Urban Money

YES Bank RD (Recurring Deposit) Calculator

The recurring deposits offered by YES Bank are one of the investment products that allow you to deposit a fixed amount of money into the account regularly. In addition to earning interest, the investment is compounded quarterly and can be cashed out at the end of the maturity period. With an investment period ranging from six months to 10 years, you can invest a minimum amount of INR 1,000. Furthermore, the interest rate on the account is currently 7.55% p.a.

YES Bank RD Calculator

The YES Bank recurring deposit calculator is a handy AI tool that can help you determine how much money you can save by investing in a recurring deposit account with Yes Bank. By investing in an RD account, you can ensure that you have a lump sum of money saved up that you can use for any purpose, whether for retirement, a rainy day fund, or anything else.

How to Use the Urban Money RD Calculator?

You can determine the compound interest and maturity value of your recurring deposits by visiting the official website of Urban Money and following the steps outlined below. Customers can use the calculator to compare different investment options and choose the one that best suits their needs. 

Step 1: Refer to the above mentioned calculator to compute the RD interest rates and maturity amount as per your financial goals.

Step 2: To use the calculator, you simply need to enter the monthly RD deposit amount, tenure and an expected interest rate.

Step 3: Once you have entered the amount, the calculator will ascertain and display a graphical representation of estimated returns and maturity value.

Alternatively, you can use the mathematical formula to ascertain the RD amount:

A = P(1+r/n) ^ nt

Here,

  • A is referred to as the RD amount received on the date of maturity,
  • P is referred to as the amount invested in the RD account,
  • R is referred to as the rate of interest,
  • T is referred to as the tenure of the RD account
  • N is referred to as the number of times the RD has been compounded

For example, let’s assume that an investor invests INR 5,000 per month in Yes Bank RD account for one year at the rate of 6.50% p.a.

A = 5000 (1+6.50/4)^4*12

Therefore, estimated returns add up to INR 62,144.

Benefits of Using the YES Bank RD Calculator

A YES Bank RD calculator is a great tool for investing in a fixed deposit account. The benefits of an RD calculator are outlined below:

  • YES Bank RD calculator allows you to calculate the interest you will earn on your investment and the maturity amount. 
  • YES Bank RD calculator is user-friendly and easy to use. Simply enter the amount of money you want to invest, the interest rate, and the period you want to invest for. The calculator will then do the rest of the work for you.
  • YES Bank RD calculator can also help you keep track of your investment and see how it is performing over time.

How is Interest and Maturity Amount Calculated on YES Bank RD?

Interest on a YES Bank recurring deposit is calculated based on the principal amount deposited, the duration of the deposit, and the interest rate. The interest rate is typically a set percentage of the deposit amount and is paid out at regular intervals, such as monthly or annually. The longer the deposit is held, the more interest will accrue. YES Bank compounds interest quarterly and is typically paid out at the end of the maturity period. 

How to Open a Recurring Deposit Account with YES Bank?

YES Bank offers the facility of a recurring deposit account, which is a great way to save money regularly. The process of opening such an account is very simple. All you need to do is visit the YES Bank branch and fill in the RD application form. Once you have done that, you will need to choose a tenure for your account, after which you will have to make an initial deposit. After that, you can start making regular deposits into your account, and the interest will be accrued accordingly.

Alternatively, the existing YES Bank customers can open their RD account by logging in to their internet banking account or downloading the YES Bank application from their preferred app store.

YES Bank Recurring Deposit Interest Rates 2022

YES Bank offers one of the highest interest rates on recurring deposits in India. The bank offers an interest rate of up to  7.25% per annum.

Additionally, the bank offers a special rate to senior citizens, i.e. 0.50% more than the normal rates. The table below pertains to the current interest rates offered by YES Bank to its customers:

Period Interest Rate For Senior Citizens
6 months 5.50% p.a. 6.00% p.a.
nine months 5.75% p.a. 6.25% p.a.
12 months 6.50% p.a. 7.00% p.a.
15 months 6.50% p.a. 7.00% p.a.
18 months 6.75% p.a. 7.25% p.a.
21 months 7.25% p.a. 7.75% p.a.
24 months - 36 months 6.75% p.a. 7.25% p.a.
36 months - 120 months 6.75% p.a. 7.25% p.a.

Frequently Asked Questions (FAQs)

Does YES bank have an RD account?

YES Bank offers recurring deposit accounts to its customers at competitive interest rates.

What is the highest RD rate for YES Bank?

The highest RD rate offered by YES Bank is 7,25% p.a. for a tenure of 21 months.

What minimum amount is required to open an RD account with YES Bank?

The minimum amount required to open an RD account with Yes Bank is INR 1,000.

Is there a Premature withdrawal facility for recurring deposits available with YES Bank?

Yes, premature withdrawal of an RD account is allowed by Yes bank, but the bank will charge a nominal fee.

Do senior citizens receive any benefits from YES bank RD?

YES Bank offers special rates to senior citizens by offering them 0.50% extra on the normal rates.

What if I delay paying my monthly instalment of the YES bank RD?

If you delay or forget to pay your monthly instalment of the Yes bank RD, the bank might charge a penalty. Sometimes, the bank may deactivate your RD account until you pay your dues.

Is the interest earned on YES bank RD taxable?

Recurring deposits don’t have any tax exemptions; hence your RD is taxable.

Can I open an RD account online at YES bank?

Existing customers can open an RD account online in Yes bank by logging into their net banking account.

Is YES Bank safe for RD?

YES bank is safe for RD because it is one of the largest banks in India with a strong balance sheet and a large customer base.