YES Bank has brought a lucrative recurring deposit scheme for its customers, so that they can save for the rainy day in future. Under the RD scheme, the customer has the option to deposit a fixed amount of money on a monthly basis and get an interest on this deposit just like that on fixed deposits.

YES Bank presents two schemes in recurring deposits and the depositors have the choice to pick one which suits their needs. These schemes offer attractive rate of interest, along with benefits such as small monthly investment, short minimum tenure, TDS free interest and monthly installments without an upper cap.

Any customer who has a Savings Account with YES Bank can open a recurring deposit account with the bank, either by visiting the nearest branch or logging on to Net Banking account.

YES Bank Recurring Deposit Schemes

Two schemes are made available for depositors looking to take up Recurring Deposits with YES Bank:

Regular Recurring Deposit requires the depositor to start depositing a fixed minimum amount as a monthly installment with the bank and this is to be done for a specified period of time.

At the end of the specified period, he is entitled to receive a lump sum amount in lieu of the monthly deposits along with an interest rate. Small investors with regular income find this scheme suitable for them.

Yes bank rd Features:

  1. Minimum monthly installment of Rs 1000, followed by multiples of 100.
  2. Tenure starting at 6 months, followed by multiples of 3 and maximum of 10 years.
  3. No upper cap is there on the amount of monthly installment.
  4. An interest rate similar to that on FD’s.
  5. The interest is TDS free in accordance to the current IT rules.
  6. The monthly installments can be paid from the YES Bank savings account with a one-time standing instruction by the depositor.

Yes Ban Recurring Deposit Interest Rates 2017 ( Domestic Deposit less than one Crore):

Period Interest rate

(% p.a.)

Senior citizens

(% p.a.)

 6 Months 6.75% 6.25%
 9 Months 6.75% 6.25%
 12 Months 7.10% 7.60%
 15 Months 7.10% 7.60%
 18 Months 7.10% 7.60%
 21 Months 7.10% 7.60%
 24 Months 7.10% 7.60%
 2 Years to 10 Years 7.10% 7.60%

Table Updated: 6 February, 2017

For Full Details, refer Yes bank fixed deposit. RD rates are similar to fixed deposit rates.

NRE Recurring Deposit can be taken up with a much smaller monthly deposit amount and it provides an interest rate at par with NRE fixed deposits.

Features:

  1. Minimum monthly installment of Rs 1000, followed by multiples of 100.
  2. Tenure starting at 12 months, followed by multiples of 3 and maximum of 10 years.
  3. Interest rate similar to that on FDs.
  4. In case the depositor opts to withdraw the deposit prematurely, before the expiry of 12 months, he will not be paid interest on it.
  5. The interest rate on NRE RD may change with time.
  6. The interest is TDS free in accordance to the current IT rules.

Interest on YES Bank Recurring Deposits

YES Bank offers a competitive rate of interest on its recurring deposit schemes, and it varies between 6.75% and 7.10%, based on the period of the RD.

Senior citizens receive an additional 0.50% on these rates. The bank also offers Goal Based Savings, which enables the depositor to put in a calculated amount as the monthly installment which will enable them to fulfill their financial goals for the future.

They can do so taking into account the prevailing rate of interest as well as the inflation rate.

Be the first to comment

Leave a Reply

Your email address will not be published.


*