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Yes Bank Recurring Deposit Interest Rates

Mr. Kumar has always trusted his bank, as Yes Bank is one of the country’s most reputable financial organizations, offering a diverse variety of economic goods and services to meet the demands of its customers. A Yes Bank RD has a minimum duration of 6 months and a maximum tenure of 10 years as yes bank recurring deposit interest rates. The interest rates for YES Bank RDs vary from 5.00 percent to 7.00 percent. With best rd interest rates, elderly persons can benefit from a higher rate of interest; the bank offers an additional 0.50 percent over the standard rate of interest to those over the age of 60. Therefore, Mr. Kumar has always stayed with Yes Bank, especially for recurring deposit interest rates.

The Benefits of YES Bank RD Rates

  • The maximum interest rate available from the bank is 7.00 percent.
  • Yes, bank RD rates 2021 are compounded every year with yes bank rd rates.
  • Yes, Bank requires a minimum deposit of Rs. 1000.
  • Senior persons are eligible for RD interest rates of up to 7.00 percent.
  • The maximum deposit amount is not limited to offering the best rd interest rates.
  • Yes, Bank RDs have terms ranging from 6 months to 120 months for yes bank rd calculator.
  • TDS deductions are made under the tax regulations in effect when the account is opened with yes bank rd rates.

 

How is Interest on a YES Bank Recurring Deposit Calculated?

The interest on YES Bank Recurring Deposits is determined quarterly. The compounding interest formula used to calculate the maturity amount is the rd calculator.

P x (1+R/N) = A (Nt)

Here, in the rd calculator:

The letter A. Amount represents maturity

P is an abbreviation for recurring deposits.

N denotes the number of times interest is compounded.

The letter R stands for Rate of interest t stands for Tenure; you can use yes bank rd calculator.

How Do I Get a Yes Bank RD Account?

Individuals with a YES Bank Savings Account are the only ones who may create a yes bank recurring deposit. To start a regular deposit account, log in with your net banking credentials, evaluate the suitable scheme, provide the necessary documentation, and make the initial payment by the due date.

What is the YES Bank Recurring Deposit Eligibility?

Residents of India and HUFS who have a savings account with YES Bank are eligible to create a yes bank recurring deposit.

Documents Needed to Open a Yes Bank RD Account Completed Application Form, Pan Card 

  • Copies of Form 60/61
  • 2 passport-sized photographs
  • Identity verification (any)
  • Address Verification (any)
  • Various other papers

 

YES Bank Revolving Loan

In exchange for repeated deposits, investors can acquire a loan from YES Bank. This helps to meet liquidity requirements. It also saves you the time and energy required to apply for a new loan.

Nomination

Beneficiaries for the RD can be nominated by the applicant.

Withdrawal of a Yes Bank RD Amount Too Soon

Yes, Bank RDs might be withdrawn prematurely. However, the bank may levy a minor penalty on the accumulated interest. In addition, partial withdrawals from the RD account are not permitted.

What is the tax treatment of Yes Bank recurring deposits?

The taxation on YES Bank Recurring Deposits is discussed below —

  • If the interest earned in a year exceeds Rs. 10,000, the earnings are subject to a 10% TDS. However, if the individual’s IT PAN is not up to date, they will be required to pay a TDS of 20%.
  • As previously stated, Yes Bank provides additional benefits to elderly persons in the form of a 0.50 percent surplus interest rate on standard interest rates. An RD account started for 6 to 9 months can yield an interest rate of 7.75 percent, while one opened for 12-15 months can provide an interest rate of 8.255 percent.

 

Conclusion

With reference to the current Yes Bank RD rates, it is apparent that an RD account in Yes Bank may provide significant returns on your investment. This bank may be trusted because it is one of the main private sector banks. An RD account can let you save a significant quantity of money that can be utilized in an emergency. However, before going with the investing portion, it is suggested that you read and understand all of the terms and conditions.

FAQs:

What is the minimum age to create a Yes Bank RD account?

Anyone who is an Indian resident and a member of the HUF (Hindu Undivided Families). NRIs can easily open an RD account using their NRO or NRE accounts. Yes, Bank also offers an RD plan for youngsters (those under the age of ten) who are under the custody of their parents to help them manage their funds.

Are early withdrawals permitted with Yes RD accounts?

If you remove the sum before the maturity date, the bank will levy a minor penalty fee on the interest accumulated (say 1 to 2 percent) and cancel the account. The minimum lock-in period for a Yes Bank RD account is three months, and if a premature withdrawal occurs during that time, the depositor will not get any interest and will only receive the initial amount transferred to the source account.

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