YES BANK is one of the major players in the Indian private banking sector. Since the time it was established in 2004, the bank has grown into a ‘Full Service Commercial Bank’, offering a wide range of products and services. The bank has received several national and international honours over the years for its various businesses, including Transaction Banking, Corporate Investment Banking and Treasury. Headquartered in Mumbai, YES BANK has a pan-India presence, across 29 states and 7 Union Territories in the country, including an IBU at GIFT City and an office in Abu Dhabi.
YES BANK is among the preferred banking institutions for individuals seeking to open NRE FD accounts. This is a form of term deposit where an NRI can make deposits (in foreign currency) from overseas and remit the same in an Indian Rupee denominated account. YES BANK's NRE Fixed Deposit is a suitable investment option for individuals seeking assured returns on their money. It is fully repatriable, safe and fetches good returns. This article covers the various aspects of opening an NRE FD account with YES BANK and the interest offered on the same.
(Note - All the information contained in this page has been sourced from the official website of YES BANK.)
The features and benefits of YES BANK’s NRE Fixed Deposit are as follows:
| Period | Rates for < Rs. 2 crores with effect from 24th June 2019 |
|---|---|
| 1 Years to <= 10 years* | 7.25% |
| *Special Rates | - |
| 12 Months 10 Days to 12 Months 20 Days | 7.85% |
| 18 Months 8 Days to 18 Months 18 Days | 7.55% |
| 2 years < 3 years | 7.75% |
Note: Interest rates are subject to change as per Bank’s discretion.
Important points to remember:
| Period | Interest Rate (per annum) |
|---|---|
| 12 Months | 7.25% |
| 15 Months | 7.25% |
| 18 Months | 7.25% |
| 21 Months | 7.25% |
| 24 Months | 7.75% |
| 27 Months | 7.75% |
| 30 Months | 7.75% |
| 33 Months | 7.75% |
| 3 years and above up to 10 Years | 7.25% |
Note: Interest rates are subject to change as per Bank’s discretion.
Important points to remember:
Source: YES BANK
Starting from July 5, 2019, Premature Withdrawal Penalty will be charged if an INR fixed deposit is prematurely withdrawn or closed after it has run for 182 days and more. Penalty Structure - Fixed Deposits with value below 5 crores
| Fixed Deposit Tenure | Penalty |
|---|---|
| Less than or equal to 181 days | Nil |
| 182 days and above | 0.50% |
The premature withdrawal penalty is applicable on all fresh and auto renewed fixed deposits started on or after 5th July for fixed deposit whose value is less than Rs. 5 crores. This penalty is not applicable in case of FCNR and RFC deposits.
| Period | Rates for < 2 crores with effect from 24th June 2019 |
|---|---|
| 7 to 45 days | 5.00% |
| 46 to 90 days | 6.25% |
| 91 days to 180 days | 6.25% |
| 181 days to 271 days | 6.85% |
| 272 days to < 1 Year | 7.15% |
| 1 Years to <= 10 years* | 7.25% |
| *Special Rates | - |
| 12 Months 10 Days to 12 Months 20 Days | 7.85% |
| 18 Months 8 Days to 18 Months 18 Days | 7.55% |
| 2 years < 3 years | 7.75% |
Note: Interest rates are subject to change as per Bank’s discretion.
Source: YES BANK
The eligibility criteria for opening an NRE FD account with YES BANK are as under:
An NRI is an Indian citizen who lives outside the country:
Source: YES BANK
Individuals meeting the above-mentioned eligibility criteria can open an NRE fixed deposit account with YES BANK. Some of the documents that need to be submitted with the bank include - status proof, overseas address proof, Indian address proof and identity proof. NRE and NRO fixed deposits for value less than Rs. 1 crore can be booked through YES BANK’s net banking portal. To open deposit accounts of value equal to or more than Rs. 1 crore, users have to visit the nearest branch office of the bank (this can be found on the website of the financial institution) and submit the relevant documents. For any assistance on opening an NRE Deposit account with YES BANK, users are advised to contact the bank’s customer care by dialling 1800 1200.
