YES Bank RD Interest Rates

Yes Bank, a prominent private sector bank in India, offers Recurring Deposit (RD) schemes. RD interest rates determine the return you earn on your savings invested in a Yes Bank RD account. They provide fixed interest rates, ensuring a predictable return on your investment. You can choose a deposit tenure that aligns with your financial goals, ranging from 6 months to 10 years.

RD interest rates offered by YES Bank typically range between 6.10% p.a. and 7.75% p.a., depending on the deposit tenure. Senior citizens may benefit from additional interest rate concessions. Yes Bank RD Interest Rates present a suitable investment option for individuals seeking stable returns, tax benefits, and the convenience of disciplined saving through regular installments.

Yes Bank RD Rates

Yes Bank RD (Recurring Deposit) offers a secure and rewarding way to grow your savings. This plan is designed for both the general public and senior citizens and provides attractive interest rates for your chosen investment tenure.

Yes Bank RD Interest Rates For General Public

Refer to the table below for a clear overview of the current Yes Bank RD interest rates for the General Public (May 2024).

Yes Bank RD Interest Rates For Senior Citizens

Refer to the table below for a clear overview of the current Yes Bank RD interest rates for the Senior Citizens (May 2024).

YES Bank RD Calculator

An RD Calculator, or Recurring Deposit Calculator, is an online tool that helps you estimate the maturity amount you'll receive on your YES Bank RD investment. It simplifies the calculations involved in determining your total return, which considers factors like:

• Monthly deposit amount: The regular sum you plan to contribute to your RD account.
• Interest rate: The rate offered by the bank on your RD deposit.
• Deposit tenure: The total period for which you'll invest in the RD scheme.
• Compounding frequency: How often the interest earned on your deposit is added to the principal amount (usually quarterly in RDs).

An RD Calculator ensures you have a clear picture of your potential returns at maturity and helps you compare RD plans from different banks and choose the one that best suits your needs.

Steps to Use An Online RD Calculator

Here are the steps to use an online RD calculator to calculate YES Bank's RD returns:

• Step 1: Find a reliable online RD calculator.
• Step 2: Enter the monthly deposit amount, tenure, and interest rate.
• Step 3: Select the calculation type (maturity value or monthly deposit) and click calculate.
• Step 4: Adjust inputs to explore different scenarios.
• Step 5: You can also use the calculator to compare RD schemes from different banks.

Features of Yes Bank RD Interest Rate

The RD schemes usually come with a range of features that make them an attractive investment option for those seeking stable returns and disciplined savings.

The following table outlines the key features of Yes Bank RD Interest Rates.

Comparison of RD Interest Rates From Top Banks

RDs offer guaranteed returns over a fixed tenure, making them suitable for both short and long-term financial goals. Here's a table featuring the latest RD interest rates offered by top banks across the country to help you make an informed decision.

Besides banks, you can also invest in Post Office RD and calculate the return with a post office RD calculator.

YES Bank RD Interest Calculation

Let's assume a monthly recurring deposit of ₹10,000 for a duration of 5 years with an annual interest rate of 7.25%.

Here's what we know:

• Monthly Deposit Amount: Let's assume ₹10,000
• Tenure: 5 years (60 months)
• Interest Rate: 7.25% p.a.

To Calculate the Maturity Value:

Maturity Value = 10,000 × [((1 + 7.25/100)^(60+1) - 1) / (7.25/100)]
= 10,000 × [1.07625^61 - 1) / 0.07625]
= ₹8,37,431

To Calculate the Total Interest Earned:

= 10,000 × 60

= ₹6,00,000

Total Interest Earned = ₹8,37,431 - ₹6,00,000 = ₹2,37,431

Therefore, if you invest ₹10,000 per month in a YES Bank RD for 5 years at a 7.25% interest rate, you will receive a maturity value of ₹8,37,431, and the total interest earned would be ₹2,37,431.

Note: Interest rates are subject to change, so it's essential to check the latest rates with YES Bank or use their online calculator for accurate calculations.

Types of YES Bank RD Schemes

Recurring Deposits (RDs) are a popular investment option for those looking to build a disciplined savings corpus over time. YES Bank offers a range of RD schemes for diverse investment needs and goals.

YES Bank offers two main types of Recurring Deposit (RD) schemes.

Regular Recurring Deposit

• Regular Recurring Deposit is the most common type of RD scheme offered by YES Bank.
• It allows you to deposit a fixed amount of money every month for a tenure ranging from 6 months to 10 years.
• The interest rate on a regular RD scheme is fixed for the entire tenure of the deposit.

Flexi Gain Recurring Deposit

• Flexi Gain Recurring Deposit scheme offers more flexibility than a regular RD scheme.
• You can deposit any amount of money at any time during the tenure of the deposit.
• However, there is a minimum amount that you need to deposit each month.
• The interest rate on a Flexi Gain RD scheme is determined by the interest rate prevailing on the date of deposit.

Tax Benefits on YES Bank RD Interest Rates

The interest earned on YES Bank RDs offers some potential tax benefits, but there are a few things to consider:

• Tax Deducted at Source (TDS): Generally, interest income from RDs is subject to TDS by the bank if it exceeds Rs. 10,000 in a financial year. This means the bank deducts a certain percentage of tax at source before crediting the interest to your account.
• Tax Exemption: There's no tax exemption specifically linked to YES Bank RDs or any RD for that matter. The tax treatment depends on your total taxable income and how you choose to report the interest income.

Here's a breakdown of how the tax might apply:

• Below Rs. 2,50,000 total income: If your total income in a financial year is less than Rs. 2,50,000 (the minimum taxable limit in India), you are exempt from paying income tax. In this case, no TDS will be deducted from your RD interest, and you won't have any tax liability.
• Above Rs. 2,50,000 total income: If your total income exceeds Rs. 2,50,000, the interest earned on your RD will be added to your income and taxed according to your income tax slab. The TDS deducted by the bank will be adjusted against your final tax liability. You might need to pay additional tax if the TDS deducted is less than your tax liability based on your income slab.

Note: You can claim a lower TDS deduction by submitting Form 15G (if you're a resident senior citizen) or Form 15H (if you're below 60 years old) to the bank, provided your total income is below the taxable limit.

Steps to Open YES Bank RD Account

YES Bank provides customers with the convenience of opening a Recurring Deposit (RD) account through both online and offline modes. With online and offline modes, customers have the flexibility to choose the method that suits their preferences and accessibility.

Here are the steps to open a YES Bank RD account (both online and offline).

Steps to Open YES Bank RD Account Online

• Step 1: Visit the YES Bank website and go to the "Recurring Deposit" section under "Deposits."
• Step 2: Click on the "Open RD Online" option.
• Step 3: Fill in the online application form with your details, such as name, address, contact information, and KYC (Know Your Customer) documents.
• Step 4: Choose the desired tenure (ranging from 6 months to 10 years) and the monthly installment amount (minimum Rs. 500)
• Step 5: Provide your existing YES Bank account details or open a new account if you don't have one.
• Step 6: Make the initial deposit online through net banking or other payment modes.
• Step 7: Review the details and submit the application.
• Step 8: You will receive the RD account details and a confirmation via email or SMS.

Steps to Open YES Bank RD Account Online

• Step 1: Visit your nearest YES Bank branch with the required documents, such as identity proof, address proof, and photographs.
• Step 2: Fill out the Recurring Deposit account opening form available at the branch.
• Step 3: Provide your details, and KYC documents, and specify the desired tenure and monthly installment amount.
• Step 4: Provide your details, and KYC documents, and specify the desired tenure and monthly installment amount.
• Step 5: The bank staff will verify the documents and process your application.
• Step 6: Once the account is opened, you will receive the RD account details and a confirmation from the bank.

Note: The interest rates, minimum deposit amounts, and other terms and conditions may vary, so it's advisable to check the latest information on the YES Bank website or with the bank representatives.

Eligibility Criteria to Open YES Bank RD Account

To open an RD account with YES Bank, you need to fulfill certain eligibility criteria set forth by the bank. They offer their Recurring Deposit (RD) accounts to a wide range of individuals and businesses.

Here is the list of requirements and documents necessary to open a YES Bank RD account.

• Indian citizens residing in India.
• Non-resident Indians living abroad.
• Minors, with permission from their guardian or parents.
• Businesses like sole proprietorships, partnerships, corporations, trusts, societies, and clubs.

Documents Required to Open YES Bank RD Account

To open a YES Bank RD account, you'll need to provide the following documents:

• Identity Proof: This can be your PAN Card, Passport, Voter's ID or Aadhaar Card.
• Address Proof: You can use a utility bill (like electricity or water bill), rental agreement or your passport as address proof.
• PAN Card: This is mandatory for KYC (Know Your Customer) compliance.

YES Bank RD Premature Withdrawal

Yes Bank allows premature withdrawal of your RD account, but there are some penalties involved.

• Penalty charge: There's a 1% penalty on the interest accrued for premature withdrawal.

You'll be charged a penalty on the earned interest depending on the withdrawal timeframe (0.75% for less than 181 days, 1% for more than 181 days).

Note: For the most accurate information, it's always best to refer to the official Yes Bank website or contact their customer service for the latest details on their RD penalty structure.

Steps to Close YES Bank RD Account

Steps to Close YES Bank RD Account

Close RD Account at YES Bank Branch

• Step 1: Visit your nearest YES Bank branch.
• Step 2: Take an account closure form, which might be available at the branch or you can request one from a customer service representative.
• Step 3: Fill out the form, including details about your RD account and your preferred mode of receiving the maturity amount (cash or transfer to another account).
• Step 4: Submit the completed form along with your RD account passbook (if applicable) and a valid ID proof.
• Step 5: The bank representative will calculate the maturity amount, including any applicable interest penalty for early closure.
• Step 6: Once everything is verified, you will receive the maturity amount.

Close RD Account with Online Banking (Existing Customers Only)

• Step 1: Log in to your YES Bank internet banking account.
• Step 2: Go to the section for managing your RD account.
• Step 3: Look for an option to close the RD account.
• Step 4: Follow the on-screen instructions, which may involve confirming the closure and entering your debit card details to receive the maturity amount.