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Yes Bank Fixed Deposit Scheme

When thinking about a safe, secure way of investing money, the first thought that comes to mind is a Fixed deposit. The sense of security that an FD offers gives you peace of mind. You can plan the different milestones that you have planned for your future. Though almost all Indian banks offer an FD account, the service and interest rates offered by Yes Bank, make the company stand apart.

Considered to be one of the most prominent banks in the country, ever since its inception in 2004, Yes Bank has been a service-driven institution. Their fixed deposits offer much greater earnings along with the facilities such as maintaining funds in accessible units etc. Let us dig deeper and learn more about the Yes Bank Fixed Deposit Scheme. 

Yes Bank Fixed Deposit – Features and Benefits

Apart from being one of the safest investment options for ages, Fixed Deposits at Yes Bank offers several striking features, like

  1. Choose a tenure that suits you best
    You can pick from a flexible tenure ranging from as low as 7 days to a maximum of 10 years.

  2. Assurance of liquidity in your time of need
    It offers easy liquidity as customers can also choose a sweep-in facility for an FD with less than INR 1 crore. In case of urgency, this facility can come in very handy.

  3. Option of Auto-Renewal
    You no longer need to worry about giving renewal instructions to the bank. Yes Bank offers an auto-renewal feature to help you keep your FD safe.

  4. Overdraft facility at competitive rates
    In case of emergency premature withdrawal of FD, you have the option of overdraft facility against your FD.

  5. Get tax benefits
    With 5-year tax-free deposit, you end up saving all the more under section 80C upto INR 1.5 lakhs a year.

  6. Strong network
    With an inter-city banking facility, you can connect with Yes Bank from any branch across the country.

 

Yes Bank fixed deposit interest rates 

Maturity Period Regular Citizens  Senior Citizens
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.50% 4.00%
46 days to 90 days  4.00% 4.50%
3 months to 6 months 4.50% 5.00%
6 months to 9 months 5.00% 5.50%
9 months to 1 year 5.25% 5.75%
1 year to 3 years  6.00% 6.50%
3 years to 10 years  6.25% 7.00%

Please bear in mind that these interest rates are subject to change at the sole discretion of the Bank.

Things to note:

  1. The minimum tenure for investing in a Yes Bank Fixed Deposit Scheme is 7 days upto a maximum of 10 years.
  2. Tax saving Fixed Deposit Schemes of Yes Bank is for a minimum period of 5 years
  3. The minimum amount needed for a Yes Bank Fixed Deposit Scheme is INR 10,000.
  4. For fixed deposits of more than INR 5CR, you need to contact the branch for special rates.
  5. Under section 94A of the Income Tax Act, TDS (Tax Deduction at Source) would be applicable at 10% for interest exceeding INR 40,000 in a given financial year for resident Indians less than 60 years of age, provided they have given their PAN card details, else the TDS rate would be 20%. For senior citizens more than 60 years of age, the TDS threshold would be INR 50,000 per financial year.

 

Different ways to open Yes Bank fixed deposit account

With a few simple steps, you can open your FD account at Yes Bank. the bank offers you different ways so you can choose the one as per your comfort. It includes

  1. Opening via net banking
    If you already have a bank account with Yes Bank, you can log in to the website with your Customer ID, and open an FD in a few clicks.

  2. Opening via the mobile application of Yes Bank
    Just like net banking, you can quickly open an FD on your smartphone through the Yes Bank mobile app.

  3. Opening by visiting your nearest branch
    At the bank, the bank executives will help you in the formalities for opening an FD

  4. Opening via Yes Bank ATM
    You can walk into an ATM, and through the debit card and log in, open an FD account

  5. Get assistance from our 24*7 Live Chat Assistance
    For any kind of help and guidance on the FD,  you can rely on chat assistance, any time of the day

  6. Call us at 1800 1200
    Yes Bank has proactive customer care, that can help you with your FD queries 

 

Conclusion

Life can become much easier when you have a regular inflow of income, as it provides the much-needed security and confidence that even in case things go wrong, you will be prepared to handle the situation. When you have a Yes Bank fixed deposit account, you have control over your investment. 

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