Yes Bank FD Rates for Senior Citizens

The Fixed deposits offer the safest place for retired and pensioners who desire to multiply their life savings. The fixed deposit rates vary from bank to bank, depending upon various factors of investment. FDs are suitable for those who are looking to gain a decent return from the given interest rate.

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Banks offer special concessions to elderly citizens and provide better interest rates for Fixed Deposits. Yes Bank also offers reasonable interest rates for short-term investors and depositors looking to take advantage of the favorable economic conditions that govern the financial institutions. The table below illustrates the Yes Bank FD Rates for senior citizens:

Interest rate 3.25% - 6.50%
The additional interest rate for senior citizens 0.50%
Duration of the FD Seven days to 10 years
Investment amount (Minimum) The minimum amount that can be invested is INR 10,000.
Investment amount (Maximum) The maximum amount has no limit.

Yes Bank FD Rates For Senior Citizens

Fixed Deposit Interest Rates Regular Vs. Senior Citizens
Period Deposits <2 Crore as of 5th August 2021
Regular Senior Citizen
Interest Rates Annualized Yield Interest Rates Annualized Yield
7 to 14 days 3.25% 3.25% 3.75% 3.75%
15 to 45 days 3.50% 3.50% 4.00% 4.00%
46 to 90 days 4.00% 4.00% 4.50% 4.50%
3 months to < 6 months 4.50% 4.50% 5.00% 5.00%
6 months to < 9 months 5.00% 5.03% 5.50% 5.54%
9 months to < 1 Year 5.25% 5.32% 5.75% 5.83%
1 year < 18 Months 5.75% 5.88% 6.25% 6.40%
18 Months to < 3 years 6.00% 6.14% 6.50% 6.66%
3 Years to < 5 years 6.25% 6.40% 6.75% 7.19%
5 Years to <= 10 years 6.50% 6.66% 7.25% 7.45%

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*Interest rates are provided by the bank and are subject to change at the sole discretion of the Bank.

The above table shows the difference between the interest rates offered for regular depositors and senior citizens. You can find that the Yes Bank interest rates for senior citizens are considerably higher for both short-term and long-term duration. In addition, Yes bank offers annualized returns of over 7.50% if you have invested in a fixed deposit for more than five years.

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Features of the Yes Bank FD scheme

Some of the salient features offered by the Yes Bank FD scheme are as follows.

  • Yes bank offers a slightly higher interest rate which is 0.5% higher than the regular fixed deposit. The higher interest rates provide a safety blanket for elderly citizens looking to compound their savings steadily and risk-free. 

  • The elderly depositors are also given options to earn income and withdraw their accrued interest monthly, quarterly, half-yearly, and yearly.

  • The bank also offers loans based on the deposit made by the investors. The depositor can utilize the loan amount to fulfill any personal requirement, such as purposes related to their children's milestones.

  • Yes bank provides an auto-renewal facility for depositors above 60 years of age if they forget to provide standing instructions concerning their fixed deposit.

  • Availability of joint account is also provided only if the first holder is a senior citizen.

Benefits of the Yes Bank FD scheme

Yes bank offers a range of benefits to its depositors, especially if they come under the category of a senior citizen. Some of the widely appreciated benefits provided for the Yes bank's customers are as follows:

  • Yes bank offers excellent tax benefits for its customers, especially for fixed depositors who have invested for a longer tenure. 

  • The senior citizens can opt for a nomination facility to ensure that their hard-earned savings reach their loved ones after their demise.

  • The elderly customers are given flexible tenure ranging from 7 days to 10 years to park their savings in a risk-free environment.

  • A senior citizen can also avail of a joint account opening to facilitate his/her spouse's involvement in the fixed deposit scheme.

  • The customers can also enjoy the benefits of online facilities such as online deposit, withdrawal, and transfer to other accounts.

  • Yes Bank's FD scheme for senior citizens is also known for its liquidity, enabling the depositor to get their hands on their invested cash whenever they want.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Eligibility

The individual must meet the following criteria to be eligible for Yes Bank's FD senior citizens scheme:

  • The depositor must be above 60 years of age.

  • The individual must be a citizen of India.

  • If the individual is an NRI, they are also eligible for the scheme, provided the applicant is above the age limit.

  • Family trusts

  • Sole-proprietors and partners

Documents required to open Senior citizen FD account

The individuals planning to open a senior citizen FD account in Yes Bank must have the following documents:

  • The applicant must have valid ID proof such as Aadhar Card or passport that serves as the identity and age proof for the bank.

  • The customer must also have a PAN card.

  • If the FD is for corporations, they must furnish a business certificate and other related documents that provide details about the company they are involved in.

  • The applicant must also submit utility bills such as electricity bills, gas bills, etc., that serve as the address proof for the bank.

  • PAN Card

  • KYC documents

FAQ's

  • Q1. What are the tax criteria for senior citizens?

    Ans. The senior citizen is eligible for tax exemption only after the 5-year lock-in period.
  • Q2. What is the minimum age required to qualify for Senior Citizen FD?

    Ans. The applicant must be 60 years and above to avail senior citizen FD scheme.
  • Q3. What is the minimum tenure for Yes Bank FD?

    Ans. You can invest in the FD scheme for a minimum of 7 days.
  • Q4. What is the highest interest rate offered by Yes Bank?

    Ans. Yes bank offers over a 6.50% rate of interest for senior citizens FD scheme for five years or more.
  • Q5. Can I utilize an overdraft facility with Yes Bank FD?

    Ans. Yes, you are eligible for an overdraft facility with Yes Bank FD.
Written By: PolicyBazaar - Updated: 14 January 2022
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