YES Bank Limited is an Indian private sector bank that has its headquarters in Mumbai, which was founded by Rana Kapoor and Ashok Kapur in 2004. YES Bank is one of India’s big private sector banks. It offers a wide range of banking and financial products for corporate and retail customers through retail banking and asset management services. The YES Bank changes its Fixed Deposit (FDs) rates for deposits of the duration from 7 days to 10 years. The interest rates on Fixed Deposit varies for senior people and ordinary people. The return on investment is compounded periodically which may be monthly, quarterly, or annually. The recent change in interest rates on FDs of YES Bank will come into effect from June 3rd, 2021.
As per the new rates, for the FDs of the duration from 7 days to 14 days, the interest rate will be 3.25% for regular (ordinary) people and 3.75% for Senior Citizens (Senior Citizens Rates are applicable only on Domestic Deposits, and for the FDs of the duration starting from 15 days up to 45 days, the interest rate it will carry is 3.5% for regular citizens and 4.00% for Senior Citizens. The list of new interest rates for Fixed Deposit (FD) of the YES Bank which will be effective from 3rd June 2021 are as follows:
RESIDENT FIXED DEPOSIT INTEREST RATES (Rates for < Rs.2 Crore)
| Time Period of FD | Regular | Senior Citizens |
| 7 – 14 days | 3.25 | 3.75 |
| 15 – 45 days | 3.50 | 4.00 |
| 46 – 90 days | 4.00 | 4.50 |
| 3 months to < 6 months | 4.50 | 5.00 |
| 6 months to < 9 months | 5.00 | 5.50 |
| 9 months to < 1 year | 5.25 | 5.75 |
The above interest rates will be subject to change at the sole discretion of the Bank and the Senior Citizens rates will be applicable only to Domestic Deposits. The above table showing interest rates for FDs is for the normal types of FDs and for the FDs exceeding 1 year but less than 3 years, 3 years to 5 years, and 5 years to less than 10 years or 10 years are called Special Rates which starts from a minimum of 6.00% and maximum till 7.45% for both regular citizens and Senior citizens. Senior citizens will be getting comparatively higher interest rates in each type of Fixed Deposit as compared to the regular citizens.
Other detailed information, terms, and conditions relating to the Fixed Deposit (FD) type and the interest rate they carry can be gained from the bank’s official website wherein the customers will be given a brief of the Deposit type, time period, interest rates and other necessary information. In the above table, 3 months refers to 91 days, 6 months will refer to 181 days and 9 months will refer to 272 days. The minimum tenure for FD is 7 days and the maximum is up to 10 years, which varies from bank to bank. And one of the most important points to be noted is that the minimum amount for opening an FD is Rs. 10,000/-.
However, amidst the pandemic, it is advised to invest in wealth creation instruments like the National Pension Scheme, Stocks, and Mutual Funds that give a higher rate of return as the inflation is hovering around 10%. However, these tools are subject to market risk and can swing anyway. If you are someone looking for a good rate of return with less to negligible risks, the saving instruments like Savings Bank, Fixed Deposits are the best.
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