Yes Bank provides recurring deposit (RD) interest rates ranging from 6.60% to 8.25% per annum for senior citizens and 6.10% to 7.75% for other depositors. Depositors can start a Yes Bank RD for a minimum of ₹1,000 and in multiples of ₹100 for terms ranging from 6 months to 10 years. Along with the regular recurring deposit scheme, Yes Bank provides a Flexi-gain Recurring Deposit scheme.
A recurring deposit allows a depositor to make a regular fixed amount monthly deposit (in his or her RD account) and earn interest rates similar to fixed deposits. Customers of Yes Bank have access to extremely flexible RD options with attractive interest rates for investing a significantly smaller amount every month. They are also eligible for additional benefits like as TDS-free interest, a reasonable minimum tenure, and no monthly installment upper cap.
Geeky Takeaways:
- Yes Bank RD lets you make payments in amounts of ₹100, with a minimum monthly payment of ₹1,000.
- There is no higher limit on how much you can pay each month for a Yes Bank RD loan.
- Yes Bank RD terms run from six months to ten years, giving investors a lot of options.
- According to the current income tax rules, Yes Bank RD interest does not have to be taxed with TDS.
- It’s easy to open an RD account with Yes Bank because you can do it offline, online, or on your phone.
Yes Bank RD Interest Rates 2024
| 6.10% |
6.60% |
| 6.35% |
6.85% |
| 7.25% |
7.75% |
| 7.50% |
8.00% |
| 7.75% |
8.25% |
| 7.75% |
8.25% |
| 7.25% |
7.75% |
| 7.25% |
7.75% |
| 7.25% |
7.75% |
| 7.25% |
7.75% |
| 7.25% |
8.00% |
| 7.25% |
8.00% |
| 7.00% |
7.75% |
Features of Yes Bank Recurring Deposit
1. Initial Investment : The minimum monthly installment is Rs.1,000, and subsequent payments are in multiples of 100.
2. Limit : The maximum monthly installment amount has no upper limit.
3. Tenure : The term can be as short as six months (and then in increments of three months) or as long as ten years.
4. TDS Deduction : According to current income tax laws, the interest generated on your RD is exempt from TDS (Tax Deductible at Source) deductions.
5. Set-Up Standing Instructions : Paying the monthly payments (for RD) is as simple as with a one-time standing instruction from your YES BANK Savings Account.
How to Open an RD Account in Yes Bank?
1. Offline Process
Collect all of the documentation required for opening an YES Bank RD account and go to a local bank to request the intimation procedure. Throughout the application process, you will be assisted by an YES Bank representative. It is advised that you bring photocopies of your documentation with you.
2. By Net Banking
Step 1: Go to the official website of YES Bank.
Step 2: Hover over the ‘Login’ button at the top of the page. Select ‘Login’ from Internet Banking’s ‘Personal’ section.
Step 3: Select “Create Recurring Deposit.”
Step 4: Complete the form with the depositor’s and nominee’s details, if suitable.
Step 5: Once confirmed, the deposit amount will be deducted from the customer’s savings account, and a receipt will be emailed (for those who have registered for e-statement) or sent to the customer via post.
3. By Mobile Banking
Step 1: Open YES Mobile, the bank’s mobile application.
Step 2: Click on the ‘Open RD’ button.
Step 3: Upon confirmation, the chosen amount will be deducted from the associated savings account and an RD account will be opened promptly.
But This is only possible if the maximum monthly instalment amount is Rs.14,99,900.
If you have opted for an e-statement, you will receive a confirmation email; otherwise, a physical statement will be sent to you.
How to Calculate RD Interest Rates in YES Bank?
The RD interest rates on YES bank recurring deposits are compounded quarterly.
This is the formula to calculate the maturity value .
A= P x (1+R/N) ^ (Nt)
Here ,
- A Represents the Maturity Amount
- P Represents the Recurring Deposit
- R Represents the Rate of Interest
- T Represents the Tenure
- N represents the number of compounding interest .
Example:
Akash deposits Rs. 500 each month for 9 months. The rate of interest applicable Recurring Deposit account is 6.5% for regular RD. What will be the sum on maturity ?
Solution:
A = P x (1+R/N)^(Nt)
= 4500 x (1+6.5/4)^(4×9/12)
= ₹4,623.
Hence, the interest income will be generated from the recurring deposit is ₹123.
Eligibility Criteria to Start an RD Account with YES Bank
1. The person applying must be an Indian resident or a member of a HUF (Hindu Undivided Family).
2. Investor who is having saving account with the YES Bank can apply for RD.
3. A minor can open an YES Bank RD account under parental guardianship to look after your funds.
Documents Required for Starting an RD Account
For Opening an RD in YES BANK Investors must ensure that they have the following documents with them :
1. Proof of Identity
- Pan card
- Voter ID
- Aadhaar card
- Ration card including a photograph
- Driving license
- Senior citizen ID
- Passport
2. Proof of Address
- Electricity bill
- Telephone bill
- Bank statement with cheque
- Passport
- Identity card issued by Post Office
Types of Yes Bank RD Accounts
1. Flexigain Recurring Deposit
The Yes Bank Flexigain Recurring Deposit scheme allows depositors to deposit any amount dependent on their financial position within the bank’s predetermined tenure. Yes Bank Flexigain RD, unlike regular RD does not require a monthly commitment of installments.
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Minimum amount: ₹1,000
Maximum amount: ₹5 lakh
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Minimum top-up amount: ₹ 100
Maximum top-up amount: 3 times of the initial booking amount
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Minimum 6 months or
Maximum up to 10 years
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Available
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Available with no penalty
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2. Recurring Deposit
Yes Bank’s Recurring Deposit (RD) policy allows depositors to invest a fixed monthly amount for a particular period of time. The scheme is appropriate for fixed-income depositors.
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Minimum amount: ₹1,000 and afterthat in multiples of ₹100
Maximum amount: ₹1.99 crore
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Minimum tenure: 6 months
Maximum tenure: In multiples of 3 months, up to 10 years
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Depositors have the option to end their RD prematurely. But in this case, the Yes Bank will only pay interest for the time that the deposit has been held with the bank, at the rate that was in effect on the day the depositor established the RD. In addition, the bank will impose a 1% penalty for the premature withdrawal of RD.
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1% of the monthly installment’s pre-contracted interest rate. Depositors can settle their missed payments at a later date by visiting the nearest Yes Bank location
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Yes Bank RD Premature Withdrawal Rules
Yes Bank RD premature withdrawal is possible. On the accumulated interest, the bank may impose a small penalty. Additionally, it is not permitted to withdraw portion of the RD account.
Conclusion
YES Bank RD investments require small consistent investments. As a result, individuals who desire to save on a regular basis can engage in this scheme. Furthermore, YES Bank RDs offer guaranteed returns. As a result, they are seen as a low-risk investment. However, interest income YES Bank RDs is taxed at the investor’s marginal tax rate. As a result, before investing in this plan, they must evaluate the tax implications.
FAQs
Q1. What should I do if I have not gotten the RD’s advice?
Answer:
To get RD advice, you need to go to a Yes Bank .However, when you visit the branch, you must have the necessary documentation with you.
instalment
Q2. If I miss payments, would it have an impact on the amount of maturity?
Answer:
The amount due at maturity is determined by the number of installments that have been paid.
Q3. Can I use the YES BANK RD calculator prior to opening a bank account for RDs?
Answer:
Indeed, you are able to utilise the YES BANK RD calculator prior to opening a savings account with the bank.It is really a free online tool that compares interest rates across different deposit tenures to help you determine which one will provide the most amount at maturity.
Q4. Does Yes Bank allow partial withdrawals from the RD account?
Answer:
Yes Bank does not permit partial withdrawals of RDs. On the other hand, some banks provide customers with the option to borrow money using their RD as collateral.
Q5. Does Yes Bank offer a facility for nominations?
Answer:
Indeed, it has a nomination feature. However, whether an account is under a single person or a joint name, only one nominee is permitted per account.
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