YES Bank is an Indian financial institution started by Ashok Kapoor and Rana Kapoor in 2004. Headquartered in Mumbai, the bank caters to both retail and corporate financial needs through its banking and asset management services. Its key banking services include loans, wealth management, insurance facility, as well as savings, and fixed deposits. YES Bank FD rates are competitive and offer retail and corporate customers a safe option to keep savings to earn assured returns.

YES Bank Fixed Deposit Rates

YES Bank offers both fixed and floating interest options on fixed deposits. With the fixed rate option, depositors earn returns consistently throughout the tenure.

The fixed FD rates of YES Bank are detailed in the table below.

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The financial institution also offers a fixed-tenure fixed deposit option. YES Bank FD rates for the same are mentioned in the table below.

As mentioned earlier, YES Bank also offers a floating interest option. With this, depositors earn dynamic returns based on repo rate fluctuation. When the RBI increases the repo rate, returns increase and vice versa. RBI repo rate, as of March 29, is 6.50%.

The floating YES Bank rate today for fixed deposits below Rs. 5 crores for general citizens are mentioned in the table below.

Senior citizen FD rates YES Bank are 0.50% higher than those mentioned above for deposits below Rs. 2 crores. Further, the tenure allowed to senior citizens is 1 year to less than 36 months.

YES Bank FD Rates for Tax Saver Fixed Deposit

YES Bank extends a Tax-Saver Fixed Deposit facility to retail customers. By investing a minimum of Rs. 10,000 and a maximum of Rs. 1.5 lakh in a financial year in this scheme, depositors can claim up to Rs. 1.5 lakh as tax deduction under Income Tax Act’s Section 80C.

This facility has a lock-in period of 5 years, meaning depositors can only liquidate their deposit after the period to avail of tax exemption. Rates for a tax-saver FD in YES Bank are the same as the fixed rates mentioned above.

Loan Against YES Bank Fixed Deposit

To avoid penalty charges and losing out on interest earnings, depositors can consider taking out an overdraft on their fixed deposit instead of premature withdrawal in case of an emergency. YES Bank offers up to 90% of your FD balance as a loan.

This loan option incurs lower interest than unsecured options like personal loans. The documentation process is quick and straightforward. Further, with instant disbursal, individuals can deal with any emergency efficiently.

How to Invest in YES Bank FD?

One can invest in a YES Bank fixed deposit by either visiting the bank branch or through their online portals. The two methods are discussed below.

Offline

Visit your nearest YES Bank branch and request a form to apply for a fixed deposit. Fill out the document carefully and submit the necessary documents.

Online

YES Bank has various online channels to open an FD account, including YES ONLINE, YES Mobile, YES service portal, YES ROBOT, and WhatsApp banking.

The steps to open a fixed deposit account via YES Mobile app are as follows:

• Log into the YES Mobile app
• Navigate to ‘Deposit’ under options, and click on ‘Fixed Deposit.’
• Choose the FD type, source account, principal sum, tenure, and nominee
• Click on either ‘Yes’ or ‘No’ for ‘Sweep-in required.’
• Enter your MPIN to validate the transaction

Note that the sweep-in option links your savings or current account to the FD. This option is not available for tax-saved FD.

The steps to open a YES Bank FD account via net banking are detailed below:

• Visit Yes Bank’s official website and log in with your ID and password
• Navigate to “Open New Fixed Deposit” on the next page and click on it
• Enter the necessary details like source account, deposit amount, tenure, branch name, and nominee
• Click on either ‘Yes’ or ‘No’ for ‘Sweep-in required.’
• Verify the OTP sent to your registered mobile number to complete the process

The steps to open a YES Bank FD account via WhatsApp are listed below:

• Use your YES Bank-registered mobile number to send “Hi” to 82912 01200 
• Click on “Deposits” in the main menu, and then select the FD booking option
• Provide the FD value 
• Enter the maturity period in days/months
• Enter “Confirm” to finish the process

Types of YES Bank Fixed Deposits 

When opening a YES Bank FD account, duly consider the maturity period, as YES Bank’s FD rates vary based on that. Also, consider the type of FD since interest earnings can differ for each FD type.

• Reinvestment FD: With this facility, your quarterly interest earnings get reinvested into the FD. Hence, you earn interest on both the principal sum and outstanding interest.
• Monthly/quarterly payout FD: Those looking for regular payouts can opt for this facility. Interest accrued over a month or quarter gets credited to your linked account accordingly.

Eligibility Criteria for YES Bank Fixed Deposit 

The following groups can apply for a YES Bank fixed deposit account:

• Resident individuals
• HUFs or Hindu Undivided Families
• Family Trusts
• Clubs, Associations, and Societies
• Sole proprietorships
• Partnership firms
• Companies

Documents Required to Open YES Bank FD

Applicants can produce any of the following documents as address and identity proof:

• Aadhaar card
• Passport
• Driving licence
• NREGA job card
• Voter ID
• Senior citizen ID card

HUFs will need to produce the following:

• ID and address proof of the person who will operate the account

Companies, partnership firms, and sole proprietorships will need to produce the following additional documents as applicable:

• Partnership deed
• Memorandum and Articles of Association
• Consent letter approving the opening and operating of an FD account

Trusts will need to produce these additional documents:

• Trust deed
• Resolution of trustees authorizing the opening and operating of the account
• Registration certificate

Clubs, associations, and societies will need to submit the following:

• Copy of by-laws of the Club or Association
• Resolution authorizing the opening and operating of the account

Conclusion

A fixed deposit can go a long way in stabilising returns from one’s idle savings. However, it’s crucial to thoroughly consider the sum you will deposit and the maturity period to earn the best YES Bank FD rates possible. You can also use a YES Bank FD calculator to determine your earnings beforehand.

FAQs

Q. Is there a minimum amount to open YES Bank FD?

You need to deposit at least Rs. 10,000 to open a fixed deposit account with YES Bank.

Q. Will YES Bank deduct TDS on my FD interest?

If the total interest earned under a particular customer ID exceeds Rs. 40,000 (Rs. 50,000 for senior citizens), TDS is deducted.

Q. Is Form 15G/H required when opening a YES Bank FD?

You can choose to submit Form 15G/H, in which case, the bank will not deduct TDS.