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Yes Bank NRE FD Rates

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.)

Features and Benefits of Yes Bank NRE FD

The features and benefits of YES BANK’s NRE Fixed Deposit are as follows:

  • Accountholders can earn up to 7.85% p.a. in interest
  • NRE fixed deposit account can be opened with as little as Rs. 10,000
  • Deposit tenure begins from 1 year
  • Automatic renewal of deposits
  • Nomination facility is available
  • NRE fixed deposits will not be taxed in India

YES BANK NRE Fixed Deposit Rates

NRE Fixed Deposit

PeriodRates 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 Days7.85%
18 Months 8 Days to 18 Months 18 Days7.55%
2 years < 3 years7.75%

Note: Interest rates are subject to change as per Bank’s discretion.

Important points to remember:

  • Interest shall not be paid if FCNR, NRE FD and RFC FD is withdrawn prior to the completion of 12 months.
  • The additional interest rate payable on fixed deposits to senior citizens will not apply to NRE and NRO fixed deposits.
  • Rates for monthly interest pay-out shall be discounted on the basis of the prevailing rates.
  • Sweep-in facility is not provided on NRE Fixed Deposit with quarterly and monthly interest pay-out mode.

NRE Recurring Deposit

PeriodInterest Rate (per annum)
12 Months7.25%
15 Months7.25%
18 Months7.25%
21 Months7.25%
24 Months7.75%
27 Months7.75%
30 Months7.75%
33 Months7.75%
3 years and above up to 10 Years7.25%

Note: Interest rates are subject to change as per Bank’s discretion.

Important points to remember:

  • Interest will not be paid if NRE RD is withdrawn prior to the completion of 12 months.
  • The minimum monthly installment is Rs. 1000 and in multiples of Rs. 100 thereof.
  • The minimum period of investment is 12 months (and in multiples of 3 months thereafter) up to a maximum period of 10 years.

Source: YES BANK

Premature Penalty on Fixed Deposits

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 TenurePenalty
Less than or equal to 181 daysNil
182 days and above0.50%

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.

What are the Rates Offered by the Bank on NRO and FCNR Fixed Deposits?

NRO Fixed Deposit

PeriodRates for < 2 crores with effect from 24th June 2019
7 to 45 days5.00%
46 to 90 days6.25%
91 days to 180 days6.25%
181 days to 271 days6.85%
272 days to < 1 Year7.15%
1 Years to <= 10 years*7.25%
*Special Rates-
12 Months 10 Days to 12 Months 20 Days7.85%
18 Months 8 Days to 18 Months 18 Days7.55%
2 years < 3 years7.75%

Note: Interest rates are subject to change as per Bank’s discretion.

Source: YES BANK

Eligibility Criteria for YES BANK NRE FD Account

The eligibility criteria for opening an NRE FD account with YES BANK are as under:

  • NRIs and PIOs (as per FEMA definition)
  • Indian government employees with Diplomat passports, or
  • Students pursuing studies in foreign countries
  • Seafarers of Indian nationality/origin

NRIs – Non-Resident Indians

An NRI is an Indian citizen who lives outside the country:

  • For employment or business; or
  • Individuals residing outside India for an uncertain period; or
  • Official deputed by government / public sector abroad

PIOs – Persons of Indian Origin

  • Holder of an Indian passport
  • A spouse of a PIO / Indian citizen
  • Either of his or her parents or grandparents is an Indian citizen

Source: YES BANK

How to Open Yes Bank NRE FD Account

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.