Yes Bank Recurring Deposit (RD) Interest Rates - 2024
Introduction:
Yes Bank, a prominent financial institution, offers a wide range of financial products and services tailored to diverse customer needs. Among its offerings, the Yes Bank recurring deposit stands out as a highly sought-after financial service.
This scheme aims to facilitate individuals in saving more and securing their financial future. The minimum tenure for a Yes Bank RD is 6 months, extending up to 10 years.
Yes Bank RD interest rates vary from 5.00% to 7.00%. Additionally, senior citizens enjoy a higher rate of interest, with the bank providing an additional 0.50% over the regular rate for individuals aged 60 and above.
Yes Bank, a prominent financial institution, offers a wide range of financial products and services tailored to diverse customer needs. Among its offerings, the Yes Bank recurring deposit stands out as a highly sought-after financial service.
This scheme aims to facilitate individuals in saving more and securing their financial future. The minimum tenure for a Yes Bank RD is 6 months, extending up to 10 years.
Yes Bank RD interest rates vary from 5.00% to 7.00%. Additionally, senior citizens enjoy a higher rate of interest, with the bank providing an additional 0.50% over the regular rate for individuals aged 60 and above.
Features of Yes Bank Recurring Deposit
Characteristics of YES Bank RD Rates
The highest interest rate provided by the bank is 7.00%.
YES Bank RD rates for 2024 are compounded annually.
The minimum deposit required in YES Bank is Rs. 1000.
Senior citizens can enjoy RD interest rates of up to 7.00%.
There is no limit on the maximum deposit amount.
The tenure of YES Bank RD ranges from 6 months to 120 months.
TDS deductions adhere to the prevailing tax regulations at the time of account opening.
Characteristics of YES Bank RD Rates
The highest interest rate provided by the bank is 7.00%.
YES Bank RD rates for 2024 are compounded annually.
The minimum deposit required in YES Bank is Rs. 1000.
Senior citizens can enjoy RD interest rates of up to 7.00%.
There is no limit on the maximum deposit amount.
The tenure of YES Bank RD ranges from 6 months to 120 months.
TDS deductions adhere to the prevailing tax regulations at the time of account opening.
Recurring Deposit Interest Rates - 2024
Banks
Interest
Rates (PA)
Interest
Rates (PA)
Interest Rate
for Seniors (PA)
Interest Rate
for Seniors (PA)
Bandhan Bank RD Interest Rate
Bandhan Bank RD
Interest Rate
3.0% - 7.25%
3.5% - 7.75%
₹15,000
Kotak Mahindra Bank RD Interest Rate
Kotak Mahindra
Bank RD Interest Rate
Kotak Mahindra Bank RD
Interest Rate
4.0% - 7.25%
4.0% - 7.25%
4.0% - 7.75%
IDFC First Bank Rd Interest Rate
Central Bank
of India
3.5% - 7.0%
3.5% - 7.0%
4.0% - 7.5%
YES Bank RD Interest Rate
YES Bank RD
Interest Rate
7.45% - 7.75%
7.95% - 8.25%
RBL Bank RD Interest Rate
RBL Bank RD
Interest Rate
3.0% - 7.25%
3.0% - 7.25%
3.5% - 7.75%
Eligibility Criteria
Resident Indian individuals and Hindu Undivided Families (HUFs) who maintain an active savings account with YES Bank are considered eligible to establish a YES Bank Recurring Deposit account.
This eligibility criterion ensures that individuals and HUFs with an existing banking relationship with YES Bank can conveniently access and utilize the benefits of the Recurring Deposit scheme offered by the bank.
Resident Indian individuals and Hindu Undivided Families (HUFs) who maintain an active savings account with YES Bank are considered eligible to establish a YES Bank Recurring Deposit account.
This eligibility criterion ensures that individuals and HUFs with an existing banking relationship with YES Bank can conveniently access and utilize the benefits of the Recurring Deposit scheme offered by the bank.
Resident Indian individuals and Hindu Undivided Families (HUFs) who maintain an active savings account with YES Bank are considered eligible to establish a YES Bank Recurring Deposit account.
This eligibility criterion ensures that individuals and HUFs with an existing banking relationship with YES Bank can conveniently access and utilize the benefits of the Recurring Deposit scheme offered by the bank.
Documents Required
Completed application form
Copies of PAN Card or Form 60/61
Two passport-size photographs
Any form of identity proof
Any form of address proof
Additional supporting documents
Completed application form
Copies of PAN Card or Form 60/61
Two passport-size photographs
Any form of identity proof
Any form of address proof
Additional supporting documents
Completed application form
Copies of PAN Card or Form 60/61
Two passport-size photographs
Any form of identity proof
Any form of address proof
Additional supporting documents
Types of RBL Recurring Deposit Schemes
This program enables customers to effortlessly deposit funds with appealing returns and capital protection. By linking your savings account with the RD account, you can conveniently make monthly payments.
Select the installment amount and duration that best suit your needs. This scheme is particularly suitable for individuals with fixed incomes, as it allows them to contribute small amounts each month and move closer to realizing their aspirations.
This program enables customers to effortlessly deposit funds with appealing returns and capital protection. By linking your savings account with the RD account, you can conveniently make monthly payments.
Select the installment amount and duration that best suit your needs. This scheme is particularly suitable for individuals with fixed incomes, as it allows them to contribute small amounts each month and move closer to realizing their aspirations.
RBL Bank RD Premature Withdrawal Facility
Yes Bank allows for premature withdrawal of RD funds, providing customers with flexibility in their investment.
However, in the event of premature withdrawal, a modest penalty may be levied by the bank on the accrued interest, ensuring adherence to banking regulations and policies.
It's worth noting that partial withdrawal of funds from the RD account is not permitted, reinforcing the commitment to maintaining the integrity and structure of the investment.
Yes Bank allows for premature withdrawal of RD funds, providing customers with flexibility in their investment.
However, in the event of premature withdrawal, a modest penalty may be levied by the bank on the accrued interest, ensuring adherence to banking regulations and policies.
It's worth noting that partial withdrawal of funds from the RD account is not permitted, reinforcing the commitment to maintaining the integrity and structure of the investment.
Tax Exemptions on RBL RD
Below is an outline of the taxation rules pertaining to the Recurring Deposit with YES Bank:
When the interest earned in a fiscal year surpasses Rs. 10,000, TDS at a rate of 10% is applicable. If the depositor's PAN details are not updated, the TDS rate rises to 20%, aligning with regulatory requirements.
Any additional interest income would be subject to taxation based on the individual's applicable income tax bracket, ensuring compliance with tax laws and regulations.
Below is an outline of the taxation rules pertaining to the Recurring Deposit with YES Bank:
When the interest earned in a fiscal year surpasses Rs. 10,000, TDS at a rate of 10% is applicable. If the depositor's PAN details are not updated, the TDS rate rises to 20%, aligning with regulatory requirements.
Any additional interest income would be subject to taxation based on the individual's applicable income tax bracket, ensuring compliance with tax laws and regulations.
How to Open a Recurring Deposit Account in RBL?
To initiate a recurring deposit account at Yes Bank, individuals must hold a YES Bank Savings Account.
To proceed with opening the account, one should log in using their net banking credentials, review the suitable scheme, furnish the necessary documents, and ensure the initial payment is made by the specified deadline.
To initiate a recurring deposit account at Yes Bank, individuals must hold a YES Bank Savings Account.
To proceed with opening the account, one should log in using their net banking credentials, review the suitable scheme, furnish the necessary documents, and ensure the initial payment is made by the specified deadline.
How to Calculate the Maturity Amount on RBL Bank RD?
The YES Bank Recurring Deposit interest is computed quarterly. The formula used for compounding interest to calculate the maturity amount is as follows:
𝐴=𝑃×(1+𝑅𝑁)𝑁𝑡A=P×(1+NR)Nt
Here,
𝐴A represents the Maturity Amount
𝑃P represents the Recurring deposit
𝑁N represents the Number of times the interest is compounded
𝑅R represents the Rate of interest
𝑡t represents the Tenure
For example,
Suppose Ms. Kusum invests Rs. 1,000 per month into her Regular YES Bank RD account for 9 months. The total accrued interest at a rate of 7% is as follows:
𝐴=𝑃×(1+𝑅𝑁)𝑁𝑡A=P×(1+NR)Nt =9000×(1+74)4×912=9000×(1+47)124×9 =𝑅𝑠.9,264=Rs.9,264
The interest generated would amount to Rs. 264.
The YES Bank Recurring Deposit interest is computed quarterly. The formula used for compounding interest to calculate the maturity amount is as follows:
𝐴=𝑃×(1+𝑅𝑁)𝑁𝑡A=P×(1+NR)Nt
Here,
𝐴A represents the Maturity Amount
𝑃P represents the Recurring deposit
𝑁N represents the Number of times the interest is compounded
𝑅R represents the Rate of interest
𝑡t represents the Tenure
For example,
Suppose Ms. Kusum invests Rs. 1,000 per month into her Regular YES Bank RD account for 9 months. The total accrued interest at a rate of 7% is as follows:
𝐴=𝑃×(1+𝑅𝑁)𝑁𝑡A=P×(1+NR)Nt =9000×(1+74)4×912=9000×(1+47)124×9 =𝑅𝑠.9,264=Rs.9,264
The interest generated would amount to Rs. 264.
1.) How can I close my RD account?
You can close your RD account either by visiting your bank branch, using net banking, or through the bank's mobile application.
2.) Where will the closure proceeds be deposited?
The closure proceeds will be credited to the same savings bank account from which the recurring deposit payments were deducted.
3.) Is it necessary to visit the bank branch to close the RD account?
No, you can also close your RD account using net banking or the bank's mobile application.
4.) Can I close my RD account online?
Yes, you can close your RD account online through net banking or the bank's mobile application.
5.) Will I receive the closure proceeds immediately?
The closure proceeds will be deposited into your savings account, usually within a few business days after the closure request is processed.
Author
Harish Malhi
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