YES Recurring Deposit Interest Rates

Yes Bank Recurring Deposit

Yes Bank Recurring Deposit

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.

Advantages to opening an RD account:

  • An RD account can be opened with as little as Rs. 10 (This varies from bank to bank)
  • No need to invest a bulk amount all in one go. You can invest a small fixed amount every month.
  • Interest Rate earned is equal to that of an FD
  • Flexible tenures and deposit amounts to suit the budget of the individual
  • Recurring Deposit Interest rate is fixed.
  • Loan / overdraft facility available with some banks.
  • The rate of interest is higher as compared to an ordinary saving bank account

Disadvantages:

  • 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.

Yes Recurring Deposit

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.

Key Features of Yes RD Account

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.

An RD in Yes Bank allows you to:

  • Safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
  • Enables you to track and view your deposits on a regular basis.
  • Choose your tenure – It is for a pre-determined fixed tenure which can range from a few months to several years.

Some of the key features of Yes Bank RD account:

  • Interest rates similar to Fixed Deposit rates
  • Senior citizens enjoy extra 0.5 % more on interest
  • Minimum tenure of 6 months
  • Existing Yes Bank customers can book Recurring Deposits online through Yes Bank NetBanking.
  • You can invest comfortably in instalments.
  • You can track your deposits regularly.

Types of Recurring Deposits Offered by Yes Bank:

Regular Recurring Deposit:

  • Minimum Opening Balance for Yes RD account: Rs. 1000 and in multiples of INR 100 thereof. No cap on the maximum amount.
  • Preferential interest rate for senior citizens
  • TDS in Interest applicable
  • Deposit period: 12 months to 120 months
  • Nomination facility: Available
  • Premature Closure of RD Allowed
  • Minimum tenure: 6 months and in multiples of 3 month thereafter, to a maximum of 10 years.
  • Easy way of paying monthly installment: Paying your Recurring Deposit is easy. You can set up a simple one-time Standing Instruction for your savings account to be debited monthly for the specified installment amount.

Yes Recurring Deposit Interest Rates

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.

Yes bank recurring deposit interest rates 2015 – 2016

Tenure Interest Rate p.a. (%)
12 Months 7.15 %
15 Months 7.15 %
18 Months 7.15 %
21 Months 7.15 %
24 Months 7.15 %
27 Months 7.15 %
30 Months 7.00 %
33 Months 7.00 %
3 years - less than 5years 7.00 %
5 years - 10years 7.00 %

Yes Bank Senior Citizen RD Interest Rates

12 Months 7.65 %
15 Months 7.65 %
18 Months 7.65 %
21 Months 7.65 %
24 Months 7.65 %
27 Months 7.65 %
30 Months 7.50 %
33 Months 7.50 %
3 years - less than 5years 7.50 %
5 years - 10years 7.50 %

Yes Bank RD FAQs

Is it possible to book an RD online?

Yes, existing Yes Bank customers can book Recurring Deposits online through Yes Bank NetBanking.

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.

What is the minimum and maximum deposit period?

The minimum deposit tenure is 6 months and the maximum period is 120 months.

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.

What is the documentation required to open an RD account?

You will require the following documents:

  • Completely filled-in application form
  • Passport size photograph
  • Proof of residence, ID proof, PAN Card
  • Any other KYC documents as deemed fit by the bank

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.