Yes Bank, a notable financial institution, presents a comprehensive suite of financial products and services designed to meet varied customer needs. A particularly popular offering is the Yes Bank Recurring Deposit (RD).

This service aids individuals in bolstering their savings and ensuring a secure financial future. The tenure for a Yes Bank RD spans from a minimum of 6 months to a maximum of 10 years.

Interest rates for Yes Bank RD range between 5.00% and 7.00%. Additionally, those aged 60 and above benefit from an extra 0.50% interest, reflecting the bank's favorable terms for senior citizens.

Eligibility Criteria

To qualify for a YES Bank Recurring Deposit account, one must be a Resident Indian or part of a Hindu Undivided Family (HUF) with an active savings account at YES Bank. This criterion facilitates ease of access and utilization of the RD scheme for existing bank customers.

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

Types of RBL Recurring Deposit Schemes

The RD program enables clients to make deposits easily while offering attractive returns and capital protection. By linking a savings account to the RD, monthly payments become convenient.

Choose the installment amount and duration that fits your financial plan. This scheme is ideal for those with a fixed income, facilitating monthly contributions towards achieving financial goals.

RBL Bank RD Premature Withdrawal Facility

Yes Bank offers flexibility with premature withdrawal options. However, a penalty on the accrued interest may apply, ensuring compliance with banking regulations. Note that partial withdrawals are not allowed, upholding the investment's integrity.

Tax Exemptions on RBL RD

Taxation Rules on YES Bank RD

If interest earned in a fiscal year exceeds Rs. 10,000, a TDS of 10% is imposed. Without PAN details, the TDS rate increases to 20%. Additional interest income is taxed based on individual tax brackets, adhering to tax laws.

Ensure compliance with these regulations when managing your RD investment.

How to Open a Recurring Deposit Account in RBL?

To open a Yes Bank RD, one must hold a savings account with the bank. Log in using net banking credentials, select the appropriate scheme, submit required documents, and ensure the first payment is made on time.

How to Calculate the Maturity Amount on RBL Bank RD?

YES Bank RD interest is compounded quarterly, with the formula: 𝐴=𝑃×(1+𝑅𝑁)^𝑁𝑡

• 𝐴 = Maturity Amount
• 𝑃 = Recurring Deposit
• 𝑁 = Times interest is compounded
• 𝑅 = Rate of interest
• 𝑡 = Tenure

For instance, if Ms. Kusum invests Rs. 1,000 monthly in a YES Bank RD for 9 months at 7%, she would earn:

𝐴=9000×(1+⁷/₄)^4×9/₁₂

Resulting in a Maturity Amount of Rs. 9,264, with Rs. 264 as interest earned.