YES Bank Domestic Term Deposits

Domestic Term Deposits Scheme - YES Bank

Headquartered in Mumbai, YES Bank is an Indian bank founded by Rana Kapoor and Ashok Kapoor in 2004. The bank renders various products for retail and corporate clients through retail banking and asset management services. On March 5, 2020, the RBI (Reserve Bank of India) took control of YES Bank to save it from collapsing, as the bank was under huge debt and had excessive bad loans. Currently, the bank operates under the supervision of the non-executive chairman Prashant Kumar and Sunil Mehta. Fortunately, the condition of the bank has improved much.

Among various other products and services offered, YES Bank Domestic Term Deposit Scheme is one of the most significant products offered. The product allows you to earn better interest amounts at lower risk factors.

What is a YES Bank Domestic Term Deposits?

YES Bank Domestic Term Deposits is a kind of term deposit that offers you assured returns and significant earnings. Moreover, the bank offers you the flexibility of maintaining your funds in accessible units, so you don’t have to break the entire deposit. Furthermore, your savings are completely secured.

YES Bank Domestic Term Deposit Scheme offers you a good interest rate on investment, rendering you a strong sense of security. The bank offers attractive interest rates ranging from 3.25% to 6.92% for regular citizens and 3.75% to 7.71% for senior citizens.

Domestic Term Deposits Interest Rates

The table below pertains to the Yes Bank Domestic Term Deposits interest rates for investments below ₹ 2 crores.

Period	Rates for < 2 Crore w.e.f 10th August 2022
	Regular		Senior Citizen***
	Interest Rates	Annualised Yield^	Interest Rates	Annualised Yield^
7 days to 14 days	3.25%	3.25%	3.75%	3.75%
15 days to 45 days	3.70%	3.70%	4.20%	4.20%
46 days to 90 days	4.10%	4.10%	4.60%	4.60%
3 months to < 6 months	4.75%	4.75%	5.25%	5.25%
6 months to < 9 months	5.50%	5.54%	6.00%	6.04%
9 months to < 1 year	5.75%	5.83%	6.25%	6.35%
1 Year to < 18 Months	6.25%	6.40%	6.75%	6.92%
18 Months to < 3 Years	6.75%	6.92%	7.25%	7.45%
3 Years to <= 10 years	6.75%	6.92%	7.50%	7.71%

Note: Interest rates are subject to change at the sole discretion of the Bank. ^Annualized yields published, compounded quarterly.

Eligibility Criteria

For opening a YES Bank Domestic Term Deposits Scheme account, you must meet the following criteria:

• The applicant can be any of the following:
  • Resident Individual
  • A member of the Hindu Undivided Family (HUF)
  • Family Trusts
  • Partnership Firms, Companies, or Sole Proprietorships
  • Societies, Clubs, and Associations
• The applicant must add a nominee.
• The individual must pay a minimum amount of ₹ 10,000 to open a term deposit account at YES Bank.

Documents Required

You must provide the following documents to open a Domestic Term Deposits account with YES Bank:

• Term Deposit Account opening form – Form 15 (g), Form 15 (h), or Sweep-in Form for SMART ACCESS
• Identity proof, including any of the following IDs issued by the government:
  • PAN Card
  • Aadhaar Card
  • Passport
  • Senior Citizen ID Card
  • Government-issued ID Card
• Address proof, including any of the following:
  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving License
  • NREGA Job Card
• In case of a member of Family Trusts, the applicants must produce a copy of the registration certificate, Trust Deed, and resolution of trustees permitting them to open and operate the account for the trust.
• Partnership Firms, Companies, or Sole Proprietorships must provide Partnership Deed and a Letter from the partners allowing the applicant to open and operate the account in the company’s name.
• Societies, Clubs, and Associations are required to furnish a copy of the by-laws of the Association or Club and a copy of the resolution authorising the account opening and operating.

You can also consider downloading and filling out the application form and other relevant documents/forms on the official website of YES Bank.

Features & Benefits

YES Bank term deposit is packed with various features that offer the following benefits to its users:

• All resident individuals and non-individuals can apply for YES Bank domestic term deposit scheme
• Protected from market volatility
• Autorenewal facility
• Overdraft facility
• Interest rates increase with the higher deposit amounts and longer tenures
• Flexible tenure ranging from 7 days to 10 years
• For deposits with tenures less than one year, interest will be calculated based on the number of days (3 months = 91 days, 6 months = 181 days and 9 months = 272 days)
• Special offer and higher interest rates for senior citizen depositors
• The highest interest rates for deposits made over ₹ 2 crores
• Provides better returns than savings accounts
• Minimum deposit amount for opening an account is ₹ 10,000
• Loan against term deposit is allowed
• With attractive interest rates, you can stay ahead of inflation and grow your money over time.

How to Apply for Domestic Term Deposits Scheme?

You can apply for YES Bank Domestic Term Deposits Scheme either online or offline based on your convenience. We have described the steps for both the procedures below:

Online Procedure

This is one of the easiest and most convenient ways to open a term deposit account. Follow the steps below:

Step 1: Visit the official website of YES bank and log in using the User ID and Password.

Step 2: Navigate to the land-hand side of the page and tap on the ‘Open New Fixed Deposit’ option.

Note: A Term Deposit is also known as the Fixed Deposit.

Step 3: Furnish all the required info such as the deposit amount, source amount, tenure, name of the branch, and nomination.

Step 4: If you require ‘Sweep-in’, select ‘Yes, or ‘No’ in case you don’t.

Step 5: Tap on the ‘Open FD’ option.

Step 6: You will receive an OTP (One Time Password) on your registered mobile number. Enter it, and your account will be opened successfully.

Offline Procedure

You have to simply visit the nearest branch of YES Bank and ask for the application form for a term deposit account opening. Fill it up and submit it with all the required documents to the bank. Once the application and the documents are verified, your account will be opened successfully. You will get a receipt for your deposit from the bank.

Download the Domestic Term Deposits Application Form

Step 1: Visit the official portal of YES Bank.

Step 2: Click on the ‘Personal Banking’ tab and the ‘Deposits’ option.

Step 3: Select the ‘Fixed Deposit’ option from several other options available on the page.

Step 4: You will be automatically redirected to a new page with the Fixed Deposit application form.

Step 5: Click on the ‘Downloads’ icon at the bottom of the page.

Step 6: Choose the right form from the list available.

Step 7: Download the chosen application form.