Yes Bank has increased the penalty for early withdrawal from fixed deposits for value less than Rs 5 crore. According to the Yes Bank website, the increased penalty rate came into effect on November 3, 2023.
Yes Bank hikes FD interest rates: These investors can now earn up to 8.25% fixed deposit interest rate
New penalty structure for fixed deposits
Yes Bank now charges 0.75% as penalty for FD less than equal to 181 days from earlier 0.50% and 1% from earlier 0.75% on 182 days and above. Nil premature penalty will be applicable for Senior Citizen FD booked/renewed on and after 16th May 22. Premature FD withdrawal penalty interest will be charged for partial as well as full withdrawal.
|Tenure of Fixed Deposit (Completed)||w.e.f. 5th July 2019||w.e.f. 16th May 2022||w.e.f. 08th August 2022||w.e.f. 03rd November 2023|
|Less than equal to 181 days||Nil||0.25%||0.50%||0.75%|
|182 days and above||0.50%||0.50%||0.75%||1.00%|
According to Yes Bank website, these are key points to note
- Premature penalties will be applicable for all types of customers. (e.g.: Individual, Non-Individual)
- For values less than Rs 5 Crs, the existing penalty structure shall continue at 0.25% for all tenure & value buckets.
- For reference purpose interest rate slabs considered are 3 months = 91 days; 6 months = 181 days; 9 months =272 days.
- Actual number of days will be calculated at the time of booking.
- For less than 1 year deposit, please mention tenure in days.
- Re-investment is available for a minimum tenure of 6 months 1 day (actual number of days in the month).
Yes Bank Fixed Deposits
Yes Bank has raised the interest rates on fixed deposits under Rs 2 crore by up to 25 basis points (bps) for certain durations. The bank now provides regular residents interest rates that range from 3.25% to 7.75% after the adjustment. Senior citizen FD interest rate varies between offers 3.75% to 8.25%. The highest interest rate of 8.25% is offered on tenure of 18 months to less than 24 months. The new rates are effective from November 21, 2023.