Yes Bank Fixed Deposit (FD) Interest Rates
Yes Bank is a full-service commercial bank founded in 2004 and is headquartered in Mumbai. 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 2024
Yes Bank fixed deposit interest rates for deposits below Rs. 3 crore are given in the below table effective from 8 June 2024:
| Period | Interest rates for regular customers (% p.a.)* | Interest rates for senior citizens (% p.a.) |
| 7- 14 days | 3.25 | 3.75 |
| 15- 45 days | 3.70 | 4.20 |
| 46- 90 days | 4.10 | 4.60 |
| 91- 120 days | 4.75 | 5.25 |
| 121- 180 days | 5.00 | 5.50 |
| 181- 271 days | 6.10 | 6.60 |
| 272 - less than 1 year | 6.35 | 6.85 |
| 1 year | 7.25 | 7.75 |
| 1 year 1 day - less than 18 months | 7.50 | 8.00 |
| 18 months | 8.00 | 8.50 |
| 18 months 1 day - less than 24 months | 7.75 | 8.25 |
| 24 months - less than 36 months | 7.25 | 7.75 |
| 36 months - less than 60 months | 7.25 | 8.00 |
| 60 months | 7.25 | 8.00 |
| 60 months 1 day - less than 120 months | 7.00 | 7.75 |
*Interest rates are subject to change at the discretion of the bank.
Different Types of FD Schemes
Fixed Deposit Scheme
The minimum deposit amount for this account 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.
Floating Rate Fixed Deposit Scheme
The Floating Rate Fixed Deposit scheme offers the benefits of a traditional deposit along with dynamic returns linked to the prevailing REPO rate. The interest rate is linked to the prevailing REPO rate and thus offers a floating interest or a dynamic interest rate. The minimum deposit amount for this account is Rs.10,000. The minimum period is one year and the maximum is less than 3 years.
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 NRO Fixed deposits allow NRIs to invest their income earned in India, like dividends, rent, etc., with better returns. The minimum deposit is Rs.10,000. The principal amount deposited and the interest earned are repatriable. The scheme offers flexi-tenure with a minimum period of seven days to a maximum period of ten years. Choice of monthly or quarterly interest payment is available.
Foreign Currency Non-Resident Account (FCNR) FD Scheme
The Foreign Currency Non-Resident (FCNR) Deposits account is for NRIs to invest their foreign currency incomes without converting them into Indian Rupees. 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. The currencies available are United States Dollar, Great Britain Pound, 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 facility available.
- Nomination facility is available.
- Automatic renewal of deposits.
Basic Eligibility of Yes Bank FD Schemes
- Individuals
- HUFs
- Companies
- Partnership firms
- Sole proprietorships
- Family trusts
- Associations
- Clubs
- Societies
- Non-Resident Indian (NRI)
- Person of Indian Origin (PIO)
Documents Required to Open Yes Bank FD Schemes
- Identity proof:
- Passport
- Aadhaar card
- Driving license
- Government ID
- Senior citizen ID card
- Person of Indian Origin (PIO) card
- Overseas Citizen of India (OCI) 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.
- Address proof:
- Passport
- Aadhaar card
- Driving license
- Voter ID
- NREGA job card
- Valid overseas passport
- 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
- A tax assessment order which is not older than one year
Tax Benefits on Yes Bank Deposits
Tax Saver Fixed Deposit
Through Tax Saver Deposits, you can save taxes on your deposits while earning interest on the deposits. Resident individuals and HUFs can deposit money in this account and avail of income tax deductions under Section 80C of the Income Tax Act, 1961. The deductions can be availed up to Rs.1,50,000 per financial year. The scheme comes with a lock-in period of five years.
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. 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
Quick Summary
Yes Bank, founded in 2004, offers various FD schemes for retail, MSMEs, and corporate customers. It provides competitive interest rates, like up to 8% for senior citizens, and flexible tenure options. The schemes include Fixed Deposit, Floating Rate Fixed Deposit, NRE/NRI, NRO, and FCNR. Features include reinvestment and overdraft facility. Tax-saving options available with lock-in periods. Documents required include ID and address proofs. Various banks offer similar FDs.
Was this summary helpful?
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.
Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.
Cleartax is a product by Defmacro Software Pvt. Ltd.
Company PolicyTerms of use
ISO 27001
Data Center
SSL Certified Site
128-bit encryption