YES Bank NRO Fixed Deposits

The Yes Bank NRO tenure ranges from min 7 Days to max 9 Year 11 Months 27 Days . The ROI ranges from 3.25% to 6.75 % for the general public. The lock-in period for this scheme is 5 Year

Yes Bank NRO Scheme for amount below ₹ 2.0 Cr

The rate of interest for deposited amount less than ₹ 2.0 Cr is as below

Tenure

Interest Rate for General Public (p.a.)

7 Days Upto 14 Days

3.25% p.a.

15 Days Upto 1 Months 15 Days

3.70% p.a.

1 Months 16 Days Upto 3 Months

4.10% p.a.

3 Months Upto 5 Months

4.75% p.a.

5 Months Upto 6 Months

5.50% p.a.

6 Months Upto 1 Year

5.75% p.a.

1 Year Upto 3 Year

6.25% p.a.

3 Year Upto 5 Year 1 Months 7 Days

6.25% p.a.

5 Year 1 Months 7 Days Upto 9 Year 11 Months 27 Days

6.75% p.a.

Upto 1 Year

5.75% p.a.

Key features of Yes Bank NRO Scheme

Summary of Yes Bank NRO Scheme features :

Mutual Fund Schemes

NRO

CRISIL Rating

AA+CRISIL Rating

Lock-in Days

5 Year

Loan Against FD

NA

Pre-mature Withdrawal

--

FD Nominee

--

Tenure

7 Days to 9 Year 11 Months 27 Days

General Public

3.25% to 6.75 %

Senior Citizen

--

Amount

--

*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.

YES Bank NRO Fixed Deposits

The YES Bank NRO Fixed deposits is an investment instrument designed for NRIs settled overseas. It provides them with a lucrative platform to park their income earned in India from avenues such as rent, dividends, pensions, and other such sources.

The YES Bank NRO Fixed deposits provide the provision to repatriate their funds post applicable tax payments. The NRO FD Account can be operated conveniently with the assistance of available banking channels. This provides hassle-free access to depositors settled in different corners of the world to let their savings grow and acquire a certain amount of interest.

Per the guidelines set by the Foreign Exchange Management Act (FEMA), it is illegal for NRIs to open and maintain a savings account. The authorities mandate that NRIs translate their present savings into NRE/NRO savings accounts if they want to park their savings here. If the investor fails to adhere to the guidelines and opens a savings account, the authorities are obligated to levy hefty penalties on the defaulter.

The only viable option for the NRIs to park their savings in India is to open an NRO/NRE savings account.

The NRO/NRE Fixed Deposits schemes can help Non-resident Indians in the following ways:

  • They can transfer the income earned outside to India at their discretion.
  • They can avail of the provision to park the income earned from the sources such as rent, dividends, and pensions in the home country itself.

YES Bank NRO Fixed Deposits Interest Rates

The NRO Fixed Deposits is a lucrative saving and investment instrument that allows NRIs to park their income earned in India. The depositors stand to earn the following interest rate on their NRO FD Account.

The table below illustrates the YES Bank NRO Fixed Deposit Interest Rates along with their tenure.

Period Interest Rate (Less than 2 Crores) Annualized Yield
7 to 14 Days 3.25% 3.25%
15 to 45 Days 3.70% 3.70%
46 to 90 Days 4.10% 4.10%
3 Months to Less than 6 Months 4.75% 4.75%
Six  Months to Less than 9 Months 5.50% 5.54%
Nine Months to Less Than One Year 5.75% 5.83%
One Year to Less Than 18 Months 6.25% 6.40%
18 Months to Less or Equal to 10 Year 6.75% 6.92%

*It is to be noted that the Interest rates are subject to change at the sole discretion of YES Bank.

*It is to be noted that the Annualised yield mentioned is compounded quarterly

Eligibility Criteria

The following Indians are eligible to open a YES Bank NRO Fixed Deposits account.

NRI’s – Non-Resident Indians

Any Indian citizen is eligible to open an NRO FD account if they reside outside India for the following reason:

  • If they’re pursuing education, employment, or business
  • Any individual deputed by the Government of India or posted in UN organizations
  • An individual working as mariners, or employed in oil rings and airlines registered overseas with Indian nationality.

 PIOs – Persons of Indian Origin

  • Held an Indian Passport
  • Either their parent/grandparents are citizens of India under the Indian Constitution.
  • Any spouse of Indian citizen/POI

Documents Required

The following documents shall be maintained by the eligible individuals keen to open a YES Bank NRO Fixed Deposits Account.

Mandatory Requirement

Copy of the Valid Passport of the Applicant. It should feature the pages that exhibit the following:

  • Name
  • Address
  • Date of Birth
  • Date and Place of Issue
  • The expiration date of the Passport
  • Photograph
  • Address
  • Signature
  • Observation Page (If any)

Proof to Validate NRI Status

  • Copy of Employment Visa
  • Copy of Residence Visa
  • Copy of Work or Residence Permit

Other Documents Required

  • Documents validating Indian or Overseas Address
  • PAN Card Copy. The applicant can also submit Form 60
  • Latest Passport Size colored photograph

KEY ATTRACTIONS

The YES Bank NRO Fixed Deposits attract NRIs to park their income generated in India for the following reasons:

  • The YES Bank NRO FD Account interest up to 6.75% per annum on the saving deposits.
  • The YES Bank also issues debit cards to the NRO FD account holders.
  • The eligible individual can establish a YES Bank NRO Fixed deposits account with a minimum deposit of Rs 10,000.
  • The depositor can avail of flexibility in terms of the tenure of the savings account.

Features & Benefits

The Yes Bank NRO Fixed Deposits provide the following features and benefits to the user:

  • The depositor in the NRO FD Account stands to earn lucrative returns on their deposits from the handsome interest rates.
  • The YES NRO FD Account can be established with a minimal deposit of Rs 10,000.
  • Hassle-free accessibility to book Yes Bank NRO fixed deposits with diverse channels available online.
  • The interest earned on the NRO FD Account deposits is eligible for tax deductions.

How to Apply for NRO Fixed Deposits

The eligible depositor can apply to establish the YES Bank NRO Fixed deposits in the following ways:
  • Interested applicants can avail of the online channel established by the bank to open an NRO FD Account.
  • The applicant can also visit the nearest branch office along with all the required documents and contact the concerned YES Bank executive.

Procedure to Download YES Bank NRO Fixed Deposits  Application Form

The applicant can download the YES Bank NRO Fixed deposits form by implementing the following steps: STEP 1: Log onto the official website of YES Bank STEP 2: Select the ‘Personal Banking Tab’ and click on ‘Deposits’ under the NRI section. STEP 3: Select the ‘NRO fixed deposits’ option among the diverse options provided on the new page. STEP 3: The user will be navigated to the ‘NRO Fixed Deposit Page’. STEP 4: Click on the ‘downloads’ Icon present at the bottom of the page. STEP 5: Select the appropriate form from the list exhibited. STEP 6: Download the form.

FAQs

What is YES Bank NRO FD?

The YES Bank NRO Fixed deposits is an investment and savings instrument designed to provide a platform for NRIs to park their income earned in India. The income earned can be from indirect sources such as rent, pensions, and dividends

Is it reasonable to invest in Yes Bank NRO FD?

The YES Bank NRO Fixed deposits provide lucrative interest rates and flexible tenure to the depositors.

What is the minimum tenure of YES Bank NRO FD?

The minimum tenure for the YES Bank NRO FD is 7 Days.

Are taxes levied on NRO FD?

The interest earned on the NRO FD is eligible for a 30% tax as the income is earned in India.

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