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Yes Bank Fixed Deposit (FD) Interest Rates

Updated on: Jan 2nd, 2023


11 min read

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Yes Bank is a full-service commercial bank founded in 2004 and is headquartered in Mumbai. It is currently present in all states and Union Territories of India. The bank is focused on providing products and services catering to retail, MSMEs and corporate customers, for example, merchant banking, investment banking and brokerage businesses.

Yes Bank provides attractive FD interest rates and flexibility. This article aims to cover everything you should know about Yes Bank FD schemes.

Yes Bank Deposit Interest Rates 2021

The fixed deposit interest rates for the Fixed Deposit Scheme and Non-Resident Ordinary (NRO) are given below for deposits below Rs. 2 crore. The interest rates are effective from 3 June 2021. Senior citizen interest rates apply only to residents of India. 

PeriodRegular (% p.a.)*Senior Citizen (% p.a.)
7- 14 days3.253.75
15- 45 days3.504.00
46- 90 days4.004.50
91- less than 181 days4.505.00
181- less than 272 days5.005.50
272 days- less than 1 year5.255.75
Special Rates
1 year- less than 3 years6.006.50
3 years- less than 5 years6.257.00
5 years- up to 10 years6.507.25

*Interest rates are subject to change at the discretion of the bank.

The fixed deposit rates for Non-Residential External (NRE) is given below. The interest rates below Rs. 2 crore deposit are effective from 3 June 2021. 

Period (in years)Interest Rate (% p.a.)*
1 < 36.00
3 < 56.25
5 -106.50

*Interest rates are subject to change at the discretion of the bank.

The fixed deposit rates for the Foreign Currency Non-Resident fixed deposit scheme is given below. The interest rates are effective from 29 July 2021. 

PeriodUSD (% p.a.)*GBP (% p.a.)EUR (% p.a.)JPY (% p.a.)CAD (% p.a.)AUD (% p.a.)SGD (% p.a.)HKD (% p.a.)
1 year- 15 months1.000.800.200.200.850.451.100.60
15 months0.950.800.200.401.000.651.050.70
15 months- 2 years1.
2 years- 3 years1.201.050.400.501.401.051.301.00
3 years- 4 years1.351.150.451.501.651.251.401.10
4 years- 5 years1.501.100.400.401.751.351.451.05
5 years1.551.200.501.351.901.401.501.20

*Interest rates are subject to change at the discretion of the bank.

Different Types of FD Schemes

Fixed Deposit Scheme

The minimum deposit amount is Rs.10,000. The minimum period is seven days, and the maximum is 10 years. This scheme is apt for people who would like a steady source of income at all times. 

Non-Residential External (NRE)/Non-Resident Indian (NRI) Fixed Deposit Scheme

The minimum amount deposited is Rs.10,000. The scheme offers flexi-tenure with a minimum period of one year to a maximum period of 10 years. The principal amount deposited and the interest earned are repatriable. Preference of monthly or quarterly interest payment is available. Interest earned from this scheme is exempt from tax in India. 

Non-Residential Ordinary (NRO) Fixed Deposit Scheme

The minimum deposit is Rs.10,000. The scheme offers flexi-tenure with a minimum period of seven days to a maximum period of 10 years. Choice of monthly or quarterly interest payment is available. 

Foreign Currency Non-Resident Account (FCNR) FD Scheme

The minimum deposit is 1,000 units of foreign currency. The minimum period is one year, and the maximum is five years. The principal and interest amounts are repatriable. Deposits are non-taxable in India. The currencies available are United States Dollar, Pound sterling, Euro, Japanese Yen, Australian Dollar, Canadian Dollar, Singapore Dollar, and Hong Kong Dollar. 

Special Features and Benefits of Yes Bank Fixed Deposits

  • The minimum tenure for a deposit is seven days.
  • Reinvestment option is available.
  • Premature closure option is available, subject to applicable penalties.
  • Sweep-in facility is available.
  • Overdraft against fixed deposits against NRE, NRO, and FCNR fixed deposit schemes.
  • The interest rates are as high as 6.50 % p.a.
  • Nomination facility is available.
  • Automatic renewal of deposits.

Basic Eligibility of Yes Bank FD Schemes

Scheme NameBasic Eligibility
Fixed Deposit SchemeIndividuals, HUFs, companies, partnership firms, sole proprietorships, family trusts, associations, clubs and societies.(Individuals need to provide a nominee)
NRE/NRI FD SchemeEither a Non-Resident Indian or a Person of Indian Origin
NRO SchemeEither a Non-Resident Indian or a Person of Indian Origin
FCNR SchemeEither a Non-Resident Indian or a Person of Indian Origin

Documents Required

Fixed Deposit Scheme: 

  • Identity proof
    • Passport
    • Aadhaar card
    • Driving license
    • Government ID
    • Senior citizen ID card
  • Address proof
    • Passport
    • Aadhaar card 
    • Driving license 
    • Voter ID
    • NREGA job card
  • Application and forms:
    • Term Deposit Account Opening Form
    • Form 15G/H
    • Sweep-in Form (for SMART ACCESS)

NRI/NRE, NRO, and FCNR Fixed Deposit Schemes

  • Proof of status: Photocopies of relevant pages of passport that display your name, address, date of birth, information on date and place of issue and expiry, photograph, and signature.
    • If you are an NRI, a photocopy of your visa or IKAMA for GCC or Overseas Citizen of India card.
    • If you are PIO, either a photocopy of the PIO card or fill in the self-declaration in the form.
  • An overseas address proof, which could be any one of the following:
    • Valid overseas passport
    • Driving license
    • Utility bill which is not older than three months
    • Credit card bill and a picture of the credit card which is not older than three months
    • One month bank account statement 
    • One month depository participant account statement 
    • Banker’s verification 
    • A tax assessment order which is not older than one year
  • Indian address proof is required if an Indian address is chosen for communication.
  • Identity proof, which could be any one of the following:
    • Passport
    • PIO card
    • Driving license
    • Voter’s ID
    • Overseas Citizen of India card
    • Photocopy of a bank statement or passbook of an NRI account with another bank in India with one initiated transaction, which is not older than four months.
    • Valid photo ID issued by relevant government institutions 

Tax Benefits on Yes Bank Deposits

Tax Saver Deposits

Through Tax Saver Deposits, you can save taxes for five years on your deposits while earning the same interest as regular deposits. However, Tax Deductible at Source (TDS) will be applicable on the interest as per Income Tax Act if the interest exceeds Rs.40,000 in a financial year and or Rs.50,000 for senior citizen interest payable or reinvested per customer. TDS, as applicable, will be deducted from the principal amount if the accrued interest is not sufficient.  

To exempt TDS on interest earned, submit Form 15G or Form 15H (in case of senior citizens). It is only applicable till the amount on the form does not exceed the minimum tax exemption limit. 

Fixed Deposit Interest Rate Calculator

Calculate the potential maturity amount and interest on your deposit using ClearTax’s FD Calculator

Frequently Asked Questions

What are the interest rates for deposits for more than Rs.2 crore?

For interest rates between Rs.2 crore to Rs.5 crore, bulk FD rates would apply. The interest rates given below are effective from 17 July 2021. 

PeriodWith Premature Withdrawal Facility (% p.a.)*Without Premature Withdrawal Facility (% p.a.)*For Senior Citizens (% p.a.)*
7- 14 days3.003.003.00
15- 30 days3.253.253.25
31- 45 days3.403.403.40
46-60 days3.453.453.45
61-90 days3.503.503.50
91-120 days3.903.903.90
121-180 days3.903.903.90
181-270 days4.804.805.05
271 days-12 months
12 months5.605.606.05
12 months 1 day-less than 18 months5.605.606.05
18 months-less than 2 years5.605.605.85
2-less than 3 years5.605.605.85
3-less than 5 years5.755.756.00
5 years and beyond5.755.756.00

*Interest rates are subject to change at the discretion of the bank.

For deposits above Rs.5 crore, please reach out to the nearest Yes Bank branch.

What are the penalties for premature withdrawal?

For deposits less than Rs.5 crore, the rates given below are effective from 5 July 2019.

Period (completed, in days)Penalty Levied (%)
Less than or equal to 181NIL
182 and beyond0.50

For deposits more than Rs.5 crore, the penalty structure will continue at 0.25% for all periods. 

What is the eligibility criteria of NRI and PIO?

To be eligible for Non-Resident Indian status, you need to reside outside the country on business or employment or stay outside India for an uncertain period. You are also eligible if you are deputed abroad by the Government or Public Sector.

To be eligible for Persons of Indian Origin status, you should either have held an Indian passport at any point in time, or your parents or grandparents are citizens of India. Alternatively, if you are a spouse of a PIO or an Indian citizen, you will be recognised as a PIO. 

Which documents are required for availing TDS?

To avail TDS, you need PAN, Form 15G/H, and other exemption certificates. 

Who is eligible for Overdraft against the FD facility?

Individuals who are residents of India with fixed deposits and savings accounts with only one holder.

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