Yes Bank Fixed Deposit Interest Rates (as on 2023)

Yes Bank FD Interest Rates (below Rs.2 Crores) w.e.f. 03.07.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 to 14 days3.253.75
15 to 45 days3.704.20
46 to 90 days4.104.60
91 days to 120 days4.755.25
121 days to 180 days5.005.50
181 days to 271 days6.106.60
272 days to less than 1 year6.356.85
1 year to less than 18 Months7.508.00
18 Months to less than 3 years7.758.25
3 Years to less than 5 years7.258.00
5 Years to 10 years7.007.75

Yes Bank NRO FD Interest Rates (below Rs.2 Crores) w.e.f. 03.07.2023

TenorsInterest Rate p.a.(%)
7 to 14 days3.25
15 to 45 days3.70
46 to 90 days4.10
91 days to 120 days4.75
121 days to 180 days5.00
181 days to 271 days6.10
272 days to less than 1 year6.35
1 year to less than 18 Months7.50
18 Months to less than 3 years7.75
3 Years to less than 5 years7.25
5 Years to 10 years7.00

Yes Bank NRE FD Interest Rates (below Rs.2 Crores) w.e.f. 03.07.2023

TenorsInterest Rate p.a.(%)
1 year to less than 18 Months7.50
18 Months to less than 3 years7.75
3 Years to less than 5 years7.25
5 Years to 10 years7.00

Yes Bank Tax Saver FD Interest Rates w.e.f. 03.07.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
5 Years to 10 years7.007.75

Snapshot: Yes Bank FD

PointsDetails
EligibilityResident Indians, Minor, HUF, Sole Proprietorship, Partnership, a Limited Company or Trust
Minimum FDRs. 10,000
Maximum FDNo maximum limit FD
FD Tenure7 days to 10 years
Periodicity of Interest PaymentMonthly (at discounted rates) or Quarterly or Cumulative
Interest to Senior Citizens0.50% more than general FD for FD amount below Rs.1 Crore

Yes Bank Fixed Deposit

Yes Bank has a range of Fixed Deposits (FDs) products at competitive interest rates with various tenures and lots of other benefits. Yes Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open a Yes Bank FD either online through its website or by visiting its nearby branch.

Features & Benefits: Yes Bank Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest Yes Bank branch.
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.
  • NRE, NRO and FCNR deposit facility is available.

Yes Bank Bank FD Calculator

Fixed Deposit Calculator

 
 
                       
 
 
Maturity Value (₹)

0
Interest Earned (₹)

0

Eligibility for Yes Bank Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Documents Required for Yes Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of authorised signatories
  • Passport size photographs of directors

Types of Yes Bank Fixed Deposits

  1. Yes Bank Tax Saver Deposits: It is a Five years tax-free Fixed Deposit. Interest Rates are same as Regular Fixed Deposits. Exemption under section 80 C of Income Tax Act can be claimed by the depositor in case of single depositor or the first holder in case of joint depositors, within eligible investments. FD amount is minimum of Rs.500 and maximum limited to Rs.1,50,000 in a financial year. Deposit will be accepted for a minimum period of 5 years and maximum period of 10 years. It cannot be encashed before the expiry of 5 years from the date of its receipt.

  2. Yes Bank Fixed Deposits: It is a regular FD account which can be started with min. Rs 10,000. Tenure ranges from 7 days to 10 years. Interest accrued on the deposit each quarter can be re-invested along with the principal. Senior citizens can enjoy an additional rate of interest which is 0.50% higher than regular rate. The deposit provides for sweep-in facility enabling withdrawal of funds from the account.

  3. Yes Bank Recurring Deposits: This scheme offers you a facility to save through fixed monthly deposits over a fixed period. You can make monthly instalments of minimum Rs. 500 and above in multiples of Rs. 500 thereof. Minimum tenure is 6 months and maximum tenure is 10 years. Existing interest rate on this scheme is 6.75% for regular RD and 7.25% for senior citizens RD for all durations./li>

Calculation of Interest on Term Deposits of Yes Bank

  1. On a Quarterly basis for deposits >= 6 months
  2. Simple interest is paid at maturity for deposits < 6 months.
  3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
  4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

NRI Fixed Deposit accounts offered by Yes Bank

Yes Bank offers many fixed deposit schemes specially designed for its NRI customers. In these schemes, NRI customers can deposit money either in Indian currency or in foreign currency depending on their status and preference. The bank also offers different interest rates for NRI fixed deposits. Following types of NRI fixed deposits are offered by Yes Bank:

NRI Account TypeDetails
NRE Account (Non Resident External Account) Account is maintained in Indian currency
NRO Account (Non Resident Ordinary Account)This either be funded by conventional payment or through traveller's cheques
FCNR Account (Foreign Currency Non Resident Account)It is maintained in foreign currency
RFC Account (Resident Foreign Currency Account)In this, customer to maintain the account in foreign currency even after returning to India permanently

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Premature Withdrawal of FD in Yes Bank

Yes Bank does not levy any penalty on premature withdrawal of Term Deposit in Yes Bank.

Why providing PAN a must?

If you do not submit your PAN at the time of opening of an FD then following things happen:

  • Tax Deducted at Source (TDS) certificate will not be issued
  • Tax will be deducted (TDS) at higher percentage which is of 20 will be deducted, instead of the usual 10%

Yes Bank Fixed Deposit FAQ

  1. Is there any minimum amount for a Fixed Deposit?

    Yes its Rs 10,000.

  2. What is the minimum & maximum tenure for a Fixed Deposit?

    Minimum tenure is 7 days and maximum is 10 years.

  3. Is there any special rate benefit for senior citizens?

    Senior citizen has 0.50% extra rate advantage.

  4. What are the interest frequency options available to the customer?

    Monthly, Quarterly and at the time of maturity.

  5. What is Smart Access (Sweep- in facility)?

    With Sweep-in Facility you can link your existing Term Deposit to your Savings or Current Account. In case of a shortfall in the account in processing a debit instruction, the deficit is taken care of by withdrawing an exact value from your Term Deposit. The deposit is broken in units of Rs. 1/-, thereby giving you the convenience of getting payments processed with ease ensuring complete peace of mind.

  6. Is there any limit on Smart Access (Sweep- in facility)

    There is no limit.

  7. How does YES BANK compute interest?

    On a daily Basis.

  8. Does YES bank allow sweep out from FD to Current account?

    No. It is allowed only from savings account.

  9. Can I Premature the FD booked on the same day ?

    No, after 24 hours.

  10. What are the modes through which a customer can book a Fixed Deposit?

    Net Banking, Phone Banking and Branch.

  11. Can FDs be closed at any time?

    All other FDs can be closed except for Yes Bank tax-saver FD, which comes with a lock-in period of 5 years.

  12. At what rate is TDS deducted?

    TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:

    • Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
    • Non-Resident Indians: 30% plus applicable surcharge and education cess

  13. Can I apply for exemption on TDS?

    Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.

Tax Implications and TDS in FD

  • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
  • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
  • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

Factors affecting Fixed Deposit Interest Rates


  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher default risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

Yes Bank FD News Oct 2023

  • July 3, 2023: Yes bank hikes FD interest rate on select tenures with effect from July 3, 2023

  • April 9, 2021: Yes bank cuts interest rate on saving accounts from 7% to 6% with effect from November 1

  • February 18, 2021: Yes bank cuts revises fixed deposit rates, now offering FD rates from 4% to 7.5% on FDs maturing in 7 days to 10 years

  • January 28, 2020: Yes bank offloaded shares worth Rs 5.7 crore in Reliance Power through an open market transaction

  • October 25, 2019: Yes Bank revises its FD interest rates w.e.f October 25, 2019
Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites