YES Bank Fixed Deposit Account
YES Bank provides its customers with many popular services and products such as FDs, loans, credit cards and many more.
Given below are the entities that are eligible to have a FD scheme with the bank:
- Individual residents
- Societies/Associations/Trust Accounts
- Limited Companies
- Partnership Firms
- Firms (Sole Proprietorship)
FD schemes provided by Yes Bank
A few FD schemes are offered by the bank by which the customers can get different benefits such as auto renewal facility, overdraft and tax saving etc. These FD schemes are given below:
- Tax Saver FDs
- Domestic FDs
- FD for NREs
- FD for NROs
The maximum of amount that a customer can deposit as FD amount in these schemes:
There isn’t any set maximum amount limit for these schemes. But one cannot open an FD online with a deposit of more than 1 crore INR. He/she personally has to visit any branch of the bank to open the FD.
Way to apply for any FD scheme in the bank:
The customer can open an FD in the bank online from any place in case the deposit is less than 1 crore INR. He /she can also visit any branch of the bank to fulfil the purpose.
Various FD interest rates offered by the bank:
The interest rates vary as per the FD scheme chosen and the duration associated with it.
Below are given various FD annual interest rates offered by the bank:
From one week to 45 days - 6%
From 46 days to 3 months - 7.5%
Above 3 up to 6 months - 8.25%
From 6 to 9 months - 8.5%
From 9 months to 1 year - 8.75%
FDs availed for an exact duration of 1 year 18 months 7 days offers a rate of 8.85%
From 18 months 19 days to ten years, the rate availed is 8.75%
For FDs having exact duration of 271 days, the interest rate availed is 8.75%
For FDs having duration from 18 months and 8 days to 18 months and 18 days, a rate of 9% is offered.
Various flexible and new features are there about FDs offered by the bank. This is why the deposits by the bank are becoming very popular among the customers.
Below are given some features of FDs offered by the bank:
- The customer can withdraw amount as low as 1 rupee.
- Sweep-in facility is given allowing the depositors to withdraw the funds deposited.
- Overdraft facility is given against the FDs.
- Facility of auto-renewal to auto-roll the deposits over for present deposit duration.
- The interest rates offered are highly competitive.
- Facility of nomination is also given for FD schemes.
- One can pre close the FD with no penalty.
- Tax-saver FD can be availed by the customers.
- The rates offered to senior citizens are about 0.5% higher.
Below is given some more information about FD schemes offered by the bank:
- The FDs availed for duration of above five years, come under tax saver scheme in line with the provisions of Income Tax Act of1956.
- The FDs offered by the bank are taxable. If the interest calculated on it is above or equal to ten thousand rupees in a year, income tax at 10% of the earned interest is subtracted. In case the interest calculated in a financial year is above ten thousand rupees but if the PAN number has not been furnished by the depositor, then a tax at 20% of the earned interest is subtracted.
- Currently, a customer can't avail a loan with the bank against a running FD.
- Currently, a credit card can't be availed with the bank against an FD scheme.
- NRIs have the option to choose from 3 types of FDs at the bank.
- FDs offered to NREs are completely repatriable High returns on investment are availed through these schemes.
- FDs offered to NROs are also repatriable deposits
- Through FCNR FDs, the customers can maintain the deposit \ in different currencies like Great Britain Pounds , Hong Kong Dollars, US Dollars, Australian Dollars, Canadian Dollars and Japanese Yen.
- There isn't any penal charge if a customer withdraw the amount prematurely the NRO and NRE FDs, but the applicable rate of interest will become less from the original rate of the deposit or the rate for the tenure of the FD.
- The customers can open FCNR, NRO and NRE FD with minimum deposit of ten thousand rupees.
Different Periods for NRI FDs:
The tenure for NRE FDs can range from 1 year to 10 years.
The tenure for NRO FDs can range from 1 week to 10 years.
The tenure for FCNR FDs can range from 1 year up to 5 years.