YES Bank Fixed Deposits (FDs) are a reliable savings tool designed to help you grow your money with stability and low risk. With competitive interest rates available for both regular and senior citizens, YES Bank provides a variety of FD options to suit different financial needs and tenors.
Understanding YES Bank Fixed Deposit Rates
The bank offers a variety of fixed deposit options with tenors ranging from 7 days to 10 years and interest rates between 3.25% p.a. and 8.50% p.a. These competitive rates give investors an opportunity to earn higher returns while keeping their savings secure. Whether you plan to save for short or long-term objectives, you could invest in YES Bank FDs to achieve financial goals.
Interest Rates for Regular and Senior Citizens
YES Bank provides different interest rates for regular depositors and senior citizens. The YES Bank senior citizen FD interest rates are 0.50% p.a. higher than the standard rates, making it more attractive to retired individuals.
Tenor | Regular Citizens (p.a.) | Non-senior Citizens (p.a.) |
7 days - 14 days | 3.25% | 3.75% |
15 days - 45 days | 3.70% | 4.20% |
46 days - 90 days | 4.10% | 4.60% |
91 days - 120 days | 4.75% | 5.25% |
121 days - 180 days | 5.00% | 5.50% |
181 days - 271 days | 6.10% | 6.60% |
272 days - 1 year | 6.35% | 6.85% |
1 year | 7.25% | 7.75% |
1 year 1 day - 18 months | 7.50% | 8.00% |
18 months | 8.00% | 8.50% |
18 months 1 day - 24 months | 7.75% | 8.25% |
24 months - 36 months | 7.25% | 7.75% |
36 months - 60 months | 7.25% | 8.00% |
60 months | 7.25% | 8.00% |
60 months 1 day - 120 months | 7.00% | 7.75% |
Disclaimer: The interest rates are as of 6th August 2024. They are subject to change at the issuer's discretion. a
How to Calculate Your FD Returns
Calculating the returns on a fixed deposit is a simple process, especially with the help of the YES Bank fixed deposit calculator. This tool allows investors to estimate the maturity amount they could receive based on the principal amount, interest rate, and tenor selected.
To use the YES Bank fixed deposit calculator:
Enter the amount you plan to invest in the fixed deposit
Choose the tenor from the available options
The applicable interest rate will automatically reflect based on the selected tenor. It will instantly display the maturity amount, showing your potential returns. The YES Bank FD calculator is a valuable tool that helps investors experiment with different investment terms and choose the most suitable FD option based on their financial goals.
Benefits of YES Bank Fixed Deposits
YES Bank’s fixed deposits come with a range of benefits, making them an attractive option for investors looking to grow their savings securely.
Low-risk Investment
Your principal investment is insured for up to ₹5 Lakhs by the Deposit Insurance and Credit Guarantee Corporation per depositor per bank.
Flexible Tenors
The bank offers a wide range of tenors, allowing you to choose a period that aligns with your financial goals and liquidity needs.
Competitive Interest Rates
YES Bank FDs offer higher interest rates of up to 8.50% p.a. compared to other low-risk savings tools, like recurring deposits, etc.
Premature Withdrawal Facility
YES Bank allows premature withdrawal of fixed deposits, subject to a penalty charge. This feature adds a layer of liquidity for investors who may need access to funds before the maturity date.
Loan Against FD
Investors can get a loan against their FD, allowing them to meet urgent financial needs without breaking the deposit. This option allows you to utilise up to a certain percentage of the deposit value.
Convenient Application Process
The process to open an FD with YES Bank is straightforward, and investors can apply online or visit the nearest branch.
Taxation on YES Bank Fixed Deposits
Interest earned on YES Bank fixed deposits is taxable under the Income Tax Act, 1961. The amount is added to your total income and taxed according to your income tax slab. If the interest exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), the bank deducts 10% as Tax Deducted at Source (TDS).
In case your annual income falls below the taxable limit, you could submit Form 15H or 15G. These are self-declaration forms that prevent TDS on FD interest. Submitting these forms ensures banks don't deduct TDS if eligibility criteria are met. Form 15G is for individuals below 60 years, while Form 15H is for senior citizens.
Conclusion
YES Bank fixed deposits provide secure and competitive returns for both regular and senior citizens. Whether you're saving for specific goals or seeking a low-risk investment, these FDs could be a suitable choice. Utilise the YES Bank FD calculator to effectively plan and maximise your returns.
