Investor Education
Yes Bank FD Interest Rates 2023
Know About Yes Bank FD Interest Rates 2023
YES BANK is a high-quality, service-driven, and customer-centric Bank. Since its establishment in 2004, Yes Bank has grown into a ‘Full-Service Commercial Bank’ providing a complete range of services, banking products, and technology-driven digital offerings, catering to MSME, corporates, and retail customers. The bank operates its merchant banking, brokerage, and investment banking businesses through Yes Securities and its MF business through Yes AMC, which are both wholly-owned subsidiaries of the Yes Bank. Yes Bank FDs are one of the great ways to save one’s hard-earned money for a specified period of time as the invested money carries high safety along with good returns. Depositors can choose the tenure of deposit as per their requirements.
Note: In March 2022, the RBI imposed a month-long moratorium on Yes bank deposits over the corporate governance & asset quality issues. Under the moratorium, the withdrawals by depositors were capped at Rs.50,000 which led to depositors rushing into Yes bank branches or ATMs to withdraw their deposits over the fear of losing money. However, later in April 2022, the Finance Ministry announced a reconstruction plan where the SBI(State Bank of India) was going to acquire a 49% stake in the bank. Also, the ministry assured depositors of the safety of their deposits with the introduction of a new reconstruction plan. Given this, it would be fair to say that deposits with Yes bank can be considered safe, and hence, depositors can consider banking with Yes Bank for their financial needs.
After reading this article on Yes Bank FD interest rate, one will be able to make an informed decision. In this article, we have discussed the latest interest rates of Yes Bank’s FDs for different investment tenures. Also, one will find the important features & characteristics of these FDs here.
Watch this video to get more about Yes Bank FD Rates :
Also Read : Post Office RD Interest Rates
Eligibility
| Who can open | Individual, Joint account (not exceeding 3 applicants), Minor with a guardian, Partnership, Company, Any Institute or Association |
| Can NRI deposit in YES Bank FD? | Yes |
| Investment Amount | Min: Rs. 10,000 Max: No limit |
| Tenure | Min: 7 days Max: 10 years |
Document Required
- Application form (duly filled and signed)
- 2 Photograph of Depositor
- Identity and Address proof as per KYC rules and norms
- PAN card or Form 60/61
- Aadhaar Details
- Form 15G/H (to avoid TDS)
Note: This is not an exhaustive list, one can expect further alterations.
Key Features
Tenure:
The tenure for Yes Bank FDs ranges from 7 days to 10 yrs.
Interest Rates:
The interest rates on Fixed Deposits are in the range of 3.50% to 6.75% depending upon the chosen tenure.
Senior Citizens:
Senior Citizens will be offered an additional interest of 0.50% on FDs over the regular rates.
Minimum Amount:
The minimum amount required to open an FD account with YES Bank is Rs. 10,000.
Loan/Overdraft:
Loan and Overdraft facility can be availed against the FD amount.
Dependency of Rates:
The rate of return depends on the principal amount and tenure of the deposit.
Types:
Yes Bank offers a wide range of deposits such as Tax Saver FD, Resident FD, and Senior Citizen FD.
Interest Calculation:
Interest income is payable quarterly or quarterly compounded or monthly as per the option chosen by the depositor on Yes Bank FD.
Revised Yes Bank FD Interest Rates 2023 for Domestic Deposits below Rs. Two Crores
Here are the revised Yes Bank FD rates for regular and senior citizens, effective from December 2022.
| Period | Per Annum Interest Rate (w.e.f. 3rd January 2023) | Per Annum Interest Rate for Senior Citizens (w.e.f. 3rd January 2023) |
| 7 days to 14 days | 3.25 | 3.75 |
| 15 days to 45 days | 3.70 | 4.20 |
| 46 days to 90 days | 4.10 | 4.60 |
| 91 days to 180 days | 4.75 | 5.25 |
| 181 days to 271 days | 5.88 | 6.92 |
| 272 days to < 1 year | 6.14 | 6.25 |
| 1 Year to < 20 months | 7.00 | 7.66 |
| 25 months 1 day to < 35 months | 7.00 | 7.71 |
| 30 months 1 day to < 36 months | 7.00 | 7.71 |
| 36 months to <= 120 months | 7.00 | 7.98 |
NRO Fixed Deposit Rates 2023
| TENURE | RATES (p.a.) |
| 7 days to 14 days | 3.50% |
| 15 days to 45 days | 4.00% |
| 46 days to 90 days | 4.50% |
| 3 months to less than 6 months | 5.00% |
| 6 months to less than 9 months | 5.50% |
| 9 months to less than 1 year | 5.75% |
| 1 year to less than 3 year | 6.50% |
| 3 years to less than equal to 10 years | 7.75% |
NRE Fixed Deposit Rates
| TENURE | RATES (p.a.) |
| 1 year to less than 2 year | 6.50% |
| 2 year to less than 3 year | 6.50% |
| 3 years to less than equal to 10 years | 7.75% |
Tax Saver FD Rates
The maximum deposit amount in Tax saver FDs has been capped at Rs. 1,50,000 under a single PAN in a financial year. This Fixed Deposit has a minimum lock-in period of 5 years.
| TENURE | GENERAL PUBLIC (p.a.) | SENIOR CITIZEN (p.a.) |
| 5 years | 6.75% | 7.50% |
TAX Implication
- The money invested in FD with a lock-in period of 5 years is eligible for tax deduction under Section 80C of the Income Tax Act,1961. Whereas, the interest gained on the deposit is taxable.
- TDS(Tax Deducted at Source) will be deducted on the interest income in case the interest earned per annum crosses Rs. 40,000. The applicable TDS rate will be 20% in case the depositor fails to submit the PAN proof. Otherwise, TDS will be deducted at the rate of 10%.
Premature Withdraws
- No interest is payable if the FD is withdrawn before 7 days from the date of initiation.
- Interest calculated at revised rates for funds withdrawn after 7 days from the date of initiation.
- If the withdrawal is made after a period of 182 days & above, a penalty at the rate of 0.50% will be applicable.
- For FCNR or NRE Deposits, no interest shall be paid if the fund is withdrawn before 1 year from the date of booking.
- At the bank’s discretion, certain requests for partial withdrawal may be allowed.
Note: To know the returns of bulk deposits, one may visit his nearest branch or call the concerned person from the branch.
Frequently Asked Questions
Q. When did the revised Yes Bank FD interest rates 2023 come into effect ?
A. The above-mentioned Yes Bank FD rates came into effect on 12th January 2023. All fixed deposits created or renewed after the date shall earn the latest Yes Bank fixed deposit interest rates. Since Yes Bank FD interest rates are subject to change at any point in time, we request you to check the latest rates on the official Yes Bank website.
Q. What are the maximum Yes Bank FD rates for regular and senior citizens ?
A. The maximum Yes Bank fixed deposit interest rates for regular and senior citizens are 6.75 and 7.50 per cent, respectively.
Q. How is a Yes Bank tax-saver fixed deposit different from a regular Yes Bank FD?
A. While Yes Bank tax-saver term deposits offer depositors a tax exemption of up to INR 1,50,000 under Section 80C of the Income Tax Act, 1961, regular fixed deposits do not offer any such exemption. Moreover, tax-saver fixed deposits also have a lock-in period of five years. Thus, the depositor cannot withdraw funds, partially or fully, from a tax-saver FD. Whereas, regular fixed deposits have no such lock-in periods.
Q. Will the latest Yes Bank fixed deposit interest rates 2023 affect my existing term deposits?
A. No. The revised Yes Bank terms deposits interest rates for regular and senior citizens only apply on new fixed deposits and upon renewal. You will continue to earn the interest rate conveyed to you at the time of the FD account opening.
Q. What is the maximum loan I can avail against my Yes Bank fixed deposit ?
A. Yes Bank offers a loan of up to 90 percent of the total deposit amount. This is a secured credit available to term deposit holders.
Q. What annualized return can I earn with Yes Bank FD rate of 6.75 per cent ?
A. An interest rate of 6.75 percent can earn you an annualized return of 6.92 per cent.
Q. What is the lock-in period for Yes Bank tax saving fixed deposits ?
A. Yes Bank tax saving FDs have a lock-in period of five years.
Q. What is the minimum amount for Yes Bank FD for tax benefits ?
A. The minimum deposit amount to avail tax benefit is Rs. 10,000. Moreover, you can avail a tax benefit on the amount of up to Rs. 1.5 lac.
Q. Are there fixed deposits with floating interest rates ?
A. Yes. Yes Bank offers special fixed deposit schemes with floating interest rates. The interest rates here are benchmarked to REPO rates and change every time REPO rate changes.
Q. What is the minimum and maximum tenures for Yes Bank fixed deposits ?
A. While the minimum tenure for Yes Bank fixed deposits is 7 days, the maximum tenure is 10 years.
Q. What is the minimum tenure for reinvestment ?
A. The minimum reinvestment tenure for Yes Bank FDs is six months and one day.
Q. Is it necessary to have an existing account with Yes Bank in order to initiate an FD online?
A. Yes, it is mandatory to initiate an FD online through Internet Banking Services.
Q. Will interest rates alter after initiating an FD ?
A. The rates will remain the same throughout the period of FD.
Q. Is it possible to increase the FD amount once it is initiated ?
A. No, it is not possible to increase the amount of an existing FD.
Q. Is it possible to alter the tenure of an already initiated FD ?
A. No, it is not possible.
Q. Is the interest income on FD subject to taxes ?
A. Yes, The interest income on FDs is fully subject to taxation, and TDS is deducted if one gains more than Rs. 40,000 interest income in a year.
More Information:
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AXIS Bank FD Interest Rates
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Corporate Fixed Deposit
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