposit, etc.
Read on for all the updated information about YES Bank FD rates 2023, among other details like features and benefits.
YES Bank FD Interest Rates 2023 Highlights
| Interest Rate | 3.25% – 7.5% for regular investors 3.75% – 8% for senior citizens 7.75% & 8.25% for special tenor FD (35 months maturity) for general public and senior citizens, respectively |
| Tenure | 7 days – 10 years |
| Minimum Deposit | ₹10,000 |
| Maximum Deposit | No Upper Limit |
| Lock-in Period | 5 years for Tax Saver FD |
How to Calculate YES Bank FD Interest Rate?
There are two ways to calculate the interest on fixed deposits: the simple interest method and the compound interest method. Simple interest is the interest earned during the investment period on the principal amount invested at the predetermined interest rate.
1. YES Bank FD Interest Rate – Simple Interest Calculation
The formula for calculating simple interest is:
Simple Interest (SI) = (P * R * T)/100, where
- P = principal amount invested
- R = rate of interest (%)
- T = tenure
Let’s assume that you have invested ₹10,000 for a tenure of 5 years at a rate of interest of 5% p.a. So, P = ₹10,000, R = 5%, and T = 5 years
Simple Interest = (10,000 * 5 * 5) /100 = ₹2,500
Maturity Value = Principal Amount + Simple Interest = ₹10,000 + ₹2,500
So, when your FD matures, you will get a lump sum of ₹12,500
2. YES Bank FD Interest Rate – Compound Interest Calculation
The second technique involves calculation of compound interest to determine the maturity amount of an FD. The interest that is paid on interest is called compound interest. When an investment earns compound interest, the interest you earn gets added to the principal sum, and the combined sum then earns interest again. This cycle keeps going, and eventually, the interest gained can amount to quite a bit.
For calculating amount on maturity, we use this formula:
A = P (1+r/n) ^ (n * t), where
- A = maturity amount
- P = principal amount invested
- r = rate of Interest (in decimals)
- n = number of compounding in a year
- t = number of years
Let’s assume that you have invested ₹10,000 for 5 years at an interest rate of 5% p.a. compounded quarterly.
So, P = ₹10,000
Interest Rate = 5%
The number of compounding in a year is 4 i.e. once every quarter
The number of years of investment is 5 years
A = 10,000 (1+0.05/4) ^ (4*5)
A = ₹12,820.37
Compound Interest amount = ₹12,820 – ₹10,000 = ₹2,820
If you want to calculate your FD returns instantly and accurately, you can use the Navi FD calculator. Just enter the FD amount, tenure and interest rate, and the online FD returns calculator would show the returns in a matter of seconds!
Calculate YES Bank Fixed Deposit Interest Rate
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Factors that Affect YES Bank Fixed Deposit Rate
Some of the factors that have an impact on YES Bank deposit rates are:
1. FD Tenure
Usually, the rate of interest on your FD is directly proportional to the tenure of your FD. This means, the greater the tenure of your investment, the greater the rate of interest. For example, a non-senior citizen would get 3.25% for a ₹1 lakh FD with 7 days’ maturity. But the same would increase to 7.5% if the FD matures in 15 months.
2. Economic Condition
FD interest rates depend on the country’s economic conditions and inflation rates. The Reserve Bank of India changes repo rate based on market fluctuations, which also has a significant impact on FD interest rates. A hike in repo rate results in an increased FD rate and vice versa.
3. Investor’s Age
The age of the person filling out the YES Bank FD form also plays a big factor. YES Bank senior citizen FD rates are typically 50 basis points or 0.5% higher than applicable regular FD rates.
YES Bank FD Interest Rate for General Public
Depending on the tenure of the investment and the amount—below ₹2 crore and above ₹2 crore—YES Bank provides various rates of interest to general citizens. Bulk deposits are payments that exceed ₹2 crore. Depending on the term, you can get up to 7.75% interest for an investment amount of up to ₹2 crore. YES Bank FD rates 2023 applicable to the general public are mentioned below.
1. Fixed Deposits of Less than ₹2 crore
| Tenure | Interest on Deposits Below ₹2 Crore |
| 7 days to 14 days | 3.25% |
| 15 days to 45 days | 3.70% |
| 46 days to 90 days | 4.10% |
| 91 days to 180 days | 4.75% |
| 181 days to 271 days | 6% |
| 272 years to less than 1 year | 6.25% |
| 1 year to less than 15 months | 7.25% |
| 15 months to less than 35 months | 7.50% |
| 35 months 1 day to less than 36 months | 7.50% |
| 36 months to less than or equal to 120 months | 7% |
2. Fixed Deposits of More than ₹2 crore
| Tenure | Interest on Deposits Above ₹2 Crore With Premature Withdrawal | ||
| 2 Cr to < 2.20 Cr | 2.20 Cr to < 2.25 Cr | 2.25 Cr to < 5 Cr | |
| 7 days to 14 days | 5.30% | 5.00% | 5.30% |
| 15 days to 30 days | 5.30% | 5.00% | 5.30% |
| 31 days to 45 days | 5.55% | 5.25% | 5.55% |
| 46 days to 60 days | 6.00% | 5.60% | 6.00% |
| 61 days to 90 days | 6.35% | 6.00% | 6.35% |
| 91 days to 120 days | 7.00% | 6.35% | 7.00% |
| 121 days to 180 days | 7.05% | 6.50% | 7.05% |
| 181 days to 270 days | 7.10% | 6.60% | 7.10% |
| 271 days to less than 1 year | 7.40% | 6.65% | 7.40% |
| 12 months (1 year) | 7.55% | 6.75% | 7.55% |
| 12 months 1 day to 12 months 20 days | 7.55% | 6.75% | 7.55% |
| 12 months 21 days to less than 15 months | 7.55% | 6.75% | 7.55% |
| 15 months | 7.55% | 6.75% | 7.55% |
| 15 months 1 day to less than 18 months | 7.55% | 6.75% | 7.55% |
| 18 months to less than 20 months | 7.55% | 6.75% | 7.55% |
| 20 months to 22 months | 7.60% | 6.90% | 7.60% |
| 22 months 1 day to less than 2 years | 7.60% | 6.90% | 7.60% |
| 2 years to less than 3 years | 7.75% | 6.90% | 7.75% |
| 3 years to less than 5 years | 7.35% | 6.90% | 7.35% |
| 5 years & above | 7.35% | 6.90% | 7.35% |
Also Read
YES Bank FD Interest Rate for Senior Citizens
Senior citizens can receive a higher interest rate on their deposits if they have FD accounts with YES Bank. The elderly citizen FD rates are broken down by tenure in the tables below.
1. FDs of Less than ₹2 Crore
| Tenure | Interest on Deposits Below ₹2 Crore |
| 7 days to 14 days | 3.75% |
| 15 days to 45 days | 4.20% |
| 46 days to 90 days | 4.60% |
| 91 days to 180 days | 5.25% |
| 181 days to 271 days | 6.50% |
| 272 days to less than 1 year | 6.75% |
| 1 year to less than 15 months | 7.75% |
| 15 months to less than 35 months | 8.00% |
| 35 months | 8.25% |
| 35 months 1 day to less than 36 months | 8.00% |
| 36 months to less than or equal to 120 months | 7.75% |
**Data taken from the bank website on April 11, 2023. Note that rates are subject to change without prior notice
2. Fixed Deposits Above ₹2 crore
| Tenure | Interest on Deposits Above ₹2 Crore With Premature Withdrawal | ||
| 2 Cr to < 2.20 Cr | 2.20 Cr to < 2.25 Cr | 2.25 Cr to < 5 Cr | |
| 7 days to 14 days | 5.80% | 5.50% | 5.80% |
| 15 days to 30 days | 5.80% | 5.50% | 5.80% |
| 31 days to 45 days | 6.05% | 5.75% | 6.05% |
| 46 days to 60 days | 6.50% | 6.10% | 6.50% |
| 61 days to 90 days | 6.85% | 6.50% | 6.85% |
| 91 days to 120 days | 7.50% | 6.85% | 7.50% |
| 121 days to 180 days | 7.55% | 7.00% | 7.55% |
| 181 days to 270 days | 7.60% | 7.10% | 7.60% |
| 271 days to less than 1 year | 7.90% | 7.15% | 7.90% |
| 12 months (1 year) | 8.05% | 7.25% | 8.05% |
| 12 months 1 day to 12 months 20 days | 8.05% | 7.25% | 8.05% |
| 12 months 21 days to less than 15 months | 8.05% | 7.25% | 8.05% |
| 15 months | 8.05% | 7.25% | 8.05% |
| 15 months 1 day to less than 18 months | 8.05% | 7.25% | 8.05% |
| 18 months to less than 20 months | 8.05% | 7.25% | 8.05% |
| 20 months to 22 months | 8.10% | 7.40% | 8.10% |
| 22 months 1 day to less than 2 years | 8.10% | 7.40% | 8.10% |
| 2 years to less than 3 years | 8.25% | 7.40% | 8.25% |
| 3 years to less than 5 years | 8.10% | 7.65% | 8.10% |
| 5 years & above | 8.10% | 7.65% | 8.10% |
**Data taken from the bank website on April 11, 2023. Note that rates are subject to change without prior notice
YES Bank Special Tenor FD Rates
YES Bank also offers a special tenor fixed deposit with maturity in 35 months. Here are the current rates
| Tenure | Interest Rate for Regular Investors | Interest Rate for Senior Citizens |
| 35 months | 7.75% | 8.25% |
YES Bank FD Interest Rate for NRI
For NRIs (Non-resident Indians), YES Bank provides a variety of FDs or term deposit products. Any NRI may open one of these accounts and deposit their chosen amount to start earning interest. The various YES Bank NRI FD account types are:
- NRE Fixed Deposit Account
- NRO Fixed Deposit Account
- PCP Account (Premium Currency Plan)
- RFC Account (Resident Foreign Currency Account)
- PRP Account (Premium Rupee Plan Account)
- FCNR Account (Foreign Currency Non-Resident Account)
1. YES Bank NRE FD Interest Rate
Non-Resident External, or NRE account enables non-resident Indians (NRIs) to deposit their foreign earnings in India. YES Bank offers overdraft and partial withdrawal facility with this scheme. The minimum deposit amount is ₹10,000 and the interest earned is not taxable in India. The YES Bank NRE FD rates are mentioned below.
| Tenure | Interest on Deposits Below ₹2 Crore |
| 1 year to less than 15 months | 7.25% |
| 15 months to less than 35 months | 7.50% |
| 35 months 1 day to less than 36 months | 7.50% |
| 36 months to less than or equal to 120 months | 7.00% |
| 35 months (Special Rate Window) | 7.75% |
2. YES Bank NRO FD Interest Rate
NRO or Non-Resident Ordinary account enables non-resident Indians (NRIs) to manage funds received in Indian currency. With an NRO FD account, NRIs can deposit funds such as pension, dividend income, etc. You can also avail an overdraft facility of up to 90% of the deposit amount. The interest rates are as follows:
| Tenure | Interest on Deposits Below ₹2 Crore |
| 7 days to 14 days | 3.25% |
| 15 days to 45 days | 3.70% |
| 46 days to 90 days | 4.10% |
| 91 days to 180 days | 4.75% |
| 181 days to 271 days | 6.00% |
| 272 days to less than 1 year | 6.25% |
| 1 year to less than 15 months | 7.25% |
| 15 months to less than 35 months | 7.50% |
| 35 months 1 day to less than 36 months | 7.50% |
| 36 months to less than or equal to 120 months | 7.00% |
| 35 months (Special FD Rate Window) | 7.75% |
3. YES Bank FCNR Interest Rates
NRIs can open an FD account in India to deposit foreign currency earnings thanks to YES Bank’s Foreign Currency Non-Resident (FCNR) Deposits. With flexible terms ranging from 1 to 5 years, FCNR deposits provide superior rates of interest. NRIs get the option not to convert the funds in Rupee. The YES Bank FCNR rates for different currencies are given below.
| Tenure | Interest Rate as per Currency | ||||||||
| USD (<1 Mn) | USD(> 1 Mn <5 Mn) | GBP | EURO | CAD | AUD | JPY | HKD | SGD | |
| 1 to 2 years | 5.55% | 5.55% | 4.50% | 2.15% | 3.50% | 4.30% | 0.05% | 3.00% | 3.95% |
| 2 to 3 years | 5.30% | 5.35% | 4.60% | 2.70% | 3.75% | 4.00% | 1.50% | 3.00% | 3.15% |
| 3 to 4 years | 4.50% | 4.75% | 4.00% | 2.00% | 3.75% | 4.10% | 1.25% | 1.35% | 3.60% |
| 4 to 5 years | 4.30% | 4.55% | 4.00% | 2.00% | 3.75% | 4.10% | 0.05% | 1.35% | 1.40% |
| 5 years | 4.30% | 4.50% | 4.00% | 2.00% | 3.60% | 4.10% | 1.10% | 1.35% | 1.40% |
4. YES Bank RFC Interest Rate
With the help of YES BANK’s Resident Foreign Currency (RFC) Fixed Deposit, returning NRIs can deposit foreign currency funds in India with the flexibility to convert the funds back to rupees at any point in the future. The interest rates on RFC deposit accounts for different currencies are:
| Tenure | Currency | ||||||
| USD(<1 Mn) | USD(>=1 Mn) | GBP | EURO | JPY | CAD | AUD | |
| 1 year to less than 2 years | 5.55% | 5.55% | 4.50% | 2.15% | 0.05% | 3.50% | 4.30% |
| 2 years to less than 3 years | 5.30% | 5.35% | 4.60% | 2.70% | 1.50% | 3.75% | 4.00% |
| 3 years to less than 4 years | 4.50% | 4.75% | 4.00% | 2.00% | 1.25% | 3.75% | 4.10% |
5. YES Bank PCP (Premium Currency Plan)
By booking a forward contract against FCNR Deposits, YES BANK’s Premium Currency Plan presents a compelling chance to earn additional yield from FCNR (B) deposits. Customers who want to increase the returns on their FCNR (B) deposits and include maturity profits in USD can choose the Premium Currency Plan. Some of its features are discussed below.
- This scheme is available for both NRIs and PIOs (Persons of Indian Origin).
- The minimum deposit amount is $25,000 or its equivalent.
- YES Bank allows the funds to be bought in any convertible currency which is then converted to YEN.
- It offers higher returns over and above FCNR deposits.
- Once the plan matures, the entire amount becomes repatriable.
- There is no capital risk as money is deposited in a FCNR fixed deposit account.
- The amount on maturity is exempted from tax in India.
- The plan also provides protection from fluctuating exchange rates.
6. YES Bank PRP (Premium Rupee Plan)
By booking a forward contract against FCNR Deposits, you can earn additional yield over and above NRE FD interest rate through YES BANK’s Premium Rupee Plan. Customers who want to increase the returns on their FCNR (B) deposits and include maturity earnings in Indian rupees can choose the Premium Rupee Plan. Some of its features are discussed below.
- This scheme is available for both NRIs and PIOs (Persons of Indian Origin).
- The minimum deposit amount is $25,000 or its equivalent.
- YES Bank allows the funds to be bought in any convertible currency which is then converted to YEN.
- YES Bank provides an overdraft facility on this plan.
- The plan also provides protection from the fluctuating exchange rate.
- The amount on maturity is exempted from tax in India.
- There is no capital risk as money is deposited in an FCNR fixed deposit account.
YES Bank Vs Other Banks’ FD Interest Rates
In this section, the FD interest rate of YES Bank has been compared with those of other commercial banks. For the sake of this comparison, we will consider the interest rates on FDs under ₹2 crore for both the general public and senior citizens.
| Name of the Bank | Maturity Period | Interest Rate Range |
| Central Bank of India | 7 Days to 10 Years | 4.00% to 7.25% |
| State Bank of India | 7 Days to 10 Years | 3.00% to 7.50% |
| Karnataka Bank | 7 Days to 10 Years | 4.5% to 7.80% |
| Union Bank of India | 7 Days to 10 Years | 3.00% to 7.80% (0.5% higher for senior citizens) |
| Bank of Baroda | 7 Days to 10 Years* | 3.00% to 7.55% |
| Punjab National Bank | 7 Days to 10 Years | 3.50% to 8.05% |
| Bank of India | 7 Days to 10 Years | 3.00% to 7.65% |
| Citibank | 7 Days to 10 Years | 3.50% to 8.01% |
| Bandhan Bank | 7 Days to 10 Years | 3.00% to 8.50% |
| IDFC First Bank | 7 days to10 years | 3.50%-7.75% |
| Indian Overseas Bank | 7 Days to 10 Years | 4.30% to 7.75% |
| Deutsche Bank | 7 days to 5 years | 3% to 7.75% |
| HDFC Bank | 7 Days to 10 Years | 3.00% to 7.75% |
| Axis Bank | 7 Days to 10 Years | 3.50% to 8.01% |
| ICICI Bank | 7 Days to 10 Years | 3.00% to 7.60% |
| Kotak Mahindra Bank | 7 Days to 10 Years | 2.75% to 7.70% |
| Paytm Payments Bank | 7 days to 1 year | 2.75% to 5.5% |
| DBS Bank | 7 days to 5 years and above | 2.5% to 8% |
| IndusInd Bank | 7 Days to 10 Years | 3.25% to 8.25% |
| RBL Bank | 7 Days to 20 Years | 3.50% to 8.30% |
| Sundaram Finance | 12 months to 36 months | 7.45% to 8.25% |
| Canara Bank | 7 Days to 10 Years | 4.00% to 7.75% |
| Punjab and Sind Bank | 7 Days to 10 Years | 2.80% to 7.60% |
| IDBI Bank | 7 Days to 10 Years | 3.00% to 7.25% |
| HSBC | 7 Days to 5 Years | 2.85% to 8.00% |
| Indian Bank | 7 Days to 5 Years | 2.80% to 6.70% |
| Federal Bank | 7 Days to 2223+ Days | 3.00% to 7.75% |
** For specific conditions like awards from judicial bodies, courts, etc.
This table is for educational purposes only. Data taken from respective bank websites on April 11, 2023.
Also Read
Features and Benefits of YES Bank Fixed Deposit
Here are some of the features and benefits of YES Bank FD:
- The minimum tenure of a fixed deposit can be as low as 7 days. However, for the Tax Saver FD, the entire amount is locked in for 5 years
- The maximum tenure of YES Bank FD is 10 years
- The minimum amount of deposit is ₹10,000
- There are two ways to get interest earned on your principal: cumulatively and non-cumulatively. If you select the cumulative option, the interest is compounded and deposited into your account at the conclusion of your fixed deposit duration. Non-cumulative interest can be gathered monthly, quarterly, or annually at predetermined periods
- YES Bank offers an inter-city banking facility that enables you to opt for banking facilities in any YES Bank branch across India
- YES Bank will automatically renew your fixed deposit if you forget to specify whether it should be withdrawn or renewed at the end of its term. The entire amount is reinvested for the same time period at the end of the tenure
- Senior citizen investors usually get preferential interest rates of 50 basis points over and above the normal rates
- Sweep-in and Sweep-out facility is available
- Overdraft of up to 90% of the FD principal amount is available
Different Types of YES Bank FD Schemes
YES Bank offers various fixed deposit schemes for Indian residents and NRIs. Each scheme is designed to serve a specific purpose. The types of FD schemes offered by the bank are:
- YES Bank Fixed Deposits
- YES Respect Fixed Deposits
- YES Respect Plus Fixed Deposits
- YES Bank Tax Saver Fixed Deposits
- YES Bank NRE Deposit
- YES Bank NRO Deposit
- YES Bank FCNR Deposit
- YES Bank RFC Deposit
1. YES Bank Fixed Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: No Upper Limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.25% to 8.25%
- Eligibility Criteria: Indian residents, organisations
2. YES Respect Fixed Deposits
- Minimum Deposit: ₹10,000
- Maximum Deposit: No Upper Limit
- Tenure: 7 days to less than 3 years
- Interest Rate: 3.25% to 8.75%
- Eligibility Criteria: Indian residents, organisations
3. YES Respect Plus Fixed Deposits
- Minimum Deposit: ₹10,000
- Maximum Deposit: No Upper limit
- Tenure: 3 years to 10 years
- Interest Rate: 7% to 9%(including senior citizens)
- Eligibility Criteria: Indian residents, organisations
4. YES Bank Tax Saver Fixed Deposits
- Minimum Deposit: ₹10,000 per financial year
- Maximum Deposit: ₹1.5 lakh per financial year
- Tenure: 5 years lock-in period
- Interest Rate: 7% to 7.75% (including senior citizens)
- Lock-in Period: 5 years
5. YES Bank NRE Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: No Upper Limit
- Tenure: 1 to 10 years
- Interest Rate: 7% to 7.75%
- Eligibility Criteria: PIOs, NRIs
6. YES Bank NRO Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: No Upper Limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.25% to 7.75%
- Eligibility Criteria: POIs and NRIs
7. YES Bank FCNR Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: No Upper Limit
- Tenure: 1 year to 5 years
- Interest Rate: 4.30% to 6% (USD)
- Eligibility Criteria: NRIs and PIOs, students going to study abroad
8. YES Bank RFC Deposit
- Minimum Deposit: ₹10,000
- Maximum Deposit: No Upper Limit
- Tenure: 1 year to 4 years
- Interest Rate: 4.50% to 6% (USD)
- Eligibility Criteria: Returning NRIs
How to Invest in YES Bank Fixed Deposit?
Follow the steps below to open a YES Bank FD account online:
Step 1: Visit the official website of YES Bank.
Step 2: Log in to your account using your Login ID and password. If you are a new user, create an account by registering yourself.
Step 3: After logging in, click on the ‘open new fixed deposit’ option on the left side of the page.
Step 4: You need to provide details like deposit amount, source amount, nomination, tenure, and name of the branch.
Step 5: You can avail the sweep-in facility by clicking on yes for ‘Sweep-in Required’.
Step 6: Click on ‘Open FD’.
Step 7: An OTP will be generated to your registered mobile number. Once you enter the OTP, you will receive confirmation for your YES Bank FD account.
Documents Required to Open YES Bank FD
To open a YES Bank FD account, you need to provide the following documents:
- Identity Proof: Government ID card, Aadhaar card, Passport, driving licence or senior citizen ID card.
- Address Proof: Passport, Aadhaar card, driving licence, voter ID card, NREGA Job Card, etc.
Eligibility to Open YES Bank FD
To open a YES Bank FD account, you need to meet the following eligibility criteria:
- Indian resident and NRI individuals having valid ID and address proof can open an FD account
- HUFs can also open this account after showing a valid ID and address proof of the operating individual
- Businesses, partnership firms, or sole proprietorships can open an account by presenting the partnership deed and an authorisation letter from the partners.
- Family Trusts need to present a copy of the Trust Deed, a certificate of registration, and a resolution from the trustees approving the representative to open and manage the account.
- Associations, clubs, and societies can open an account by providing a copy of their by-laws and a resolution authorising the concerned members to open and manage the association, club, or society’s fixed deposit account at YES BANK.
Taxation on YES Bank FD
- According to the Income Tax Act of 1961, the interest generated on FDs is regarded as “income from other sources” and is taxable. Your earnings from FDs get added to your total income, and the tax obligation depends on your current tax slab.
- If the interest amount exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), the bank will deduct 10% Tax Deducted at Source (TDS) if the fixed deposit is linked to your PAN card. However, if you haven’t provided your PAN, the deduction rate goes up to 20%.
- If you are exempt from TDS deduction, you can instruct the bank not to deduct any TDS by submitting Form 15G and 15H (for senior citizens).
- You can open FDs in your name or the names of your parents, spouse, etc. Senior persons are not required to pay taxes on interest income up to a maximum of ₹50,000 in accordance with Section 80TTB of the Income Tax Act.
The Income Tax Act’s Section 80C allows for tax deductions of up to 1.5 lakh if you hold a tax-saving FD account with YES Bank. Keep in mind that the YES Bank tax-saving FD has a 5-year lock-in term.
Loan Against YES Bank FD Scheme
You can take out a loan against your YES Bank FD account if you require quick cash and want an alternative to personal loans. With YES Bank, you can borrow up to 90% of the amount in your fixed deposit. For NRIs, the interest rate is 1% more than the standard FD rate. Let’s examine the main points of the loan against YES Bank FD:
- No processing charges
- No additional documentation required
- No EMIs applicable
- Minimum amount of loan: ₹10,000
- Easy repayment in a lump sum
Please note that you would need to be eligible to apply for a loan against FD.
Final Word
YES Bank FD rates are currently in the range of 3.25% to 8.25% depending on the FD amount, type, tenure and investor’s age. Fixed deposits are extremely popular investment instruments owing to their assured returns and investment ease. However, the real returns could be lower due to the tax on the interest income. Always consider your financial goals, risk tolerance and liquidity needs before finalising any investment decision.
FAQs
The basic difference between YES Bank PCP and PRP NRI accounts is that the maturity proceeds of PCP are offered in USD whereas the maturity proceeds of PRP are in INR.
Yes, YES Bank allows premature withdrawal for FCNR deposits. If the deposit is withdrawn before the completion of a year, there is no applicable interest.
A minimum FD amount of ₹10,000 is required to avail overdraft facility against FD. The maximum amount that can be availed is less than ₹2 crore.
The bank deducts TDS on fixed deposits every time it pays/re-invests interest during the fiscal year. The TDS amount depends on the provisions of Income Tax Act.
The minimum tenure of an overdraft facility is 30 days. The maximum tenure for which you can avail this facility is 10 years.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
