YES Bank RD Interest Rate 2024

YES Bank stands as one of the leading financial institutions in the country, offering a wide array of products and services tailored to meet diverse customer needs. Among these offerings, the YES Bank Recurring Deposit (RD) is a highly popular financial service. This scheme is designed to assist individuals in growing their savings and securing their financial future effectively. 

Find out about the YES Bank RD interest rates, features, benefits, eligibility to open an RD, opening process, and much more. 

YES Bank Recurring Deposit Scheme Highlights For 2024

Here is a quick overview of the scheme’s key highlights: 

YES Bank RD Interest Rate 2024

The following table mentions the YES Bank recurring deposit interest rates 2024:

*Interest rates are as of 5 November 2024. Please note that the interest rates are subject to change from time to time.

YES Bank Senior Citizen RD Interest Rate

Here is a table highlighting YES Bank RD interest rates 2024 for senior citizens:

*Interest rates are as of 5 November 2024. Please note that the interest rates are subject to change from time to time. 

Types of YES Bank RD Accounts

YES Bank offers two types of Recurring Deposit (RD) schemes, each catering to different financial needs:

Flexigain Recurring Deposit

The Flexigain Recurring Deposit from YES Bank allows you to deposit varying amounts depending on your financial situation during the chosen tenure. Unlike traditional RDs, there is no requirement for fixed monthly instalments under this scheme. 

This scheme requires a minimum initial deposit of Rs. 1,000 and a maximum initial deposit of Rs. 5 lakh. Interest starts accumulating from the date you top-up your RD and is compounded every quarter.

The following are the key features of this scheme:

• Minimum Rs. 100 as top-up amount and up to 3 times the initial booking amount
• Its tenure ranges from 6 months and thereafter in multiples of 3 months up to 10 years
• You can top up your RD anytime within the same account
• Availability of nomination facility
• Availability of premature withdrawal facility
• No penalty for missing deposits
• You can apply through YES Online or by visiting a YES Bank branch

Recurring Deposit

The standard YES Bank Recurring Deposit scheme is ideal for those who prefer to invest a fixed monthly amount for a set period. It is especially suitable for individuals with a steady income. This scheme requires a minimum initial deposit of Rs. 1,000.

The following are the key features of this scheme:

• Its tenure ranges from 6 months with the option to extend in multiples of 3 months up to 10 years
• A 1% penalty is charged on missed instalments on the pre-agreed interest rate for the missed month, but you can make the payment later at any YES Bank branch.
• Standing instructions are available to automate monthly payments
• You can open an RD online or by visiting a YES Bank branch.

How to Calculate YES Bank RD Interest Rate?

YES Bank calculates the interest on its Recurring Deposit (RD) accounts every quarter. The maturity amount is determined using the compound interest formula:

A = P x (1 + r/n) ^ (n x t)

In this formula, 'A' represents the maturity amount, 'P' refers to the principal amount, 'r' is the interest rate expressed in decimal form, 'n' is the number of times interest is compounded, and 't' stands for the time period in months.

For instance, if you deposit Rs. 1,000 per month in your YES Bank RD account for 9 months, with an interest rate of 6.85%, the calculation would be:

A = P x (1 + r/n) ^ (n x t) = 9,000 x (1 + 0.0685/4) ^ (4 x 9) = Rs. 9,259.

The interest earned would amount to Rs. 259.

Use our YES Bank RD Calculator to easily calculate your RD interest and maturity amount in seconds.

Features of YES Bank RD Interest Rates 

The following are the key features of YES Bank RD interest rates:

• Low Monthly Instalments

You can start a Recurring Deposit (RD) with YES Bank with a minimal monthly investment of just Rs. 1,000.

• Flexible Tenure Options

Choose a tenure starting from 6 months up to 10 years, available in intervals of 3 months (e.g., 6 months, 9 months, 12 months).

• Convenient Investment Process

You can easily open your RD account online via YES Online, the iris mobile app, YES Robot, or even through WhatsApp.

• Exclusive Benefits for Senior Citizens

Senior citizens enjoy an additional interest rate of up to 0.75% on their RD.

• No Premature Withdrawal Penalty

With the Flexigain RD, you will not face any penalties for early withdrawals.

• Top-Up Facility

Flexigain RD also offers the flexibility to make top-up contributions at any time.

Eligibility For Opening YES Bank RD Account

You must fulfil the following eligibility criteria to open YES Bank RD account:

• Resident individuals
• Hindu Undivided Families (HUFs)
• Non-Resident Indians (NRIs)
• Partnership firms
• Sole proprietorships
• Companies

Documents Required for Opening YES Bank RD Account

To open a Recurring Deposit account with YES Bank, investors need to provide the following documents:

• Identity Proof
  • Voter ID
  • Aadhaar card
  • PAN card
  • Driving licence
  • Ration card with a photograph
  • Passport
  • Senior citizen ID
• Address Proof
  • Telephone bill
  • Electricity bill
  • Passport
  • Bank statement with a cheque
  • Identity card issued by the Post Office

How to Open a YES Bank RD Account?

You can open a RD account in YES Bank by any of the following methods:

Offline Process 

Gather the necessary documents to open a YES Bank RD account and visit your nearest branch to initiate the process. A bank representative will guide you through the application procedure. It is recommended that you carry photocopies of your documents.

Through Net Banking

Follow the steps to open YES Bank RD account via net banking:

• Visit the official website of YES Bank.
• Login by entering your credentials.
• Choose the option to ‘Create Recurring Deposit’.
• Fill in the account opening details.
• Once confirmed, the RD amount will be deducted from your savings account, and a receipt will be sent via email or post, depending on your e-statement registration.

Using Mobile Banking

To open the YES Bank RD account via mobile banking, follow the steps mentioned below:

• Install the YES Mobile app on your mobile phone.
• Select the 'Open RD' option.
• After confirmation, the selected amount will be debited from your savings account, and the RD account will be opened instantly.

How to Close a YES Bank RD Account?

You cannot close a YES Bank RD account online. To do so, you need to visit the bank's branch in person. It is advisable to visit the same branch where your account was originally opened to complete the closure process.

Benefits of YES Bank RD Interest Rates 

• RD account is a secure, risk-free investment option for conservative savers.
• You can invest at regular intervals and get interest rates similar to those of an FD without having to deposit a lump sum.
• You can avail of a monthly standing instruction facility to deposit the amount into your RD account.
• When you open a Flexigain RD, you do not have to make a monthly commitment to pay the RD deposits.
• RD account inculcates a habit of saving regularly and helps to secure a financial future.

YES Bank RD Premature Withdrawal Rules

You can withdraw a YES Bank RD before maturity, but the bank might charge a minor penalty on the earned interest. Partial withdrawals from the RD account are not allowed.

YES Bank RD offers attractive returns, making it an appealing choice for those seeking secure investments. With flexible tenures, competitive interest rates, and additional benefits for senior citizens, YES Bank's recurring deposit schemes are designed to help you grow your savings effectively, making it an attractive option for individuals looking for secure investments.