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Save money while enjoying a higher interest rate with YES Bank Recurring Deposits. YES Bank Recurring Deposit Interest Rates differ for resident and NRI customers. YES Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a form of a term deposit which allows you to deposit a fixed amount on a periodic basis with your bank, and earn interest income on it. It is similar to an FD where you enjoy a higher amount of interest than a savings account for the chosen tenure on the principal amount. The main differentiator between and FD and an RD is that recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.
Recurring deposits are safe and secure investments that guarantees good returns. It is possible to break an RD prematurely—up on payment of a penalty or incurring loss of some interest—but it is still among the most liquid investments.
Investing in an RD account can be an ideal way to save money. Your financial goal could be creating an emergency nest, funds for higher education of your child, or simply to avail a luxury vacation at the end of the RD period with your savings. Whatever the case be, opening an RD could address part of your financial goal—both short-term and long-term.
About YES Bank Recurring Deposit Rate
The interest earned might be lower to other, more riskier forms of investment, say investing in mutual funds, etc. But the money is at least safe and secure from market fluctuations.
An RD in Yes Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed tenure. You can make fixed monthly installments to a Yes bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
Havin an RD is ideal for people with a regular, steady income who may not be able to spare enough money to open an FD. It offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment. It is a safe and secure form of investment.
Yes bank RD interest rate is similar to rates offered for FD accounts. You can get the best rates for an Yes Bank Recurring Deposit by investing in any of its RD scheme. Following is an overview of Yes bank RD interest rates including Yes Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in Yes Bank, it is advisable to check with the bank directly.
1. Is it possible to book an RD online?
Yes, existing Yes Bank customers can book Recurring Deposits online through Yes Bank NetBanking.
2. What is the minimum amount required to open an RD with Yes?
The minimum opening balance for a regular recurring deposit with Yes bank is Rs. 1000.
3. What is the minimum and maximum deposit period?
The minimum deposit tenure is 6 months and the maximum period is 120 months.
4. How do I apply for a regular recurring deposit?
You can open a Regular Recurring Deposit online. you can visit the Yes website and apply through their site. Simply fill in your details in the online form and submit it. A bank representative will get in touch with you to process your request further. Alternately, you can visit your nearest branch and submit the Deposit Account form.
5. What is the documentation required to open an RD account?
You will require the following documents:
6. I missed an installment. Can I pay the skipped installments later?
Yes, it is possible to pay the skipped installments. You would be required to visit your bank branch and pay the money with an application on plain paper indicating that earlier installment was missed and wants to book that particular installment. Penalty of 1% will applied on the pre-contracted interest rate for that particular installment.
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