YES Bank is one of the largest private-sector banks in India with very lucrative NRI Fixed Deposit Schemes. NRI and OCI customers can avail various NRI banking products, such as Yes Bank NRE savings account and fixed deposits including NRE, NRO, FCNR and RFC fixed deposits. Recently Yes Bank NRE FD rates have been raised significantly up to 7.75%.
In this Article:
- YES Bank NRE FD Interest Rates
- YES Bank NRO FD Interest Rates
- YES Bank FCNR Deposit Interest Rates
- YES Bank RFC Deposit Interest Rates (for Returning NRIs)
- YES Bank NRI Fixed Deposits: Features and Benefits
- YES Bank NRE FD Calculator
YES Bank NRE FD Interest Rates
Listed below are Yes Bank NRE FD rates effective from 3rd July 2023 for deposits less than Rs. 2 crore.
|Tenure||Below Rs. 2 crores||Annualised Yield|
|1 year to < 18 months||7.50%*||7.71%|
|18 months to 36 months||7.75%*||7.98%|
|36 months to 5 years||7.25%||7.45%|
|5 years to <= 10 years||7.00%||7.19%|
YES Bank NRO FD Interest Rates
|Tenure||Below Rs. 2 crores|
|181 days to 271 days||6.10%*|
|272 days to <1 year||6.35%*|
|1 year to 18 months||7.50%|
|18 months to 36 months||7.75%|
|36 months to <60 months||7.25%|
|60 months to <= 120 months||7.00%|
YES Bank FCNR Deposit Interest Rates
Yes Bank offers one of the highest FCNR rates on deposits made in US dollar. Listed below are Yes Bank FCNR rates effective from 3 August 2023:
(< 1 Mn)
|1 to 2 years||5.70%||5.65%||3.65%||0.85%||4.60%||4.30%||3.00%||4.05%|
|2 to 3 years||5.35%||5.00%||3.65%||1.20%||4.60%||4.00%||3.00%||3.75%|
|3 to 4 years||5.00%||4.25%||2.55%||1.35%||4.30%||4.10%||1.35%||3.60%|
|4 to 5 years||4.50%||4.00%||2.00%||0.05%||4.10%||4.10%||1.35%||1.40%|
YES Bank RFC Deposit Interest Rates (for Returning NRIs)
|>= 1 yr to < 2 yrs||5.70%*||5.65%*||3.65%*||0.85%*||4.60%*||4.30%*|
|>= 2 yrs to < 3 yrs||5.35%*||5.00%*||3.65%*||1.20%*||4.60%*||4.00%*|
|3 yrs to 4 yrs||5.00%*||4.25%*||2.55%*||1.35%*||4.30%*||4.10%*|
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates. (The above tables were updated on 07/08/2023)
Some Important Points:
- No interest is payable if FCNR, NRE FD and RFC FD is withdrawn before completion of 12 months.
- Rates are subject to change without prior notice
- Sweep-in facility will not be provided on NRE Fixed Deposit with Quarterly Interest Payout and Monthly Interest Payout mode
- If the Customer prematurely withdraws the deposit, the interest rate prevailing at the date of deposit, for the period for which deposit was with the Bank shall be payable
|Factors to consider||Non Resident External (NRE) Fixed Deposit||Non Resident Ordinary (NRO) Fixed Deposit||Foreign Currency Non Resident (FCNR) Deposit|
|Purpose||For income earned outside India||For income earned from India (pension, rent etc.)||Foreign Currency Investment in India|
|Currency||INR||INR||USD, GBP, EUR, JPY, CAD, AUD, SGD & HKD|
|Tenure of Deposits||1 year to 10 years||7 days to 10 years||1 year to 5 years|
|Interest||Up to 7.75%*||Up to 7.75%*||Up to 6.00%*|
|Repatriation(transfer of money from Indian bank account to foreign bank account)||Both Principal (money invested initially) and Interest completely repatriable||Up to a maximum of 1 million USD per financial year||Both Principal and Interest completely repatriable|
|Tax Deductions||No tax||Tax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in India||No tax|
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Account holders should know that deposits with Yes Bank are insured for up to Rs. 5 lakh by the DICGC. DICGC insures all deposits such as savings, fixed, current, recurring, etc.
Unlike other investment options, NRI Fixed Deposit offers guaranteed returns that are not affected by market fluctuations. As a result, you earn guaranteed returns, even as your principal amount grows steadily, without risk. For NRIs seeking smart investment avenues, NRI FD is the best option.
No. The interest that you earn on your NRE FD is not taxable in India.